Why Ravencoin is the way!

This is a google translated blog post (minor corrections and deletions from me) from the german internet activist Fefe from April 2021 i came across right now.

I just got a bit of the impression that the blockchain mafia is making headway in winning land with fog candle bullshit like "Proof of Stake". So I want to briefly write something about it.

What's the idea behind Proof of Stake?

Well, the original blockchain has proof of work. You have a lot of competing miners, and whoever finds the correct data first, wins the bid and can choose what ends up in the next block.

Problems: Terrible waste of energy and has a corruption problem when a cartel is found that collectively collect 51% of the mining output.

Proof of Stake therefore does not do mining in the Bitcoin sense, but a "random value" is calculated (e.g. one takes a hash over the last 100 transactions or so). Then you make a list of the pubkeys of all participants who would like to determine the next block. Then you assign each of them a weight that depends on their "stake" (credit) and make a list sorted by the hash of the pubkey. Then you convert the random value based on the weights on the list and the selected one can then.

What does that mean in concrete terms? It's an oligarchy. And a self-reinforcing oligarchy, because you can collect fees per transaction if you select the block, which increases your credit and thus your probability next time.

Oh and who has the most credit? Well, those who were there from the start!

Is that familiar to you? From "structured sales" and pyramid schemes, for example? Yes, that's my first reaction when I see that too. This looks like a huge Ponzi scheme.

I also find it totally funny how Proof of Stake practically incites a natural cartel formation here, and then lies to our faces that it is the solution to the problem that Bitcoin can be corrupted by cartel formation. With Proof of Stake, corruption is built into the principle, part of the DNA!

By the way, if you thought Ethereum had Proof of Stake because they've been walking around for what feels like 10 years and ranting about Proof of Stake: No, they don't. That is still proof of work. The golden Ethereum 2.0 should finally have Proof of Stake.

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Oh and one more thing: The nice thing about blockchain is that you don't know who will determine the next block until it does. Traditional bribe corruption is difficult because there isn't even a list of all miners. At Proof of Stake there is suddenly a Mafia attack, where the Mafia is calculating who determines the next block and "makes an offer that he cannot refuse" wink **

Update: By the way, if the terms are blurred in front of your eyes and you have the impression that what you thought you just understood is now suddenly wrong: That is on purpose. The blockchain scammers are redefining the world with great regularity. There was once this one type of iced tea that blockchain wrote on it and that investors ran into the door. So it is not surprising that people now claim such absurd things as that blockchain is not a consensus-finding process (yes, it is), because otherwise their iced tea would not be blockchain. Oh, did I say iced tea? Sorry, I meant "private-permissioned blockchain" ( like *). Especially cool at the end is the link to the "ISO standard". Did the good "head of blockchain research" help out in the end? Special offer! For only 38 CHF you can find out which GPT-3-generated bullshit bingo candidate terms our committee of rip-off blockchain researchers pulled out of the a_ss this week!*