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Author Topic: Economical mammoths versus PoW and PoS  (Read 463 times)
user512 (OP)
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June 30, 2019, 04:00:40 PM
 #1

Hi everyone,
last time I thought about centralization making in decentralized networks and systems, exactly about Proof of Stake.
With PoW consensus mechanism, the users can't stop potential malicious user or group of users from simply buying their power in network via buying new ASICs because this isn't directly commited to blockchain.
By the principle you can't stop anyone buy a lot of hashing power. In this way I see PoS as the good way how to avoid this because coins in PoS which make the power can be bought only from blockchain users, so by the other words, users can decide not to make possible centralization because they do not allow selling coins to malicious users or pools. But not at all.
However, there are many ways how can centralization-lust groups hide their behavior by TOR principles, so you can think that you are selling your Ether or imaginary Bitcoin with PoS to common user, but the wallet is held by centralized mammoth. So the PoW is weak in holding too many coins instead of too many ASIC cards for mining, plus - and ironically - there isn't any way how to redistribute coins in free and decentralized manner as in PoW.
For example, state can always take control over the PoS network by anonymously buying the majority of the coins (it doesn't need to use violence, it can just use its economical dominance). There isn't any way how to recognise between institutional buyer and common buyer in the manner: No! You're Big Bro! I don't sell you 100 000 000 ETH, because you will take control over Ethereum blockchain!
By the way, if there will be any true-blockchain-decision-making mechanism, in pseudoanonymous network you can't recognize that the state is getting control over it (of course - if will the attack for getting control well distributed).
But if you assumpt, that there are only certain ways how to buy crypto if you don't have any digital coin for exchange yet, you probably can recognize it.
But clearly hypothetically, if all assets, cars and things for everyday use will be smart contract ensured, the only way how to buy crypto will be simpy trade your smart asset with it, and that means no identity revealing at the entry of trade, so the full pseudoanonymity (you will be sure not able to recognize between state and common user).
Anyway, the states can't buy all digital coins in the world, that unluckily don't figure them out from taking control over early beginning blockchains.
If you have any ideas how to avoid taking control over blockchains by economical mammoths, please reply. At now I see the biggest problem in the side of recognizing between state and the others.
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June 30, 2019, 06:43:05 PM
 #2

you can't stop rational greed and profit motive. there's no way to prevent users from selling coins to colluding parties intent on attacking the network. it's impossible.

the biggest problem with many POS (or hybrid POS) supply distributions is that early adopters have disproportionate control over the supply. in fact, this element is present in POW networks like bitcoin too. but in bitcoin, it's not a problem re consensus and potential attacks on the network. in a POS system, it is. this is why POS remains unsolved.

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June 30, 2019, 09:09:19 PM
 #3

you can't stop rational greed and profit motive. there's no way to prevent users from selling coins to colluding parties intent on attacking the network. it's impossible.

the biggest problem with many POS (or hybrid POS) supply distributions is that early adopters have disproportionate control over the supply. in fact, this element is present in POW networks like bitcoin too. but in bitcoin, it's not a problem re consensus and potential attacks on the network. in a POS system, it is. this is why POS remains unsolved.

Which if those early adopters want any fiat , then they have to sell a % of control.
Only PoS coins that have inflation rates so high that the PoS users never have to sell from their principle ,
would the early adopters never lose control. Simple solution is only buy coins with low or extremely low inflation rate.
* Funny , how no one worries that only 4 BTC Mining Pools can dominate all of Bitcoin. *
* But with PoS it scares the hell out of them if 30 or more stakers could collude to dominate. *
 Tongue


PoW ASICS used in BTC are way more vulnerable to government seizure than any Proof of Stake coin.

A PoS coin network can be hidden, plus with the click of a key can be transferred to another country at a moment's notice,
where as BTC's ASICS energy drain will paint a giant bullseye on it,
so any government agency can stop by and either just turn off the power or seize the ASICs, like what IRAN just did.

It only takes a few solid PoS supporters to keep a PoS network secure from Government takeover,
PoW network warehouses can't hide and are easy to find, therefore are much easier for government seizure.
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June 30, 2019, 10:55:13 PM
Merited by Foxpup (4)
 #4

* Funny , how no one worries that only 4 BTC Mining Pools can dominate all of Bitcoin. *

Take us through a hypothetical attack scenario. What will miners who are pointing their hash power at these pools do, if the pool operators collude to 51% attack the network? Stay with those pools, or point their hash power elsewhere? Any rational miner will leave the pool.

Maybe the attacking pools could "steal" their users hash power for some hours. What would be gained? Some censored transactions, maybe a small rollback? I would be curious to see the incentives that would even justify pool operators doing that. They'd be nailing their own coffin shut.

