explodicle

@explodicle@sh.itjust.works · Joined ⁨Apr⁩ ⁨2024⁩

Replying to @⁨qyron@sopuli.xyz⁩

Nano uses “proof of stake” instead of proof of work to decide the order of transactions, and who receives block rewards.

The main problem with PoS is that it’s essentially the same as Federal Reserve bonds: all the new money goes towards people with extra money to freeze. This is part of why inequality has spiraled out of control since the Nixon Shock. Proof of work literally burns most of the profits because of difficulty adjustment.

A more specific problem with Nano (formerly RaiBlocks) is that the entire supply was centrally issued, with a pinky promise from this private organization that they only issued coins by CAPTCHA. If they were lying, then they could have issued 51% of the supply to themselves for permanent control. The only way we’d be able to detect it is if the price kept going down for years.

Replying to @⁨berno@lemmy.world⁩

Looking at the shape it’s taken so far, do you really think you’ll be included in that singularity? Or will you be just another ape roasting to death as your brain rots? If it’s energy-intensive, then what matters is who controls the factors of production. They see you as a cost, not a useful friend who simped for Pascal’s Basilisk.

We could have a positive singularity, or we could have a malevolent singleton. And it depends on your rationality right now.