Hi guys, first of all, I’m still trying to grasp the whole concept of proof of stake. Some friends and me were planning to set up a rig to mine Ethereum and then I found out about the Metropolis upgrade. I’ve been reading some articles and watching some videos like this one from @ivan
So yeah, I can understand the benefits (quickness, scalability, a more “green” approach, penalties for abusing the system, etc…). However, I have some concerns and doubts:
Ivan mentions in the video that you’d need a minimum amount of 1000 ETH, is this accurate or did I get it wrong? Should I spend and lock over 250k € in order to be a validator? Seems a huge amount to me, only available to few people that will make even more money from mining, or validating, in this case. Sure they won’t “mess around” against the blockchain, but why would they? They’d be already in a heavily privileged position over everyone else.
How is a system based on wealth “more democratic” in any way?
How does the betting system work, actually? How do you know you’re vouching for a good transaction and not a malicious one? Can anyone share a link or something with more detailed info about the process?
Generally, what would be the advantages for those who are not big investors, just normal people with modest amounts of ETH?
I’m still trying to wrap around my head about this whole issue, these concerns are pretty visceral and probably I could be plain wrong about some of them. Well, that’s the point of this thread, to learn about this issue.