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Author Topic: Proof of Stake Bitcoin?  (Read 15769 times)
provinciada
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February 06, 2018, 01:39:28 PM
 #181

Such dramatic changes will never be accepted.
The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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youstock
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February 06, 2018, 01:47:33 PM
 #182

Proof of Work algorithm gives you the option to always get some coins.
In PoS system, early adopters hold the power forever, this is not a good long term strategy, since no body is perfect and nobody can be trusted.

In either system, you have to spend money to get coins, whether it's paying for energy and mining equipment or another person, doesn't really matter.  

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February 06, 2018, 06:09:01 PM
Merited by suchmoon (1), achow101 (1)
 #183

Proof of Work algorithm gives you the option to always get some coins.
In PoS system, early adopters hold the power forever, this is not a good long term strategy, since no body is perfect and nobody can be trusted.

In either system, you have to spend money to get coins, whether it's paying for energy and mining equipment or another person, doesn't really matter. 

That is incorrect. In PoS you don't need to spend money to get coins if you were an early adopter and had at one point more than half of the coins (or have a group of early adopters that together make more than a half of coins at that time). You can sell those coins and still retain the power to revert the blockchain to an earlier state when you had more than half of the coins. A new node will not be able to verify which blockchain came first as both seem to be valid and equal continuations from that point in history when this early adopter had majority of coins.

This is the loss of security with PoS. In PoW blockchain is bounded to time by verifiable work, in PoS there is nothing like that. History can be edited as nodes have to trust the primary source of those coins.
ModGrip
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February 07, 2018, 02:50:42 AM
 #184

Bitcoin won't change. It doesn't have consensus among miners.
ducphat254
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February 07, 2018, 03:22:48 AM
 #185

What is stake bitcoin
namaxa
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February 07, 2018, 12:10:57 PM
 #186

Bitcoin won't change. It doesn't have consensus among miners.
they need only money )))  Cheesy
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February 07, 2018, 06:30:33 PM
 #187

DO you guys ever think that bitcoin will do proof of stake? Just wanted to get some peoples insights on this.

PoS will do nothing but shrink the value of Bitcoins.
You know why Bitcoins is the most valuable cryptocurrency of all? It's because people get paid for spending their electricity through mining (processing) the transactions using the computational power of their hardware. You may have already seen PoS coins before, don't you remember what happened to them?
If we decide to generate a very low amount of Bitcoins per year through PoS, new investors will not be able to buy because of less production as huge whales who possess a lot of bitcoins, are not going to release them in markets.
And if we generate a higher amount, that will also be harmful to its value as everybody will dump.
Whatever is going on, is good. So let it be. Wink
ustin
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February 08, 2018, 04:07:18 AM
 #188

So POS is great instead of harmful POW, which been treat by Moore law at middle time.
One of POW utilization is third party notariat for POW, as I described https://bitcointalk.org/index.php?topic=2895120
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February 08, 2018, 04:00:16 PM
 #189

I do not think Bitcoin is a risk. Because it is a coin that is really astonishing. A few days ago, Bitcoin prices had dropped a lot. And now it's getting faster again. And you eat it but prices like stock market decreases. No one can decide the exact price of Bitcoin. You are talking about risk, see almost all the risks there is less risk. If you do business at first, there will be a loss. Because the business type did not understand. So I want to say that there is a problem I have to believe in all the risks. It has to work with such mentality.
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February 09, 2018, 03:31:52 PM
 #190

I was wondering, can a coin that hasn't been coded in POS, be coded later? Is the code of a token modifiable once it's published and verified on a blockchain or is it final?
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February 09, 2018, 04:42:22 PM
Merited by monocolor (50), fisheater (38)
 #191

Proof of Stake is definitely superior, that's the reason why ETH will convert to PoS in the future, they are actively working on the conversion currently, with experimental versions already in beta test.

But Bitcoin probably won't, Bitcoin is more decentralized, and the forces against PoS in Bitcoin is too strong, the miners will 100% oppose it. It nearly turned into a figurative thermo-nuclear war for getting a 1 line code change to change block limit from 1MB to larger blocks. It's hopeless to change to Proof of Stake for Bitcoin, you might as well fork Bitcoin like Bitcoin Cash did.

