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Author Topic: Issues with Proof-of-Work  (Read 847 times)
AverageGlabella
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January 31, 2023, 12:10:34 PM
 #61

im not suggesting ethereum is better(for many other reasons). but more users are preferring to avoid the offering by the core devs.. because core devs seem half assed in being devs and more inspired to be sponsored governors/moderators ensuring they stay in power
and yes you can do your own research and find the stats. its eye opening and may surprise you
If we are honest then most people do not pay attention to what the developers are doing and instead of watching the price of btc and eth. The problem for many people with btc is they cannot get past not owing 1 btc and ethereum in their opinion is easier to get into because they can afford to purchase 1 but not with btc. I do not think that the developers have any impact on most people investing because they would have to go out of their way to find the devs discussion which they do not they are investors not people who care about the development of btc. Any one that cares about the development will pick btc every time because its a more careful process and considers the whole picture before making decisions.
franky1
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January 31, 2023, 05:30:06 PM
 #62

the comparisons of eth development and btc development is they are both centralised
vitalik is just like adam back with a few other notable sponsored devs below the leader that have main merge privileged

that said. ethereums wide community. is not wide at all they do not even have their own unique utility that offer users a separate sentiment of usefulness and desires to have a different price discovery sentiment

check out their price wiggles

about 98% following bitcoins market price discover, just at a dropped rate of 1:14

however because unlike lightning whose peg has no network wide audit or chain or mechanislm for accounting. and where lightning has MANY flaws and methods to fractional reserve, double spend msats and steal directly and indirectly from channel partners break commitments/promises/ious... people just dont trust lightning for useful amounts.. lightning is more so stuck in concept stage for 7 years of sandbox testing and playing around. rather than having a functional monetary security policy to make it a final ready to operate network.. which other subnetworks do have

so yea people are preference to lock btc up and then using that lock reference on other subnetwork bridges with better monetary security policy on other subnetwork bridges
.. as for the comparisons to ethereum and cores centralism
core play the music of shouting "open source" but with their hierarchy structure and moderation, their concept of "open source" means something else to them.. under their premiss. lets use an analogy of a newspaper that is open on a page, transparent to read the contents(source). but that does not mean anyone can become a newspaper editor with publisher rights
open source to core does not mean open gate/open door policy.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
BenCodie
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January 31, 2023, 08:19:54 PM
 #63

I don't think it's about whether or not the community is "open" to a new consensus method. I think it's more about what has withstood the test of time. PoW has, that's why it is still used today. If there are new consensus methods that do truly outweigh it, only time will show them as better alternatives...It will take a lot of time before something can truly be concluded as better than PoW.
Yixing Lao
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February 01, 2023, 02:06:54 AM
 #64

Honestly speaking, I just think that each algorithm has something special to it and some problems as well. You just have to find which one works best for you and how you can make the most out of each one.
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February 06, 2023, 06:21:23 PM
 #65

I don't think it's about whether or not the community is "open" to a new consensus method. I think it's more about what has withstood the test of time. PoW has, that's why it is still used today. If there are new consensus methods that do truly outweigh it, only time will show them as better alternatives...It will take a lot of time before something can truly be concluded as better than PoW.

Time alone won't suffice as long as the self-claimed alternatives don't have to store value on a comparable scale. You can always claim whatever protocol you invented can replace PoW as long as there is not much at stake.
Gabrics
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February 06, 2023, 07:37:18 PM
 #66

I believe PoS is bad because you can rewrite the chain without having to invest the work again.
Meaming that if 51% doesn't like something they can go back and rewrite XX hours in a few seconds. Hence sending any amount of ETH to B instead of A (as A's original transaction won't be included and won't work as re-transmit as the original balance is gone).

With PoW same group would have to re-mine the blocks which means this is practically impossible as the original chain is progressing too.

You can try to avoid rolling back too many blocks, but that is an artificial and only locally enforcable rule. As far as I know there is no such rule today on ETH.

Honestly speaking, I just think that each algorithm has something special to it and some problems as well. You just have to find which one works best for you and how you can make the most out of each one.
zeuner
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February 13, 2023, 07:14:06 PM
 #67

I believe PoS is bad because you can rewrite the chain without having to invest the work again.

Intuitively, I would agree. But how far have these penalizing algorithms (Casper, Slasher etc.) evolved that are supposed to prevent people from publishing the rewritten chains? Can they achieve any stable consensus on which one of the competing chains is actually the one to follow?
NotATether
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February 14, 2023, 07:17:20 AM
 #68

If we are honest then most people do not pay attention to what the developers are doing and instead of watching the price of btc and eth. The problem for many people with btc is they cannot get past not owing 1 btc and ethereum in their opinion is easier to get into because they can afford to purchase 1 but not with btc. I do not think that the developers have any impact on most people investing because they would have to go out of their way to find the devs discussion which they do not they are investors not people who care about the development of btc. Any one that cares about the development will pick btc every time because its a more careful process and considers the whole picture before making decisions.

Well that's most people. We however are privy to what developers do and so we care more about those kinds of things than the average user.

I got to say, adding features is not always the best solution. First you have to asses whether there is demand for those features you want to implement to avoid wasting your own time, and creating protocol bloat that cannot be removed without expensive (in terms of time) hardforks.

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Lamkuthang
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February 14, 2023, 07:46:21 AM
Merited by fillippone (2)
 #69

I would just like to say that it's quite shocking that a paperless currency like this hasn't been affected by the dangers of censorship. It is a major security flaw in the system and if they ever want to go main-stream they need to find a way to solve this issue because right now it is not built for the real world, it's built for a utopian society that can still reap the benefits of anonymity.

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digaran
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February 14, 2023, 07:43:11 PM
 #70

I would just like to say that it's quite shocking that a paperless currency like this hasn't been affected by the dangers of censorship. It is a major security flaw in the system and if they ever want to go main-stream they need to find a way to solve this issue because right now it is not built for the real world, it's built for a utopian society that can still reap the benefits of anonymity.
Shouldn't be too much of a shock considering they already know bitcoin can not scale for mainstream adoption due to a decentralized nature. Scaling also comes with more dangers and downsides. It's logical to grow slow but steady.

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Macadonian
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February 14, 2023, 07:55:03 PM
 #71

Shouldn't be too much of a shock considering they already know bitcoin can not scale for mainstream adoption due to a decentralized nature. Scaling also comes with more dangers and downsides. It's logical to grow slow but steady.
I think the boom of ICO hurt Bitcoin and we are still recovering from the sudden influx of people because those people have now panic sold their bitcoin and caused the crash. I think we are starting to show signs of recovery but atm I think we need to focus on growing steadily and not push for a bull run. A bull run is likely if the confidence goes up enough and I am worried about it shooting back up and then having a correction again which will hurt Bitcoin again for the next 6 months.
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