I can see the btc cultism is too thick for any reality to sink in. So I shall leave you , to circle jerk yourselves in the pretense that useless geometrically growing energy waste is sustainable and anything not of your cult is crap.  FYI: Just like your energy wasting bitcoin, your clueless btc cult wastes too much of another valuable resource my time. So as the countries ban bitcoin, I shall now ban you from wasting my time with your cult drivel. Good Day.  |
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i think i get it
tangentc is just jealous that some people work and put effort in and get rewarded for those efforts, and he just cant cope with not getting paid for doing nothing, so wants to fight and argue that bitcoin should change and reward leachers that dont offer anything to bitcoins security.
what he does not realise is in proof of stake, there is still only a set number of blocks made a day and only a set amount of reward per block. if a PoS coin actually became useful to a wide userbase, where the coin attained value. those 'stakes' no longer allow everyone to get paid.
(too many people fighting over limited slices of pie)
instead only a few hundred 'stakes' out of millions would get paid a day.
where those few hundred 'stakes' would be the ones with the highest value(rich/elite) stake in play.
but hey, tangentc does not care about value. nor security which would cost an attacker billions to fight to break the security. all he cares about is trying to get his hands on some free pie, no matter the consequence
No Franky, you don't get it at all. Your lack of research on the capabilities of Proof of Stake is showing. 1. Proof of Stake coins transaction fees can be burned, thus as coin transactions increase, this will act as a way to lower the total # of coins. * Note another one of PoW failings, is the day when no new PoW coins are created , transaction fees of PoW coins have to skyrocket to offset the lost rewards* Just another reason why PoS is superior to PoW in the long run. If you have not been an early adopter of Proof of Waste bitcoin, do you really think, you be pushing a product that wastes more energy than a country with no increase in performance or security. I include security, because the same 4 mining pool operators (Bitcoin weakest link) are all that is stopping a 51% attack no matter what bitcoin energy waste. I think you be more honest that that, if you did not personally have a large financial skin in the game on the PoW bitcoin side. 
I know people, more or less rich than I am who don't have money to stake the required amount and the yield return isn't that profitable at all. They mine bitcoin. By the same reasoning, everyone can participate in mining too. if you prefer that , go ahead and slap a slave sticker on your back and wander the streets begging a rich person to be your master. That's complex. Tell all of the people too poor to own an ASIC warehouse, how they can make a profit mining bitcoin, and go into compete details so they can get as rich as Franky1. Go ahead show them how many coins they can mine, but you might want to mention that the odds are they will lose money mining instead of earn, but dazzle away and create a new upper class elite, with the supposed mining btc and get rich shenanigans. * Not holding my breath. *Not complex , accurate , you want rich elites to earn the rewards and the transaction fees and determine what transactions are included in the blockchain with no input from you whatsoever, sounds like a slave to me.
The current Proof of Waste system is doomed to failure, as no country can handle a continued geometric increase in energy waste on a biyearly basis. So all countries will eventually ban bitcoin PoW mining, and what happens next..... Then finally BTC lack of development team, claims to have found a solution to the Proof of Waste Dilemma. https://www.tomshardware.com/news/microsoft-patent-application-crypto-mining-brain-waves"Instead of massive computation work required by some conventional cryptocurrency systems, data generated based on the body activity of the user can be a proof-of-work, and therefore, a user can solve the computationally difficult problem unconsciously." And that boys and girls is their plan to enslave your children's children for the next 10000 years. Proof of Stake is the only shield against it. Make your Choice , Freedom or Slavery, because the time of choice is almost here. Updated Future Defs: PoW = Prisoners of Work PoS = People of Sovereignty |
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PoW will have to be banned by every country , no country has the resources to power 2 earths worth of energy drain. Have you checked the carbon footprint of the current financial system? You keep trying to convince us that PoW is so futile, but fail due to lack of valid arguments. You also choose to support PoS by degrading PoW. And I repeat: It has a strong reliance on renewable sources in contrast with almost everything else. That's due to the incentive of the miners to get away their expenses. In other words, the system incentivizes you to not harm the environment for the common good. Because by having a financial incentive to run a full node, you guarantee that every transaction since the genesis block is attainable by anyone. But, why should there be a financial reward for this? Isn't your business to want or not want to confirm you have the correct chain; to verify the transactions? The reward for your contribution is the privacy you gain. Why should you make others' fortune less scarce for this (mainly) personal procedure? You know drinking the btc cultist kool-aid is making you a nutjob.  