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Title: On changing PoW Post by: lurker10 on March 28, 2017, 02:08:36 PM Quote Changing PoW is a last resort that assumes Bitcoin's basic premise of miners intelligently seeking profit has been broken, either because they aren't intelligent ("miners are dumb") or they aren't seeking profit ("government takeover"). If it's government takeover, changing PoW could be seen as a one-time emergency measure that likely won't need to happen again. But if it is just miners being dumb, how are you going to prevent that in the future since anyone can mine? In considering these questions I hope it is clear that changing PoW is a nuclear move because it implicitly asserts that Bitcoin is broken. Investors who believe this will necessarily be valuing that minority chain lower than they value BTC now. So all this talk about "valid" proof of work is already assuming a context where Bitcoin is broken. There is no allowance for validity in Bitcoin, just profit and loss. As a miner, if your blocks don't satisfy the market, they will not be built upon and you forfeit your would-be profits to miners who make blocks that do satisfy the market. This was all described in the whitepaper. Taken from here. (https://www.reddit.com/r/btc/comments/61y43m/i_forget_is_bitcoin_the_chain_with_most_pow_or_is/dfidxfj/) Title: Re: On changing PoW Post by: mining1 on March 28, 2017, 02:14:11 PM POW as a long term solution doesn't work, period. Bitcoin maximalists brainwashed people. POS works because coin holders are both miners and investors, so their incentive is to make it work.
Yes, there's no perfect POS solution either, but it's still better than existing POW solutions. It's nearly impossible to implement in bitcoin a decent solution without destroying it's value, after many years of advocating POW is the best and hardfork is devil's touch, while technological advancement was abandoned. As an irony, it did start as a technological marvel. But maximalism greed and stupidity wiped that out. Title: Re: On changing PoW Post by: amacar2 on March 28, 2017, 02:17:16 PM Yes, there's no perfect POS solution either, but they're still better than existing POW solutions. But doesn't changing to POS mean inflation rate for bitcoin will be non-zero or am i missing something ???Many will stand against inflation in bitcoin including me, bitcoin will loss its charm of being limited. Title: Re: On changing PoW Post by: mining1 on March 28, 2017, 02:24:02 PM Bitcoin's inflation will get close to 0 in the future because of the halvings. So a 1-2% inflation rate now isn't that bad, it can compensate for lost/burned coins. Ethereum will have a 1-2% inflation rate for example.
As you can see, POW doesn't work. Miners are trying to defend their interests, holders the same. They can't decide on anything because both groups want to control it, and as a consequence bitcoin is dying. Because of that, bitcoin will never be able to implement lightning network and scale. Ethereum will already have in the next 2 weeks offchain scaling with raiden and onchain scaling next year with pos/sharding. P.S: scaling is the endgame of decentralized projects, assuming it is done securely. Title: Re: On changing PoW Post by: lurker10 on March 28, 2017, 02:31:30 PM Yes, there's no perfect POS solution either, but they're still better than existing POW solutions. But doesn't changing to POS mean inflation rate for bitcoin will be non-zero or am i missing something ???Many will stand against inflation in bitcoin including me, bitcoin will loss its charm of being limited. Inflation rate has nothing to do with POS. Inflation rate in Bitcoin has always been non-zero, every 10 minutes new coins are issued - total monetary base is inflated. POS and POW both have advantages and disadvantages, I'd prefer to see a hybrid POW/POS solution to the current mess. However this is offtopic, this thread is about changing POW to another POW and how this is a completely broken idea. Title: Re: On changing PoW Post by: SONG GEET on March 28, 2017, 02:45:56 PM As you can see, POW doesn't work. Miners are trying to defend their interests, holders the same. They can't decide on anything because both groups want to control it, and as a consequence bitcoin is dying. POW is still working and actually POW mining is one factor that had make bitcoin valuable, miners will not sell their hard earned bitcoin cheap which can easily limit the supply of cheap bitcoins on market creating constant rise in price. No bitcoin is not dying ;) |