Skunk Fu (OP)
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May 07, 2015, 06:52:46 AM |
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Hey guys, I see a lot of hype about Proof of Stake coins. Some say annual interest 5% and some say annual interest 50%. Now, I know how PoW works (more or less), but I don't understand how PoS or hybrid Pow+PoS works. Can someone explain it to me? many thanks  |
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Skunk Fu (OP)
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May 07, 2015, 07:22:05 AM |
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Thanks! Will give it a read  |
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mad max
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May 07, 2015, 08:06:16 AM |
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Any, coins sharing, is better than PoW and PoS.
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Skunk Fu (OP)
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May 07, 2015, 08:32:34 AM |
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Any, coins sharing, is better than PoW and PoS.
In English? Translation? |
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Troonetpt
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May 07, 2015, 09:16:17 AM |
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you should understand there are two types of pos coin, and there are totally different.
this is important！
One have annual interest such as ppc and BC.
One don't have annual interest such as NXT and Qora.
The annual interest is totally wrong and the amount coin is infinite, you should keep away from such coins.
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Skunk Fu (OP)
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May 07, 2015, 09:24:50 AM |
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you should understand there are two types of pos coin, and there are totally different.
this is important！
One have annual interest such as ppc and BC.
One don't have annual interest such as NXT and Qora.
The annual interest is totally wrong and the amount coin is infinite, you should keep away from such coins.
OK, that sounds interesting. Can you provide me with more info? How does NXT and Qora work? |
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Troonetpt
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May 07, 2015, 09:39:28 AM |
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you should understand there are two types of pos coin, and there are totally different.
this is important！
One have annual interest such as ppc and BC.
One don't have annual interest such as NXT and Qora.
The annual interest is totally wrong and the amount coin is infinite, you should keep away from such coins.
OK, that sounds interesting. Can you provide me with more info? How does NXT and Qora work? NXT and Qora don't have interest, they only earn transaction fee. It more like all bitcoin was mined and the miner will only earn transaction fee. Interest is totally wrong, the infinite amount coins make is worthless. |
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Skunk Fu (OP)
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May 07, 2015, 11:03:56 AM |
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you should understand there are two types of pos coin, and there are totally different.
this is important！
One have annual interest such as ppc and BC.
One don't have annual interest such as NXT and Qora.
The annual interest is totally wrong and the amount coin is infinite, you should keep away from such coins.
OK, that sounds interesting. Can you provide me with more info? How does NXT and Qora work? NXT and Qora don't have interest, they only earn transaction fee. It more like all bitcoin was mined and the miner will only earn transaction fee. Interest is totally wrong, the infinite amount coins make is worthless. Interesting. I will look into this two coins. Thanks again. |
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spartak_t
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May 07, 2015, 11:09:28 AM |
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NXT and Qora don't have interest, they only earn transaction fee. It more like all bitcoin was mined and the miner will only earn transaction fee.
Interest is totally wrong, the infinite amount coins make is worthless.
I think you are wrong. If a coin is with let's say 20M in supply and interest is 3%/year only about 610k coins/year will be created. This is like holding your savings in bank + faster and more secured network. |
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mad max
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May 07, 2015, 11:56:42 AM |
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Why the need to mine coins? Just give them free to everyone.
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Daedelus
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May 07, 2015, 12:27:32 PM |
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Staking coins with inflation only help you attempt to keep the value you have, if you aren't staking then you are losing value. Ask yourself, if I double the amount of coins overnight without making any other changes, does that mean you have doubled your money? If not, why is it any different if you add 3% over a year without making any changes?
The point: Inflation doesn't provide value, it erodes it. People who refer to inflation as 'interest' have swallowed a marketing ploy and are failing to understand this concept.
Another important distinction for your research: Peercoin uses "coin age" in its consensus, others do not. Nxt uses "hit & target" in its algo. There is no single POS method. In the same you would ask "how does scrypt POW work?", it is better if you can define a specific POS method you are interested in.
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spartak_t
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May 07, 2015, 12:54:56 PM |
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The point: Inflation doesn't provide value, it erodes it. People who refer to inflation as 'interest' have swallowed a marketing ploy and are failing to understand this concept.
Coins are not exactly countries so I think that there is nothing wrong with interest/inflation as long as the price of the coin itself is steady and growing. My first opinion about PoS was "Oh, they created PoS so people can keep their coins in the wallet while creators are pumping and dumping it on exchanges.". I personally think that PoW (I find mining as funny... so does many other people) + PoS is the best combination for a coin. Everyone has his own opinion though. |
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Daedelus
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May 07, 2015, 03:02:45 PM |
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Coins are not exactly countries so I think that there is nothing wrong with interest/inflation as long as the price of the coin itself is steady and growing.
Here is the killer. What if it isn't growing? See my comments above. If it is steady and growing, why have inflation at all? It only counteracts any growth by spreading it more thinly over a higher number of coins. Interest/Inflation != growing value. More coins != more value. That is just the false link that marketers want you to make when they use the term 'interest' in place of 'inflation'. |
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spartak_t
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May 07, 2015, 03:15:32 PM |
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Coins are not exactly countries so I think that there is nothing wrong with interest/inflation as long as the price of the coin itself is steady and growing.
Here is the killer. What if it isn't growing? See my comments above. If it is steady and growing, why have inflation at all? It only counteracts any growth by spreading it more thinly over a higher number of coins. Interest/Inflation != growing value. More coins != more value. That is just the false link that marketers want you to make when they use the term 'interest' in place of 'inflation'. PoS is not only about inflation, but securing the network as well. I think that if a coin's community (developer/s inculded) are working hard on it's technology (and above all - it's adoption), people will be more keen to keep their coins in the wallets, which can help for several things: - faster and more secured network - small sell pressure on exchanges (coin can rise in price more easily) I see nothing wrong to have some profit while supporting the coin (by holding it and not dumping it). This of course is situation explained in some romantic way of thinking. In real cryptocurrencies life it is extremely difficult to achieve, but I think it's possible. |
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Daedelus
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May 07, 2015, 07:04:53 PM |
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Coins are not exactly countries so I think that there is nothing wrong with interest/inflation as long as the price of the coin itself is steady and growing.
Here is the killer. What if it isn't growing? See my comments above. If it is steady and growing, why have inflation at all? It only counteracts any growth by spreading it more thinly over a higher number of coins. Interest/Inflation != growing value. More coins != more value. That is just the false link that marketers want you to make when they use the term 'interest' in place of 'inflation'. PoS is not only about inflation, but securing the network as well. I think that if a coin's community (developer/s inculded) are working hard on it's technology (and above all - it's adoption), people will be more keen to keep their coins in the wallets, which can help for several things: - faster and more secured network - small sell pressure on exchanges (coin can rise in price more easily) I see nothing wrong to have some profit while supporting the coin (by holding it and not dumping it). This of course is situation explained in some romantic way of thinking. In real cryptocurrencies life it is extremely difficult to achieve, but I think it's possible. Not sure how this relates to what I said... but from the second paragraph it seems you think more coins = profit? |
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spartak_t
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May 08, 2015, 08:05:49 AM |
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Not sure how this relates to what I said... but from the second paragraph it seems you think more coins = profit?
I basically mean that imho PoS can't be really compared with inflation. With that said - more coins are indeed more profit as long as the coin is stable (in price). |
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