RE: Steem Basics: Why Steem is an Application-Specific Blockchain
Here we go - when confronted with an unpopular post, its "who the hell are you" in spades.
I don't need to qualify myself to you - or anyone, for that matter.
I'll let the market decide, and going by the current Steem price its a rather dismal future indeed.
That is, until the next "oopsie" where the entire chain shuts down. The actual gall of you people to accept this as a failure mode is beyond insane.
You accept that Proof-of-(mis)Stake requires trust in other nodes, which means the developers have to bend over backwards twister-style to make things work.
It introduces needless complexity and further cases where something can go wrong -- but don't worry guys, we'll just add another token and some other watchmen to watch the other watchmen (somehow) to make it all better.
PoS is DOA, you guys just don't know it yet.
I'm not asking to you to qualify yourself, but rather your argument, which seems to hinge on "blind machine logic is superior to the conjunction of machine and human validation." If I'm wrong, I'm open to learning from your point of view.
Would you feel the same way with a 20x price in the bull market, or just now, near the trough of valuation? My guess is yes, since your issue with PoS seems ideological (though also logical.) The funny thing is, it's the opposite with many other people, who see PoW as antiquated and inefficient. I don't know enough to conclude either way yet.
What do you mean by needless complexity?
If you're right and I lose all my money in STEEM, I'll save up more and buy DASH or Monero next time. ;-) Or hell, maybe even clunky ol' BTC.