cryptpedia (OP)
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February 18, 2019, 03:52:15 PM
Last edit: February 20, 2019, 12:55:55 PM by cryptpedia |
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POS and POW have both advantages and disadvantages. But, it is safe to say that POS has more advantages compared to POW. To date, I haven't heard much of POS coin being victim of 51% attacks or the likes. And rarely would you hear of hacks in POS coins. Is POS the future of cryptocurrencies? Any advice on which technology to invest in will be welcome.
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AltcoinsBattle
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February 19, 2019, 05:46:21 PM |
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I do not think that hack resistance is correlated with the hash calculation method. But many people do not like PoW due to energy intensity and technical difficulties. Thus, the future for any kind of mining except PoW. Of course, bitcoin is an exception  . |
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Raizou
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February 19, 2019, 09:22:27 PM |
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I have nothing against the PoS system, in fact I participate in projects and I have deals with this something, but they will never replace PoW! The funny and cool of the crypto is just power mining your coin, you could argue that today there is an industry that has centralized this something, but it does not matter, it is important to have possibilities. It is healthy for PoS and PoW advocates to use these systems as well.
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evanescence
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February 19, 2019, 11:50:33 PM |
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The biggest problem of PoS is that it's unproven. But if it works well and gets proven, the coin that makes it a success (ETH) will enjoy massive success as well.
Of course there's potential issues, but nothing that should scare us from actually trying it out.
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blockman
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February 20, 2019, 04:44:11 AM |
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This is a big debate of the people in the community. Many are PRO-POS protocol but many are still liking the idea of PoW. I like PoS as it will give passive income to most that has been holding. But PoW is made to be against attacks so that's still being used by bitcoin.
I think I'll stick to PoW but if something goes better with PoW and we will see it if ETH will prove that it's better.
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Igor.J
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MenaPay - Crypto made easier than cash
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February 20, 2019, 06:41:02 AM |
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The biggest problem of PoS is that it's unproven. But if it works well and gets proven, the coin that makes it a success (ETH) will enjoy massive success as well.
Of course there's potential issues, but nothing that should scare us from actually trying it out.
So many coins are sitting on the PoS and I think they are right, this is much more effective, although many now disagree with me. |
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Red-Apple
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February 20, 2019, 11:10:44 AM |
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POS and POW have both advantages and disadvantages. But, it is safe to say that POS has more advantages compared to POW.
actually it is the other way around meaning PoS has a lot more disadvantages compared to PoW and it is more centralized and has a lot more surface of attacks. To date, I haven't heard much of POS coin being victim of 51% attacks or the likes.
you haven't heard a 51% attack on PoS coins because that attack is specific to PoW. but there are lots of other attacks against PoS that you can find if you look for them and they don't apply to PoW. Is POS the future of cryptocurrencies?
No! Any advice on which technology to invest in will be welcome.
i don't give advice like this ever but i can say a coin doesn't become a good investment based on its mining algorithm. |
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cryptpedia (OP)
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February 20, 2019, 01:27:11 PM |
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POS and POW have both advantages and disadvantages. But, it is safe to say that POS has more advantages compared to POW.
actually it is the other way around meaning PoS has a lot more disadvantages compared to PoW and it is more centralized and has a lot more surface of attacks. To date, I haven't heard much of POS coin being victim of 51% attacks or the likes.
you haven't heard a 51% attack on PoS coins because that attack is specific to PoW. but there are lots of other attacks against PoS that you can find if you look for them and they don't apply to PoW. Is POS the future of cryptocurrencies?
No! Any advice on which technology to invest in will be welcome.
i don't give advice like this ever but i can say a coin doesn't become a good investment based on its mining algorithm. [/quote] you haven't heard a 51% attack on PoS coins because that attack is specific to PoW. but there are lots of other attacks against PoS that you can find if you look for them and they don't apply to PoW. But none have materialized as far as we know. So far, it has only been on paper. Regardless, see with POS, one can have passive income while helping the network. But, with POS, hosting a full BTC node of almost 200GB of data provides no incentives. Ever POW coin will somehow end with over several TB of data, making it challenging for anyone to hold for free in the long run. Maybe the BTC devs should think of a way to incentive full nodes by adding some kind of POS. Dont you think so? |
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fullhdpixel
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February 20, 2019, 06:25:40 PM |
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POS and POW have both advantages and disadvantages. But, it is safe to say that POS has more advantages compared to POW. To date, I haven't heard much of POS coin being victim of 51% attacks or the likes. And rarely would you hear of hacks in POS coins. Is POS the future of cryptocurrencies? Any advice on which technology to invest in will be welcome.
It is likely that in the nearest future, we would have more people/companies adopting POS, but for now people still have to test the system, and if that test is passed, mass adoption will be the case. Vitalik sent a message to google asking them to include ETH icon in their keyboard but google said they cant because other systems apart from Bitcoin are still under test. |
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timmmers
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February 20, 2019, 06:39:56 PM |
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I do not think that Bitcoin will switch to POS consensus, Bitcoin community is diffrent than Ethereum community and they will not allow it. Not every cryptocurrency can switch to this consensus because the cryptocurrency has to be made for. I think that there will be much more consesus and I am okay with that.
