sipa changed the topic of #bitcoin-wizards to: This channel is for discussing theoretical ideas with regard to cryptocurrencies, not about short-term Bitcoin development | http://bitcoin.ninja/ | This channel is logged. | For logs and more information, visit http://bitcoin.ninja
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<runeks>
The usual explanation for how proof-of-stake works — compared to proof-of-work — is that it uses the scarce resource that is the chain’s own token, as opposed to the scarce resource that is electricity.
<runeks>
The fundamental problem with this approach is that, in the absence of consensus, a token is not scarce at all — but rather its supply is unlimited — since infinitely many tokens exist on an infinite number of valid chains.
<runeks>
So, in order for a token to be limited in supply, consensus on which chain is the canonical one must already exist. Thus, proof-of-stake reaching consensus depends on consensus existing beforehand.
<runeks>
Essentially, proof-of-stake tries to reverse cause and effect: a token is scarce *because* consensus exists; consensus doesn’t come into existence because a token is scarce. Only consensus can result in scarcity of a decentralized digital token, so scarcity cannot be used as a presupposition for reaching consensus.
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<mryandao>
^ sounds like PoS is a logical fallacy
<mryandao>
by circular reasoning.
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