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RE: In Defense of Consortium Blockchains
Sure DPOS isn't perfect at all but it is still working better than POW in most real life implementations and as you said above considering the big picture let to very different results than from only considering a part of the big picture when we are about to simulate systems.
I might wonder what are you thought concerning the HashGraph protocol when it come to the point discussed above?
I agreed that Steem is/was a valid experiment, but I do not think ecosystem network effects are spreading as fast for DPoS as for Bitcoin. Because I do not trust the whales of Steem, so I would never invest my developer effort in making apps for it. Look how just one or two whales were able to destroy all the rewards that 100s of voters gave me. I could be wrong about that assessment of how fast the Steem ecosystem is growing. We'll see...
That is not a meritocracy. And I am going to try to do something about this.
Hybrid systems a working quite well
DPOS stability depend on chaotic parameters such as token distribution following sociology and market patterns.
Consensus in block production is different than reward on post in Steem but it is linked.
please explain how the whales were able to destroy your rewards? and what that has to do with POS vs POS? If anything it seems like a problem with Steem, an application, not POS, a consensus protocol. in neither case would whales be able to force those kinds of things at the protocol level
On some controversial blogs I wrote, I had dozens or hundred+ votes with some rewards and then one or two whales come in and flag my post because they don’t agree with what I have to say and thus all my rewards were erased to $0. The downvoting or flagging feature should be for content-free posts or spamming. If many readers (not all) like my post, it is growing an audience thus helping Steem grow, then it is stupid to penalize me. A blog site can’t be a place where every group agrees with every other group. Diversity of audiences has to be allowed. Spreading a totalitarian mayonnaise on diversity is the antithesis of resiliency, decentralization, scaling, and success.
You’re not connecting the dots. But I understand block chain technology + game theory is complex. I live and breathe this stuff so I am exposed to many bits of information that you haven’t likely contemplated.
POS suffers from the problem that it can’t distribute tokens. So the voting scheme was designed for Steem as a way to overcome that inherent weakness. But as I have pointed out, the voting scheme can never be objective or fair or a meritocracy. It will always devolve into a whale monopoly on tokens and thus also a monopoly on the consensus.
With EOS, they decided to sell the tokens over a year period to simulate the costs of spending on mining. But unfortunately in my analysis thus far that renders the “useless tokens” to be investment securities, but note IANAL. Also some evidence (also here and here) has been presented that perhaps the “useless” EOS token sale is being gamed in various ways.
Since I am not planning any $2 billion pre-functional “useless token” sale money grab, nobody needs to trust me for anything. The entire point of decentralized ledgers is they should be trustless and permissionless, but your leader seems to not think so, since DPoS is permissioned and requires trusting the whales.
http://www.foxnews.com/us/2017/10/23/wrongful-conviction-no-surprise-to-kansas-black-community.html
The above is an example why trusting anyone or group with authority is dangerous.