Programmable money (ETH, etc) is hard to scale. So people build Layer 2s.
But these Layer 2s are barely decentralized. And now there’s a crop of L2s that are really just multisigs.
But wouldn’t ...
ETH represents yet another systemically insecure abstract power hierarchy where control authority over ledger writing privilege is centralized in the hands of the foundation and large institutional investors.
"Stake" doesn't physically exist, it is just a just a software metaphor. It is therefore impossible to physically verify that the "stake" is decentralized.
If you contrast this with Bitcoin, it is trivial to physically verify the decentralization of the network because the quantities of physical power being drawn from the environment to physically compete over ledger writing privilege is itself physically real, physically scarce, and physically decentralized.
People (especially software engineers) seem to be ignoring the physical differences between proof-of-work and proof-of-stake because they are trained in their profession to abstract away everything happening below assembly language. This causes them not to recognize changes to the underlying state-changing mechanism if they were to occur.
"Stake" doesn't physically exist, it is just a just a software metaphor. It is therefore impossible to physically verify that the "stake" is decentralized.
If you contrast this with Bitcoin, it is trivial to physically verify the decentralization of the network because the quantities of physical power being drawn from the environment to physically compete over ledger writing privilege is itself physically real, physically scarce, and physically decentralized.
People (especially software engineers) seem to be ignoring the physical differences between proof-of-work and proof-of-stake because they are trained in their profession to abstract away everything happening below assembly language. This causes them not to recognize changes to the underlying state-changing mechanism if they were to occur.
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