* But with PoS it scares the hell out of them if 30 or more stakers could collude to dominate. *  Tongue

Between hardware, electricity and overhead costs, a sustained attack on Bitcoin requires billions of dollars.

None of these costs exist in a pure POS network. Existing stakeholders can simply collude together at no cost. This is a permanent condition. This isn't like mining pools in Bitcoin who can only temporarily leverage other peoples' hash power.

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July 01, 2019, 03:24:07 AM
Last edit: July 01, 2019, 03:37:39 AM by Khaos77
 #5

* Funny , how no one worries that only 4 BTC Mining Pools can dominate all of Bitcoin. *

Take us through a hypothetical attack scenario. What will miners who are pointing their hash power at these pools do, if the pool operators collude to 51% attack the network? Stay with those pools, or point their hash power elsewhere? Any rational miner will leave the pool.

Maybe the attacking pools could "steal" their users hash power for some hours. What would be gained? Some censored transactions, maybe a small rollback? I would be curious to see the incentives that would even justify pool operators doing that. They'd be nailing their own coffin shut.

* But with PoS it scares the hell out of them if 30 or more stakers could collude to dominate. *  Tongue

Between hardware, electricity and overhead costs, a sustained attack on Bitcoin requires billions of dollars.

None of these costs exist in a pure POS network. Existing stakeholders can simply collude together at no cost. This is a permanent condition. This isn't like mining pools in Bitcoin who can only temporarily leverage other peoples' hash power.

It is funny, in your mind, 4 pool operators would never 51% attack a coin,
because of the financial damage it would cause them.
But you think , Stakeholders would cause direct financial damage to themselves.

I suggest you reexamine your statements, because logically no one wants to harm their-selves financially,
but you think all stakeholders are on financial suicide watch, while all pool operators are not.

Look deeply so you can see how confused you are.  Smiley

FYI:
You also don't understand staking verses mining,
miners only require 51% to dominate a network ,
stakers require closer to 90% to dominate a network.  Wink

FYI2:
You also missed the point that the Government can locate any warehouse of ASICS,
merely by having the power company report excessive energy usage,
where as no one can determine the location of a PoS client by it's energy usage alone.
Also a PoS Client could be running off of wireless laptop and moving between alternative locations on a daily basis,
something a warehouse full of ASICS could never do.
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July 01, 2019, 03:59:53 AM
Merited by Foxpup (4)
 #6

It is funny, in your mind, 4 pool operators would never 51% attack a coin,
because of the financial damage it would cause them.
But you think , Stakeholders would cause direct financial damage to themselves.

I suggest you reexamine your statements, because logically no one wants to harm their-selves financially,
but you think all stakeholders are on financial suicide watch, while all pool operators are not.

You've misunderstood the point.

Pools don't own the hash power. They can't leverage a sustained attack. That would require billions of dollars they don't have. If a handful of pools 51% attacked the network, they would only control the best chain for a matter of hours -- or minutes -- after which their customers would leave with their hash power.

Colluding majority attackers in POS actually own the stake. They can attack the network indefinitely at zero cost. With infinitely lower costs to mount an attack, majority attacks are much more attractive in POS -- assuming there is sufficient value to be gained.

These are apples and oranges.

stakers require closer to 90% to dominate a network.  Wink

That doesn't make any sense. Please elaborate. Smiley

You also missed the point that the Government can locate any warehouse of ASICS,
merely by having the power company report excessive energy usage,
where as no one can determine the location of a PoS client by it's energy usage alone.
Also a PoS Client could be running off of wireless laptop and moving between alternative locations on a daily basis,
something a warehouse full of ASICS could never do.

This doesn't make up for POS's inferior security model.

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July 01, 2019, 04:50:56 AM
Last edit: July 01, 2019, 05:43:09 AM by Khaos77
 #7

It is funny, in your mind, 4 pool operators would never 51% attack a coin,
because of the financial damage it would cause them.
But you think , Stakeholders would cause direct financial damage to themselves.

I suggest you reexamine your statements, because logically no one wants to harm their-selves financially,
but you think all stakeholders are on financial suicide watch, while all pool operators are not.

You've misunderstood the point.

Pools don't own the hash power. They can't leverage a sustained attack. That would require billions of dollars they don't have. If a handful of pools 51% attacked the network, they would only control the best chain for a matter of hours -- or minutes -- after which their customers would leave with their hash power.

But they can easily perform an attack and double spend for a few hours.
Which that also they could easily cash out to a fiat profit and claimed they were hacked, simple exit strategy.
 


