Why PoS is step backward


New member
The way I see it, PoS is a legacy tried and failed solution. PoS concepts were the focus for years leading up to the PoW revelation. I would even say in large part alt-currency devs were overly fixated on PoS techniques, and it wasn't until Mr. Nakamoto's out-of-the-box thinking solved the conundrum with PoW.

I noticed this phenomena. How soon we forget that for years developers were looking for a Digital Currency solution. All of the tried-n-failed concepts. But then Satoshi hits the nail on the head with a public ledger driven by PoW. Achievement unlocked! Then, en masse, developers suddenly become cryptocurrency experts. They look at Bitcoin and now think they can build better mousetrap. And with almost perfect amnesia, alt-coins come pouring out, recycling the old failed ideas.

Don't get me wrong, there's plenty of room for innovation, and Satoshi's code (like the software I write) can always use improvements. And there will exist many coins. But for me, I see PoS as a step backward, a concept from the run up to the actual PoW solution.