Proof of Stake coins have many issues here are some:
PoS is not backed by anything other than the belief there are worth anything and there will be an endless supply of PoS coins because one created today does not have a significant advantage over on created tomorrow, next week, next month.......
Which is the same argument one can use for any POW coin too. There is just as well an
endless supply of any coin. What decides the number of the coins is the network logic and consensus. It has nothing to do with method of block production.
Since electricity has to be paid for, endless POW coins mean endless unsecured coins/networks. You have endless coins with both, just different levels of security.
What currently is happening is new coins are created with PoW, mined for a week until a fixed number is reached and then change to PoS and then you can claim your stake at buying xyz coin. The only advantage a coin released today has over on made sometime in the future is; somebody already bought into it. The advantage quickly disappears if the new coin has a better catch phrase a flashier webpage or bigger marketing capital....
This has nothing to do with POS or POW. The same problems apply to POW coins.
There is no end in sight for stake claimed coins and all promising x % return if you know a bit of programming you will have your very one coin too and everyone can buy into your claim based coin completely deluding the marked.
People have been doing this with premines. There are even all sorts of ways the guys hustle up premines by botching the mining roll out.
POS allows all manner of interesting distributions. With POS you can take 50% equity from DOGECOIN and 50% of BTC and create a new coin built on a technology that is not Proof Of Waste. With POS you can equity-drop to anyone on a forum. You can try to airdrop on a country. Any criteria works. It allows anyone to own coins and not just those who wish to purchase and maintain mining equipment. Mining equipment costs a lot and is a inherently risky business not knowing if you will hit your ROI.
So what you put forth as weakness is IMO something quite different.
Its a barrel without bottom and once it clicks by the herd run for the hills if you own a stake.
No clue what this means.
With a PoS the richer get richer. Nothing more to add to it that's just how it is.
Completely false. Miners take fiat to run. Proof of Waste/Work go hand in hand. The equipment takes capital. With POS an innovator can do things. They can INNOVATE. Not just coin forks, but all sorts of different things.
POS coins allow innovation in a way not allowed by POW coins. If you want a Decentralized Application, you're going to be much better off with a POS network than a POW network. Since miners work by wasting hashes and hashes have to be paid for by electricity this becomes a fundamental economic issue. You will always have to pay miners to secure your network with POW. On the other hand, a few VPSs which likely run other tasks are sufficient to secure a POS network. With POW I can 51% attack any new upcoming network fairly easily. Once the price drops and the hashers leave, then security is over. Look at what Bitshares is doing if you want to see how it is being done correctly. Albeit slowly.
PoS is a technological dead end. Once the coin is released the only thing to do is "claim your stake" no research, no new capital outside the buy in, no evolving industry...
This doesn't even make sense. It is true because you say it is ?
To 51% PoS is dead easy:
You start buying aggressively or "willy" style until you have 51% of a PoS coin, and then sell off your coins so that you no longer have 51%, but your history of having once owned 51% makes it possible to attack the network at any time in the future at next to no cost only some computing resources (and thus electricity costs, etc.).
As you once had a 51% stake, you can build a better blockchain than the other 49% can, starting from the point where you owned 51%. You develop this blockchain in secret, after you have sold off your coins (and profiting from it); and then release your secret blockchain to the world, and nodes will pick it up because it carries more stake than the 49% blockchain. Now not only do you have your profit from the original sales of the coin, you have your 51% back (to the extent that it's worth anything). Not all coins need to be in one address, in fact, doing so would prevent the attack in most PoS implementations.
I think with half the market cap of Bitcoin you can more easily take over the network. This is a completely false argument. POS is actually more secure than POW.
Also, as coin block production decreases it will give far less incentive to secure the network. What is going to be the cost of attacking Bitcoin then ? It will cost increasingly less in terms of fiat. People will be abandoning mining due to profitability, possibly leaving excess mining equipment on the market cheap. How can you even begin to argue POW is more secure ?
Unlike bitcoin where everyone can see if anyone comes dangerously close to 51, in PoS its all hidden an attack can happen incognito.
There is no way of knowing if any PoS chain is already "dead", as it could have been done at any-time in the past.
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This is actually true. However, the 51% attack concern is already just as strong for POW coins. Someone still has to purchase 51% of something just to destroy it. These attacks can always be solved by forking the 51% out and starting fresh without the malicious actor. POS people are aware of these things because it is where the innovation is happening.
PoW is backed by energy. There is no better backing than energy because everyone needs it, wants it and i will never have any problem selling it. To create a PoW coin you need x amount of energy and you can not cheat. The best you can hope for is to have a more efficient miner. Because the energy has been spent, the coin has a base value (many other things on top) and is a kind of a storage medium.
Someone has to pay for the electricity. What was this about the "rich get richer?". It is just a constant arms race that benefits no one but hardware manufacturers and electricity companies. The environment and the underlying network are the 2 parties that lose out.
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