Colluding majority attackers in POS actually own the stake. They can attack the network indefinitely at zero cost. With infinitely lower costs to mount an attack, majority attacks are much more attractive in POS -- assuming there is sufficient value to be gained.

These are apples and oranges.

Exactly , they own the stake and had to earn it, meaning they directly harm themselves financially.
Something , you can't conceive of the pool operators doing, and yet your own words above, the pool operators don't own the hash power.
so you're saying they have less financial incentive than stakers do.


stakers require closer to 90% to dominate a network.  Wink

That doesn't make any sense. Please elaborate. Smiley

In PoW , The ASICS run constantly,
In PoS , The Coins go dormant, immediately after staking for specified time.
This gives other Stakers a chance to stake, it also make staking a Cooperative System verses PoW which is a Combative System.
Therefore to achieve the same domination a PoW network yields in a 51% attack, requires that stakers need ~90% to be able to carry out any sustained attack on a Proof of Stake network.
In Peercoin, all coins go dormant for 90 days after staking.
In Mintcoin, all coins go dormant for 20 days after staking,
In Zeitcoin, all coins go dormant for 24 hours after staking.
So basically after you shoot your PoS wad to dominate a PoS network, it would be anywhere from 24 hours to 90 days before you could even try again (Varies per PoS coin). This means you need ~90% of the coins staking to achieve similar results as a PoW 51% attack.




You also missed the point that the Government can locate any warehouse of ASICS,
merely by having the power company report excessive energy usage,
where as no one can determine the location of a PoS client by it's energy usage alone.
Also a PoS Client could be running off of wireless laptop and moving between alternative locations on a daily basis,
something a warehouse full of ASICS could never do.

This doesn't make up for POS's inferior security model.

*My replies in Blue. *

PoS                                                                      PoW
Energy Efficient                                                     Energy Wasteful
Requires ~90% to dominate a network                   Requires 51% to dominate a network
Secured by the # of coins staking + Coin Age          Secured only by the elite that can afford extreme mining costs paid in Fiat
Rolling Checkpoints, blocking All Reorgs                  Only Client Checkpoints , blocking only reorgs after client updates
More resistant to Government Seizure                     More susceptible to Government Seizure, due to inability to hide ASICS energy footprint

The confusion seems to be that since bitcoin wastes more it is more secure,
that is a false assumption, it only means it wastes more nothing else.
At the end of every day, 4 pool operators control bitcoin destiny,
where as every decent PoS coin is secured by many more than 4 people.
 Smiley


FYI: Bitcoin Mining Is Vulnerable article
https://cacm.acm.org/magazines/2018/7/229033-majority-is-not-enough/abstract

Quote
We present an attack with which colluding miners' revenue is larger than their fair share.
The attack can have significant consequences for Bitcoin:
Rational miners will prefer to join the attackers, and the colluding group will increase in size until it becomes a majority.
At this point, the Bitcoin system ceases to be a decentralized currency.

All PoW Pools are collusion for better rewards.
This means you are trusting a mere handful of Pool Operators not to abuse the system.
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July 01, 2019, 08:23:24 AM
Last edit: July 01, 2019, 09:02:20 AM by franky1
 #8

summary...
seems someone wants to go pos so they can have their cake and eat it

in the end pos advocates end up revealing their motives are about wanting rewards without any costs
using boring arguments which "economically" is empty of validity

p.s its obvious when the title is "economical" not "security" as its bases for prefering pos

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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July 02, 2019, 06:21:24 AM
 #9

summary...
seems someone wants to go pos so they can have their cake and eat it

in the end pos advocates end up revealing their motives are about wanting rewards without any costs
using boring arguments which "economically" is empty of validity

p.s its obvious when the title is "economical" not "security" as its bases for prefering pos

You do realize, that the block rewards could be set to the exact same schedule as now,
and that when all block rewards ends, the bitcoin staker would only earn transaction fees.
This would also end the nonsense of non-mining nodes as all nodes could be staking nodes
and since they earn profit end the nonsense that the blocksize can't be increased because people can't afford to upgrade their hardware.

PoS can do fixed rewards so their are no changes in the current inflation rate.  Wink

But hey choose PoA or some other energy efficiency design,
PoW is the failure, prefer another energy efficient algo, then no complaints here.  Smiley

PoW energy waste is an attack vector on 3 fronts.
1.  Energy Footprint showing Location, for seizures or destruction of ASICS
2.  Public Relations Nightmare , raising the general public electric bills
3.  Pretense for Governments to Ban Bitcoin Mining
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July 02, 2019, 08:19:16 AM
 #10

The confusion seems to be that since bitcoin wastes more it is more secure,
that is a false assumption, it only means it wastes more nothing else.
At the end of every day, 4 pool operators control bitcoin destiny,
where as every decent PoS coin is secured by many more than 4 people.

