Proof of Work vs. Proof of Wealth

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In this video, I discuss the differences between Proof of Work and Proof of Stake (which I have renamed as "Proof of Wealth" to better highlight what it really is).

Only decentralized consensus achieved through Proof of Work can provide neutral and ethical money for the world.

The global financial system already runs on a version of proof of stake (where those with the most coins exert the most power over the money and the system), and it would be a shame to recreate this system by relying on proof of stake cryptocurrencies.

Proof of Stake is easy to fake or game.

By contrast, there is no way to fake or game Proof of Work.

Proof of Stake doesn't solve the Byzantine Generals Problem.

There is no way to achieve decentralized consensus with Proof of Stake, no matter how much smoke and how many mirrors you deploy.

Remember this the next time you hear Vitalik or Charles Hoskinson try to muddy the waters.

Not investment advice! Consult a financial advisor.

Proof of work:
https://manofmany.com/wp-content/uploads/2019/03/Arnold-Schwarzeneggers-Diet-and-Workout-Plan.jpg

Proof of stake:
https://preview.redd.it/anyone-know-the-context-for-this-pic-of-reagan-and-crew-v0-caskioppvq981.jpg?auto=webp&s=ef574c515e2aa502e2c5ad59a2383e90e6729346
https://www.atlantafed.org/-/media/images/economy-matters/inside-the-fed/2021/03/24/20210315_ecm_fomc_hero.jpg?h=auto&w=100%25

Do you like the current proof of stake system?
https://twitter.com/PelosiTracker_
https://www.bbc.com/news/world-europe-38369822
https://www.politico.com/news/2022/01/10/federal-reserve-vice-chair-resigns-ethics-scandal-526849
https://www.cnn.com/2022/10/14/business/bostic-trading-violations-fed/index.html

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#proofofstake
#proofofwork

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