Keep ignoring the countries that ban Proof of Waste, it still will occur, be sure and post when any country bans a Bank for threatening their power grid, until then realize your btc cult think is irrelevant in this reality.  Why should miners make all of the money in Proof of Waste, when only the rich can be miners. In Proof of Stake , everyone that participates in staking can secure and profit from the network. In your Proof of Waste only rich elites that can afford muti-million $$$$ warehouses that waste energy with zero increase in btc performance or security, if you prefer that , go ahead and slap a slave sticker on your back and wander the streets begging a rich person to be your master.  |
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Everyone that has researched proof of stake, knows N@S is nothing more than propaganda bullshit. What's N@S? China (formerly bitcoin's largest hash rate miner) has banned it and multiple other countries are talking about following suit. China's government haven't yet banned themselves. Do you seriously believe PoW will be forbidden by every location on Earth? It seems unrealistic, especially when the majority of the hash rate comes from renewable sources of energy. Instead, transactions rely on a consensus protocol in order to validate account balances and transactions on the system. At first, you say that XRP does not run with PoW neither with PoS. Afterwards, you use an “instead” and state that they rely on a consensus protocol. May I conclude you don't think PoW and PoS are consensus protocols? In PoW, their is no financial incentive to be a full node. IE: a major flaw in BTC as the blockchain grows. And the storage becomes cheaper to possess... Besides, why should there be a financial incentive to run a full node? Running a full node is mostly a personal service and doesn't contribute to the network much. ShortHand that has been used for years N@S = Nothing at Stake PoW will have to be banned by every country , no country has the resources to power 2 earths worth of energy drain. Which is the problem with Geometric grow in energy waste and why PoW is doomed to be banned XRP does not use PoW or PoS. Don't use your imagination to imply I said anything else. Because by having a financial incentive to run a full node, you guarantee that every transaction since the genesis block is attainable by anyone. You seriously don't understand the value of Full Nodes. I suggest you research them on your own, so you make more informed statements in the future. |
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............. Nice one the same applies to the broken XRP
Actually No, The Ripple (XRP) network does not run with a proof-of-work (PoW) system like bitcoin or a proof-of-stake (PoS) system. Instead, transactions rely on a consensus protocol in order to validate account balances and transactions on the system. I know that, that junk is so good that they managed to permanently loose some of a nuke proof "blockchain", can not happen with bitcoin. Even worse than PoS. Actually if all of the bitcoin nodes keep doing that pruned node nonsense instead of running full nodes that hold all of the transactions from the Genesis block, losing a large part of the bitcoin blockchain becomes a real issue in bitcoin's future. In PoS , Users have financial incentive to be full nodes, Thanks to Staking the Coins. In PoW, their is no financial incentive to be a full node. IE: a major flaw in BTC as the blockchain grows. |
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Found a great article that explains why proof of stake isn't a consensus mechanism, but a cunning way for an electronic cash system to operate: Proof of stake is a scam and the people promoting it are scammers. I hadn't thought of this “Nothing at Stake problem” he speaks of. In proof of work, there's a punishment to those who misbehave, but not in proof of stake. @TangentC, wanna give this a read and tell us where he's wrong? Nothing at Stake was a falsehood imagined by Greg Maxwell years ago. Often repeated by those that have little understanding of how things really work. Everyone that has researched proof of stake, knows N@S is nothing more than propaganda bullshit. Which is why you see all the new coins ignore Proof of waste and use Proof of Stake. Falsehoods in N@S are many and most of the time, different people even represent it in different ways, the only consistent fact is all N@S believers are wrong. In the years , since the N@S myth was created , has Proof of Stake been decimated by it, Nope, because it is an lie. In the years, since people have been warning that Proof of Work would be banned due to it waste, China (formerly bitcoin's largest hash rate miner) has banned it and multiple other countries are talking about following suit. So from the above you can see the reality is the banning of PoW is happening , and the N@S myth is nothing more than a lie for the unintelligent btc cult followers.