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go4crypto
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February 20, 2019, 06:47:22 PM |
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Both these POW and POS camps and some that are hybrids of these two are going to stay around. Coin communities will follow whatever consensus method suits them.
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Entei
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February 20, 2019, 09:56:32 PM |
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What is the logic of making distribution more difficult? The pure PoS system passes no confidence and its origin grants the creator absurd control of the coins. I think you should be dissatisfied with what the PoW industry has become, but will probably cry blood if PoS is legitimized as a trend! To prevent attacks of 51% there are some features that were thought even before these discussions on PoS and Pow.
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icalical
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February 20, 2019, 11:50:23 PM |
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Yes, Absolutely POS will completely replace POW, soon in near future. I think it's weird when some coins are stick to POW, when they can just using POS. POW is really source-consuming, in all term, computing, electricity. Thus by that, it also make POW are less environmental-friendly. Right now, everything in this world are moving forward to the path of energy saving and environment-friendly, and I think crypto will follow.
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KryptoKai
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February 22, 2019, 10:10:25 PM |
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The problem with POS is that the rich get richer and there is no benefit for the poorer people. Bitcoin should stick with POW while others like ethereum can do their switch to POS instead
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dodgrad
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February 22, 2019, 10:30:26 PM |
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POS and POW have both advantages and disadvantages. But, it is safe to say that POS has more advantages compared to POW. To date, I haven't heard much of POS coin being victim of 51% attacks or the likes. And rarely would you hear of hacks in POS coins. Is POS the future of cryptocurrencies? Any advice on which technology to invest in will be welcome.
People are still asking what will survive: POW, POS, Bitcoin, altcoins, ICO, ISO ...!? The cryptocurrency market is just developing and crystalizing. It is still a very small market compared to the entire financial market. There will be a place for everyone. I am sure that it will survive POS and POW, and everyone will choose what suits him better. |
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amrulshare
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February 22, 2019, 11:41:35 PM |
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I don't think the PoS will be a better future because it looks weak for financially. PoS may have something like you say but direct involvement with a real one has no potential at all, PoW will have more development than now in the future and i belive it
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The main key to success is in the value of assets that are getting more valuable. Recommended Crypto Trading platform Binance.com
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blockman
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February 23, 2019, 08:27:10 AM |
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The problem with POS is that the rich get richer and there is no benefit for the poorer people. Bitcoin should stick with POW while others like ethereum can do their switch to POS instead
Bitcoin will stick to PoW, I don't think that it will ever replace its consensus to PoS. It's an advantage for the rich people to get richer but it's not always like that. If you are an enthusiasts and investor, you'll see some other ways to grow in this market, not just by blaming this kind of situation. |
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niteroy
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February 23, 2019, 09:35:53 AM |
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In terms of energy efficiency, the PoS has a significant advantage and will dominate the PoW in the future. But there are other types of blockchain consensus algorithms, such as: Delegated Proof-of-Stake (DPoS), Leased Proof-of-Stake (LPoS), Proof-of-Capacity (PoC), Proof-of-Importance (PoI) ), Proof-of-Activity (PoA), Proof-of-Authority (PoAuthority), Proof-of-Burn (PoB) and others. Therefore, I think that PoW coins will become smaller.
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Red-Apple
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February 23, 2019, 11:16:01 AM |
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But none have materialized as far as we know. So far, it has only been on paper.
imagine a highway and you are on one side of it. you see a 1 dollar bill on the other side of the highway on the ground, will you cross the highway to take it? now imagine if that 1 dollar bill is a ton of gold instead waiting to be taken. will you cross it then? that is what "incentive" means. there isn't really any incentive to perform many of the attacks on smaller altcoins that do have bugs. most of the times it will cost more to perform the attack, not to mention the legal precautions that can threaten the attacker. and the problem with PoS is not just attack surface, it is also the flawed design. for starters the fact that a whale gets paid for doing absolutely nothing and is capable of keeping his huge bag intact while dumping large free money on the market for a lot of money is seriously flawed. it basically makes rich people richer not to mention that coins with premine enjoy this the most! hosting a full BTC node of almost 200GB of data provides no incentives.
there is a lot of incentive to run a bitcoin full node you just don't see it because you are seeing everything in terms of "how can i make more money". the incentive to run a bitcoin full node is the capability of being part of a decentralized network that depends on you. so if you want to use it that way you contribute. Ever POW coin will somehow end with over several TB of data, making it challenging for anyone to hold for free in the long run. Maybe the BTC devs should think of a way to incentive full nodes by adding some kind of POS. Dont you think so?
i don't deny that PoW has flaws and is not the best thing that we can hope for but it is the best thing among other algorithms so far. |
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Dasha88fed
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February 23, 2019, 11:54:13 AM |
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The fact that PoW is not environmentally friendly has been talked about for a long time, so I believe that there will be some changes and transition to other algorithms. Yes, PoW is considered more decentralized, but attacks of 51% occur more and more often, and the concentration of power in the hands of some people becomes the most real, unlike PoS.
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