Ethereum plans to move to the Casper proof of stake algorithm in a future version of the network. However, as nodes are betting on which block will be produced next, does that mean the more ether you bet, the higher the chance that block is next??

In other word, If the consensus has 'X' amount of ether placed as the security deposit of block alpha, if I bet more than the 'X' amount on block beta; will block beta be the next block produced?

You are correct assuming you (and other nodes betting on block beta) have a higher security deposit than the consensus betting on block alpha.

As long as honest nodes outnumber the dishonest nodes, the system will heavily favor honestly and discourage (by large penalties) dishonesty.

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