Change pool operators to exchange and there you have the guys that can control your "destiny".
Coincheck was holding 10% of the entire NEM supply on their exchange when they were hacked.
Binance currently hold around 210k bitcoins in their identified cold wallets, god knows how many they actually have in storage.

And don't start with people holding their coins in their own wallets and stake them, the same could be said about miners going solo mining, none of the two will happen.

I actually don't like PoW, I've always warned people here that if we reach insane values of 50k before the halving the number of miners plugging in would drive energy consumption to an insane level so much as it would start to influence energy prices.

But, misquoting Beorn here,
"I don't like PoW, with its electricity consumption driven by greed...but PoS, I hate more".

This would also end the nonsense of non-mining nodes as all nodes could be staking nodes
and since they earn profit end the nonsense that the blocksize can't be increased because people can't afford to upgrade their hardware.

And slowly the nodes would start to be run by companies, offering you a share of the profit if you deposit your coins, people would start depositing those as they do in a bank to gain interest, solo staking would turn into a useless business, and guess what the outcome would be? Back to square 1.



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July 02, 2019, 09:00:23 PM
 #11

Quote
For example, state can always take control over the PoS network by anonymously buying the majority of the coins


This is the main reason PoS is dangerous long-term especially for decentralization. Governments can still take over PoW but it would be pretty easy to detect their large PoW miners and know who really run them.

The solution to this problem is either the replacement of current mining with something more decentralized and difficult to centralize or the elimination of mining altogether. 

I once suggested that mining should be restricted to people who use blockchain and have lots valuable contributions on any area of life that exists on blockchain. They must have earned reasonable amounts of Bitcointalk-like merits before they can qualify to be miners and the merit must be earned in fair manner
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July 02, 2019, 09:09:05 PM
Last edit: July 03, 2019, 11:41:20 AM by rdbase
 #12

I was getting to think about proof of stake since the ethereum network is going this route sometime in 2020 or later.
There are some coins which have done this successfully and continue to go forward even with the early adopters getting into it cheaply at the beginning.
But there are other pos coins which have alleviated this problem with the unequal amount of coins available to the rest of the adopters by creating more coins available to the pool.
And somehow has devised a way of not having a deflationary value attributed to them over time.

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July 03, 2019, 02:46:16 AM
 #13

The confusion seems to be that since bitcoin wastes more it is more secure,
that is a false assumption, it only means it wastes more nothing else.
At the end of every day, 4 pool operators control bitcoin destiny,
where as every decent PoS coin is secured by many more than 4 people.

Change pool operators to exchange and there you have the guys that can control your "destiny".
Coincheck was holding 10% of the entire NEM supply on their exchange when they were hacked.
Binance currently hold around 210k bitcoins in their identified cold wallets, god knows how many they actually have in storage.


Ok, let's compare.  Smiley
PoW : Pool Operators would double spend on the Exchanges and Cash Out to FIAT.

PoS:  Exchanges would Double Spend Against their-selvesCheesy
        Not likely and much easier to just sell all of their coins in an exit strategy.



I actually don't like PoW, I've always warned people here that if we reach insane values of 50k before the halving the number of miners plugging in would drive energy consumption to an insane level so much as it would start to influence energy prices.

But, misquoting Beorn here,
"I don't like PoW, with its electricity consumption driven by greed...but PoS, I hate more".

That is a personal emotional response, of which you have every right,
but emotional responses don't determine factual results based on design and energy efficiently.
PoS may not be your favorite sports team , but that does not mean they won't win the crypto Superbowl.



This would also end the nonsense of non-mining nodes as all nodes could be staking nodes
and since they earn profit end the nonsense that the blocksize can't be increased because people can't afford to upgrade their hardware.

And slowly the nodes would start to be run by companies, offering you a share of the profit if you deposit your coins, people would start depositing those as they do in a bank to gain interest, solo staking would turn into a useless business, and guess what the outcome would be? Back to square 1.


Excuse me, you realize you basically speaking of Coinbase without the staking part.
The Most stable Bitcoin Nodes are currently run by companies, and you can bet the real successful LN hubs will all be company owned.

