Part of the problem is that there are two distinct proposals and the answers depend on the proposal. Rather than go through all this here (and then explaining it badly and having to go through it over and over again), I'll edit the wiki progressively, please be patient.
Well, I specifically referred to your proposal. It was you, after all, that gave me lip for not following each of the 8 or so threads on this topic.
My reluctance to go in to detail here is related to my belief that you don't care care much about the answers. I believe that your core objection is that proof-of-stake will help the rich get richer. My system does indeed strongly favor early adopters.
I do care about the answers because I have for a long time worked on alternative solutions to all of bitcoins problems. I spent several hundred hours thought-processing the ideas behind encoin.
To be honest, I wasn't aware that your proposal would help the rich get richer. I was not able to understand it enough to get to that point. And certainly I would object if the end result is that the rich get richer.
However, if the system was rock-solid and I could not think of a better way, I would approve because I think the complete DoS that the 51% attack provides is absolutely paramount in its need to be fixed. I think the wiki is atrocious in its description of this DoS being "not much power."
In fact, early adopters reap much larger financial rewards in my design than they do under the current proof-of-work system. I don't have any problem with that.
You realize you're begging someone to say, "why would you, you're an early adopter?" regardless of the balance of your BTC account.
Proof-of-stake would be more robust and secure. It would lead to much lower long-run equilibrium txn fees.
Why not even try digesting what I posted? I have no need to lie in saying the answer to this problem came to me rather quickly when I tried to design a stable currency idea around the bitcoin code. It would be far less disruptive and in fact could be done without changing the protocol itself, only how clients react--although it will still create a fork so that point is rather moot (but perhaps only temporarily? not sure).
I don't care who profits from operating the payments system. Whether it is just one guy, a government, or the 99% doesn't matter to me. I think attempts to keep gov't and monopolists out permanently are laughable at best. There is just no credible mechanism for doing this. The main thing for me is that a new techonologies exist and make people's lives more convenient. If it is Apple-branded, then so what.
Well, forgive me for looking too far to the future, but this opens up the possibility of things like white-listing accounts. Haven't registered your bitcoin address with the Bitcoin Regulatory Commission? Then this monopoly is not approving your transaction. So not only is decentralization gone, but so is pseudonymity. You claim there is no credible mechanism, but the only basis I see for that is because you haven't thought one up. If you want to attack my idea, have at it. I haven't gone far in fleshing it out, but it certainly is a lot simpler than proof-of-stake so problems should be easier to bring to light.
