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That isn't to say that both of these mechanisms are essentially the same thing just because they both rely on capitalism and they both and they rely on sort of profit seeking, maximizers to sort of take care of their network. But I think there are really important distinctions that need to be made, when comparing both of these two. And so the best sort of metaphor that I've been able to think of when thinking about proof of work versus proof of stake is kind of and this isn't like a perfect metaphor to be I mean, no metaphor is really ever perfect, but to think of proof of work as sort of industrial capitalism and proof of stake as financial capitalism. So if we continue with this metaphor and think about it in a historical lens, it can arguably be said that financial capitalism was before industrial capitalism in the form of, sort of like mercantile, sort of financial capital. This was really like the the beginnings of maybe a little bit of capitalism, some might say, during feudalism. But industrial capitalism was certainly before financial capitalism in becoming hegemonic and becoming really, really big, until only, like, fairly recently, especially with neoliberalism. I think financial capitalism has sort of, like, won out, that sort of battle. What you just listened to was a teaser of an exclusive podcast episode that you can get access to by either becoming a patron on patreon.com/theblockchainsocialist starting at $3 per month or by paying three x DAI, which is also equal to around $3 through the unlock protocol on the website page for this episode. By becoming a patron, you can get access to every exclusive episode I've ever released as well as future ones as long as you stay a patron, and by using Unlock Protocol, you can get access to just one episode at a time that you pay for. So you have two different options for whatever best fits your current situation if you want to access the episode. The money will help me continue doing what I'm doing and still mostly release content that's for free so that anybody can listen to it and learn more about how blockchain doesn't necessarily need to be used to further capitalist exploitation if we put our efforts into it. So thanks for listening.", "confidence": 0.99761415, "words": [ { "word": "what's", "start": 0.08, "end": 0.39999998, "confidence": 0.99525344, "punctuated_word": "What's", "speaker": 0, "speaker_confidence": 0.8890275 }, { "word": "important", "start": 0.39999998, "end": 0.79999995, "confidence": 0.99968636, "punctuated_word": "important", "speaker": 0, "speaker_confidence": 0.8890275 }, { "word": "to", "start": 0.79999995, "end": 0.96, "confidence": 0.9987968, "punctuated_word": "to", "speaker": 0, "speaker_confidence": 0.8890275 }, { "word": "point", "start": 0.96, "end": 1.1999999, "confidence": 0.9997154, "punctuated_word": "point", "speaker": 0, "speaker_confidence": 0.8890275 }, { "word": "out", "start": 1.1999999, "end": 1.36, "confidence": 0.99565107, "punctuated_word": "out", "speaker": 0, "speaker_confidence": 0.8890275 }, { "word": "though", "start": 1.36, "end": 1.5999999, "confidence": 0.8877548, "punctuated_word": "though", "speaker": 0, "speaker_confidence": 0.8890275 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E. They're very very dependent on capitalism or the fact that they work even is big reason is because of capitalism. It is because like there is this incentivize that you can incentivize people with these mechanisms through financial value. That isn't to say that both of these mechanisms are essentially the same thing just because they both rely on capitalism and they both and they rely on sort of profit seeking, maximizers to sort of take care of their network.\n\nBut I think there are really important distinctions that need to be made, when comparing both of these two. And so the best sort of metaphor that I've been able to think of when thinking about proof of work versus proof of stake is kind of and this isn't like a perfect metaphor to be I mean, no metaphor is really ever perfect, but to think of proof of work as sort of industrial capitalism and proof of stake as financial capitalism. So if we continue with this metaphor and think about it in a historical lens, it can arguably be said that financial capitalism was before industrial capitalism in the form of, sort of like mercantile, sort of financial capital. This was really like the the beginnings of maybe a little bit of capitalism, some might say, during feudalism. But industrial capitalism was certainly before financial capitalism in becoming hegemonic and becoming really, really big, until only, like, fairly recently, especially with neoliberalism.