Why I Can't Stand POS for Bitcoin

[Hamza2424]

Hey folks, (OP) Damnn Legend is gonna give a speech on Pos and Pow haha, Listen carefully if you don't, Bitcoin will fall down and there will be no alternative for that, you'll be responsible for that again being trapped in the old stinky financial system. I think that's enough for today, rest of the rest of the case will proceed in the upcoming Halving.

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[stompix]

And here's another thing: POW can be optimized! We can find ways to get rid of those pesky ASICs and make the mining process more inclusive and fair. We have the power to make it better, folks.

POW can't be optimized, it's machines that run on the chosen algorithm that can be optimized.

And no, getting rid of ASICs will be impossible, it's not some magical algorithms that prevent s ASICs from being built for that, it's the money involved. For example, Monero is not preventing ASICs to be developed by some magical code, it's the daily reward, which is a puny $70,103 compared to $31,356,478 for Bitcoin, who would develop ASICs and design chips for something that is 0.2% of Bitcoin?
Have monero go up by x1000 and the reward reach 70 million a day and ASICs for Randomx will grow like mushrooms.

The very, very first version of BTC was the most fair. Back then, when 1 CPU = 1 vote, things were more equal.

That never happened and besides, even Satoshi broke that rule since he didn't have just one CPU!

[DooMAD]

Pretty sure there are only two types of people who advocate switching Bitcoin to PoS. 

1) fans of shitcoins that use PoS because they think it would somehow add more legitimacy to their shitcoin
2) people who don't understand science and like to imagine there are environmental concerns (but, compared to fiat, Bitcoin is actually more environmentally friendly)

It's really not a concern.  These people have little-to-no influence.

We can find ways to get rid of those pesky ASICs and make the mining process more inclusive and fair. We have the power to make it better, folks.

Disagree.  Prior to ASICs, there were significant issues with Botnets.  If someone writes malicious code and takes over a whole bunch of PCs or other devices, they could easily gain an unfair advantage.  Making the security weaker does not necessarily make it more "fair".

[ZAINmalik75]

I stand with you because I also think the same that Proof of Work is the only thing in BTc which had kept it going for so long and no other token has the potential to overtake it. I know there are other factors too but this is still in the top 5. One of the reasons that, if BTC become POS, then people could deploy there projects on it just like they can do on Ethereum Blockchain because it is POS.

I am talking about DeFi project based on Blockchain based on POS. Which has hurt the reputation of cryptocurrency and provided many chances to authorities to take actions against it. Which has decreased the adoption of crypto as investors do not wanted to lose their funds.

One thing has put me in doubt that a time will come where BTC might shift to POS. That time will be 2140. Because then then mining will be close as BTC will be mined completely and miners will lose their jobs. Maybe I might be wrong but POS is the only option that came to my mind. There would come many other options too like co-existence of both mechanism as technology is still revolutionizing.

[DooMAD]

One thing has put me in doubt that a time will come where BTC might shift to POS. That time will be 2140. Because then then mining will be close as BTC will be mined completely and miners will lose their jobs. Maybe I might be wrong but POS is the only option that came to my mind.

Miners will be fine if there's enough revenue in tx fees to continue supporting their operations.  There are already blocks mined nowadays where the miners got more from fees than from the block reward itself.  You don't need to worry about that.

[DeathAngel]

Bitcoin will never be proof of stake, there will be many who will try in the future to change the code or convince others to but this is why bitcoin works so well & why so many in power hate it, they can not control it. Those in power, the elites now have some awareness of bitcoin & what it is. They can not control it & they hate that, they can regulate bitcoin but not control it.

[goldkingcoiner]

Hey folks,

I just have to get this off my chest: I absolutely hate Proof of Stake (POS) for Bitcoin. It's like the killer of projects and takes us back to the days of centralized control. No thanks!

Let me break it down for you. POS puts power and decision-making in the hands of a few who lock up their funds. That's just not cool. Bitcoin is all about decentralization and giving everyone a chance to participate. That's why Proof of Work (POW) rocks!

