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Question: Annual 10% bitcoin dividends can be ours if  Proof-of-Stake full nodes outnumber existing Proof-of-Work full nodes by three-to-one. What is your choice?
I do not care or do not know enough
I would download and run the existing Proof-of-Work program to fight the change.
I would download and run a new Proof-of-Stake program to favor the change.

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Author Topic: Annual 10% bitcoin dividends if mining were Proof-of-Stake  (Read 16086 times)
Brangdon
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May 01, 2014, 07:47:31 PM
 #381

It's trival to create a PoW system with that creates coins according to whatever schedule you want. 

the 'schedule' is based on number blocks, not a timestamp though , right?
If you like. It is in Bitcoin.

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SlipperySlope
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May 01, 2014, 09:15:13 PM
 #382

It's trival to create a PoW system with that creates coins according to whatever schedule you want.  

the 'schedule' is based on number blocks, not a timestamp though , right?
If you like. It is in Bitcoin.

From the Wiki. Although based upon the number of blocks, it is effectively a calendar schedule too, because the system attempts to average 10 minutes per block.

Quote
Block creation fee
The block creation fee changes at every 210000 blocks. The block creation fee is a function of block height on the chain (genesis=0), and is calculated using 64 bit integer operations (in satoshis) as:

(50 * 100000000) >> (height / 210000)

The block creation fee started with 50 BTC, has fallen to 25 BTC at block 210000, will fall to 12.5 BTC at block 420000, and finally down to 0 satoshi with block 6930000. The block creation fee of all coinbase transactions will sum up to 2099999997690000 satoshis, practically 21million BTC.

quyenpann198
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July 09, 2018, 04:06:33 PM
 #383

No I think block awards should still only go to miners with hashing power but perhaps there can be confirmation checks built in somehow.  Maybe that isn't POS but something else.
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July 09, 2018, 04:32:57 PM
 #384

That's centralized databank that individuals have to trust in order for it to operate

Mt Gox was a centralized bank that people had to trust in order for it to operate.

That model sux, it shouldn't inspire confidence in any one that is paying attention or is not blinded by their own vested interests. 
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July 11, 2018, 09:24:45 AM
 #385

I think we should make a positive contribution to the bitcoin to diminish the negative. I think it is very difficult but not impossible
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July 18, 2018, 07:51:51 AM
 #386

yeah but that incentive has been warped by the need for specialized equipment and the work is essentially useless and a waste of resources.
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September 06, 2018, 03:19:24 PM
 #387

Pos is a great idea. It's rewarding for every full button to stay right? You do not need 51% hash strength, maybe 51% of full nodes
Changadithethor
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September 07, 2018, 02:05:33 AM
 #388

In the current system people are not rewarded for running full nodes while running full nodes is indeed very important to the distributed nature of Bitcoin. I'm not interested at all in reducing wastefulness. There are millions of things in the world I consider highly wasteful and the energy spend to secure the most important social network the world has ever seen is not amoung them.
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September 09, 2018, 03:10:03 AM
 #389

If you want to create a new protocol you should learn the basics, otherwise nobody will take you seriously. and besides there several major issues with PoS. if you solve those, just start an altcoin and get rich. end of story.
Syarief28
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September 17, 2018, 04:21:14 PM
 #390

I think if you have to save a Bitcoin wallet open and I will have the opportunity to collect more
dbijoy
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September 17, 2018, 04:53:44 PM
 #391

Bitcoin 10% mining were proof of stake is a Good idea for the crypto world. It is a concept to mine or validates the transactions of the block, according to how many coins a person holds. It means the more the cryptocurrency owned by miner the more mining power he/ she has. In the proof of stake system, there is no block reward, so the miners take transaction fees. Proof of stake currencies can be several thousand times more costs effective as compared to the Proof of work currencies. Peercoin was the first ever cryptocurrency to adopt this method Proof of Stake and then Next, Blockchain, Shadowcoin soon followed Peercoin for Proof of Stake.In the Proof of Work (POW) system, mining requires a huge amount of computation power to run diverse cryptographic, this power then translates to high amount of electricity and power needed for proof of work and in 2015, one bitcoin transaction required the amount of electricity needed to power up 1.57 American households per day. To kick out that electricity bill, miners sell their awarded coins for fiat money. This thing downs the price of cryptocurrency. This is why Proof of stake was created to solve issues. These days there are hundreds of cryptocurrencies using Proof of stake system. Here are some of the top ten cryptocurrencies.
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September 17, 2018, 08:58:45 PM
 #392

Well, with ETH looking to move to POS after its Caspar upgrade, we can be pretty sure that it's going to become the new norm for most cryptocurrencies. I wonder if Bitcoin will actually follow suit, I imagine it will cause a lot of arguments along the way, and possibly lead to a split fork POW/POS. I can't say I'm a fan of mining, so I'd rather go the POS route even if it does slightly increase centralization.

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sajjad100
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September 22, 2018, 07:45:06 PM
 #393

I have simply exaggerated nice things from digital kinds of cash (they have improved my life), in any case, I'm baffled at the people WHO square measure certain money, and simply money. They hurt themselves and to boot digital kinds of cash future. I tragic that regardless I am unable to utilize bitcoin to shop for the items I would like because it is not utilized as associate installment cash/strategy.

I'm pitiful that there square measure vast cash connected institutions that require (and place forth a fearless effort) to wipe the crypto world out, and as against cooperating as a crypto-network to flourish, we have a tendency to square measure battling, contending, and dishonorable each other. wherever I live, the administration determinedly fixes and devastates our money-related lives. I used to be lucky to own discovered salvation in cryptanalytic kinds of cash once others battled.

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September 22, 2018, 08:04:34 PM
 #394

I am shocked at the number of people that would go for a POS model.

Not saying POS is not the way to go but I would not have thought such a large % would have gone for it.

The fact ETH is moving over to it and some new advancements in POS design to help against certain attack vectors could mean interesting times ahead

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October 06, 2018, 03:48:44 AM
 #395

Bitcoin never made a big change to be made to it due to the risk of something bad happening. I think the block prizes should still only go to miners with hash strength but perhaps can be verified validated built somehow. It's a focused databank that individuals have to trust so it works. It's a sux model, it should not inspire confidence in any one that is paying attention or not being blinded by their own interests. I think it is very difficult but not impossible.
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