Proof of Stake was a mistake. great thread from @meltem

10/ almost done with the spice 

i've said this so many times

Bitcoin has accelerated AI by at least a decade. Bitcoin created a new data center business model including behind the meter co-lo, flexible loads, demand response, hedging w the underlying. it's profound. https://t.co/OMOTqD2O0i

11/ i've never said this in public before but, it's time

Proof of Stake was a mistake

Ethereum could have been a trillion dollar protocol with its own robust energy to compute ecosystem. instead MEV extracts billions in value from users and apps. https://t.co/5eqIEnEunu

Meltem Demirors

Proof of Stake was a mistake. great thread from @meltem 

https://x.com/Melt_Dem/status/1902563208436609153

that was a strong narrative talking point at the time. but I think some key players who has strong interested in power and revenue accrual via PoS voted in favor

was the main reason for PoS the environmental stuff?

helping build farcaster | surfing @ venice, ca | eating @ gjusta / gjelina | “lucky me, lucky mud”

i love @meltem (don't know her but wish i did)

ETH is pretty much now captured, which troubles me. Tell me more about your disagreement!

idk, the mining cartels and custom hardware verticals PoW creates aren’t really great.. Saying now that PoS was a mistake i think is a bit premature. 

Ethereum hasn’t really finished upgrading yet and serious builders are just now building on L2s. We don’t really know what the market dynamics will be like yet. 

I agree, as a pure investment, perhaps PoW would have been better. As a useful protocol though, i think the advantages of PoS, including the power efficiency, will prove to be advantageous in the long term. 

Also the successful switch to PoS from PoW with no issues or interruptions really showcased the core devs strength and ability to execute.

POS is permanent and gas is better now/ governance probably keeps eth from volatility which traders profit in the short term from.  You lose your ether to a hacker you want to start over at a higher cost/value?  Probably not?  If anything POS saved ethereum from itself.