POS brings its own set of issues, like the "double-signing problem" and the "Nothing at stake problem." It messes with the system's objectivity and reliability. With POW, we've got a solid foundation. The computational work required to mine new blocks ensures the validity of the ledger and keeps things trustworthy.

And here's another thing: POW can be optimized! We can find ways to get rid of those pesky ASICs and make the mining process more inclusive and fair. We have the power to make it better, folks.

So, let's stick with POW for Bitcoin, okay? POS just doesn't cut it for me. It brings centralization, vulnerabilities, and limitations. POW is where it's at – promoting decentralization, reliability, and room for improvement.

Feel free to share your thoughts and prove me wrong if you dare. Let's keep the discussion going, but I'll be over here rooting for POW!


Cheers!

POS might be the end of Bitcoin, therefore I am totally against it! We know what happened to Ethereum the moment it became POS, do we not? Around 46% of Ethereum nodes were run by two addresses. If that is not instant centralization then I do now know what is. This is also why I consider POS too risky for Bitcoin. Bitcoin needs to keep on its POW path. Bitcoin is being constantly upgraded and updated and is becoming better and better day by day.

And anyone complaining about POW being bad for the environment does not understand the problem is a energy generation problem, not a energy usage problem.

A truly decentralized blockchain cannot be based on a system that has a "nothing at stake" problem. In fact, having no mining costs only means its not worth anything intrinsically, and only has speculative value.

[Z-tight]

One thing has put me in doubt that a time will come where BTC might shift to POS. That time will be 2140. Because then then mining will be close as BTC will be mined completely and miners will lose their jobs. Maybe I might be wrong but POS is the only option that came to my mind. There would come many other options too like co-existence of both mechanism as technology is still revolutionizing.

You don't understand what will happen when all BTC's are mined, when that time comes mining wouldn't stop because transactions have to confirmed and added into blocks, but what will happen is that miners will then receive their incentives from only transaction fees, and from all indication, tx fees then will be higher than what it regularly is now, so that would be enough to encourage miners to keep on mining BTC.

[stompix]

POS might be the end of Bitcoin, therefore I am totally against it! We know what happened to Ethereum the moment it became POS, do we not?

Why, has ETH died?

I have some really bad news for you if by god forbid what miracle of hell Bitcoin will go POS, it won't mean the end of it.
Simple because the number of people that really care about decentralization is a tiny drop in the ocean compared to the ones that are only after the value and the swings in trading, hard to swallow pill but it's reality.

https://triple-a.io/crypto-ownership-united-states-2022/
There are supposedly 46 million people holding crypto and 76% of it, that's 33.4 million, holding Bitcoin.
And yet you only have 40,121,270 addresses with more than 1$ worth of BTC on it.

So, we either agree that the number of addresses and thus at most users has barely doubled in 6 years from 20957930 to 47812082 or we agree that most of the growth is in users holding their funds in CEX, so, do you think those people would care about PoW or Pos or do they even know what those mean?

I keep bumping on this forum into one or two-year-old users who think that if miners add more gear the number of confirmed transactions will grow or even double, do you expect a total newbie who is only investing to get some x10 x100 overnight to care about pos or pow? No! That's reality! And that as much as I hate ETH I know this won't affect it even one tiny bit!

and from all indication, tx fees then will be higher than what it regularly is now, so that would be enough to encourage miners to keep on mining BTC.

Care to name one of those indicators?

[goldkingcoiner]

POS might be the end of Bitcoin, therefore I am totally against it! We know what happened to Ethereum the moment it became POS, do we not?

Why, has ETH died?

I have some really bad news for you if by god forbid what miracle of hell Bitcoin will go POS, it won't mean the end of it.

It has for many people. Especially those people who see no point in a cryptocurrency which is no longer decentralized or in the danger of the possibility of becoming centralized in the near future. With POW this possibility would not have existed for ETH. But it certainly does exist now. And honestly, I think its just a question of time until that centralization manifests itself in one form or another.

If that happened to Bitcoin, I would rather sell my bags and go back to the fiat system than hope a POS Bitcoin would not eventually become a CBDC, except in the hands of the rich and not the government (Although honestly, I see little difference).