Bitcoin can go to proof of stake after they see how ethereum goes

[meanwords]

More like people would start forking Bitcoin into POS and calling it Bitcoin stakes or something like that (I might have given someone an idea). Bitcoin will always be Bitcoin, there will no changes to it whatsoever because it would change the technical aspects of it. I don't have a deeper knowledge of Bitcoin but it would change the way Bitcoin is used and in a bad way.

That news is just another fiasco made to advertise.

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[fabiorem]

PoS networks are a cooperative design, there is no winner take all, it takes many to keep a network running,
monthly operational costs are equivalent to the average cable bill for single users.

I dont want to sell my bitcoins for fiat. Would you recommend exchanging it for ethereum?

[fabiorem]

I don't believe movements from retail investors will drive the price lower. At most, they will keep the price sideways.
Small investors dont have enough money to move the market, even collectively.

I have to remind you that 1% of bitcoin users controls 99% of bitcoin's supply, both inside and outside the exchanges. And we dont know who these users are, if they are compromised with the fiat system and, in case it is so, to what extent. I can say the "hodlers cult" is somewhat involved with derivatives speculation, since they defended it fiercely when I attacked it.

I have enough fiat for some years. I'm worried, though, with the rise of the medical totalitarian global state. This will cause a melting of the fiat currencies, maybe in a unprecedented level in history. Some global centralized cryptocurrency might be launched to replace all fiat currencies, and also dethrone bitcoin from the first position in the market.

The altcoins, though, might be used as a hedge against both bitcoin and fiat currencies meltdowns, thus keeping their positions in the market. It is a theory I have been considering recently, and that is why I'm looking to place some positions in ethereum, monero and others.

[pooya87]

it is funny how some people still think the community cares about what ethereum does. the only thing that people care about involving ethereum is its pump and dumps and the profit they may or may not make from that process.
not to mention that the only reason why they are going towards PoS is that they are trying to save their failing project. they know well enough that the chain can not survive long term and it will start losing price and consequently the miners. in PoW that means death of that coin. so they are acting faster to mitigate that.
additionally PoS rewards whomever has large amounts of that coin or "stakes", and since the centralized power has the most amount of ETH they obviously want this profit making for absolutely no work.

[Wind_FURY]

POW is backed by power.

Which is useless if you consider how much bitcoin have been contaminated with paper speculation, where contracts are sold with 100x leverage and can crash its price to zero at any moment.

Your argument would be valid if bitcoin was only sold and bought in its pure form.

Your argument doesn't make a valid debate to what phillipma1957 was saying. He was talking about Bitcoin's incentive-structure, and how Bitcoin is energy-backed. Why would miners sell below its real price based on costs? That would bankrupt them out of business.

You the actual cryptocurrencies that are trading with paper value? POS coins. Made from thin air, and valued based on promises.

[DooMAD]

not to mention that the only reason why they are going towards PoS is that they are trying to save their failing project. they know well enough that the chain can not survive long term and it will start losing price and consequently the miners. in PoW that means death of that coin. so they are acting faster to mitigate that.

Indeed.  It's perverse that people are attempting to cite Ethereum as an example that could be followed, rather than an example of what to avoid at all costs.  ETH painted itself into a corner and is looking for a way out.  Switching algo is a subsequent act of desperation on their part. 

Or to put it another way, if someone stranded in the desert is forced to drink their own piss in order to stay alive, that doesn't mean drinking your own piss is an advisable course of action under normal circumstances.   

[hatshepsut93]

Time to cut their losses and fold now, I say.  It's just getting embarrassing now.

I doubt they are operating at a loss, the fact that there's so many of them and the new ones keep appearing means that this business is quite profitable. I can totally see them making good profits with ads and paid shilling for shitcoins, exchanges and other companies. Majority of people in crypto don't see any problem with them, they trust that the content they get is actually good, because so few people understand even the basics of cryptocurrencies, most come here for trading.

[Charles-Tim]

It would be better if they thought about how to make transactions instant.

Transaction can never be instantly, at least, it will take 10 minutes for a transaction if good transaction fees is used for the transaction.


For the POW, you have to stake a coin before making, that is rubbish because POW does not require coin stalking. The only thing you can talk about is to reduce the fee and if you are not comfortable with it, make use of lightning network for transactions which we can proof to be POS because you will have bitcoin before making lightning network transactions, and it is at a lowest feels with fastest transaction that can take less than a minute at times.

[thecodebear]

I don't see anything wrong with Proof of Stake, and I'm interested to see how it goes with Ethereum.

But no way in hell will Bitcoin ever go to proof of stake. That would require a massive hard fork and we all know the bitcoin devs are extremely reluctant to do a single hard fork, otherwise we would have gotten a needed block size increase long ago. And if (and hopefully when) sometime in the future a hard fork update does occur, there will be plenty of other updates much more important and needed for Bitcoin than just randomly deciding to switch it from PoW to PoS.

It really doesn't make any sense to want to switch Bitcoin to PoS. PoW works, most of the energy used is cheap green energy, there's already massive economic cost sunk into the PoW system, it's already the most secure network in history. It makes sense for there to be one ultra secure PoW system running on the planet, and that of course is Bitcoin.

[Wind_FURY]

Clearly, everyone in the topic who says that "nothing is wrong with Proof of Stake", obviously hasn't thought hard about the faulty incentive-structure in POS. The staker doesn't lose anything from behaving dishonestly/badly.