interested

interested

What I mean is that if you compare two cryptocurrencies, one which uses mining and one which uses proof-of-stake, then the one which uses proof-of-stake will eventually be cheaper to use for the users, since the total cost of running the network will be less. Around 2030 or so, when the majority of bitcoins are mined, unless the value of a bitcoin is high enough so it's still worth mining just for the block reward, it might be cheaper to use proof-of-stake or something similar. If bitcoin then do not change to proof-of-stake, or another system not based on proof-of-work, perhaps that eventually might cause bitcoin to collapse, if there is a good alternative available and people gradually  start switching to that one, and then that gradual switching suddenly lead to a panic and collapse, just speculation of course, but I'm keen to know what the options are to avoid something like that from happening.

That's good to hear. At least miners can't hijack the system then.

Mining uses quite a lot of energy, this will show up as transactions fees, a system using proof-of-stake could thus have lower transaction fees than bitcoins. ASIC mining is centralizing mining. It's getting to the point where mining can only be done by large corporations with lots of money to buy huge amount of chips, or even develop chips themselves to stay in the game. It's much easier for governments to force a few large companies to change bitcoin, than many individuals, and its also much easier to attack or try to shut down.

If, at some point in the future, those potential problems was starting to be seen as real problems, and the majority of bitcoin users agreed it would be a good idea to change. Would it be possible to switch bitcoin to proof-of-stake or others alternatives without the consent of the miners, who would no doubt like to protect their investments in hardware, and would likely try to stop such a change?

Recently bought a few bitcoins. Now I just wait for them to be worth a million dollars

Thanks. Looks interesting.

Noone else thinks the idea of virtual stocks or virtual corporations, in addition to virtual currencies, is any interesting?

After reading about ripple I had an idea.

As I understand it, ripple credits are kinda like pre-mined bitcoins.

So what if you could use the ripple system to create shares?

Basically if you want to issue shares, you use a private key to create for example 100 000 shares. Then you'd use a consensus based ledger to see who own the shares. Since ripple already has it's own internal currency I'm guessing it might need to be a fork where new an arbitrary amount of new internal currencies/shares can be created.

You'd then have a distributed stock exchange and you could set up a system so you could buy shares with bitcoins through ripple. Would be great for crowdfunding like kickstarter, if a guarantee could be worked out that the shares equals ownership in the company and the owners of a new company don't just run away with the money after selling the shares.