The people that actually wanted to hold their own money , would run their own node.
No doubt companies would run their own in addition. Choice is there, people will be free to choose.
Their is also confusion , a staking node does not have to run 24x7 like a ASICS to avoid losing money.
Staking Nodes can run intermittently and receive stake whenever their coinage is higher,
so a staking node can be turned on, sync a month worth of blocks and then stake.
They do lose compounding, but leaving the Node up 24x7 is optional.  Smiley

 
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July 03, 2019, 02:52:07 AM
 #14

summary...
seems someone wants to go pos so they can have their cake and eat it

in the end pos advocates end up revealing their motives are about wanting rewards without any costs
using boring arguments which "economically" is empty of validity

p.s its obvious when the title is "economical" not "security" as its bases for prefering pos

exactly!
this is the only reason every other altcoin that has PoS algorithm chose it in first place and is the only reason why some of the other coins are going that way. if you look at each of them, they have big owners that have a large "stake" in that coin. for example XRP is 100% premined and controlled by their creators. ETH has 72 million premine and is controlled by their owners. they all want more power and control with their free "stakes" + the easy money they earn just by having that amount.
now they are pushing the same thing for bitcoin because they have some coins and want free profit. it will never happen.

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July 03, 2019, 07:54:53 AM
 #15

Ok, let's compare.  Smiley
PoW : Pool Operators would double spend on the Exchanges and Cash Out to FIAT.

PoS:  Exchanges would Double Spend Against their-selves.  Cheesy
        Not likely and much easier to just sell all of their coins in an exit strategy.

Their-selves?
Those are not their money, it's the customer money!

You're doing exactly this:

That is a personal emotional response, of which you have every right,

PoS may not be your favorite sports team , but that does not mean they won't win the crypto Superbowl.

Well, PoW is 10 years consecutive and only champion so you should have got used to it.

The people that actually wanted to hold their own money , would run their own node.
No doubt companies would run their own in addition. Choice is there, people will be free to choose.
Their is also confusion , a staking node does not have to run 24x7 like a ASICS to avoid losing money.
Staking Nodes can run intermittently and receive stake whenever their coinage is higher,
so a staking node can be turned on, sync a month worth of blocks and then stake.
They do lose compounding, but leaving the Node up 24x7 is optional.  Smiley

People who want to stake their money, not people who want to keep their money in a wallet, big difference.
The same way people don't want to turn their asics, pos holders won't want to spend their money Tongue.
All pos coins will turn into a desert where everyone is staking but there are no fees because nobody is spending as they are all staking.
 

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July 03, 2019, 09:05:24 AM
 #16

you can't stop rational greed and profit motive. there's no way to prevent users from selling coins to colluding parties intent on attacking the network. it's impossible.

the biggest problem with many POS (or hybrid POS) supply distributions is that early adopters have disproportionate control over the supply. in fact, this element is present in POW networks like bitcoin too. but in bitcoin, it's not a problem re consensus and potential attacks on the network. in a POS system, it is. this is why POS remains unsolved.

Because it will cost miners, and therefore risking wasting all the energy expended for the attack. In POS, there's no such cost, and therefore very tempting/possible for some groups to bribe other groups to control/manipulate the network.

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July 03, 2019, 10:00:12 AM
 #17

The difference in energy efficiency between PoS and PoW is at least questionable...
If we assume that both types of cryptocurrencies are to be secured to the same degree (electricity cost is replaced with equal capital cost).
If I am able to comprehend non-trivial economic issues correctly, the energy expenditure will be only slightly delayed, not diminished.

That energy expenditure may be actually reduced one day, but only if a typical home heater will be able to mine cryptocurrency...


This would also end the nonsense of non-mining nodes as all nodes could be staking nodes

If you do not run a validating node, how do you know you're connected to honest nodes?


If you have any ideas how to avoid taking control over blockchains by economical mammoths, please reply.

Control over PoW blockchain is just a choice between the correct blockchain states (all outputs and inputs must match).
And in practice, that is very expensive and temporary control.

But my answer could be Elastos (and its sidechains, which can be PoW or dPoS).
Elastos mining is merged with Bitcoin mining, borrowing from Bitcoin its unparalleled security.
Potential attacker must dispose at the same time majority of Bitcoin's hash power and votes in dPoS layer.
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July 04, 2019, 03:56:34 AM
 #18

Well, PoW is 10 years consecutive and only champion so you should have got used to it.

 Cheesy
Nothing lasts forever.
Until then enjoy the ride.

The people that actually wanted to hold their own money , would run their own node.
No doubt companies would run their own in addition. Choice is there, people will be free to choose.
Their is also confusion , a staking node does not have to run 24x7 like a ASICS to avoid losing money.
Staking Nodes can run intermittently and receive stake whenever their coinage is higher,
so a staking node can be turned on, sync a month worth of blocks and then stake.
They do lose compounding, but leaving the Node up 24x7 is optional.  Smiley

People who want to stake their money, not people who want to keep their money in a wallet, big difference.
The same way people don't want to turn their asics, pos holders won't want to spend their money Tongue.
All pos coins will turn into a desert where everyone is staking but there are no fees because nobody is spending as they are all staking.

