Can someone explain to me how a centralised database with commit rights based on a certain amount of virtual fantasycoins being locked in resembles a decentralised blockchain? I simply fail to see it. #ethereum

I fully understand how switching from PoW to PoS saves a lot of wasting energy. But I fail to see how such a gated community creates intrinsic value.

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@jwildeboer All proof algorithms are proof of wealth. Either real-world wealth to buy hardware (proof-of-work requires CPU, proof-of-space disks, etc.), or virtual wealth (proof-of-stake). Since you can exchange real-world wealth for virtual wealth, it comes down to real-world wealth again.

Proof algorithms are inherently biased towards pre-existing privilege. Proof-of-stake is just the least circumspect about it.

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