POS pulls ETH in the other way. The concept works backwards. Celsius crash proves it.
POS
The unique concept -> I stake, I don’t need to hurt the community so I don’t lose my funds.
Actuality -> I began staking when ETH value was $3000+ Now it’s $1000. There isn’t any means out. I’m attempting to promote my stETH tokens for any value. I present the remainder of the World how dangerous the POS concept is.
Stakers which have been speculated to assist the community and the concept are doing the precise reverse factor with their chaotic funds motion, ruining the belief within the Ethereum mission.
What’s subsequent?
Some ETH staking swimming pools or exchanges with the staking alternatives would crash or can be hacked -> BOOOM.
Validators are allowed to withdraw their funds -> BOOOM.
Don’t you see this?
Ethereum remains to be #2 cryptocurrency within the World. All that occurs with ETH impacts the crypto market typically. Don’t you bear in mind the UST impact? And give it some thought, all the pieces that occurs with Ethereum has 10 occasions extra affect.
POW
POW works unbelievable. No points within the community for a few years. Truth.
Why is it dangerous? Solely due to electrical energy consumption (CO2 emissions). There are not any extra Ethereum POW downsides. Truth.
The Ethereum developer Ben Edgington, oh, I like this man, saying on twitter “PoW generates close to 1 Million tonnes of CO2 emissions” and linking to the Digiconomist web site. This knowledge is fake. It assumes all of the electrical energy is coming from the place? Coal? What whether it is hydro? Based on Kyle McDonald estimates the emissions are 5 occasions much less. Let’s not exaggerate.
Anyway, there’s a carbon footprint, little doubt. There’s a carbon footprint from all the pieces we do. While you drive your automotive, if you eat, if you smoke your cigarette, if you order a brand new iPhone. On a regular basis you make your affect on the planet air pollution simply by doing on a regular basis actions you can’t go with out.
Guys, what are you doing? Is your purpose to save lots of the planet or to construct the brand new World decentralized and dependable funds and contracts platform?
If you wish to save the planet then shut down your pc instantly, throw away your cellular phone, strive to not eat, stop inhabitants from rising (don’t ask me how pls), don’t drive your vehicles, don’t fart.
Sure, it’s tough to confess the errors, however generally it’s obligatory.
Launch the staked ETH, postpone the POS plans. Rethink it nicely. One thing has undoubtedly gone fallacious.
