A stablecoin launched by Donald Trump’s World Liberty Financial crypto venture is being used by an Abu Dhabi investment firm for its $2 billion investment in crypto exchange Binance, one of World Liberty’s co-founders said on Thursday.
It’s the latest in a series of Trump family crypto-related ventures, including a “meme coin” launched in January, that have drawn criticism from government ethics experts and political opponents over potential conflicts of interest.
PoW = Get a GPU, crunch some numbers, make some money.
PoS = The Rich Get Richer. The Poor Get Screwed.
There is the technical argument that PoS was more energy efficient than running data centres full of ASICs or sometimes GPUs solely to produce proof-of-work.
It’s still different flavours of Let’s Prentend We’re Finance Except Without Grownup Boring Rules, but if we can avoid burning gigawatts and puffing the cost of GPUs, there’s a case for it.
I mean it’s not really an argument, they objectively use far less energy. Something like 98%+ less than PoW. It basically eliminates the entire “it’s bad for the environment” argument.
If you think that crypto is the driving force behind poverty, then I have some bad news for you…
https://whatismoney.info/wp-content/uploads/2020/05/DollarDevaluationHistory.png
No, I was simplifying the two proof systems in crypto, not saying it’s the cause of long-term trends.