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Comment by fumblebee | Hacker News Reader

If the issue is whether PoS will work is troubling you: other PoS chains like Algorand have been successfully running for well over a year. Seems in no doubt.

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Maybe so, but that still doesn't change that PoS on Ethereum itself has been "coming soon" forever. Until the switch actually happens in full, it's still a power-guzzling PoW chain.

Youll be happy to hear there is a hackthon going on right now testing out the move onto PoS.

https://rayonism.io/

Algorand has a handful of validator nodes which are chosen by the creators. You can't participate in validating even if you want to. It's completely centralized, which as far as I'm concerned defeats the purpose of cryptocurrency. Why do you think, despite the hype, it hasn't taken off in price like others, despite "appearing" technically superior? Massive sell pressure from these behemoth validator node holders, who receive the lion's share of the stake rewards for... running a vps

The potential issue isn't spontaneous breakage, but rather a determined attacker exploiting the incentive structure in an unexpected manner.

And the financial motivation to do this is much greater for ETH since it's around 100 times more liquid than ALGO.

It will likely not fail due to a direct attack on PoS. Ethereum has shown they are willing to rollback the chain in case of attacks.

What's more concerning is that Proof of Wealth (which is what Stake really is), is just going to lead to those with biggest balances dictating rules to everyone else. Exactly what happened in EOS, Steem, etc...

It will become a plutocracy with cute emojis.

>It will become a plutocracy with cute emojis.

Three comments repeating the same point are not enough, you should spam this argument some more, maybe then it will make sense.

Do you have any actual counterpoints w.r.t previous numerous failures of POS?

> What's more concerning is that Proof of Wealth (which is what Stake really is), is just going to lead to those with biggest balances dictating rules to everyone else.

So if PoW and PoS both suffer the same problem of minority dictating rules to everyone else do you know of any consensus algorithm used in crypto that avoids that problem?

EOS and Steemit are delegated Proof-of-Stake, people elect "grand stakers" that will do everything, and this lead to briberies.

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