\n\nI think financial capitalism has sort of, like, won out, that sort of battle. What you just listened to was a teaser of an exclusive podcast episode that you can get access to by either becoming a patron on patreon.com/theblockchainsocialist starting at $3 per month or by paying three x DAI, which is also equal to around $3 through the unlock protocol on the website page for this episode. By becoming a patron, you can get access to every exclusive episode I've ever released as well as future ones as long as you stay a patron, and by using Unlock Protocol, you can get access to just one episode at a time that you pay for. So you have two different options for whatever best fits your current situation if you want to access the episode. The money will help me continue doing what I'm doing and still mostly release content that's for free so that anybody can listen to it and learn more about how blockchain doesn't necessarily need to be used to further capitalist exploitation if we put our efforts into it.\n\nSo thanks for listening.", "paragraphs": [ { "sentences": [ { "text": "What's important to point out though is that with both of these types of consensus mechanisms, they are still heavily dependent on the context in which they're existing, I.", "start": 0.08, "end": 10.559999 }, { "text": "E.", "start": 10.559999, "end": 10.8 }, { "text": "They're very very dependent on capitalism or the fact that they work even is big reason is because of capitalism.", "start": 10.8, "end": 18.535 }, { "text": "It is because like there is this incentivize that you can incentivize people with these mechanisms through financial value.", "start": 18.915, "end": 26.295 }, { "text": "That isn't to say that both of these mechanisms are essentially the same thing just because they both rely on capitalism and they both and they rely on sort of profit seeking, maximizers to sort of take care of their network.", "start": 26.64, "end": 39.86 } ], "start": 0.08, "end": 39.86, "num_words": 110.0, "speaker": 0 }, { "sentences": [ { "text": "But I think there are really important distinctions that need to be made, when comparing both of these two.", "start": 40.355003, "end": 45.815002 }, { "text": "And so the best sort of metaphor that I've been able to think of when thinking about proof of work versus proof of stake is kind of and this isn't like a perfect metaphor to be I mean, no metaphor is really ever perfect, but to think of proof of work as sort of industrial capitalism and proof of stake as financial capitalism.", "start": 46.115, "end": 66.47 }, { "text": "So if we continue with this metaphor and think about it in a historical lens, it can arguably be said that financial capitalism was before industrial capitalism in the form of, sort of like mercantile, sort of financial capital.", "start": 77.784996, "end": 93.909996 }, { "text": "This was really like the the beginnings of maybe a little bit of capitalism, some might say, during feudalism.", "start": 94.28999, "end": 100.675 }, { "text": "But industrial capitalism was certainly before financial capitalism in becoming hegemonic and becoming really, really big, until only, like, fairly recently, especially with neoliberalism.", "start": 101.935, "end": 113.21 } ], "start": 40.355003, "end": 113.21, "num_words": 164.0, "speaker": 0 }, { "sentences": [ { "text": "I think financial capitalism has sort of, like, won out, that sort of battle.", "start": 113.43, "end": 118.73 }, { "text": "What you just listened to was a teaser of an exclusive podcast episode that you can get access to by either becoming a patron on patreon.com/theblockchainsocialist starting at $3 per month or by paying three x DAI, which is also equal to around $3 through the unlock protocol on the website page for this episode.", "start": 119.67, "end": 138.305 }, { "text": "By becoming a patron, you can get access to every exclusive episode I've ever released as well as future ones as long as you stay a patron, and by using Unlock Protocol, you can get access to just one episode at a time that you pay for.", "start": 138.67, "end": 149.62999 }, { "text": "So you have two different options for whatever best fits your current situation if you want to access the episode.", "start": 149.62999, "end": 155.685 }, { "text": "The money will help me continue doing what I'm doing and still mostly release content that's for free so that anybody can listen to it and learn more about how blockchain doesn't necessarily need to be used to further capitalist exploitation if we put our efforts into it.", "start": 155.825, "end": 169.54001 } ], "start": 113.43, "end": 169.54001, "num_words": 184.0, "speaker": 0 }, { "sentences": [ { "text": "So thanks for listening.", "start": 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