Nice one the same applies to the broken XRP
Actually No, The Ripple (XRP) network does not run with a proof-of-work (PoW) system or a proof-of-stake (PoS) system. Instead, transactions rely on a consensus protocol in order to validate account balances and transactions on the system. |
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PoW vs PoS So 2014 ish. Forum was flooded with the junk. Get used to it because the forum will be increasingly flooded with topics like this from now on because a popular shitcoin with 72 million premine is trying to convince the plebs into thinking their switch from PoW to PoS is actually a good move that is going to save their shitcoin. In your cult confusion, no one is talking about any other coin , only Shitcoins that Use Outdated Environmentally Harmful Proof of Waste Technology like Bitcoin. Proof of Waste Technology is what is being banned. https://en.cryptonomist.ch/2021/12/10/iceland-limits-electricity-crypto-mining/the increase in mining activity is said to be one of the reasons for the sudden energy deficit, China’s ban on mining Sweden and Norway seem to be moving towards a total ban on mining “It is currently possible to drive a mid-size electric car 1.8 million kilometres using the same energy it takes to mine one single Bitcoin.
This is the equivalent of forty-four laps around the globe. 900 bitcoins are mined every day.
This is not a reasonable use of our renewable energy”. Keep thinking Proof of Waste is not a problem. FYI: Meanwhile in Texas : https://www.dallasnews.com/opinion/commentary/2021/12/05/as-the-rest-of-texas-frets-about-power-outages-denton-adds-bitcoin-mining-to-the-grid/Currently, the 135,000 residents of the city of Denton need about 275 megawatts of electricity generating capacity at peak load.
A new purchase-power agreement between local utility Denton Municipal Electric and cryptocurrency “miner” Core Scientific would double that capacity demand over the life of the seven-year contract.
Record scratch: double the entire city’s electricity demand in one contract? |
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For those of you still too dense to realize that Proof of Waste is a Dead Tech. https://www.zerohedge.com/commodities/iceland-energy-crisis-limits-power-heavy-users-including-bitcoin-minersLargest Icelandic Utility Cuts Power To Crypto-Miners Amid Grid Crunch This week, a power crisis has developed in Iceland, forcing the island's largest utility company, Landsvirkjun, to reduce electricity to energy-intensive industries, such as data centers and metal smelters, including the denial of new power contracts to crypto miners.
"The reduction does not only apply to fishmeal factories but also to those large users who have curtailable short-term contracts, such as data centers and smelters. Landsvirkjun has also rejected all requests from new customers for energy purchases due to electronic currency mining," according to Iceland Monitor.
All power on the island is generated through renewable sources, with 73% of electricity provided by hydropower plants and 26.8% from geothermal energy, accounting for over 99% of total electricity consumption. The source of the power crisis is low hydro reservoir levels. Let the bitcoin cultist cries of FUD begin. FYI: Funny how Iceland had no problems maintaining power before the bitcoin miners started sucking them dry. On a more serious note : Current day time temps in parts of iceland are as low as 7 degree Fahrenheit, The Utility has to keep power to the people so they don't die from the cold. Bitcoin PoW is just a waste of resources to the people of iceland. FYI2: https://www.icelandreview.com/news/icelanders-used-most-electricity-per-capita-in-2017/Iceland’s per capita energy consumption could prove significantly higher in 2018 and 2019,
thanks to another energy-intensive industry that has taken hold in the country: Bitcoin mining.
In 2018, Jóhann Snorri Sigurbergsson from energy company HS Orka estimated that
Bitcoin mining used more electricity that year than all of the country’s households combined. |
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Let me know when a Country bans banking because the bank threaten the destruction of it's power grid, then you have an argument, until then you are just living in a delusion of a bitcoin cultist fantasy. |
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1. Satoshi is dead. Bitcoin mining has been centralized to just 4 mining pool operators for over 4 years.
2. All new coins are Proof of Stake, so PoW have already lost the war. Bitcoin users are just too stupid to know it yet.
3. China banned bitcoin mining easily, and so will the other countries in time. Miners can't draw more power than 20000 homes and expect to be able to hide.
