Bitcoin Forum

Will BTC ever be able to switch to the POS consensus algorithm?

Never.
For following reasons:
The Proof-of-Work consensus algorithm was developed to prevent:
Attacks using computing power
Fake records
Refusals to carry out transactions
Spam

Proof of Snake is every 'whales' dream, where they get to control everything. None of the elite anywhere on earth want POW, it puts too much power in the little guy. POS puts all the power in the whales, where the 'elite' think power belongs.

Funny that POS is even accepted at all

POS is oligarchy, where only the rich make consensus decisions, where any rich guy with +51% can take permanent control of that coin, which means that if POS became standard over time all crypto's would essentially become cartels.

Sure.

Bitcoin will be forced to evolve,
After

1. Bans of PoW mining increases World Wide
2. PoS coins (Ethereum & Cardano) takes the #1 position away from it on CMK.

PoW was always a failed design due to energy waste,
which is why PoS was created all way back in 2013 to solve the energy waste issue.

Ethereum Devs are wise enough to evolve by choice.
Cardano is already Pure Proof of Stake.

Bitcoin Devs will have to be forced by market conditions and government interference.
Bitcoin Devs are kind-a-slow.


FYI:
All of those whiners that complain PoS will give whales more power, ask them how many bitcoins they have mined this year?
Where as in PoS , anyone can join a pool and earn PoS coins, PoW restricts mining only to the rich elite now.

* Your Grandma can join a PoS pool and earn more PoS coins, where she never be able to mine a PoW Bitcoin. *
So who is keeping bitcoin proof of waste really hurting.

FYI2:
There always a chance that Bitcoin converts to a energy efficient human slave PoW design that uses humans instead of ASICS.
But as the bans get worse, they are going to have to change to something beside ASICS.
PoS is the Good one, and human slave PoW is the evil one.
https://lexpatent.by/en/news/2020/05/14/Microsoft-666/

pow connects the encrypted digital world with the physical industry
And pos is a product of pure finance

With PoS, the more coins you hold, the more power you have over the network. Now think of the huge exchanges such as Coinbase and Binance — think about how much power they'd have. Bitcoin with PoS is simply a disaster.

hello sir, it is not possible because bitcoin is currently developing faster, and the algorithm is just a dream and not yet realized

YES.  Bitcoins value will in fact be transferred to a POS energy efficient environmentally sustainable Bitcoin . The Bitcoin Core developers will never go for it .The best thing about decentralization and the value Bitcoin has is the community decides the direction of Bitcoin. Enough people abandon the chain and move to another "That chain becomes Bitcoins value" Bitcoin is doomed to fail in the wake of POW. The huge carbon footprint that comes with bitcoin mining will be its demise. If action is not taken to move Bitcoins value to another chain  people holding Bitcoin will lose everything.

Elon musk is alot of things but the guy is NOT dumb. The world wont stand for wasting energy and unnecessary carbon footprints. Bitcoins carbon footprint in completely avoidable by POS. People will start buying bulk Bitcoin and sending them to "Burn" addresses to remove them from circulation.A receiving chain will validate the Bitcoin is in fact burnt. You are then sent energy efficient environmentally sustainable Bitcoin XYZ . 1 to 1 swap.  Your should read this .If you think as many do.. Bitcoin needs to go POS this will be a good read

Bitcoin mining is a redundant energy wasting version of Proof of Stake. The person or people
who invest the most money on a Bitcoin mining operation will get the most Bitcoin rewards. The
bigger the mining operation. The larger the Bitcoin reward.

You do understand that POW is POS  with extra steps?

POS just cleans up the wasteful energy consumption "Extra Steps"

Exactly. However, it is important to note that monopoly will exist in most systems, if it is fundamentally based on the virtue of whoever having more resources being in an advantage.

The problem with PoS mainly lies with how it doesn't require consumption of resources during the mining process. If the process doesn't cost the miners any resources, then there is lesser incentives for a miner to be honest. PoW functions with the fact that there is so much resources being consumed during the process and it would undoubtedly cost the miners a lot if they were to try to attack Bitcoin. The resource consumption is what keeps Bitcoin secure, if you can't come to terms with it, you should probably criticize the financial systems around the world for their electrical consumption as well.

All the worst failed altcoin of the post have these few things in common:
1) they got pre-mined (ETH Checks)
2) the went POW first (ETH Checks)
3) they switched to POS (ETH will check soon).
and then it was checkmate and exit scam.
Cinnicoin, silkcoin, dmd do you remember some of these?
Stick your POS dreams up your arse.

Never. It's simple plain economics. It might have been able to do so if it was made on POS from scratch or in early 2010 but as of now when BTC price is 60k there is no chance one can even think of switching to POS. Just imagine the investment that would be required to buy your stake and keep it in and despite that, the new miners will never be able to hit their profitability mark anyway because the early adopters will always be having the edge. This would ideally make mining unprofitable for anyone who has started recently. Also, if you look at it from another angle. Also if the pools vanish altogether for some time. Chances are that even a 51% attack can be made on bitcoin. Satoshi created bitcoin so that even on his own cannot manipulate it after creating it. But in POS let's say if he decides to stake all his coins for Mining he can literally control the mining altogether.

