The Professor
3 min readApr 8, 2021

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Martin Holovský is not only a scammer who promotes fake projects but also completely technically illiterate. Almost everything in this article is completely false. Coinmonks is not a reliable source of information on this topic, period. It's hard to believe someone can be this incompetent without having significant brain damage in all seriousness.

Proof of stake is not an alternative to PoW since PoW is permissionless and PoS is permissioned by stake, a pre-owned token with no mechanism to distribute it without trust or permission in a central party. That means absolutely none of PoS networks can claim decentralization to independent parties that could enter into consensus without permission. This fact alone proves Martin as either illiterate or a scammer. But inaccuracies keep going in every subject matter.

Proof of Work is still the only trust minimized method to distribute control. Sure, you can create legacy auth-token based consensus networks like PoS and "fix" the energy issue by giving up the "decentralization" Martin clearly never cared about in the first place.

Networks without decentralization, like PoS, cannot have smart contracts or anything else relevant to decentralized technology since networks themselves are not permissionless or decentralized. What's even worse is most of these networks never had any mining and are effectively ~100% premined or in other words ~100% trusted on a central party doing the distribution. Martin has been told this fact repeatedly but he ignores it from either being malicious scammer or an incompetent failure.

Layer 1 transaction rate isn't increased for free since increasing it comes with drawbacks like making it much more expensive to validate and catch up to the network for users further centralizing control by requiring trust in validation centers.

Centeralized and premined networks like Ethereum or Polkadot cannot have smart contracts since smart contract as defined can only be controlled by specified parties but the unwanted central party in control of those networks premine that has to be forever trusted invalidates those contracts at moments notice. Blockchain does not secure data, incentives do.

Martin doesn't even really understand Proof of stake, as irrelevant as it is to decentralized technology. Slashing has never been a required part of those consensus mechanisms and in many ways slashing is trivially abused and can be used as an attack vector by the permissioned token holding majority. The cost of locked stake falling in value alone was always supposed to be the incentive mechanism protecting those networks. This elementary level of knowledge suggests complete lack of technical literacy on this subject.

On his blockchain platforms comparison the only network listed with ANY permissionless decentralization is Bitcoin but conveniently that property is missing from his horizontal rows. Instead he falsifies its properties and compares data without also pointing out the downsides like enormous blockchains. Smart contracts and dapps are same thing and Bitcoin most definitely has dapps if it has smart contracts, which it did since 2009. e.g. https://codepen.io/realcrypto/full/JjXyvyq

Since Bitcoin is the only decentralized network in the list, it should also be the only one that has a YES next to smart contracts, dapps, dex, defi, and so on. Bitcoin had dex's before any of the other networks existed, It had NFTs, it had oracles, it had everything. It's completely irresponsible to deceive people about this. So it's up to you to decide whether Martin Holovsky is lying about Bitcoin and promoting scams because he's a scammer or just enormously incompetent and illiterate on this subject.

Shame scammers.

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