Is PoS the future of Bitcoin mining?

[crazyivan]

Hey there guys,

I see a lot of people and BTC devs talk about the size of BTC blockchain as one of the main issues to be solved in the future. What about adding PoS to BTC so it becomes both PoW and PoS coin?

Since mining difficulty is going to go up more and more, only large miners with access to cheap electricity and a lot of capital will stay in the game.

With PoS, even small miners would be able to stay in the game and benefit from holding BTC. I agree, holding BTC does not help crypto adoption and does not bring new retailers but it might bring back profitability into the game which is one of the main reasons people would accept and invest into Bitcoin.

I m not talking about high PoS, something moderate 3% a year, max.

I ve personally invested into a lot of PoW and PoS coins, DMD Diamond is my favorite, and I would like to see BTC getting some shiny new traits as well. After all, in tech world, it is all about constant innovation.

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[Lauda]

No. Stop trying to compare Bitcoin to shitcoins.
Changing such a thing would ruin Bitcoin completely. No miner would ever agree to that.

[jonald_fyookball]

uhhhh.....no.

There are several reasons why this would be problematic
and I don't think that would solve the blockchain size
issue anyway.

[Ingatqhvq]

Hey there guys,

I see a lot of people and BTC devs talk about the size of BTC blockchain as one of the main issues to be solved in the future. What about adding PoS to BTC?

Since mining difficulty is going to go up more and more, only large miners with access to cheap electricity and a lot of capital will stay in the game.

With PoS, even small miners would be able to stay in the game and benefit from holding BTC. I agree, holding BTC does not help crypto adoption and does not bring new retailers but it might bring back profitability into the game which is one of the main reasons people would accept and invest into Bitcoin.

I m not talking about high PoS, something moderate 3% a year, max.

I ve personally invested into a lot of PoW and PoS coins, DMD Diamond is my favorite, and I would like to see BTC getting some shiny new traits as well. After all, in tech world, it is all about constant innovation.

This is impossible.
Question, who paid the 3% a year?
The answer is nobody, it like something fall the sky, or a perpetual motion machine.
And this is the reason why pos coins such like ppc and BC will die.
If use this mode of pos, the total of bitcoin is infinite. This is unaccepted.

[crazyivan]

uhhhh.....no.

There are several reasons why this would be problematic
and I don't think that would solve the blockchain size
issue anyway.

I m not trying to solve the issue. These are two separate issues. I m trying to discuss a way how BTC can evolve in the future. I remember Charles Lee saying LTC does not need any gimmicks and it s fine as it is. IT IS NOT, look at the price now. These fancy gimmick attract people and increase profitability. IMO, BTC needs to bring in new stuff in the future, look at the banks and other money transmitters, they introduce new offers constantly. In order to remain profitable and interesting for new users, the product needs to improve and innovate, constantly.

We have not had anything new since day 1.

I do not want to see BTC becoming number 2, ever. Having largest acceptance s not going to work forever.

[Shindo1988]

Hey there guys,

I see a lot of people and BTC devs talk about the size of BTC blockchain as one of the main issues to be solved in the future. What about adding PoS to BTC?

Since mining difficulty is going to go up more and more, only large miners with access to cheap electricity and a lot of capital will stay in the game.

With PoS, even small miners would be able to stay in the game and benefit from holding BTC. I agree, holding BTC does not help crypto adoption and does not bring new retailers but it might bring back profitability into the game which is one of the main reasons people would accept and invest into Bitcoin.

I m not talking about high PoS, something moderate 3% a year, max.

I ve personally invested into a lot of PoW and PoS coins, DMD Diamond is my favorite, and I would like to see BTC getting some shiny new traits as well. After all, in tech world, it is all about constant innovation.

Yes, Satoshi predicted that.
We will reach a equilibrium stage where mining will be handled by those who will stay - or something a long those lines.
Go through his posts for the actual message.

[Phat Buzz Tart]

Hey there guys,

I see a lot of people and BTC devs talk about the size of BTC blockchain as one of the main issues to be solved in the future. What about adding PoS to BTC?

