Read_588 - Proof of Stake & Stablecoins - Part 1: A Centralization Dilemma [Lyn Alden]

December 21, 2021 01:20:19
Read_588 - Proof of Stake & Stablecoins - Part 1: A Centralization Dilemma [Lyn Alden]
Bitcoin Audible
Read_588 - Proof of Stake & Stablecoins - Part 1: A Centralization Dilemma [Lyn Alden]

Dec 21 2021 | 01:20:19

/

Hosted By

Guy Swann

Show Notes

"If Bitcoin were built on a proof-of-stake model, where the more coins you have the more votes you have on how the network functions, the large exchanges and custodians could have used the millions of coins they held on behalf of clients to vote in their own favor. This is similar to how Vanguard and BlackRock hold trillions of dollars of indexed equity assets for their users and maintain the voting rights on those assets." - Lyn Alden Man have we got a great one today! From Lyn Alden we have part 2 of her breakdown of the systems of proof of stake, versus proof of work, and why they are fundamentally different, and the challenges and trade offs of proof of stake. Why it is inherently centralizing, and what issues arise in contentious changes to the network. We will jump into Part 2 tomorrow, with more on how stablecoins make this problem even worse. Don't miss it! For some more reading into the concept behind Proof of stake and why its a very different (and wrong) design philosophy, dont miss Huge's great pieces: Proof of Stake & The Wrong Engineering Mindset: https://bitcoinaudible.com/proof-of-stake-the-wrong-engineering-mindset-hugo-nguyen/ Proof of stake & Unforgeable Costliness: https://bitcoinaudible.com/proof-of-stake-private-keys-attacks-unforgeable-costliness-hugo-nguyen/ Anatomy of Proof of Work: https://bitcoinaudible.com/anatomy-of-proof-of-work-part-1/ For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space: • Get Bitcoin rewards on literally everything you buy with the Fold Card (20% discount code BITCOINAUDIBLE) • Buy Bitcoin automatically and painlessly with SwanBitcoin • Keep your Bitcoin keys safe on the secure, open source BitBox02 (5% discount code GUY) • Get tickets to the biggest & most exciting Bitcoin conference in the world! Bitcoin 2022 (10% discount code GUYSWANN) Learn more about your ad choices. Visit megaphone.fm/adchoices --- Send in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/message

Other Episodes

Episode

July 12, 2018 00:25:23
Episode Cover

CryptoQuikRead_110 - Adversaries, Distributed Ledgers, and Decentralization [Sarah Jamie Lewis]

“Given an adversarial environment I don’t believe you can maintain secure decentralized consensus AND have timely confirmation between arbitrary parties AND scale up to...

Listen

Episode

May 01, 2020 00:58:35
Episode Cover

Read_389 - Dear Family, Dear Friends [DerGigi]

"As a friend of mine likes to say: Bitcoin is pieces of super-gold flying inside an unstoppable PayPal. It is the best money we...

Listen

Episode

July 01, 2021 00:53:09
Episode Cover

Read_539 - The Theological Conquest of Money [Erik Cason]

"Bitcoin over the last ten years has create a single global movement that is loyal to no nation-state, no government, no military anywhere on...

Listen