Recently, on an episode of The Magical Crypto Friends, WhalePanda, Charlie Lee, Riccardo Spagni and Samson Mow spoke about the EOS platform and how a recent article claimed that the cryptocurrency exchange Huobi were colluding with Chinese Block producers in order to stay “in charge”.
Samson Mow opined that individuals are prone to face issues in the proof of stake system. He further stated that none of the panelists prefer proof of stake because of such reasons.
According to Charlie, there is a lot of money involved when the block producers collude in order to vote for each other. He added:
“There are incentives for under the table deals so that they keep each other as part of this kind of like mafia or whatever right where they just make more money, so I think it’s inevitable because incentives are there for that to happen”
Charlie also stated that they would not be surprised to see other exchanges doing the same where they offer a certain amount of money in order to get more votes.
Samson opined that Block producers would inevitably benefit by making a collision. He added that it was guaranteed that collusion would ensure that the block producers “can keep each other in the running”. He added:
“You are basically recreating bad governance, like the whole point of real cryptocurrency is to take that out of the equation as much as possible”
Samson further stated that Bitcoin [BTC] had a long way to go because of its problem of mining and how it is becoming more centralized. He also stated that Litecoin [LTC] and Monero [XMR] were more fair and equitable than Bitcoin.
Zach Dowlan, a cryptocurrency enthusiast commented:
“I’m glad you touched on economic school of thought and soundness of money. Samson is right. People don’t understand what money is anymore. I just finished reading the bitcoin standard and my eyes have been opened”
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