0 sats \ 10 replies \ @piecover 14 Feb \ on: Introducing Bitstake: A proof of stake bridge based on BitVM bitcoin
Proof of stake is a scam, change my mind
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0 sats \ 8 replies \ @lightcoin OP 14 Feb
why is it a scam?
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0 sats \ 7 replies \ @piecover 14 Feb
Where is the stake coming from to sustain the network? Not from energy nor work but from you the user
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0 sats \ 6 replies \ @lightcoin OP 15 Feb
There are many models for generating staking assets. They could even be generated using proof of work or burning BTC. As the post points out BTC itself could be the staking asset. Anyways there's not really a "network" to "sustain" here as such, the staking asset is just being used as a Sybil prevention and penalty enforcement mechanism for the bridge protocol.
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0 sats \ 2 replies \ @piecover 15 Feb
If they use proof of work then it would be called POW, birning what? Why would you burn precious BTCs? Wrapping Bitcoin on a proof of stake protocol is a big attack to Bitcoin and will prob fail.
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42 sats \ 1 reply \ @lightcoin OP 15 Feb
If they use proof of work then it would be called POW
Using proof of work for issuance of the staking asset is a separate process from staking itself.
Why would you burn precious BTCs?
As a provably-fair way of issuing the staking asset.
Wrapping Bitcoin on a proof of stake protocol is a big attack to Bitcoin and will prob fail.
Based on your comments so far it seems that you don't really understand what you're talking about, so maybe save your opinions and confident predictions of failure for a topic you're better educated on.
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0 sats \ 0 replies \ @piecover 19 Feb
Go ahead do whatever you want with Bitcoin, I don't care, I only hope you succeed!
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0 sats \ 2 replies \ @doofus 15 Feb
Ok, but what would make staking legit in your eyes? Are there any models that could change your mind?
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4 sats \ 0 replies \ @piecover 15 Feb
None imho, anything that doesn't require real world energy or work will steal your bitcoin in a long enough time range
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4 sats \ 0 replies \ @lightcoin OP 15 Feb
are you replying to the right person?
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0 sats \ 0 replies \ @Kathleen_Croteau 14 Feb
I can't. I agree with you.
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