Some Thoughts on Consensus Algorithms for Blockchains
Most #ShitCoin consensus algorithms are based on Proof Of Stake. This is no coincidence. This allows for centralized control of what are essentially just digital fiat currencies and enable the same fraud we’ve seen in most economies that have their paper fiat currency gamed by banks and government.
The loudest voices on blockchain tech know the least. Proof Of Stake chains rest on circular logic fallacies and a misunderstanding of fungibility and forks. Fatal flaws that will not be fixed by rearranging security deposits. The deck chairs on the Titanic were very neatly organized.
Proof Of Stake consensus chains require that you trust a central authority. This defeats the purpose of having a chain in the first place, it’s not decentralized. Proof Of Work consensus chains mean that you don’t need to trust anyone. The record is itself the asset unlike fiat currency.