The PoW vs. PoS Debate | Lyn Alden & Justin Drake
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 28 March 2022
⏱️ 94 minutes
🧾️ Download transcript
Summary
Lyn Alden is the Founder of Lyn Alden Investment Strategy and an expert in macro markets who’s also a strong Bitcoin, proof-of-work proponent. Her friendly counterpart, Justin Drake is a researcher at the Ethereum Foundation and is pro proof-of-stake. Both are recurring guests on Bankless!
The two experts debate which is better: proof-of-work or proof-of-stake for creating a global-crypto money system? Other topics include: economic security, deterrence and recoverability in the face of the dreaded 51% attack, minimization of governance power, economic fairness, commodity vs. equity money, and so much more!
Which is your preference, proof-of-work or proof-of-stake? Warning: after this debate, your preference may change.
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Topics Covered:
0:00 Intro
6:15 Backgrounds
8:12 The Better Monetary Premium
11:00 Equity, PoS, Commodity, PoW?
23:30 Hypothetical PoS Bitcoin
30:25 Lyn’s Rebuttal to Multiple Justin Claims
36:05 Justin’s Rebuttal to Multiple Lyn Claims
44:50 Inherently Fair or Unfair?
53:27 Different Kinds of Risk
57:30 Client Diversity
1:03:00 Lyn’s Macro Perspective
1:13:00 Justin’s Technical Perspective
1:17:42 Governance & Memes
1:29:55 The Rich Get Richer?
1:32:35 Closing Arguments
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Resources:
Lyn’s Proof of Stake Article
https://www.lynalden.com/proof-of-stake/
Economic Security & Efficiency
https://docs.google.com/spreadsheets/d/1KdzhgbTqhRd0LndK4R8c50OK-s6W568Ydd1aytokwbs/edit#gid=0
Lyn’s Twitter
https://twitter.com/LynAldenContact
Justin’s Twitter
https://twitter.com/drakefjustin
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to Bankless, where we explore the frontier of internet money and internet finance. |
| 0:11.4 | This is how to get started, how to get better, and how to front run the opportunity. |
| 0:14.9 | This is Ryan Sean Adams. |
| 0:15.9 | I'm here with David Hoffman, and we're here to help you become more Bankless. |
| 0:20.1 | Guys, you are in for a treat today. |
| 0:22.3 | We've got two experts on proof of stake and proof of work, and they are debating the subject |
| 0:27.0 | over which is better for creating a global money system, a crypto money system, proof of |
| 0:32.5 | work, or proof of stake. |
| 0:34.8 | Lynn Alden and Justin Drake on the episode today, we're going to talk about a few things. |
| 0:39.8 | Number one, which provides the most economic security, proof of work, or proof of stake. |
| 0:44.4 | Number two, which provides the best deterrence and recoverability in the face of the dreaded |
| 0:50.2 | 51% attack. |
| 0:52.7 | Number three, which minimizes governance power for the elites, which is more power to |
| 0:57.1 | the people. |
| 0:58.1 | Number four, which is economically the fairest system to participate in? |
| 1:03.1 | And number five, and this is personally my favorite, this conversation around proof of |
| 1:07.4 | work being more commodity money and proof of stake being more equity money. |
| 1:12.0 | Is that correct? |
| 1:13.2 | That's what one of our debaters believes, and we dive into that as well. |
| 1:17.6 | David, why don't you tell us a little bit about the format of this episode? |
| 1:21.9 | It was a fantastic format in that the participants, like, I felt like for time's |
| 1:26.7 | hearing this episode, you and I could just sit back and watch the participants go over |
... |
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