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RE: 💡 Ethereum What Is To Come and What Is Here
I think the move to PoS is very dumb. Rich will get richer and if only 25% of the coins are used to stake, you will need to own only 12.5% of the total supply to successfully attack the network. Furthermore it will be a huge mess if miners stay on the old chain after the hardfork, what will happen to all the ERC-20 tokens? You think Jihan will let it happen that his hardware becomes obsolete? The price of ETH could go up, but there are so many things that could go wrong, I am decreasing my holdings.....
But we see issues with mining as well it sucks up a ton of power and hardware and only a few select large mining forces end up actually mining a large portion of it.
Now everyone has a chance to mine it by just buying eth and holding on to it. This should also drive up the price as less will be in circulation as demand for it to buy and hold will grow.
POS system have proven to work and work better then POW systems
You make some really good points. I don't think I have more trust in any individual in crypto like I do Vitalik Buterin. I think long term Ethereum is a safe bet. If you lose half the ERC-20 tokens, well that fine, half are crap anyways. All the decent tokens will follow Ethereum and make sure they are prepared. But again, you make some strong points.
That's always going to be the case, regardless of the algorithm (actually, that will always be the case outside of crypto too). Of course PoS is far from perfect, but I think that it is the way to go.