Is it possible to implement PoS (Proof of stack) into the Bitcoin system

[ziomar]

HI People,

I really like the idea of PoS, to stabilize the bitcoin prize and to prevent the big miners to sell huge amount of BTC every day! And ofcourse as a way to profit.

I'm wondering if it is a doable project and if it is possible to implement into the blockchain such a technology?

Thank you

[DannyHamilton]

HI People,

I really like the idea of PoS, to stabilize the bitcoin prize and to prevent the big miners to sell huge amount of BTC every day! And ofcourse as a way to profit.

I'm wondering if it is a doable project and if it is possible to implement into the blockchain such a technology?

Thank you

There are already plenty of alternative crypto currency coins that have implemented Proof-Of-Stake.

Has it "stabilized the price" or "prevented the big miners from selling" those coins?  If not, then why would you think it would be any different in bitcoin?

It is possible to change the consensus rules of bitcoin, but ONLY if you can first get EVERY single bitcoin user to agree to your new rules (that's what the word "consensus" means).  Since you won't be able to get me to agree to your POS crap, you won't be able to change the bitcoin that I use.

[cr1776]

HI People,

I really like the idea of PoS, to stabilize the bitcoin prize and to prevent the big miners to sell huge amount of BTC every day! And ofcourse as a way to profit.

I'm wondering if it is a doable project and if it is possible to implement into the blockchain such a technology?

Thank you

As Danny said, it is certainly possible, after all this is software and there are a lot of examples of it out there.  You are free to go to github, fork the software, implement it from the examples, fork the block chain at a particular block number and attempt to convince everyone to switch to the POSCoin which won't be bitcoin.  It would be a good experiment and something that would be education for you to try.

From a practical standpoint, it won't happen under the current circumstances, but I think you should go ahead and fork the software and block chain and try the experiment!

[ziomar]

HI People,

I really like the idea of PoS, to stabilize the bitcoin prize and to prevent the big miners to sell huge amount of BTC every day! And ofcourse as a way to profit.

I'm wondering if it is a doable project and if it is possible to implement into the blockchain such a technology?

Thank you

As Danny said, it is certainly possible, after all this is software and there are a lot of examples of it out there.  You are free to go to github, fork the software, implement it from the examples, fork the block chain at a particular block number and attempt to convince everyone to switch to the POSCoin which won't be bitcoin.  It would be a good experiment and something that would be education for you to try.

From a practical standpoint, it won't happen under the current circumstances, but I think you should go ahead and fork the software and block chain and try the experiment!

The idea is not to swith from POW to POS but to use them together
I don't think it will be so difficult to convince people to use, let's say "my wallet", because they will earn interest from their coins doing nothing.
Ofcourse it is just my opinion

[Retired]

HI People,

I really like the idea of PoS, to stabilize the bitcoin prize and to prevent the big miners to sell huge amount of BTC every day! And ofcourse as a way to profit.

I'm wondering if it is a doable project and if it is possible to implement into the blockchain such a technology?

Thank you

As Danny said, it is certainly possible, after all this is software and there are a lot of examples of it out there.  You are free to go to github, fork the software, implement it from the examples, fork the block chain at a particular block number and attempt to convince everyone to switch to the POSCoin which won't be bitcoin.  It would be a good experiment and something that would be education for you to try.

From a practical standpoint, it won't happen under the current circumstances, but I think you should go ahead and fork the software and block chain and try the experiment!

The idea is not to swith from POW to POS but to use them together
I don't think it will be so difficult to convince people to use, let's say "my wallet", because they will earn interest from their coins doing nothing.
Ofcourse it is just my opinion

As others have noted, this won't happen (at least now). There have been and will be PoS coins, but Bitcoin is not one of them.
It would change way too many of the variables Bitcoin has set on stone from day 1, and on financials on of the first things people value is stability.

[virtualx]

Re: Is it possible to implement PoS (Proof of stack stake) into the Bitcoin system

HI People,

I really like the idea of PoS, to stabilize the bitcoin prize and to prevent the big miners to sell huge amount of BTC every day! And ofcourse as a way to profit.

I'm wondering if it is a doable project and if it is possible to implement into the blockchain such a technology?

Thank you

FTFY. This would be an alt-coin or side chain.

[Cryddit]

This is mainly just my opinion, but proof-of-stake in the usual implementation undermines the utility of a cryptocurrency by providing people with a motive to *NOT* make transactions. 

If folks just sit there and hoard their coins, it doesn't make a very good medium of exchange. 

[cr1776]

HI People,

I really like the idea of PoS, to stabilize the bitcoin prize and to prevent the big miners to sell huge amount of BTC every day! And ofcourse as a way to profit.

I'm wondering if it is a doable project and if it is possible to implement into the blockchain such a technology?

Thank you

As Danny said, it is certainly possible, after all this is software and there are a lot of examples of it out there.  You are free to go to github, fork the software, implement it from the examples, fork the block chain at a particular block number and attempt to convince everyone to switch to the POSCoin which won't be bitcoin.  It would be a good experiment and something that would be education for you to try.

From a practical standpoint, it won't happen under the current circumstances, but I think you should go ahead and fork the software and block chain and try the experiment!

The idea is not to swith from POW to POS but to use them together
I don't think it will be so difficult to convince people to use, let's say "my wallet", because they will earn interest from their coins doing nothing.
Ofcourse it is just my opinion

First, this won't happen in bitcoin itself, you'll be creating an alt-coin or sidechain.

But just to clarify, you'll have to explain how changing the wallet alone will change the bitcoin from a PoW to PoW-PoS hybrid system.  

[Realpra]

HI People,

I really like the idea of PoS, to stabilize the bitcoin prize and to prevent the big miners to sell huge amount of BTC every day! And ofcourse as a way to profit.

I'm wondering if it is a doable project and if it is possible to implement into the blockchain such a technology?

Thank you

Technically it could be done rather simply:

1. Miners start to sign blocks before publishing them with an address holding a lot of coins.
2. The signatures are transmitted along with the blocks.
3. Full node clients add another layer to their block acceptance logic so that a high value signature is required in addition to difficulty.

However it would almost immediately result in a hard fork so its something everyone would need to agree on.

Even in the case of a massive 51% attack I don't think its the way forward, someone holding a lot of coin like say the NSA could go in and permanently control the blockchain under proof of stake.


A better system would be signed blocks where full nodes accept chains as normal - except if the miners they trust don't make a block for 1000 blocks. Signing would not be required, but optional.
Each modified node would only require 1 trusted signature out of 1000 blocks.

This would mean that everything would continue as normal unless someone started blocking transactions and miners in which case the modified nodes would hardfork and in my opinion continue to work as Bitcoin should.

"Proof of trust"