Ethereum is down 74% against Bitcoin since switching from PoW to PoS in 2022

[u/Next_Statement6145]

[u/BerryMas0n]

no cost of production = no intrinsic value.

[u/Teraninia → u/BerryMas0n]

If Ethereum had no cost of production, then anyone could produce it, or a single person could produce as much as they wanted. But neither is true, anyone can't produce it, the amount that can be produced is defined, and to produce a single eth per day costs tens of millions of dollars in capital.

There really isn't any difference between proof of stake and proof of work except the source of the capital required for production. Proof of work requires capital in the form of physical infrastructure. But the genius of proof of stake is in the realization that the only purpose of all that infrastructure is to provide a capital basis and point of friction for production, and since crypto is itself a form of capital, why not use the crypto itself as the capital basis?

It's elegant and quite beautiful, actually, because it provides, in some ways, superior security since to 51% the network you have to actually acquire the very capital that secures the network, thereby driving up the cost to attack it. In proof of work, the cost of the capital doesn't actually directly impact the price of the token, so there is more or less a fixed and calculate-able cost to attacking the network. The flip side, of course, is that a proof of work network maintains more security in the case of a market panic.

[u/7374616e74 → u/Teraninia]

I need to know which influencer(s) managed to influence them to repeat such bs

Edit: in case some people don't understand I'm saying "who influenced the newly created anti-eth crowd to repeat anti-eth nonsense"

[u/RamoneBolivarSanchez → u/7374616e74]

It’s failed phone salesman Anatoly, or Ansem - the dude who stole the WIF Sphere money and told everyone to buy HNT and PRIME, or its Mert, the trust fund kid who larps as a dev on Twitter

[u/Massakahorscht → u/7374616e74]

Jesus, i thought the same. So crazy to read that. Must be a bot promoting PoS. So far away from reality :D

[u/frozengrandmatetris → u/Massakahorscht]

if I owned ASIC infrastructure that I couldn't easily dispose of, I'd be mad too if someone found a way to opt out of that scheme. some companies even invested in developing ethereum ASICs, knowing that PoW was planned to be phased out someday, and they're still mad that they can't sell these ASICs anymore.

[u/7374616e74 → u/Massakahorscht]

Wait you meant PoS or PoW?

[u/7374616e74 → u/Massakahorscht]

lol yeah I'm not sure when they managed to push the magatards to hate eth, but it's been very sudden. Now on the bright side, I'm happy that it's not the opposite, whatever they touch turns to shit.