Not the reality, I am seeing.
Here is some info you seem unaware of, Most PoS coins actually burn all of their transactions fees from sending coins, as an offset to the so called free coins. Most PoS coins also use a fixed rate and process transactions in the order they are created, which means the rising fee for inclusion in a block is a non-issue for most PoS coins.
So in a very few PoS coins, the transaction fee can exceed the interest rate.
Making that specific PoS more deflationary than bitcoin or litecoin as a negative inflation rate is possible.

But that is enough of that , if you prefer irrational hate , I'll leave you to it.

Good Day.  Smiley
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July 04, 2019, 08:53:49 AM
 #19

I heard Christmas lights waste more electricity than Bitcoin, and produces nothing useful and valuable. POS coin holders should petition to stop Christmas first, before Bitcoin. Hahaha.

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July 04, 2019, 04:42:13 PM
Last edit: July 04, 2019, 05:05:29 PM by Khaos77
 #20

I heard Christmas lights waste more electricity than Bitcoin, and produces nothing useful and valuable. POS coin holders should petition to stop Christmas first, before Bitcoin. Hahaha.

I heard you never even mined one bitcoin block?
So technically , you produce nothing by your own standards. Smiley
Therefore what reason do you have to exist?

I imagine you could afford to run a Christmas light.

FYI:
Sad world you live in  ,that an energy wasting parasite called bitcoin is your deity.
Thinking it is going to solve your problems, is a delusion with harsh consequences.

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July 04, 2019, 07:56:11 PM
Merited by subSTRATA (1)
 #21

Sad world you live in  ,that an energy wasting parasite called bitcoin is your deity.
Thinking it is going to solve your problems, is a delusion with harsh consequences.

The problem you have is with money. All reliable forms of money require significant energy expenditure. How about the mining and minting costs of gold, or the energy running the entire banking system from physical ATMs and bank branches to SWIFT infrastructure? At least industrial miners have economic incentives to seek out load balancing arrangements with power generators, where Bitcoin saves energy from being wasted.

POS is a nice ideal, but don't be surprised when people demand a more theoretically and practically secure method to secure their wealth.

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July 05, 2019, 03:46:32 AM
 #22

Sad world you live in  ,that an energy wasting parasite called bitcoin is your deity.
Thinking it is going to solve your problems, is a delusion with harsh consequences.

The problem you have is with money. All reliable forms of money require significant energy expenditure. How about the mining and minting costs of gold, or the energy running the entire banking system from physical ATMs and bank branches to SWIFT infrastructure? At least industrial miners have economic incentives to seek out load balancing arrangements with power generators, where Bitcoin saves energy from being wasted.

POS is a nice ideal, but don't be surprised when people demand a more theoretically and practically secure method to secure their wealth.

PoW is the only one that continue to require an Exponential increase in energy with nothing to show for it.
No matter the energy expenditure , 4 colluding pool operators could double spend on a whim.
Meaning the trust of 4 individuals is all bitcoin has protecting it.

PoW energy waste makes it less secure than PoS,
by increasing attack vectors against it, and it's inability to hide from superior forces.
As more government seizures of ASICS increase
because of possible grid disruption that should become apparent to the most ardent of PoW supporters.
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July 05, 2019, 03:52:08 AM
 #23

It seems to me that everything that surrounds us goes to the detriment of the environment, starting with the plants and ending with even the clothes we wear.  I think you should not pay attention to the energy costs that are spent on bitcoin mining.  Otherwise, we need to go back to the stone age.

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July 05, 2019, 04:28:38 AM
 #24

The problem you have is with money. All reliable forms of money require significant energy expenditure. How about the mining and minting costs of gold, or the energy running the entire banking system from physical ATMs and bank branches to SWIFT infrastructure? At least industrial miners have economic incentives to seek out load balancing arrangements with power generators, where Bitcoin saves energy from being wasted.

POS is a nice ideal, but don't be surprised when people demand a more theoretically and practically secure method to secure their wealth.

PoW is the only one that continue to require an Exponential increase in energy with nothing to show for it.

If Bitcoin exponentially increases in price, it follows that electricity usage will increase similarly. Let's not view this in a vacuum, though. It should be viewed in the context of taking market share from other extremely energy intensive monies like gold and fiat. Again, the fundamental problem here is that reliably secure and usable money requires significant energy.

