If people invest time/money mining coins, they're going to promote those coins in order to justify their mining operation.

From this initial organic buzz, speculative markets take over and the whole thing becomes a positive feedback loop.

Crypto is fundamentally a huge waste of advanced manufactured goods, electricity, and time, and enables tax avoidance and money laundering. The correct response from Governments is to simply ban the formal exchange of all of them in the same way that the USA bans online gambling and pyramid schemes.

Proof of stake, as implemented in most of its current examples, faces a philosophical problem in that the initial distribution of the token is now a "trust me" premise - a founding organization announces a policy - versus a baked-in labor theory of property concept (I put "work" into this therefore I own it). Coins that transition from one mode to the other, as Etherium is doing, must reckon with friction from miners. Distribution, both in terms of early emission rates and then years later, represents a major quandary.

So, alternative proofs of work still have an interesting basis for speculative valuation and acceptance. In the last crypto bear market, of the top 100 at peak, proof of work coins were the ones that had the smallest drawdowns.

I don't know because I don't understand Proof of Stake well enough to know its weak points and vulnerabilities. I hope it works out, but what do we really know about its security and power dynamics?

What part of 'we released new shitcoin and are billionaires dont you understand?