does PoS work in reality?

[coinsolidation]

It's been some time since PoS was rolled out, and multiple coins use it now.

As people holding coins and mining PoS, does the system work. Has it had real world benefits (rather than theoretical) over PoW.

[lynn_402]

If I'm not mistaken, neither Blackcoin, Mintcoin or Pandacoin were attacked, which seems to show that PoS is indeed more secure.
And they also have the benefit of using less ressources, and of having an inflation that rewards those involved with the coin rather than multipool miners.

[Vivisector999]

Well the benefits aren't theoretical.  The benefits of PoS is Power saving/eco friendly.  I don't know if they are proven in the real world yet to keep a coin secure, but they are definitely proven to take a coin that takes thousands/millions of Kilowatts of power to secure them and take that down to pretty much no electricity at all.

But the recent trend for using PoS is a sideways way of keeping Scrypt coins from being overtaken by ASICs, and not for the true reason behind it.

[devphp]

Works like a charm. And no danger of 51% attack.

[coinsolidation]

51% is only one worry, there are many other advantages and disadvantages (hoarding, reliance on exchanges, ).

I've found a recent frank discussion here http://www.reddit.com/r/dogecoindev/comments/289ki5/okay_lets_talk_proofofstake/ and together with this detailed article http://bitcoinmagazine.com/6528/ I think I have all the additional information I need.

Thanks.

[goose20]

51% is only one worry, there are many other advantages and disadvantages (hoarding, reliance on exchanges, ).

I've found a recent frank discussion here http://www.reddit.com/r/dogecoindev/comments/289ki5/okay_lets_talk_proofofstake/ and together with this detailed article http://bitcoinmagazine.com/6528/ I think I have all the additional information I need.

Thanks.

Thanks for the links...some good reading there.

[TaunSew]

It works in preventing a 51% attack (assuming distribution)

[lynn_402]

It works in preventing a 51% attack (assuming distribution)

Also, it stops people who are not holders of the coin from profiting from it (ie. miners who instantly dump for other coins or fiat, these are a great weight on the PoW coins' economy)

[bitwho]

POW is still the best method of distribution. Not saying is the ultimate best method, but its better then whats out there.

once a coin goes POS it can only be bought. Buy BTCs all over the world is not a walk in the park

But you can buy minign rigs and mine from all over the walk. POW allows 10000s more users get into the game and especially your coin.

You go POS and you cut out a major POW investors and possible new users. You will rely on BTC owners to buy your coin. You will close your circle of traders and it will be the same old circle jerk of traders. same traders trading same coin.


POS is has shown to prevent %51 attacks that POW presents via hash control , but whats the point when the community will not grow easier and the coins will not distribute as decentralized as POW.

[devphp]

POW is still the best method of distribution. Not saying is the ultimate best method, but its better then whats out there.

once a coin goes POS it can only be bought. Buy BTCs all over the world is not a walk in the park

But you can buy minign rigs and mine from all over the walk. POW allows 10000s more users get into the game and especially your coin.

You go POS and you cut out a major POW investors and possible new users. You will rely on BTC owners to buy your coin. You will close your circle of traders and it will be the same old circle jerk of traders. same traders trading same coin.


POS is has shown to prevent %51 attacks that POW presents via hash control , but whats the point when the community will not grow easier and the coins will not distribute as decentralized as POW.

You can combine your love for mining/rigs with PoS advantages by mining NXTs at http://hashrate.org/ with your ASICs/GPUs.

[lynn_402]

POW is still the best method of distribution. Not saying is the ultimate best method, but its better then whats out there.

once a coin goes POS it can only be bought. Buy BTCs all over the world is not a walk in the park

But you can buy minign rigs and mine from all over the walk. POW allows 10000s more users get into the game and especially your coin.

You go POS and you cut out a major POW investors and possible new users. You will rely on BTC owners to buy your coin. You will close your circle of traders and it will be the same old circle jerk of traders. same traders trading same coin.


POS is has shown to prevent %51 attacks that POW presents via hash control , but whats the point when the community will not grow easier and the coins will not distribute as decentralized as POW.

Buying bitcoins is becoming easier every day. Almost every big city has one or more bitcoins ATM, and there are exchanges dealing in pretty much every major currency. Also, it's easy to buy coins on sites which accept paypal (albeit at a big mark-up).

And buying mining rigs is less simple than you make it seem; legit companies which ship on time are quite hard to find, unless you want to buy your rig on e-bay for four times what it's worth.

[CoinBuzz]

It worked great till now,

There are some consideration in really long-long run about it. But till now it was great

[lynn_402]

It worked great till now,

There are some consideration in really long-long run about it. But till now it was great

Until now?
What kind of considerations, other than the fear that PoS leads to hoarding?

[monsterbitty]

POS Works in reality when it comes to avoid 51% attack.

There is already discussion done in bitcointalk regarding this, Did you see the threads?

[coinsolidation]

If we consider DOGE http://bitinfocharts.com/top-100-richest-dogecoin-addresses.html

0.08% control 64%+ of the economy, less than 1% control 85%. This is based on address, 1 entity could own 75%+ easily.

The rich get richer, the economy is monopolized, when you have that much of it you can inflate and deflate value however you want. When you earn percentage interest also then it's a recipe for disaster.

addition: regarding 51% attacks, see the comments under: http://www.reddit.com/r/BitcoinSerious/comments/1xpzb8/pos_is_more_vulnerable_to_51_attacks_than_pow/

[lynn_402]

If we consider DOGE http://bitinfocharts.com/top-100-richest-dogecoin-addresses.html

0.08% control 64%+ of the economy, less than 1% control 85%. This is based on address, 1 entity could own 75%+ easily.

The rich get richer, the economy is monopolized, when you have that much of it you can inflate and deflate value however you want. When you earn percentage interest also then it's a recipe for disaster.

These numbers are not good for statistic analysis.
70% of the addresses have less than 1000 doges, and 82% of them have less than 10000.
Any serious doge users is in the remaining 18%.
If you look into that 18%, a third of the doges are in the 100000+ addresses who hold less than 10 millions and more than 10k.
Only 6 addresses hold more than a billion, totalling a third of the doges, and it's safe to say that most of them are exchanges.