Frederick Bott
2 min readAug 21, 2022

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imho POS is a big mistake, it is the greed of the larger players in Ethereum which is driving it to become more capital oriented, so that having more attracts gaining more. It is being sold as something offering more decentralisation, but the effect will be the opposite, allowing a few very wealthy holders to dominate the whole system.

The way it is being marketed is very subtle, influencing the thoughts of everyone involved over a long period of time.

For example, you present Ethereum as "Now the second largest cryptocurrency", as if some recent developments in Ethereum, .like POS might be attributable for making it that way, and as if things like that could somehow make it overtake Bitcoin, when it always was the second largest cryptocurrency anyway, as a natural outcome of being always second to Bitcoin in time, per Metcalfe's law - Bitcoin came first, so it will always be first in adoption.

The biggest mistake which has been seen in Bitcoin so far (again imho) is allowing it to become dominated by the ambitions of a country to take ownership of it by way of their "Volcano Bonds", which are actually promises to extract, which in a way ties Bitcoin into being powered by extracted energy, whereas prior to then it had been going largely solar powered, and so was attaining the highest values seen.

All of this relates to the energy problems of the world, as described in the "Bitcoin Kardashev Hinge" story, which we don't seem to be able to see clearly, as long as we are driven by profit and capital (Greed), as far as I can see.

It is the same mechanism, of failing to understand the value of solar energy, which is causing the devaluation of all currencies right now, it seems to me.

We will not fix inflation, until we get over our greed, by fully accepting the donated Joules from the sun, and honestly assigning money to those, and issuing it, it seems to me.

Knowing this, I would say POS will turn out to be the end of Ethereum.

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Frederick Bott
Frederick Bott

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