The gamechanger for bitcoing will be BitcoinGo, we implement hybrid PoS&PoW for bitcoin payments. Stay updated https://bitcoingo.io/


I agree, I'd prefer bitcoin has PoS, even a small one. As long as it uses PoS in a decentralized way (no masternode which is semi-centralized), it will be fine. It will encourage more people to hold it.
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February 15, 2018, 02:08:40 AM
 #192

DO you guys ever think that bitcoin will do proof of stake? Just wanted to get some peoples insights on this.

Probably not since the number of Bitcoin that can be mined is limited and all of the miners who have been working PoW all these years likely won't suddenly agree to work PoS.





Dispatch Labs is a Distributed Ledger Technology Platform for Dapp Developers that is truly scalable, insanely fast with no transaction fees.
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February 15, 2018, 01:23:39 PM
 #193

If bitcoin stays true to its ideal of being "trustless", it wouldn't move to PoS.
Because Proof of stake needs atleast some level of trust about who the validators are.  An entity can easily (relative to a 51% attack) fool others to believe in the malicious set of validators.

We are still far away from a full fleged implementation of PoS. Casper on Ethereum seems to be the best bet in the space. That too does budge from some ideals.
Given that, i think Bitcoin Maximalists won't make the move to PoS.

The energy consumption remains a valid concern. I don't think PoS is ready to be adopted to trade the security that comes with the energy burnt.
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February 15, 2018, 02:45:08 PM
 #194

If bitcoin stays true to its ideal of being "trustless", it wouldn't move to PoS.
Because Proof of stake needs atleast some level of trust about who the validators are.  An entity can easily (relative to a 51% attack) fool others to believe in the malicious set of validators.

We are still far away from a full fleged implementation of PoS. Casper on Ethereum seems to be the best bet in the space. That too does budge from some ideals.
Given that, i think Bitcoin Maximalists won't make the move to PoS.

The energy consumption remains a valid concern. I don't think PoS is ready to be adopted to trade the security that comes with the energy burnt.

I agree, it seems that bitcoin does not require POS, I really salute with you although it is new but you have a wide enough insight, and able to make a fairly accurate argumen

]
aleksej996
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February 15, 2018, 03:15:37 PM
 #195

I was wondering, can a coin that hasn't been coded in POS, be coded later? Is the code of a token modifiable once it's published and verified on a blockchain or is it final?

It depends on what you define as the same coin. Certain changes in the protocol, like PoS, are what we call hard-forks.
A hard fork means that earlier clients will not be compatible with the new one and will end up on different blockchain.
If there is still a significant number of people using the old protocol, they might prefer to call coins on their blockchain with the same old name, although this wasn't always the case, like with Ethereum Classic.

So in short, you can change whatever you want, but people might debate about if it is still the same coin or not.
TrusteD_KZ
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February 15, 2018, 09:03:53 PM
 #196

There is no way for PoS. Btc will be no decentralized with pos + miners, which bought a lot of acis for million dollars.
Touristtoken
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February 15, 2018, 11:00:43 PM
 #197

I think bitcoin will get to a height soon where mining will no longer be profitable for miners and will cause miners to abandon the network for other profitable mining . Bitcoin developers might consider other algorithm in new future.
edwardnortonn
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February 16, 2018, 05:02:12 AM
 #198

 
I think they may not, for security purposes.PoS might lower the network security as block incentives tend to be rejected over time. this may inturn leave the network vulnerable,

secondly, PoS encourages monopoly as a single entity may take charge of most verification resources. if the monopolist retain control for long,
they might use it for malice thereby reducing the users' confidence in bitcoin. this will in turn reduce the purchasing power of bitcoin and consequently, the market value.
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February 16, 2018, 10:58:14 AM
 #199

I do not think BTC will ever move to POS ... There will be different kinds of currency and Bitcoin Core / Bitcoin Cash will always stay proof of work where there will be other alternatives with different implementations.
prasanna1992
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February 18, 2018, 04:35:40 PM
 #200

Bitcoin won't change. It doesn't have consensus among miners
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