Since mining difficulty is going to go up more and more, only large miners with access to cheap electricity and a lot of capital will stay in the game.

With PoS, even small miners would be able to stay in the game and benefit from holding BTC. I agree, holding BTC does not help crypto adoption and does not bring new retailers but it might bring back profitability into the game which is one of the main reasons people would accept and invest into Bitcoin.

I m not talking about high PoS, something moderate 3% a year, max.

I ve personally invested into a lot of PoW and PoS coins, DMD Diamond is my favorite, and I would like to see BTC getting some shiny new traits as well. After all, in tech world, it is all about constant innovation.

Yes, Satoshi predicted that.
We will reach a equilibrium stage where mining will be handled by those who will stay - or something a long those lines.
Go through his posts for the actual message.

Yeah, the question is: Who will be the ones that stay?
The Rockefeller?
Rothschilds?

Are we going to centralize Bitcoin?

[Amph]

what about instead of pure pos, a hybrid like pow/pos? It is still not free from problems but, at least it won't take the whole mining activity out of the question

[Eastfist]

Hey there guys,

I see a lot of people and BTC devs talk about the size of BTC blockchain as one of the main issues to be solved in the future. What about adding PoS to BTC?

Since mining difficulty is going to go up more and more, only large miners with access to cheap electricity and a lot of capital will stay in the game.

With PoS, even small miners would be able to stay in the game and benefit from holding BTC. I agree, holding BTC does not help crypto adoption and does not bring new retailers but it might bring back profitability into the game which is one of the main reasons people would accept and invest into Bitcoin.

I m not talking about high PoS, something moderate 3% a year, max.

I ve personally invested into a lot of PoW and PoS coins, DMD Diamond is my favorite, and I would like to see BTC getting some shiny new traits as well. After all, in tech world, it is all about constant innovation.

Yes, Satoshi predicted that.
We will reach a equilibrium stage where mining will be handled by those who will stay - or something a long those lines.
Go through his posts for the actual message.

Yeah, the question is: Who will be the ones that stay?
The Rockefeller?
Rothschilds?

Are we going to centralize Bitcoin?

Just because people have more mining power doesn't exclude anyone. It may just mean they find their bitcoins sooner than others. Bitcoin is all-inclusive, without that, it doesn't work. Then it's just another exclusive club, y'know, what all y'all hate, a centralized banking system. LOL. I'll leave that to you genius techies to figure out.

[Lauda]

I m not trying to solve the issue. These are two separate issues. I m trying to discuss a way how BTC can evolve in the future. I remember Charles Lee saying LTC does not need any gimmicks and it s fine as it is. IT IS NOT, look at the price now. These fancy gimmick attract people and increase profitability. IMO, BTC needs to bring in new stuff in the future, look at the banks and other money transmitters, they introduce new offers constantly. In order to remain profitable and interesting for new users, the product needs to improve and innovate, constantly.

We have not had anything new since day 1.

I do not want to see BTC becoming number 2, ever. Having largest acceptance s not going to work forever.

Actually it will. I'm not sure why you've said that.
If Bitcoin keeps the advantage that it has (in regards to acceptance) over the altcoins it will be priced much higher.
Switching to PoS is trying to kill the miner industry. I doubt that any big miner would accept such a fork.

[acquafredda]

More mining power at dirty cheap electricity rates it is like having big companies going to Africa or Asia to produce stuff at $50 that we buy at $500.
On the long term it might be the exact same problem.

We started with cpu mining where everyone could have tried to mine and support the network.
After that you know the story GPU mining, then FPGA, now ASIC and tomorrow what else?

Now most of us stepped out because if you don't have big money that's not sustainable.

[Trent Russell]

Bitcoin will never switch to PoS. This has already been discussed at length in many threads.

Fortunately, anyone who prefers PoS can choose from a number of altcoins. No one is compelled to use bitcoin.