No matter the energy expenditure , 4 colluding pool operators could double spend on a whim.
Meaning the trust of 4 individuals is all bitcoin has protecting it.

The ability to 51% attack one time for a few hours doesn't imply trust. In fact, the possibility of 51% attacks has nothing to do with trust. The only thing the attackers can do is censor transactions for a short time.

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July 05, 2019, 07:32:52 AM
 #25

In the future Bitcoin could be a carrier for dozens of layers of projects dependent on it.
Even Microsoft very sensibly plans to use Bitcoin's ledger...

Consequently, electrical energy will be actually saved, not wasted.
That is possible even now, if there are companies that use Bitcoin to carry out billing.
One transaction consumes 40 kWh (for example).
But if a company will improve its operations with a faster settlement with the second company and save 400 kWh (because, for example, goods requiring cold storage will be sold faster), total economy is getting more efficient by 360 kWh.
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July 05, 2019, 10:17:26 AM
 #26

I heard Christmas lights waste more electricity than Bitcoin, and produces nothing useful and valuable. POS coin holders should petition to stop Christmas first, before Bitcoin. Hahaha.

I heard you never even mined one bitcoin block?
So technically , you produce nothing by your own standards. Smiley
Therefore what reason do you have to exist?

I imagine you could afford to run a Christmas light.

FYI:
Sad world you live in  ,that an energy wasting parasite called bitcoin is your deity.
Thinking it is going to solve your problems, is a delusion with harsh consequences.


Are we talking about me, or are we talking about the Bitcoin Network, a network that produces value to the world.

A ground-breaking, self-sovereign, decentralized, censorship-resistant cryptocurrency a parasite? Go back to eating your crayons, and go try harder. Cool

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July 05, 2019, 10:03:29 PM
Merited by hatshepsut93 (1)
 #27

PoW is the only one that continue to require an Exponential increase in energy with nothing to show for it.

Seems to have more to show for it than any coin you're shilling for.    Cheesy

You and your various alt accounts have been banging on about PoS for a while now, all whilst taking weak pot-shots at Bitcoin every chance you get.  What have you got to show for your efforts?  All I can see is an exponential increase in desperation from you in your trolling attempts.   Cheesy

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July 06, 2019, 05:38:14 AM
 #28

PoW is the only one that continue to require an Exponential increase in energy with nothing to show for it.

Seems to have more to show for it than any coin you're shilling for.    Cheesy

You and your various alt accounts have been banging on about PoS for a while now, all whilst taking weak pot-shots at Bitcoin every chance you get.  What have you got to show for your efforts?  All I can see is an exponential increase in desperation from you in your trolling attempts.   Cheesy


That's why, for the newbies' sake, it's our responsibility to troll those trolls. Hahaha.

But if the newbies decide to listen to those fudsters, then they will learn. The hard way. Cool

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July 06, 2019, 07:47:37 PM
Last edit: July 07, 2019, 10:49:10 AM by subSTRATA
 #29

The problem you have is with money. All reliable forms of money require significant energy expenditure. How about the mining and minting costs of gold, or the energy running the entire banking system from physical ATMs and bank branches to SWIFT infrastructure? At least industrial miners have economic incentives to seek out load balancing arrangements with power generators, where Bitcoin saves energy from being wasted.

POS is a nice ideal, but don't be surprised when people demand a more theoretically and practically secure method to secure their wealth.
It never actually occurred to me to think of currency as an expenditure of energy this way, thanks for that take.

The ability to 51% attack one time for a few hours doesn't imply trust. In fact, the possibility of 51% attacks has nothing to do with trust. The only thing the attackers can do is censor transactions for a short time.
partially correct; given the hypothetical situation where the attackers would be able to sustain the 51% attack for say, a few hours, they would not only be able to keep transactions from being confirmed as you said, they would also be able to reverse transactions made during the time they were in control of the network, enabling them double - spend coins. I personally think the opportunity to double - spend coins is the more likely of incentives for an entity to attempt a 51% attack, given how much energy and money would be required. then again, if they did it just to halt bitcoin transactions, man they must really hate bitcoin.

theres nothing here. message me if you want to put something here.
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July 07, 2019, 09:01:53 AM
 #30

PoW is the only one that continue to require an Exponential increase in energy with nothing to show for it.

Seems to have more to show for it than any coin you're shilling for.    Cheesy


Iran seizes 1,000 Bitcoin mining machines after power spike

https://bitcointalk.org/index.php?topic=5160116.0


Call me when they can find the altcoin stakers to actually seize them.
And keep thinking drawing megawatts and higher , won't be a problem.   Cheesy


That's actually bullish news for the demand for Bitcoin.

