Edward Snowden: “There are also more technical criticisms to be made here, beyond the scope of what we can reasonably get into. Suffice it to say cryptocurrencies are normally implemented today through one of two kinds of lottery systems, called ‘proof of work’ and ‘proof of stake,’ which are a sort of necessary evil arising from how they secure their systems against attack. Neither is great. ‘Proof of work’ rewards those who can afford the most infrastructure and consume the most energy, which is destructive and slants the game in favor of the rich. ‘Proof of stake’ tries to cut out the environmental harm by just giving up and handing the rich the reward directly, and hoping their limitless, rent-seeking greed will keep the lights on. Needless to say, new models are needed.”
Anyone at MS a friend of JPB?