reply on: WHY ARE YOU NOT JUMPING UP AND DOWN ABOUT SPIDERCHAIN?! \ stacker news ~bitcoin

31 sats \ 3 replies \ @piecover 29 Jan \ on: WHY ARE YOU NOT JUMPING UP AND DOWN ABOUT SPIDERCHAIN?! bitcoin

Proof of Stake = Scam, no exception

That's an extreme position, but I'm open to it. Care to elaborate? This is layer 2 staking, if that matters. Nothing changes on the base layer, and malicious actors in layer 2 lose their BTC.

10 sats \ 1 reply \ @piecover 29 Jan

That's the same argument of shitconers, give me your money if I cheat I lose my coins but they never had anything to start with. Where is the stake reward coming from? Who is going to print that to incentivise stake validators validate transactions? Every POS has a back door where a small group can steal all the money if the system did not break before that and nobody knows who owns what, because there is not a decentralized clock time like #Bitcoin base layer powered by real world energy, physics and math

0 sats \ 0 replies \ @joda OP 29 Jan

Reward comes from penalties and fees, as I understand it. If you stake and then Lightning runs on top, you collect the fees there without the high costs if opening and closing channels on the main chain. It may be that your stake (bond) amount limit is tied to the liquidity you can hold in your Lightning channel. I may be wrong, but assume there must be a mechanism there, like a Watchtower that also contains one of the keys to the multisig for your peg-out. That seems feasible.

I'm also skeptical, but trying to be open to the possibility of a PoS which manages to avoid the issues you mention.

I'm not understanding the clock time point. An epoch can use the Bitcoin block height as a clock.