4. Proof of Stake network nodes are impossible to stop and can easily move to another country within an hour.
1. You don't know who Satoshi is to know if they are alive or not. And there are a dozen mining pools but it doesn't matter because pools don't own hashrate the miners do and there are far more miners than pools and they are spread around the globe which makes it decentralized. 2. It is obvious that nobody including the owners of the shitcoin is going to spend money on mining shitcoins so new coins choose something that is weaker and can be sustained without spending money by the centralized authority. 3. They are free to try. For every country that has banned bitcoin mining there are 50 other countries that have accepted bitcoin mining. 4. Any government or law enforcement can easily kick down the door of the Proof of Shitcoin networks and seize all their funds and gain full control of that shitcoin network. 1. You don't know what I know. He & She have been dead for over 3 years now. 2. LOL, When Ethereum & Cardano PoS networks Marketcap exceeds bitcoin proof of waste, the look on your face is going to be hilarious. 3. Not working as well as you think. At some point , No country will allow bitcoin mining, because their energy waste threatens the entire power grid. https://decrypt.co/87293/bitcoin-mining-kazakhstan-power-china-hash-rate-priceMiners in the country were already starting to disconnect from the grid because of electricity shortages. (Caused by the Proof of waste miners)
So it wasn’t much of a surprise when, last week, Bekbau posted on Twitter a video of a shipping container being packed up with the last of the company’s south Kazakhstan mining rigs, saying Xive was shutting down its mining farm. 4. I can see you know nothing about PoS , if you think kicking down a door makes that big of a difference. Funny how you ignore that only 4 guys in bitcoin have doors that are worth kicking down. * PoS guys can hide their nodes , where you will never find their door, Proof of waste guys doors stick out like an energy wasting flare.*If a PoS guy were so inclined , he could run his node on a laptop from a Van moving 24 hours a day, hiding his IP and using a cell network, and you never find him. Your PoW losers asic miners can't do that. |
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Slogans and fud that you push do not make for reality. It only attempts to warp reality. The china fud with electricity is rather amusing attempt on your part due to the fact that china is known for lying about well....everything really and, has a 4,000 year history of doing so. Following this logic you can easily see how you would believe everyone else's fud to push whatever coin they currently have, I've already pointed out Cardanos critical flaw which is currently unsolvable. Its betting on AI to catch up and solve the problem. but I doubt that will happen. even if it does the fact its designed to be centralized means its has built in corruption problems.
I do think bitcoins future hashrate has a pareto distro problem. It currently does not. Where in the future it has this problem is unknowable at this time.
Cardano has no critical flaw, but if you feel it is so critical then you should crash cardano to prove your point. Forgive me for not holding my breath. PoW future is not unknowable, it is right in everyone face, just those who for personal financial interest refuse to see it. PoW is designed to use energy in a competition to earn more than the other competitors. The huge design flaw and the reason PoW is a technical dead end, their is no limit to the energy required for their competition, meaning at some point, the PoW miners are not only competing with each other , but also complete against every other person that uses energy. Your family for example use energy to heat / cool their homes, once bitcoin miners are willing to pay more for the energy than your family, the price of energy will increase to the point the Bitcoin miners can still afford but your family can't. But the competition between the miners will eventually reach the point the power grids can no longer sustain them , and the power grids collapse. Bitcoin PoW Miners are after all nothing but greed in physical form. Endless Greed not only destroys others , but in the end it destroys the miners as well. https://forkast.news/headlines/kazakhstans-power-shortages-crypto-miners-scramble/I imagine the people that are suffering rolling blackouts in Kazakhstan, wish that it was fud and not their reality. Update: https://compassmining.io/education/kazakhstans-power-shortage-outage-bitcoin-mining/https://www.reuters.com/business/energy/kazakhstan-rations-power-after-coal-fired-plant-outages-2021-10-15/https://eurasianet.org/kazakhstan-to-restrict-crypto-miners-amid-power-shortagesFacing a sudden energy shortage, officials must be regretting their recent embrace of the crypto industry.
"We have seen that our [country's] electricity consumption has literally increased by 7 percent in one year.
China offered a reality check this summer when it banned cryptocurrency use and mining on its territory.
Many farmers simply moved operations across the border, turning Kazakhstan into the world’s second-largest crypto miner.
The country’s share of global mining soared from 1.4 percent in September 2019 to over 18 percent
*The only real question is how long before Kazakhstan bans PoW based bitcoin to protect their people and power grid. *PoW is a winner-take-all-let-the-rest-of-the-world-be-damned algorithm . Which in the end there will be no winners. PoS is a cooperative secured network, which requires user join forces to secure the network , at the same time, uses less energy per household than an xbox. But believe what you like, you have ~2 years before the truth can no longer be hid , even by the cult mentality, no lights, no heat, no ac, will do what the most profound logical argument can't, it will snap you out of the bitcoin cult mentality.
