We Study Billionaires - The Investor’s Podcast Network BTC098: Proof of Stake (PoS) Versus Proof of Work (PoW) w/ Jason Lowery (Bitcoin Podcast)
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Oct 5, 2022 In this lively discussion, Jason Lowery, an MIT security expert, delves into the nuances of Proof of Work and Proof of Stake protocols. He explores the critical role of property rights and how power dynamics shape these systems. Jason explains the concepts of abstract versus physical power, shedding light on their implications in blockchain technology. He also addresses the risks of centralization in PoS, and offers insights on the thought processes of key figures like Vitalik Buterin. Ultimately, he calls for a deeper understanding of these mechanisms among policymakers.
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Property Rights Origins
- Property rights are existentially important, originating from animals managing resources and establishing pecking orders.
- Humans transitioned from proof-of-power to abstract power hierarchies, appointing leaders with imaginary power like God Kings.
Abstract Power in Dogs
- Small dogs acting as alpha dogs despite larger dogs present exemplifies abstract power.
- Domestication, like removing aggression in dogs, shows how forfeiting power leads to exploitation.
Abstract Power's Pitfalls
- Abstract power, like in agrarian societies, is efficient but prone to exploitation by those in high rank.
- Unlike physically limited power, abstract power’s control authority has no limits, leading to potential abuse.
