There is no longer any “work,” or energy output, required, which is why the ESG and climate hoax crowd has hailed the project as a revolutionary achievement. They seem to miss the fact that ETH now represents a digital fiat currency, as there is no longer a legitimate case for a value proposition attached to it.
Aren't they all fiat currencies? Proof of stake just means that transactions and block creation are centralized, but none of them are staked to anything of actual value. The work in proof-of-work is only valuable so long as people value the coin, otherwise it's worthless. Is that not the definition of fiat: the currency is worth what people will pay for it?
Aren't they all fiat currencies? Proof of stake just means that transactions and block creation are centralized, but none of them are staked to anything of actual value. The work in proof-of-work is only valuable so long as people value the coin, otherwise it's worthless. Is that not the definition of fiat: the currency is worth what people will pay for it?
This depends on how concentrated/centralized the validators on the chain are.
Ethereum is relatively concentrated.
I haven’t seen a single person here who has even the faintest idea of how this stuff works.
A bunch of total morons jerking off to each others ignorance.