Sullivan's blog post criticizing PoS is a month old, but Dorsey's timing couldn't have been better.
by a fellow Bitcoin maximalist, Scott Sullivan, that starts by saying, “Bitcoiners don’t care too much about what goes on in shitcoin-land.” Needless to say, Sullivan takes a jibe at the PoS mechanism calling it “hand-wavy,” and goes on to explain that PoW-based systems are superior to the former in terms of decentralization, network security, permissionless, and incentive structure.
The writer believes in a potential narrative war between the two apex cryptocurrencies and that the “Bitcoiners” should be prepared to hit back in such as scenario. He writes,“I think this “upgrade” is still worth paying some attention to. Once Ethereum cleanses itself of the “dirty” and “wasteful” externalities from PoW, we can expect the gloves to come off in the narrative war, and I think Bitcoiners should be ready to punch back.
It is worth noting that the Merge has made Ethereum closer to Cardano and many other rivals trying to produce more efficient and valuable crypto-assets that use smart contracts. But they are still very much different. One such is Ethereum’s implementation of proof-of-stake, which has “slashing” or a method to penalize “bad actors.” As such, a validator deliberately misbehaving is slashed, meaning the removal of part of its respective 32 ETH stake. Following repetitive slashes, the validator will subsequently be ejected from the network. Cardano, on the other hand, has something called a reward-sharing scheme that incentivizes shareholders in this regard.
“don’t worry, there’s like 8 people out of the millions of people in cryptocurrency who truly actually understand anything. there are millions of people who pretend to tho.”
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