|
Title: Why is POS better than POW? Post by: Goms on September 26, 2016, 03:22:31 PM I read somewhere that POW coins are mined while POS coins are bought and can not be mined.
People claim that POW is getting outdated fast, so why do people prefer POS to POW? Title: Re: Why is POS better than POW? Post by: adaseb on September 26, 2016, 05:37:09 PM Its better for the environment and better for the coin itself since it won't be mined by huge mega farms that dump the coins for profit.
Title: Re: Why is POS better than POW? Post by: nerdralph on September 26, 2016, 05:58:17 PM Its better for the environment and better for the coin itself since it won't be mined by huge mega farms that dump the coins for profit. That's all conjecture until we have a widely-tested coin using PoS for a reasonable amount of time. Title: Re: Why is POS better than POW? Post by: bathrobehero on September 26, 2016, 07:23:10 PM It's not better, it's different like apples and oranges.
Its better for the environment and better for the coin itself since it won't be mined by huge mega farms that dump the coins for profit. PoS coins also have the equivalent of "huge mega farms" they just called whales who own and stake a large amount of the total supply. Which brings me to my problem with pure PoS coins that it's going against good distribution because it's basically a rich gets richer scheme. Users are incentivized to hoard and hold their coins to stake instead of using them and pushing them back to circulation. Staking is basically a method for creating artificial scarcity in order to try increasing the price - instead of natural growth. The more you hold, the more you earn. But since every staker earns coins at the same rate, nobody really earn any value over other holders (their slice of the cake is the same in relation to the whole cake) unless the value of the coin increases. Sure, PoS has its advantages and PoW has its disadvantages but I believe PoW is superior for crypto especially now that we're rushing towards renewable electricity. Title: Re: Why is POS better than POW? Post by: Bakery on September 27, 2016, 05:17:09 PM It's not better, it's different like apples and oranges. Thank you for your insightful and wise thoughs! Its better for the environment and better for the coin itself since it won't be mined by huge mega farms that dump the coins for profit. PoS coins also have the equivalent of "huge mega farms" they just called whales who own and stake a large amount of the total supply. Which brings me to my problem with pure PoS coins that it's going against good distribution because it's basically a rich gets richer scheme. Users are incentivized to hoard and hold their coins to stake instead of using them and pushing them back to circulation. Staking is basically a method for creating artificial scarcity in order to try increasing the price - instead of natural growth. The more you hold, the more you earn. But since every staker earns coins at the same rate, nobody really earn any value over other holders (their slice of the cake is the same in relation to the whole cake) unless the value of the coin increases. Sure, PoS has its advantages and PoW has its disadvantages but I believe PoW is superior for crypto especially now that we're rushing towards renewable electricity. I'm glad that my own (incomplete) knowledge was at least going towrds the right direction! Cheers! ;) Title: Re: Why is POS better than POW? Post by: Mugatu on September 28, 2016, 01:21:39 AM It's not better, it's different like apples and oranges. Its better for the environment and better for the coin itself since it won't be mined by huge mega farms that dump the coins for profit. PoS coins also have the equivalent of "huge mega farms" they just called whales who own and stake a large amount of the total supply. Which brings me to my problem with pure PoS coins that it's going against good distribution because it's basically a rich gets richer scheme. Users are incentivized to hoard and hold their coins to stake instead of using them and pushing them back to circulation. Staking is basically a method for creating artificial scarcity in order to try increasing the price - instead of natural growth. The more you hold, the more you earn. But since every staker earns coins at the same rate, nobody really earn any value over other holders (their slice of the cake is the same in relation to the whole cake) unless the value of the coin increases. Sure, PoS has its advantages and PoW has its disadvantages but I believe PoW is superior for crypto especially now that we're rushing towards renewable electricity. I agree 100% with this. |