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Meta shareholders overwhelmingly rejected a proposal to explore adding Bitcoin to the company's treasury, with less than 1% voting in favor of the measure (www.dlnews.com)

submitted 6 days ago by [email protected] to c/[email protected]

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[–] [email protected] 0 points 5 days ago (1 children)

Someone could say crypto "is a scam" in that proof of stake algorithms (like Ether) is just a plot for the rich to get richer and favor early adopters who have more coins.

You mean just like stocks, and banks, and real estate, and investing? Doesn’t make it a scam either. Find better algorithms. Crypto works because people use it. If something is better for everyone, it’ll end up gaining traction.

No, stocks, banks, and real estate do not give you more of themselves by mere fact of owning them. Some stocks pay dividends, but you don't get more stock for owning it, setting something up to buy more with dividends is your own decision. Banks give you interest, but that is not a function of how money works, that's something the bank does. Owning property does not give you more property over time. None of these are like how a proof of stake algorithm works.

Do I think it makes it a scam? No, not really. Do I think people saying it's a scam because of that are wildly off base? Fuck no. It's valid to be concerned about it. Do I think it's better than proof of work? Yeah, probably. The arms race of increasing hash rate so long as it's profitable energy wise is pretty nasty.

[–] [email protected] 2 points 5 days ago* (last edited 5 days ago)

I don’t agree with your first paragraph. It’s virtually the same as banks and stocks.

Banks give you interest, but that is not a function of how money works, that's something the bank does

So is owning ETH… all ETH is not staked. And even if it was, how does it matter? In the end everyone gains the same percentage.

Apart from that, everyone uses compounding interests and most people reinvests dividends.

You’re free to unstake your ETH at any point.