<story><title>Bitmain, the largest mining hardware company, made around $4B last year</title><url>http://coinsocial.io/2018/02/23/bitmain-largest-mining-hardware-manufacturer-made-around-4-billion-last-year/</url></story><parent_chain><item><author>nosuchthing</author><text>Proof-of-Stake statistically equates to &amp;quot;Give the rich more money&amp;quot;.&lt;p&gt;Consider Ethereum&amp;#x27;s stats (and other similar PoS minting methods):&lt;p&gt;&lt;pre&gt;&lt;code&gt;  Presale ICO &amp;#x2F; Premine ( max cost $0.50 USD per ETH  )
  = 72,009,990 ETH
  
  Total Supply today (Feb 23rd 2018)
   = 97,800,000 ETH

  Source:
  https:&amp;#x2F;&amp;#x2F;etherscan.io&amp;#x2F;stat&amp;#x2F;supply
&lt;/code&gt;&lt;/pre&gt;
Now imagine a financial system where all the wealthy have to do simply own money (spawned from software or premine) to get more money. Or where voting is done by merely by controlling a large sum of money&amp;#x2F;tokens.</text></item><item><author>vernon99</author><text>This is a one-sided comment. There’s a lot of research going into different variations of proof-of-stake. 4 out of 10 largest crypto (by market cap) are PoS. There’s a lot of work Ethereum community (Casper), Cardano folks, Tendermint etc are doing to create better consensus models.</text></item><item><author>kenneth</author><text>As an engineer, it saddens me to see the huge inefficiencies inherent to cryptocurrency mining these days. Surely, when we&amp;#x27;re spending in the billions on wasteful hashing, we could dedicate a small fraction of that to engineering better consensus algorithms.&lt;p&gt;Unfortunately, we have an ecosystem where everyone is incentivized to ignore the problem because they&amp;#x27;re too invested in maintaining the price of Bitcoin and other PoW cryptocurrencies. They often don&amp;#x27;t pay for the externalities — environmental costs. The specialization of mining also severely hurts the distributed and decentralized nature of these crypto-currencies.&lt;p&gt;I&amp;#x27;m a huge fan of crypto-networks, and have made a career in the space. But, I want Bitcoin to die off and leave room for newer generation technology.</text></item></parent_chain><comment><author>adadad3442</author><text>&amp;gt;Now imagine a financial system where all the wealthy have to do simply own money... to get more money.&lt;p&gt;You mean the current system?</text></comment>
<story><title>Bitmain, the largest mining hardware company, made around $4B last year</title><url>http://coinsocial.io/2018/02/23/bitmain-largest-mining-hardware-manufacturer-made-around-4-billion-last-year/</url></story><parent_chain><item><author>nosuchthing</author><text>Proof-of-Stake statistically equates to &amp;quot;Give the rich more money&amp;quot;.&lt;p&gt;Consider Ethereum&amp;#x27;s stats (and other similar PoS minting methods):&lt;p&gt;&lt;pre&gt;&lt;code&gt;  Presale ICO &amp;#x2F; Premine ( max cost $0.50 USD per ETH  )
  = 72,009,990 ETH
  
  Total Supply today (Feb 23rd 2018)
   = 97,800,000 ETH

  Source:
  https:&amp;#x2F;&amp;#x2F;etherscan.io&amp;#x2F;stat&amp;#x2F;supply
&lt;/code&gt;&lt;/pre&gt;
Now imagine a financial system where all the wealthy have to do simply own money (spawned from software or premine) to get more money. Or where voting is done by merely by controlling a large sum of money&amp;#x2F;tokens.</text></item><item><author>vernon99</author><text>This is a one-sided comment. There’s a lot of research going into different variations of proof-of-stake. 4 out of 10 largest crypto (by market cap) are PoS. There’s a lot of work Ethereum community (Casper), Cardano folks, Tendermint etc are doing to create better consensus models.</text></item><item><author>kenneth</author><text>As an engineer, it saddens me to see the huge inefficiencies inherent to cryptocurrency mining these days. Surely, when we&amp;#x27;re spending in the billions on wasteful hashing, we could dedicate a small fraction of that to engineering better consensus algorithms.&lt;p&gt;Unfortunately, we have an ecosystem where everyone is incentivized to ignore the problem because they&amp;#x27;re too invested in maintaining the price of Bitcoin and other PoW cryptocurrencies. They often don&amp;#x27;t pay for the externalities — environmental costs. The specialization of mining also severely hurts the distributed and decentralized nature of these crypto-currencies.&lt;p&gt;I&amp;#x27;m a huge fan of crypto-networks, and have made a career in the space. But, I want Bitcoin to die off and leave room for newer generation technology.</text></item></parent_chain><comment><author>jacobr</author><text>With PoW you use your money to buy mining equipment and you will get more money, and voting power. With PoS you buy more of the currency with that money instead.</text></comment>