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Let's Talk Bitcoin! #387 POW, POS and Self Fulfilling Counter Prophecies

Published on February 10th, 2019 by adam

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On Todays Episode of Let’s Talk Bitcoin…

Andreas M. Antonopoulos and Stephanie Murphy join Adam B. Levine for an in-depth discussion on the ups and downs of consensus reality and the two “big” methods (Proof of Work and Proof of Stake) which we use to define it.

Topic 1: Proof of Stake and Proof of Work Discussion

Topic 2: Ethereum Update and Upgrade Path

Partial transcript from about 35 minutes in…

ANDREAS M. ANTONOPOULOS: “The problem with proof of work as a system is that it’s so poorly understood and it’s very difficult to see what benefits it offers…. Immutability and resistance against state level colluding actors are benefits you don’t really see until somebody tries to attack them. The fact that they don’t attack them, in bitcoin, is not something you can celebrate because it’s like proving a negative.

Another way to put it is that no one really pays attention to a surgeon until their patients start dying. It’s very difficult to say ‘look at how good I am because none of my patients have died lately’, but it’s very easy to point to the surgeon famous for performing an operation with the 300% mortality rate. He did an amputation in 25 seconds, during which he managed to also amputate some of the fingers of one of his surgery assistants… And it was such a horrific scene that one of the audience members died from shock.

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