POS in BTC

[eth888]

Does anyone think BTC possibly switching to POS? How can it evaluate / score the stake factor?

[paraboul]

This would need to be a hardfork and thus adopted by the entire community (or creating an altcoin named Bitcoin) which is unlikely since Proof Of Stake has nothing to do with the original philosophy behind cryptocurrencies.

[Argon2]

Does anyone think BTC possibly switching to POS? How can it evaluate / score the stake factor?

Proof-of-Stake is fundamentally broken and does not form a consensus mechanism. It is also too easy to attack, reorganize, create offline chains by accident, faulty nodes keep producing blocks, etc, etc, etc...

[aleksej996]

Does anyone think BTC possibly switching to POS? How can it evaluate / score the stake factor?

There was already a thread about this few weeks ago. No, there will be no switch in Bitcoin to any other PoW algorithm let along PoS.
PoS is definitely not ready for Bitcoin and there is a very good chance it never will. It has to many security issues with it.

[xaviervilla]

Does anyone think BTC possibly switching to POS? How can it evaluate / score the stake factor?

Lol. I really don't think so man. And i know that anyone who knows PoS would surely tell you it isn't possible for now and may never be. Bitcoins have enough risks already. It wouldn't be logical if bitcoin goes and add more risks to it by using PoS. Just doesn't make sense dude. But hey, as what people always say: cryptos really are unpredictable.

[eth888]

So should AMD and NVIDIA may have much greater opportunity than Apple in the coming future. It is a battle of hardware capabilities!

[monkeybars]

I don't think BTC will ever switch to POS

[cryptoking710]

I thought when all the bitcoins that are possible to be mined are mined then it would go over to POS?

[Kogs]

I thought when all the bitcoins that are possible to be mined are mined then it would go over to POS?

I guess no one  in this forum will be alive to see all bitcoins mined.

But maybe in the next decades someone find something to increase the lifespan.
Then the 100 year old members will explain to the 20 year old newbies, why all try to implement a secure POS failed in the last 100 years

[aleksej996]

I thought when all the bitcoins that are possible to be mined are mined then it would go over to POS?

No. Miners are supposed to get revenue from the miner fees at that point.

[manselr]

There's extensive literature on why PoS has security problems like nothing at stake and as far as I know it was never solved so I doubt something as basic as PoW will be changed in BTC.

I thought when all the bitcoins that are possible to be mined are mined then it would go over to POS?

No. Miners are supposed to get revenue from the miner fees at that point.

Some people are saying that it may raise some problems by the time we get there in 2140 and even propose introducing a small % of inflation into the total supply, which I think it's total bullshit because we all got there due the scarcity aspect of BTC. I would like to hear from the real smart people (basically Core devs) what they think about it this. Unfortunately we all will be dead by then, but I got into Bitcoin for the long term and I hope the same rules of 2017 are being enforced in 2140, and that of course includes 21 million.

[bloodchow]

hard fork into memory hard btc mining is better

pos not good

[mstone]

Proof of stake is not congruent with Bitcoin's philosophy

[Boussac]

Proof of stake is naive and subconsciously inspired by the old fiat money banking paradigm: the more money you got, the more you can create.
Authoritarians love PoS.
Proof of space, just released by Bram Cohen, is equally naive but much more interesting.

[manselr]

Proof of stake is naive and subconsciously inspired by the old fiat money banking paradigm: the more money you got, the more you can create.
Authoritarians love PoS.
Proof of space, just released by Bram Cohen, is equally naive but much more interesting.

Ah yeah, I remember Bram Cohen (that's the guy from Bitorrent right?) talking in twitter all day how he had a bright idea, I will look into Proof of space later but just by hearing the name I predict the same game theory problems and security exploits that I would think if the proof was harddisk space or something.

Anyway it seems like nobody can come up with a better system tham PoW. When it's all said and done, if you consider the pros and cons, even with all the cons PoW has... it is still the best way to go. The guy that comes up with an objectively better idea than PoW will become a billionaire overnight and so will the early adopters of said coin.. that will be a real altcoin to get into.

[BitAvrillis]

50% of the miner would need to approve this I think, so it is very unlikely as they would loose their power to control the blockchain.

[nicosey]

Doesn't lightening make Bitcoin work somewhat like POS?  The BTC locked up in the hubs is a form of staking.

[achow101]

Doesn't lightening make Bitcoin work somewhat like POS?  The BTC locked up in the hubs is a form of staking.

No it is not. Clearly you do not understand how Proof of Stake and lightning works. Bitcoin being "locked up" is not a form of staking at all whatsoever (besides the fact that bitcoin is not locked up at all).

[BenOnceAgain]

Does anyone think BTC possibly switching to POS? How can it evaluate / score the stake factor?

I don't know enough about PoS to have an opinion on the technology.  One of these days I'll take a look at some of those coins.

One thing about it that I do find appealing, at least as far as I understand it, is that it has the potential to be more energy efficient.  Proof of Work, while certainly representing the value of electricity as part of its "intrinsic value", per se, does generate enormous sums for electric utilities.

Personally, I'd rather see that value remain in the currency as much as possible.  Either that or have the "work product" represent something that has wider use than just representing a certain amount of essentially useless mathematics.  Something such as a unit of work in a distributed computing system.  I know there's altcoins out there that have gone that route.  I'm not sure how well they've done, etc.

I do believe that something that overcomes large mining operations from holding policy decisions "hostage" needs to be devised for the common good of the community as a whole.  Observing the has effort shift to the BCH chain when it was more profitable to mine drove home for me the lesson that the relationship between miners and the larger user base is very interdependent and has real potential to lead into some rather unpleasant feedback loops given certain conditions.  Something I've been thinking about quite a bit.

[ezrel007]

Don't see it happening anytime soon... BTC will always be decentralized