Noob Q: Can bitcoin be turned into POS?

[AlexGambaryan]

Hi guys.
Plz don't kill me for asking.

I see a lot of hype around alt-coins.
When asked, many will point out POS as a plus vs bitcoin.

I was wondering:

1. Can Bitcoin change to POS if wanted to by the community?
2. Is POS really an advantage (if it is - is it an advantage because it saves energy, or because it diffuses power)?

Thank you!

[kalliper]

Hi guys.
Plz don't kill me for asking.

I see a lot of hype around alt-coins.
When asked, many will point out POS as a plus vs bitcoin.

I was wondering:

1. Can Bitcoin change to POS if wanted to by the community?
2. Is POS really an advantage (if it is - is it an advantage because it saves energy, or because it diffuses power)?

Thank you!

1. My guess is that enough people and developers wanted to, they could. However, mining has become such a big business for so many people and companies that wouldn't make sense. Also, you require major changes to bitcoin which wouldn't be worth it.
2. Yes, there is an advantage (slight) because no power is wasted on mining machines, which are solving problems for no tangible reason. POS means you can use your coins to "stake" and earn more, and the more you have the easier it is.
It was meant to stop there being such large differences in the amount of currency people had (too few have too many btc), but it's not that effective.

[misterbigg]

Bitcoin can definitely be turned into a Piece Of Shit (POS) all you need to do is hard fork to Bitcoin Unlimited and give control of bitcoin to Jihan Wu and Roger Ver permanently.

[dothebeats]

PoS as an algo for bitcoin is kinda pointless since it was originally designed to be a proof-of-work scheme so as to avoid centralization. In PoS algo, the more coons you have, the more staking % you'll get, meaning to say it would be easy for you to manipulate the economy if you wish to do so.

[manselr]

With all its problems, PoW seems to be the best we have. As far as I can remember, PoS never solved the "nothing at stake" problem.

With PoW you have miners vs whales.

With PoS... you have whales.

[Iranus]

Hi guys.
Plz don't kill me for asking.

I see a lot of hype around alt-coins.
When asked, many will point out POS as a plus vs bitcoin.

I was wondering:

1. Can Bitcoin change to POS if wanted to by the community?
2. Is POS really an advantage (if it is - is it an advantage because it saves energy, or because it diffuses power)?

Thank you!

PoS doesn't diffuse power, with PoW you can buy things which earn you the Bitcoin whereas with PoS you buy Bitcoin to earn the Bitcoin, either way there will be some extent of centralisation and fights with the small people.

It's also comparatively vulnerable.  It needs time to develop.

[jonald_fyookball]

As far as I can remember, PoS never solved the "nothing at stake" problem.

I believe you are correct.

[amacar2]

1. Can Bitcoin change to POS if wanted to by the community?
2. Is POS really an advantage (if it is - is it an advantage because it saves energy, or because it diffuses power)?

1. Yes it can be changed to POS but it is quite hard to reach any consensus this days for bitcoin, look at current block size debate.

2. I don't think it has any advantage, POS is only good for whales and they will keep dumping whatever they earn as interest.

[judeafante]

it all depends in the consensus of all the miners,but I like it this way and bitcoin has been successful with it's algo since the first block and besides like stated by the earlier poster pos has a lot of vulnerability,but we can't tell because a lot of people prefer pos than pow.

[pixie85]

POS has no advantages, where did you hear that? POS is an easy way for coin developers to scam people. This method has been used many times. Giving better staking wallets to insiders is just one of the things you can do with a POS coin. Also it's stupid to allow the coins to multiply themselves...

[ImHash]

Yeah sure just like when you turn milk into butter with enough time and patience you could do anything, but how exactly POS coins process the transactions? just by keeping your wallet open, like keeping Core wallet open as a full node which we have already thousands of them and didn't you see what happened to BU nodes? imagine them staking and there you got one angle of vulnerability plus many more.

[Yakamoto]

Hi guys.
Plz don't kill me for asking.

I see a lot of hype around alt-coins.
When asked, many will point out POS as a plus vs bitcoin.

I was wondering:

1. Can Bitcoin change to POS if wanted to by the community?
2. Is POS really an advantage (if it is - is it an advantage because it saves energy, or because it diffuses power)?

Thank you!

1. If the community was dedicated enough to destroying Bitcoin, sure. They would have someone code up a PoS system for Bitcoin, and the network could be forked to implement it, also forcing out all miners that have existed and forcing them to rely on what they already own.
2. No. Any "doesn't use power" argument means that there's also nothing really backing the currency, in this case computing power. It's also not an advantage because PoS means the rich get richer and the poor get slightly less poor. There are no advantages and essentially turns it all into one big banking system.