I write this as someone who has no strong opinion on the pros and cons of PoW vs. PoS.

[crazyivan]

what about instead of pure pos, a hybrid like pow/pos? It is still not free from problems but, at least it won't take the whole mining activity out of the question

Yes, that is what I had in mind. Keeping PoW and adding PoS.

[Troonetpt]

what about instead of pure pos, a hybrid like pow/pos? It is still not free from problems but, at least it won't take the whole mining activity out of the question

Yes, that is what I had in mind. Keeping PoW and adding PoS.

The POS should have no interest, like NXT or qora, not the type of PPC's POS.

[cryptonit]

i dont think thats a move that fit to bitcoin
there are altcoins to serve different needs of people

if there are people who want to invest in a coin and earn interest by just own coins
without any need of value increase created on marketplace

then POS coins are a good alternative investment

but alway carefull where to spend money in the next hype and soon dead altcoin

or into something already years on market which can prove price stability towards BTC and add 50% POS earnings on top

i full agree its not a solution for everyone there not even enought DMD existing to give everyone the ability to get enought for beeing able stake new coins

so its more like a alternative for open mindest people who split investments

[Mt. Gox]

Hey there guys,

I see a lot of people and BTC devs talk about the size of BTC blockchain as one of the main issues to be solved in the future. What about adding PoS to BTC so it becomes both PoW and PoS coin?

Since mining difficulty is going to go up more and more, only large miners with access to cheap electricity and a lot of capital will stay in the game.

With PoS, even small miners would be able to stay in the game and benefit from holding BTC. I agree, holding BTC does not help crypto adoption and does not bring new retailers but it might bring back profitability into the game which is one of the main reasons people would accept and invest into Bitcoin.

I m not talking about high PoS, something moderate 3% a year, max.

I ve personally invested into a lot of PoW and PoS coins, DMD Diamond is my favorite, and I would like to see BTC getting some shiny new traits as well. After all, in tech world, it is all about constant innovation.

Apparently transitioning a coin from PoW to PoS (or even partial PoS) is actually far from trivial. The Lottocoin dev attempted to do this but failed because the complexity of the task was too much for him to handle:

Lottocoin is almost mined out, should we change it to POS to keep the network moving?

I dont know how to convert the current code to POS while keeping the same blockchain, but We could make a New POS coin, and do
a 1 to 1 coin swap, and also get the exchanges on board to make the process easier.

Any coins not swapped after a certian time, like 6 months, can be distributed via a faucet or something.

If we were to change to POS, how much interest should it pay? 10% 20%..?

What do you guys wanna do?

Link to that thread: http://bitcointalk.org/index.php?topic=1028981

what about instead of pure pos, a hybrid like pow/pos? It is still not free from problems but, at least it won't take the whole mining activity out of the question

Yes, that is what I had in mind. Keeping PoW and adding PoS.

The POS should have no interest, like NXT or qora, not the type of PPC's POS.

For those coins, stakers still get a reward. It's just that unlike Peercoin which has a fixed reward (fixed interest rate), NXT and Qora have the rewards come directly from transaction fees (variable interest rate).

What fixed rate PoS does it create inflation. Very high fixed rate PoS coins like HYPER have lots of inflation because the total coin supply keeps on going bigger and bigger. This erodes the value of the coin. It's far better to have a reward system like NXT or Qora since only then will the coin supply remain untampered with.

[jdebunt]

Bitcoin will never go PoS, not as a hybrid nor as a 100% PoS system.

Mining will last until 2140 anyway, so there is no need for PoS. Bitcoin is not a bank, so there should be no interest from PoS

[NeuroticFish]

Changing to PoS could solve some problems, like the problem of current miners crying for more fiat as income.
But, really, it's not gonna happen. Ever.

[Elwar]

Thread #29801 trying to push alt coins with less security.

[Soros Shorts]

People can't even agree to a simple fork to increase the blocksize to 20MB. Why would you think that forking Bitcoin to a Piece-of-Shit coin could stand any chance of happening?