If you think everycoin not bitcoin is a shitcoin, then you are a bitcoin cult member. Well, every cryptocurrency, besides Monero, that I've dived into was much worse than Bitcoin, so yeah I'll support Bitcoin instead. No need to label it. I'm not into a cult. There's no leader either way. The rest of the pools are irrelevant since the top 4 mining pool overlords can 51% attack at a moment's notice. It's not as easy as you say it is. If they'll ever want to reverse a transaction, the miners will know it. It's down to the miners' decision if their attack is going to succeed or not. The miners receive headers which include the height. Thus, a pool can't attack if the miners are unaware of it. But, again, same thing happens with Cardano. As I said, less than 1% of the ADA users, hold the majority of the coins. What makes you think it's more resistant to a 51% attack? The Leader of Bitcoin is the Bitcoin Dev Team : Blockstream, that has limited the onchain transaction capacity of btc and put out the most of the repeated nonsense. And the majority of bitcoin cultist regurgitate every false hood they proclaim. https://www.bitcoinminershashrate.com/cbdc-exploration-organized-by-a-group-of-central-banks/Silvergate Bank made the first commitment from the crypto community to the digital assets department.
This is Benjamin Richman, former director of business development and partnerships at the Blockstream bitcoin technology start-up. You should actually study Proof of Stake, you would learn alot. (Go search Cardano or Algorand resources for information, it will enlighten you as to the truth.)https://www.algorand.com/resources/blog/silvio-micali-lex-fridman-algorand-and-the-blockchain-trilemmaFor one thing Proof of Work miners have fixed % of domination equals to their hashrates. Four PoW Pool operators have dominated over 51% for over 4 years now. Proof of Stake domination fluctuates with every coin staked, meaning a pool that has 51% control until they stake, dominance immediately drops after staking, no longer maintaining 51%. Some PoS coins even ban staking for a given time frame after a stake occurs. No Proof of Stake pools can maintain 51% domination of a chain due to their staking % always in flux. While a PoW network can be 51% attacked , basically forever, that can never happen with PoS. It also means the most deadly 51% freeze attack where all new blocks or transactions are blocked from the chain in PoW , that PoS is totally immune from. Cardano and other POS are premines and İCO,they are all centralized and Governments can crush them easily. Cardano rich list %1 owns %70 of all coins. POW you trust decentralization, is secure with miners, in POS you trust to the wealthiest Validator. POW is hard to ban,POS is easily censorable. POW coins produced by hardware and electricity,POS is like FED,ecb printer machine brr... POW is Satoshi Nakamoto choice ,POS is ico,premine and firm venture capitalists. 1. Satoshi is dead. Bitcoin mining has been centralized to just 4 mining pool operators for over 4 years.2. All new coins are Proof of Stake, so PoW have already lost the war. Bitcoin users are just too stupid to know it yet.3. China banned bitcoin mining easily, and so will the other countries in time. Miners can't draw more power than 20000 homes and expect to be able to hide.
4. Proof of Stake network nodes are impossible to stop and can easily move to another country within an hour. * Have a Nice Day. * |
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People have been warning PoW was a technical dead end due to energy waste since 2013.
The Eventual PoW mining ban by every country of the earth is a foregone conclusion.
That is the phase we are entering now.
The bitcoin cults nutjobs will just scream fud like when China banned it.
But China still banned it.
Ethereum is switching to Proof of Stake, to solve their PoW problem.
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Hi,
In USA the country is separated in to 3-4 power grids correct?
So the currents grids are version 1.0 meaning the grid distributes constant power electricity to all areas equally regardless of the areas has high energy usage or not?
In Biden's current infrastructure bill they plan to change the grid to Smart Grid 2.0?
Can a Smart Grid detect bitcoin mining and automatically turn off electricity for the bitcoin miners if Biden's government bans bitcoin mining?
In UK there's Smart Meters that shows how much gas/electricity is being used in the home. They replace old meters. These smart meters know when you open the fridge or turn on your tv to monitor your energy usage. They have helped the police catch drug criminals growing cannabis in their homes that requires a lot of energy like bitcoin mining.
