Proof of Stake Has Failed Before

Photo by Jingming Pan on Unsplash

Proof of Stake is held up as some unhackable alternative to Proof of Work to save the planet. In my opinion, Proof of Stake simply allows the late money to get a seat at the table. In fact, it gives old money most of the seats at the table. The fact is Proof of Stake has been tried many many times. It always fails…eventually. How long it takes to fail usually has a lot to do with the discipline of the participants.