So because others have failed, scammed or fallen short... just stop trying to build a better Bitcoin? Your Personal Text suggest never give up.  Your sending mixed signals. What is is? “Be Revolutionary” only when its easy and quit when its hard? To Be Revolutionary when thing work out perfectly and quit when things get complicated or don't go according to plan?

https://i.imgur.com/BRaibFS.png

Well, you can simply follow how those PoS network works if you're lazy. Just fork the network and switch to PoS and then you're good to go. But as mentioned above, the actual reasons are not because of technical difficulties, but more of security, decentralization, and other principal issues.

How did you arrive at this conclusion? Even if that's true, do you think those extra mining power to protect the network not worth the "extra steps" you mentioned above?

POS is FASTER and just as secure as POW without the wasteful usage of around 110 Terawatt Hours per year. "More than some countries" This is a FACT. I suggest you read about POS 3.0 (https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiE0qziqP7wAhWBvp4KHau0BRUQFjACegQIAxAE&url=https%3A%2F%2Fforum.bitbay.market%2Fuploads%2Fdefault%2Foriginal%2F1X%2Fa82b35edf21dee2cded2624d82fad28e6c1f4682.pdf&usg=AOvVaw0O5Qwdaq9cAkd_OB3KqWhN)

I'm not the guy you're responding to, but being revolutionary doesn't necessarily mean you need to start everything from literal scratch; especially when it's obviously far more beneficial to help build around the one that's already being used and widely adopted.

My solution does not imply you start from scratch . POS 3.0 is Bitcoin. Evolved over a decade of trial and error. The illusion that every other alt is somehow not a child of  Bitcoin boggles the mind. " widely adopted." Many things are widely adopted. Does not make them the best solution. Decentralized consensus will tell us what reigns supreme. Give it time. Logic will overrule nostalgia. Bitcoin will evolve. It 's value will be transferred to another faster more capable vehicle of value. What that vehicle will be will be determined by  decentralized consensus. This value transfer is not  conjecture but is an unavoidable consequence of Bitcoin mining power consumption and general overall lacking in Bitcoin speed/scaling. Elon Musk called the ball on bitcoin.Hes not the RICHEST person on the planet "FACT" cause he is dumb. Like it or not a shift is coming. Will you be on the wrong side of that shift? No one can make you see logic that's on you.

Can't argue with the many similar posts that POS is not an option for BTC. While other coins have this proof-of-stake mechanism BTC is simply too valuable to engage in such without being detrimental to the rest of the holders.

Remember, BTC is all about decentralisation and moving away from the 'one man' monopoly.

Lets not pretend like Bitcoin is not  " the one man monopoly" as you put it. If you have the most fiat you can buy the MOST Bitcoin. If you have the largest Bitcoin mining operation you generate the most Bitcoin in rewards. This is the way of the world! No amount of decentralization will change that. Bitcoin cannot change ALL of the dynamic of humanity or our society. It has vast potential but human nature is what it is.The one thing we can change is the mechanism the value Bitcoin holds is powered by. Is it powered by SLOW environmentally unsustainable POW core or a environmentally sustainable FASTER POS

No you are wrong, and anyone else that champions for PoS

Its a piece of shit tech that doesn't work.

If you want centralisation then go buy frequent flyer points.


Its people like you that will ruin the entire crypto sphere.



POW has created the most secure financial system on earth - and it will keep it that way.


Elon and people like you want to destroy that.

You are the enemy of BTC. So kindly take your BS and fuck off kid.

Yep , all altcoins are the enemy of BTC,
Because Bitcoiners cultist consider anything not bitcoin a shitcoin.

Those so called shitcoins offer
Smart contracts
Energy Efficient
Higher Onchain Transaction capacity
Lower Transaction fees

Bitcoin offers a false religion that occurs because it was the 1st.
Bitcoin is an 8 track tape, old and outdated.

Top 5 coins on CMK
Only Bitcoin is sticking with Proof of Waste
Others such as Cardano are already Proof of Stake and ethereum is in transition to PoS.
Times and Tech have changed since the glory days of your Penguin shooting AKs.

FYI:
Nice to see our favorite shit-talking Canadian bitcoiner is doing well.  :)  

It has been tackled many times years ago and it simply cannot happen.

There's more security if bitcoin remains PoW and that's why it had never changed. We know that PoS is very promising and that's why ETH is going on it for its ETH 2.0.

But if it's about network security, PoW is giving that.

Your choice of vernacular and general way of thinking . No point arguing . Have a good day. Hope everything works out for you.

All debates about which model is better aside, Bitcoin cannot switch to POS and still remain Bitcoin. Switching to POS would cause a hard fork and Bitcoin as we know it would continue on.

You can be Revolutionary while keep building on top of Bitcoin or you can die trying to replace Bitcoin.
As simple as that, no mixed signal just the truth.

Bitcoin's creator has got no personal benefits from the invention while all the other coin creators did that to profit. And don't be naive, please. Don't come and tell me they did it for our own good and for the a sustainable future.