Yep, 3 power grids. https://www.electricrate.com/data-center/us-power-grid/There are three separate energy networks in the country’s power grid system, split into three regions. They operate independently of each other and exchange very little energy. The Eastern grid and the Western grid mimick the division along the Rocky Mountains (‘The Rockies’) while the state of Texas has its own electric grid. US has moved to Smart meters already. Utilities can monitor electricity usage immediately, and they can remotely disable electricity usage at the smart meters. So if there was a US government ban on bitcoin mining, due to the excessive amount of energy used, their is no way they could hide. However Proof of Stake design such as Cardano and Algorand use so little electricty, they would not know if you were staking or playing on your xbox. Plus you could run proof of stake networks off a laptop connected to a battery charged by 1 solar panel and no one would know. The biggest catalyst for the type of government banning regulation you are concerned with , usually only happen once the Bitcoin miners exceed the normal energy capacity of a given country. China only banned bitcoin mining once it threatened their power grids by draining too much of the China energy resources verses the normal populace. The following should sum up the energy situation of Proof of work bitcoin mining for you. _______________________________________________________________________________ _____ https://forkast.news/headlines/kazakhstans-power-shortages-crypto-miners-scramble/https://compassmining.io/education/kazakhstans-power-shortage-outage-bitcoin-mining/https://www.reuters.com/business/energy/kazakhstan-rations-power-after-coal-fired-plant-outages-2021-10-15/https://eurasianet.org/kazakhstan-to-restrict-crypto-miners-amid-power-shortagesKazakhstan to restrict crypto miners amid power shortages Facing a sudden energy shortage, officials must be regretting their recent embrace of the crypto industry.
Then China offered a reality check this summer when it banned cryptocurrency use and mining on its territory.
Many farmers simply moved operations across the border, turning Kazakhstan into the world’s second-largest crypto miner.
The country’s share of global mining soared from 1.4 percent in September 2019 to over 18 percent Bans of Bitcoin PoW mining in Kazakhstan , not far away. China Smarten up, and so will Kazakhstan ,about the dangers of PoW to the people and energy grid, although odds are Texas holds out until their power grid is destroyed and throws Texas back to the stone age for years. Watch Texas growing power nightmare here : http://www.ercot.com/Odds are less than 2 years until a Texas Power Grid collapse during a winter storm, thanks to the increased energy drain by PoW bitcoin miners. _______________________________________________________________________________ _________________________________________ * The main problem with energy wasting proof of work is not that it uses electricty but the fact that the energy drain on the grid grows by % as large as adding a new country to the planet earth, almost every two years, which is why PoW is unsustainable in it's current form. * |
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Permanent Bans of Bitcoin PoW mining in Kazakhstan , not far away. China Smarten up, and so will Kazakhstan ,about the dangers of PoW to the people and energy grid, although odds are Texas holds out until their power grid is destroyed and throws Texas back to the stone age for years. Watch Texas growing power nightmare here : http://www.ercot.com/Odds are less than 2 years until a Texas Power Grid collapse during a winter storm, thanks to the increased energy drain by PoW bitcoin miners. If you're going to make such a criticism, you'd better post a link that works, that's accessible to everyone: You can't access a public .com domain from an IP address registered in Spain. Sounds like you need a VPN and quit blaming your lack of ability on others. |
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Slogans and fud that you push do not make for reality. It only attempts to warp reality. The china fud with electricity is rather amusing attempt on your part due to the fact that china is known for lying about well....everything really and, has a 4,000 year history of doing so. Following this logic you can easily see how you would believe everyone else's fud to push whatever coin they currently have, I've already pointed out Cardanos critical flaw which is currently unsolvable. Its betting on AI to catch up and solve the problem. but I doubt that will happen. even if it does the fact its designed to be centralized means its has built in corruption problems.
I do think bitcoins future hashrate has a pareto distro problem. It currently does not. Where in the future it has this problem is unknowable at this time.
Cardano has no critical flaw, but if you feel it is so critical then you should crash cardano to prove your point. Forgive me for not holding my breath. PoW future is not unknowable, it is right in everyone face, just those who for personal financial interest refuse to see it. PoW is designed to use energy in a competition to earn more than the other competitors. The huge design flaw and the reason PoW is a technical dead end, their is no limit to the energy required for their competition, meaning at some point, the PoW miners are not only competing with each other , but also complete against every other person that uses energy. Your family for example use energy to heat / cool their homes, once bitcoin miners are willing to pay more for the energy than your family, the price of energy will increase to the point the Bitcoin miners can still afford but your family can't. But the competition between the miners will eventually reach the point the power grids can no longer sustain them , and the power grids collapse. Bitcoin PoW Miners are after all nothing but greed in physical form. Endless Greed not only destroys others , but in the end it destroys the miners as well. https://forkast.news/headlines/kazakhstans-power-shortages-crypto-miners-scramble/I imagine the people that are suffering rolling blackouts in Kazakhstan, wish that it was fud and not their reality. Update: https://compassmining.io/education/kazakhstans-power-shortage-outage-bitcoin-mining/https://www.reuters.com/business/energy/kazakhstan-rations-power-after-coal-fired-plant-outages-2021-10-15/https://eurasianet.org/kazakhstan-to-restrict-crypto-miners-amid-power-shortagesFacing a sudden energy shortage, officials must be regretting their recent embrace of the crypto industry.
