983
Cory Doctorow: The people who tell you ‘AI is changing everything’ are lying
(www.thenerve.news)
this post was submitted on 05 Aug 2026
983 points (97.9% liked)
Technology
86930 readers
3904 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related news or articles.
- Be excellent to each other!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, this includes using AI responses and summaries. To ask if your bot can be added please contact a mod.
- Check for duplicates before posting, duplicates may be removed
- Accounts 7 days and younger will have their posts automatically removed.
Approved Bots
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Nano uses "proof of stake" instead of proof of work to decide the order of transactions, and who receives block rewards.
The main problem with PoS is that it's essentially the same as Federal Reserve bonds: all the new money goes towards people with extra money to freeze. This is part of why inequality has spiraled out of control since the Nixon Shock. Proof of work literally burns most of the profits because of difficulty adjustment.
A more specific problem with Nano (formerly RaiBlocks) is that the entire supply was centrally issued, with a pinky promise from this private organization that they only issued coins by CAPTCHA. If they were lying, then they could have issued 51% of the supply to themselves for permanent control. The only way we'd be able to detect it is if the price kept going down for years.