Plus call me when there's a POS coin that's actually going to be as highly demanded as Bitcoin. Because there's none, and there's not going to be.

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...Next Generation Crypto Casino...
squatter
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July 07, 2019, 10:31:17 AM
 #31

The ability to 51% attack one time for a few hours doesn't imply trust. In fact, the possibility of 51% attacks has nothing to do with trust. The only thing the attackers can do is censor transactions for a short time.
partially correct; given the hypothetical situation where the attackers would be able to sustain the 51% attack for say, a few hours, they would not only be able to keep transactions from being confirmed as you said, they would also be able to reverse transactions made during the time they were in control of the network, enabling them double - spend coins.

Yes, I'd consider rollbacks under the umbrella of transaction censorship. You're correct that a double spend attack is possible. Since the attack would be so short-lived, though, I wonder if the rollback would survive.

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July 07, 2019, 11:12:31 AM
 #32

The ability to 51% attack one time for a few hours doesn't imply trust. In fact, the possibility of 51% attacks has nothing to do with trust. The only thing the attackers can do is censor transactions for a short time.
partially correct; given the hypothetical situation where the attackers would be able to sustain the 51% attack for say, a few hours, they would not only be able to keep transactions from being confirmed as you said, they would also be able to reverse transactions made during the time they were in control of the network, enabling them double - spend coins.

Yes, I'd consider rollbacks under the umbrella of transaction censorship. You're correct that a double spend attack is possible. Since the attack would be so short-lived, though, I wonder if the rollback would survive.
that's fair, didn't know the full extent of what fell under your definition of 'transaction censorship.' that aside, in the scenario of an actual 51% attack, it is definitely possible for the double spend to survive beyond the duration of the 51% attack. While the main bitcoin network has never been victim to a 51% attack, some smaller PoW blockchains have; it all comes down to weather or not the attack can mine more blocks and create a longer 'version' of the blockchain which includes their double spends (they would be mining on their own fork for a bit since it does differ from the main blockchain). if the attacker manages to mine a longer blockchain and broadcasts it to the network, the bitcoin protocol will deem the flawed chain as the 'real' chain, and the network will swap over, effectively rendering the 49% chain useless. again, incredibly unlikely to happen on the bitcoin network anytime soon.

there are examples of it having been accomplished on altcoin blockchains in the past, namely bitcoin gold. a few more examples are included in this article: https://cryptoslate.com/prolific-51-attacks-crypto-verge-ethereum-classic-bitcoin-gold-feathercoin-vertcoin/

theres nothing here. message me if you want to put something here.
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July 07, 2019, 11:28:48 AM
 #33

A trade happens only if the seller wants it to happen.The states can try to buy hashpower and coins,but the sellers/miners have the freedom to refuse to sell it.Yes,they could get monetary profit from such deal,but eventually they will lose their business,because of the government control over the hashpower and the majority of coins,which will make a government a monopoly.

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July 07, 2019, 12:40:03 PM
 #34


The problem you have is with money. All reliable forms of money require significant energy expenditure. How about the mining and minting costs of gold, or the energy running the entire banking system from physical ATMs and bank branches to SWIFT infrastructure? At least industrial miners have economic incentives to seek out load balancing arrangements with power generators, where Bitcoin saves energy from being wasted.

POS is a nice ideal, but don't be surprised when people demand a more theoretically and practically secure method to secure their wealth.

This is precisely the problem. This world was created in a way where we need multiple things for our survival, right? Then to be comfortable and then comes luxury. In order for society to be more comfortable they created the trading system, which means that you don't necessarily have to plant tomatoes in your backyard to have tomatoes but exchange something for it.

Money in any form or denomination just simplified that trading system, replacing it in such an effective way that if you try to trade a good for another good you would be frowned upon normally when that was the norm long years ago.

We need resources to build things and unless we inherited a company who happens to manufacture/produce those resources you will have to get them from someone else and give that someone else, something in exchange. That is the problem, how to build something meaningful with few resources.

This is in fact a huge window of opportunity to come up with a innovation that is really needed inside Bitcoin. Who knows, it might be the starting point for innovations like that for other industries.
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August 30, 2019, 07:50:02 AM
 #35

A trade happens only if the seller wants it to happen.The states can try to buy hashpower and coins,but the sellers/miners have the freedom to refuse to sell it.Yes,they could get monetary profit from such deal,but eventually they will lose their business,because of the government control over the hashpower and the majority of coins,which will make a government a monopoly.
Otherwise yes, you have the freedom to refuse it, but how do you do it, if the government is well pseudoanonymized? That's the core of problem.
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