"We have seen that our [country's] electricity consumption has literally increased by 7 percent in one year.
China offered a reality check this summer when it banned cryptocurrency use and mining on its territory.
Many farmers simply moved operations across the border, turning Kazakhstan into the world’s second-largest crypto miner.
The country’s share of global mining soared from 1.4 percent in September 2019 to over 18 percent
*The only real question is how long before Kazakhstan bans PoW based bitcoin to protect their people and power grid. *PoW is a winner-take-all-let-the-rest-of-the-world-be-damned algorithm . Which in the end there will be no winners. PoS is a cooperative secured network, which requires user join forces to secure the network , at the same time, uses less energy per household than an xbox. But believe what you like, you have ~2 years before the truth can no longer be hid , even by the cult mentality, no lights, no heat, no ac, will do what the most profound logical argument can't, it will snap you out of the bitcoin cult mentality.
If you think everycoin not bitcoin is a shitcoin, then you are a bitcoin cult member. Well, every cryptocurrency, besides Monero, that I've dived into was much worse than Bitcoin, so yeah I'll support Bitcoin instead. No need to label it. I'm not into a cult. There's no leader either way. The rest of the pools are irrelevant since the top 4 mining pool overlords can 51% attack at a moment's notice. It's not as easy as you say it is. If they'll ever want to reverse a transaction, the miners will know it. It's down to the miners' decision if their attack is going to succeed or not. The miners receive headers which include the height. Thus, a pool can't attack if the miners are unaware of it. But, again, same thing happens with Cardano. As I said, less than 1% of the ADA users, hold the majority of the coins. What makes you think it's more resistant to a 51% attack? The Leader of Bitcoin is the Bitcoin Dev Team : Blockstream, that has limited the onchain transaction capacity of btc and put out the most of the repeated nonsense. And the majority of bitcoin cultist regurgitate every false hood they proclaim. https://www.bitcoinminershashrate.com/cbdc-exploration-organized-by-a-group-of-central-banks/Silvergate Bank made the first commitment from the crypto community to the digital assets department.
This is Benjamin Richman, former director of business development and partnerships at the Blockstream bitcoin technology start-up. You should actually study Proof of Stake, you would learn alot. (Go search Cardano or Algorand resources for information, it will enlighten you as to the truth.)https://www.algorand.com/resources/blog/silvio-micali-lex-fridman-algorand-and-the-blockchain-trilemmaFor one thing Proof of Work miners have fixed % of domination equals to their hashrates. Four PoW Pool operators have dominated over 51% for over 4 years now. Proof of Stake domination fluctuates with every coin staked, meaning a pool that has 51% control until they stake, dominance immediately drops after staking, no longer maintaining 51%. Some PoS coins even ban staking for a given time frame after a stake occurs. No Proof of Stake pools can maintain 51% domination of a chain due to their staking % always in flux. While a PoW network can be 51% attacked , basically forever, that can never happen with PoS. It also means the most deadly 51% freeze attack where all new blocks or transactions are blocked from the chain in PoW , that PoS is totally immune from. |
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bitcoiner cult speak
If you think everycoin not bitcoin is a shitcoin, then you are a bitcoin cult member.
With PoW, you're at the mercy of the pool that incentivizes you the most. There are not only 4, just like there are many pools in PoS.
Exactly what a slave would say. The rest of the pools are irrelevant since the top 4 mining pool overlords can 51% attack at a moment's notice. Freemen want to take part in securing their blockchain, slaves want the rich to it. LOL, it bothers me not that the truth might be a trigger word for you. |
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I know Bitcoin is running on a proof of work consensus algorithm. Recently I discovered proof of stake by reading up a bit on Cardano and Ethereum's 2.0 plans.
