Bitcoin Forum

Hey guy's what do you think about this article: https://medium.com/@PosBakerz/the-power-of-crypto-compounding-with-proof-of-stake-ce82b04317ca



Don't you worry that PoS will overtake PoW?

Staking is very similar to what we can find in the traditional financial markets...
Yes, including long-term downtrends for most fiat currencies (vs. gold-or food-for example) and (for POS coins) clear downtrends vs. BTC in many cases. This "very similar to what we can find in the traditional financial markets" is somehow a good thing?

Don't you worry that PoS will overtake PoW?
No, cannot remember the last time that happened.

It'a a nice article.

PoS WILL overtake PoW soon or a later, because PoW is too resource consumption algorithm. And I like PoS coins because you are getting passive income without risking your coins on lending or trading.

POS is more environmentally friendly and cheaper to run. I wouldn't be surprised if bitcoin went pos one day, but that would be too controversial

Why should you worry, Pos and PoW have their own strengths and weaknesses. Posting will open PoW if only many are more comfortable with PoS, now it depends on each of them who are required to spend at PoW or invest in PoS. Our PoS or PoW certificate will benefit.

PosBakerz smells like a scam.

I doubt PoS will overtake PoW as in making it vanish but if you mean taking control of a bigger marketshare it is still impossible because of bitcoin. Bitcoin will probably always stay as a PoW coin because it would require too many things to go perfectly for it to work and as we all know from what happened in segwit times it actually can go all bad instead of all perfect.

Hence, we can see a clear trend of all altcoins to switch to PoS soon but we won't see bitcoin going that way. Also lets not forget the fact that even tough PoW requires more work and energy and capital to be able to mine it is still by far the fastest and easiest transaction system, PoS is a slower and smaller version of it which means the huge coins we have can't afford to do it easily.

I don't pretend to be an expert on any of this, but I basically know what PoS is.  My question is why anyone would really want to own a PoS coin other than for staking and if these coins are going to have any utility outside of people just keeping them for the interest they generate. 

It just seems to me that regardless of how many coins you generate, if the price doesn't at least remain stable you're going to have an asset that continuously loses value.  That's what I'm seeing in coins like PIVX right now (the only PoS coin I really watch), which has lost something like 90% of its value in the past year.  Nobody is going to spend these things, so my guess is that they'll have even less adoption than a coin like bitcoin.

Proof of stake can offer lower costs would be the main point to expect any advancement vs the older Proof of work standard.   A competitive economy will favour the most efficient process especially for worldwide adoption and also POS can be more widely distributed in its transaction network by allowing even the smallest parties to take part in confirmation.   Where as POW has long since passed on past end users to an industrial investment in its mining hardware.

I see alot of advantages in POS and I expect it to continue to run parallel to other blockchain ideas as quite viable for widespread adoption.   I dont know who will win but I'm not scared of the outcome so long as its reflecting a competitive market, we cant have a system which blocks advancement in any way to favour certain sections of holders.   Its important whichever crypto does best is open to new entrants, innovation and growth and we'll all benefit in the end from a better working system

What about the "nothing-at-stake" problem regarding PoS?Is it solved?
If the "nothing-at-stake" problem get a satisfying solution,PoS will replace PoW,but untill then,proof-of-work will continue to dominate.

I think this is just a war between rich people. I have read ETH's PoS article briefly, the minimum bet amount is 125 ETH, and this is a game not for the poor.
Pos is really a new solution for the world to reduce electricity consumption. PoS is really effective and it will soon cause PoW to be forgotten because of its utility.
The nodes are bet a lot of money will solve and pack blocks faster and interest rates will also be very stable. It is very suitable for the holders.

This is really a great progress of technology. PoW is really not a rival of PoS.
At the beginning of 2018, PoS was really hard to compete with PoW because the amount of money to bet was too high because the price of altcoins at that time was too high. Pow will be more beneficial when the digging machine is quite cheap.
but now things are different. Safe investors will often choose PoS to place bets and they will have fairly stable monthly interest rates.