POW provides very little security, it gets the credit, but ultimately security is comes from the public record of full nodes. POW is a brute force system for deciding who should produce the next block and creates a scarcity of blocks. There are other ways to create scarcity of blocks and therefore POW isn't adding security.
Bitcoin has 21 million initial coins, those initial coins are locked in a smart contract that is distributing them at a a fixed schedule in exchange for payment in hash power. EOS has 1 billion initial coins, those initial coins are locked in a smart contact that is distributing them at a fixed schedule in exchange for payment in ETH which is proof of prior hash power. In fact this proof of prior hash power applies to the ETH crowd sale which took bitcoin as payment.
Claiming that POW adds security is like claiming that increasing what you pay your security guard will increase the security of your home. Beyond a certain point all extra pay is complete waste and adds no security. In fact, the reality is that it is the camera that broadcasts your front door to the entire world gives you security, the guard is just there for show.
Only those who think sunk cost and/or believe in the debunked cost theory of value can claim mining adds value to the token. Only those with no concept of opportunity cost can support POW.
Dan I need help with my EOS Tokens? Are you on chat? My tokens are missing. I don't really understand what I 'm doing I guess
Can i have my 69 EOS Tokens back please. I don't understand where they are.
TxHash: 0x93176bc6b5ae3c59a44cf67f44778a784564896a3aa9cabfa9bedbfc7edfaf89
From: 0xBCaf20380cd23fBD77117B3d375b46421c58A538
To: 0xd0a6e6c54dbc68db5db3a091b171a77407ff7ccf
Here is myetherwallet address where the tokens should be:
0xA69Ed18dc377352De05b82e19C2d750cA9841AD9
Did you follow all the directions to access them? Here is one of a few tutorials on STEEMIT:
https://steemit.com/eos/@vitkolesnik/how-to-buy-and-claim-eos-tokens-a-step-by-step-tutorial
If you're still having trouble, you can also try the EOS telegram group: https://web.telegram.org/#/im?p=@EOSproject
Thanks Dan.
I hope I get this right: In chat he explained further that due to on chain funding and various estimates of how much would be available, development will easily be funded and possibly far far exceed what was collected in the ICO making it very viable to fire malicious funded holder or move against them without concerns for lack of funding like we might see on chains without native on-chain funding mechanisms (e.g. most ico'ed projects like eth) 1 bil evaluation would make up to 50 mil available each year for development, 10 bil - up to 500 mil and so on (<=5%/yr).
This is extremely valuable point to me and reiterates importance of decentralized organizations and funding (DAO or DAC first created on bitshares graphene afaik ~ 2014)
10/10
This analogy is golden. :D
I bought 100 eos and hope that this would change my live in 2 years.. I really think this has the biggest potentional.. I also wrote a post about it some weeks ago.. At least starting in crypto brought me steemit.