The main difference I see here is that buying up mining hardware actually has limitations and constraints. You have to find enough supply of the hardware, find enough energy to run it, find a location big enough to house it, make sure to keep it up to date, etc.
With PoS, although governments can’t print tokens, it doesn’t really matter. The governments and central banks have unlimited money. They control the money supply. Even if some of the top stakers won’t want to sell, they would still be able to find enough sellers who are. We have already seen how a single tweet from someone like Elon Musk can cause thousands of people to buy or sell. Manipulating the market is easy and doesn’t require permission from the people with the largest stake.
All they would need to do is float a bill that they are planning on making Bitcoin illegal and then after it is on the front page of all the news sites, when everyone is rushing to exit, swoop in and buy up the supply. I think Wall Street has already done this to a large extent. Hence, this is why I believe they are likely the ones behind this push as opposed to the people who will be hurt as a result.
All of that said, I’m willing to keep an open mind and see what happens to Ethereum after its switch to PoS. If I had to guess, I suspect we will begin to see stories of blocked transactions and blocked wallets, etc.
>With PoS, although governments can’t print tokens, it doesn’t really matter. The governments and central banks have unlimited money.
so they pump eth price to infinity to get majority of stake? While in theory it could work, it would cost at least hundreds of billions of dollars. Compared to maybe $1B-$2B to take over PoW from nothing. Two orders of magnitude difference.
As nobody needs a blockchain with censorship everyone else would move to a fork without the governmental stake. A very foolish plan.
With PoS, although governments can’t print tokens, it doesn’t really matter. The governments and central banks have unlimited money. They control the money supply. Even if some of the top stakers won’t want to sell, they would still be able to find enough sellers who are. We have already seen how a single tweet from someone like Elon Musk can cause thousands of people to buy or sell. Manipulating the market is easy and doesn’t require permission from the people with the largest stake.
All they would need to do is float a bill that they are planning on making Bitcoin illegal and then after it is on the front page of all the news sites, when everyone is rushing to exit, swoop in and buy up the supply. I think Wall Street has already done this to a large extent. Hence, this is why I believe they are likely the ones behind this push as opposed to the people who will be hurt as a result.
All of that said, I’m willing to keep an open mind and see what happens to Ethereum after its switch to PoS. If I had to guess, I suspect we will begin to see stories of blocked transactions and blocked wallets, etc.