[lionheart78]

PoS as an algo for bitcoin is kinda pointless since it was originally designed to be a proof-of-work scheme so as to avoid centralization. In PoS algo, the more coons you have, the more staking % you'll get, meaning to say it would be easy for you to manipulate the economy if you wish to do so.

I do agree with you, turning Bitcoin to PoS just beat the plan of Bitcoin being deflationary currency.  But technically speaking, it is very possible as long as the developer, community, miner and nodes agreed with it.  Meaning there is a consensus to do it.  I bet it will create a HarFork and a big possibility of decline in price.

[shinratensei_]

Bitcoin can definitely be turned into a Piece Of Shit (POS) all you need to do is hard fork to Bitcoin Unlimited and give control of bitcoin to Jihan Wu and Roger Ver permanently.

What the hell is that? The Roger ver and Jihan Wu just needs to make some million dollars just in a short time through Bitcoin Unlimited. No doubt how they're trying to disrupt the bitcoin. If the bitcoin become Piece Of Shit and Both Roger and Jihan are Part Of Shit. 

[kiklo]

With all its problems, PoW seems to be the best we have. As far as I can remember, PoS never solved the "nothing at stake" problem.

With PoW you have miners vs whales.

With PoS... you have whales.

Nothing at Stake , the Biggest Lie out there.

Detail why it is a non-issue :

https://bitcointalk.org/index.php?topic=1709776.msg17135430#msg17135430

https://bitcointalk.org/index.php?topic=1709776.msg17136990#msg17136990

Summary:
Biggest Reason Nothing at Stake is a Lie,
It requires that the PoS Clients have the ability to Multistake as of this Point in Time, MultiStaking PoS Wallets do not exist!


Also anyone that believe the other part of the Nothing at stake Lie, that there are no additional resources required is a fool.
Additional CPU & Memory & Bandwidth would be required, the fact is Multistaking gains you Absolutly Nothing.
Example of a Multistaking wallet
Forks
2
4
8
16
32
64
128
256
512
1024
2048
4096
8192
16384
32768

That is only 15 blocks, it will draw more resources.

Fact of the matter it is alot easier to just place all of my coins in 1 block and stake the one block , it proof of hash will stop any coins from overwriting it.
proofhash< coinage * target

With Proof of Stake, multi-staking will gain you ZERO advantage over a Normal Staking Client.

 

[cengsuwuei]

if bitcoin support POS, can stake in wallet and get return i think is bad
because bitcoin price always down, because can much suply use stake system

[kiklo]

PoW Miners control BTC, they will Never Share that Power with the Masses.
(Proof of Stake would make that happen, and they will block it from ever being integrated to maintain their monopoly.)

So if you can't buy a warehouse full of ASICS, you can't be part of their group. 


 

FYI:
Could BTC switch to PoS , Answer: Sure

Truth: the PoW Miners will never allow it to happen.

[Amph]

Bitcoin can definitely be turned into a Piece Of Shit (POS) all you need to do is hard fork to Bitcoin Unlimited and give control of bitcoin to Jihan Wu and Roger Ver permanently.

fortunately we have the consensus, and without that it would only be another altcoin, that pretend to be bitcoin with crap parameters and all sort of copy paste that you can find already in the alt section

pos is definitely bad, but the decred pos iss another thing, if Bitcoin really need to go pos in the future, i would choose the decred pos with a system based on buying ticket to earn reward

[Velkro]

1. Can Bitcoin change to POS if wanted to by the community?
2. Is POS really an advantage (if it is - is it an advantage because it saves energy, or because it diffuses power)?

 

Everything is possible in computer world. As you guessed, it would be needed to community to accept this change, to understand this change, to wage this change if its good or bad. Smarter people that develop bitcoin code everyday know better .

If it was a change that have only advatages it would be live now, but its not like that. It have disadvantages also.

[bit-emperor]

Hi guys.
Plz don't kill me for asking.

I see a lot of hype around alt-coins.
When asked, many will point out POS as a plus vs bitcoin.

I was wondering:

1. Can Bitcoin change to POS if wanted to by the community?
2. Is POS really an advantage (if it is - is it an advantage because it saves energy, or because it diffuses power)?

Thank you!

my question :
1. is it posible to change bitcoin to POS ?
2. who will do for its change?
3. who will be a decision maker to do that and after that who will make a decision about the rate percentage of POS per year?