What is the difference between these two, how does POS reduce the energy required to mine a block transaction and are either of these more secure than the other? Basically what are the pros and cons of each.
Also if POS consumes less energy, then wouldn't it be a good idea for Bitcoin to transition to a POS algorithm?
Yes , it would be, but bitcoin cult members can't grasp that, for some reason it destroys their dogma, kind of the same way they refuse to do anything to improve onchain transaction capacity. Asking that question here and you get a slanted one-sided replies, PoW good, PoS bad, but if you want the truth look at coins such as Cardano and Algorand, PoS V3 blockchains, their performance and cost & energy efficiently exceed bitcoin by leaps and bounds. All one has to do is look at the majority of new coins and no one bothers with outdated Proof of Waste anymore. Biggest question is how long can a Country or State, continue to support an ever growing PoW energy drain before their power grid collapses. China wisely banned all Bitcoin PoW Mining to protect their power grid and their people, Texas has foolishly taken up the slack, and could suffer a fatal power grid collaspe this winter thanks to being suckered into allowing Bitcoin PoW Mining. You can monitor Texas power grid here: http://www.ercot.com/Within 1 - 2 years, Texas will also be forced to decide save their power grid and their people, or rolling blackouts until the total grid failure occurs all for the sake of bitcoin PoW miners. There's alot of fud and lies in your statements. Do you happen to be affiliated with the state of china perhaps? The attempt to frame bitcoin as a cult is number 1 the lie about china banning bitcoin to save power grids is 2. if Texas has a power grid issue with the large scale miners you would think something would be said Prior to them setting up eh? lots of Private grids in Texas. They are weird like that letting the free market decide. Not Fud, it is Fact. https://gizmodo.com/a-chinese-province-could-ban-bitcoin-mining-to-cut-down-1846397717Over the past decade,
bitcoin has put increasing stress on the largely coal-powered grid of China’s Inner Mongolia.
Now, the province is clamping down.
Late last week, province officials announced plans to ban all new bitcoin and other cryptocurrency mining ventures and quickly phase out existing activity in order to
reduce electricity consumption. Bitcoin miners fled to Texas & Kazakhstan. https://forkast.news/headlines/kazakhstans-power-shortages-crypto-miners-scramble/Kazakhstan — one of the popular destinations for Chinese crypto miners as they look for more regulation-friendly shores
— continues to face power shortages, with its national grid operator last week rationing power after some failures occurred in a few power units. the power consumption demand in some parts of Kazakhstan has overrun the power generation volume
“due to the sharp increase in consumption by the digital mining consumers (over 1,000 MW) and higher number of emergencies at power plants.” Kazakhstan does not have the energy reserves of Texas so their power grid drama will play out sooner. Watch the news and the power grids for any country or state dumb enough to welcome the energy draining bitcoin miners over the next year, rolling blackouts don't lie. FYI: If you think Bitcoin PoW energy waste is not a problem,
If you think Bitcoin lack of onchain transaction capacity is not a problem.
Your are in the Bitcoin Cult. https://medium.datadriveninvestor.com/bitcoin-isnt-dead-but-it-is-a-cult-1183b4d2318fhttps://medium.com/@zelphontheshelf/10-signs-youre-probably-in-a-cult-1921eb5a3857https://adamcaudill.com/2018/06/21/bitcoin-is-a-cult/https://www.zmescience.com/science/news-science/nobel-prize-winning-economist-calls-bitcoin-a-cult/
The most important thing that distinguishes POW from POS is network security as well as decentralization. The POW that Bitcoin operates on is the most secure and more decentralized and the more hashing power the more secure the network and this makes it very difficult to hack, but at the same time this makes the transaction take longer and the fees are higher. .
As for POS, I think its main advantage is lower costs, which makes fees lower and transactions faster, but the network security is much lower and there is a risk of the network becoming centralized if the largest share is concentrated in the hands of a few groups.
Bitcoin decentralized, Nope.The Top 4 btc mining pool operators control over 61% of all of bitcoin hashrate, looks centralized to me. A mere collusion of 4 people is all that is required to doublespend on the bitcoin. While Cardano has over 670 active staking pools, now that looks decentralized and more secure. With a PoS coins any owner can join a pool and stake their coins and participate in the network security. With PoW, you are at the mercy of the top 4 pool operating overlords, which is ok, if you like being a slave to whims of those 4 people. PoW is slavery for the masses & PoS is Freedom , choose according to your true nature. |
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