The value of Bitcoin and Proof of Work continue to be proven by the market, both in Bitcoin’s successes and in the failures of its self-proclaimed competitors. Nowhere can that be seen more clearly than in the proposed migration of the Ethereum blockchain to the Proof of Stake (PoS) consensus model.
PoS works by allowing individuals and groups who hold the largest number of the blockchain’s token to have the most control over the current and future operation of everything living on top of the blockchain. Out of absolute necessity, small token holders and everyday users must place an enormous amount of trust in those controlling the blockchain, specifically that they won’t run the blockchain into the ground or otherwise render it unusable for everyone else.
Without a doubt, current events are proving the folly of having to place that trust in anyone: