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reRaise
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June 27, 2014, 09:33:36 AM |
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PoS is a broken model
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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instacalm
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June 27, 2014, 09:37:17 AM
Last edit: June 27, 2014, 10:00:57 AM by instacash |
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PoS is a broken model
Unfortunately Bitcoin's PoW comes closer to a "broken model" right now given its centralised mining network. |
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Aricoin_Mike
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June 27, 2014, 09:41:09 AM |
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PoS is a broken model
Thank you for your competent opinion. Unfortunately Bitcoin's PoW comes closer to a "broken model" right now given its centralised mining network. I am not worried about that. I also think PoW coins are great! There is no need to have pos coins. |
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devphp
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June 27, 2014, 09:44:32 AM |
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But there is one problem with pure PoS coins:
Rich get richer JUST by sitting on their stake.
which (in my opinion) inevitably leads to centralisation of stake (just getting all fees until you get all the currency).
It will take definitely much longer time than centralisation of mining power did, but it probably will happen some time.
And wide adoption of such currency is only speeding the process (more transactions → more fees)
Am I wrong?
That is the only thing that i dont like about NXT and
that is where NEM with their Proof of Importance algorithm can succeed.
As we know there are two components that add to the inflation: increasing monetary base + increasing velocity of money. Introducing a little inflation in the system helps prevent the issue you just described - people have to transact, not just sit on their stakes, causing deflation in the system. NXT and NEM fight deflation in different ways. NXT will have a Monetary System feature in the coming months that allows to run other currencies backed by NXTs. NXT also allows to trade asset units on the asset exchange, the asset units can be used to settle debts when both parties agree to that. In practise this means there is more currency units available, because asset units and currencies running on top of NXT can appreciate faster than NXTs appreciate vs fiat. This makes large stakeholders buy some of those assets, thus spreading their large stakes among other members of the NXT economy. NEM has a different approach. It tries to increase velocity of money by making people transact more often and with more important NEMsters to be able to harvest block fees. This approach has yet to prove itself. The NEM economy will have to grow very fast to give people options to spend their NEMs. Otherwise where would all those transactions come from? |
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instacalm
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June 27, 2014, 09:46:38 AM
Last edit: June 27, 2014, 10:01:03 AM by instacash |
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centralised mining network.
I am not worried about that. You should worry about that. |
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Amph
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June 27, 2014, 10:04:02 AM |
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PoW is backed by energy. There is no better backing than energy because everyone needs it, wants it and i will never have any problem selling it. What energy you are talking about? evident that the electricity  the same is for pos then you need your cpu usage for running a pos coin, yeah is very little compared to regular mining, but it is always mining, just energy efficient.... |
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devphp
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June 27, 2014, 10:08:00 AM |
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the same is for pos then you need your cpu usage for running a pos coin, yeah is very little compared to regular mining, but it is always mining, just energy efficient....
As PoW coin energy requirements go up exponentially, energy requirements of public PoS nodes stay about the same, and are going from 1% of a PoW coin network's requirements to 0.1%, then to 0.01%, etc. For non-public nodes, you use your computer anyway, running a browser to forge doesn't take any additional energy. |
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j5crypto
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June 27, 2014, 10:13:10 AM |
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The problem is not POS. The problem is coin creators that just want to create a coin and have it be valuable. The creation of the coin is just the bowl. You need a plan and good ideal(and many other things) that the market wants to put inside that bowl if you want it to have value. The framework technology is just the wrapping. The innovation of that framework technology is the meat and potatoes that people want. So stop creating clone coins and start thinking of ways to fix problem walls that slow and stop innovation. Altcoins are 99% about innovation. The market will only tolerate clones for so long before forcing hard work to achieve something new and better than before. It's a beautiful thing.  |
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Aricoin_Mike
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June 27, 2014, 10:13:45 AM |
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centralised mining network.
I am not worried about that. You should worry about that. I think there is to many people mining. So I hope they will see what is good for them! |
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ShroomsKit_Disgrace
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Yeah! I hate ShroomsKit!
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June 27, 2014, 10:28:12 AM |
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The real deal of this thread is:
1) How can a Hero member be so ignorant about crypto technology?
2) Is possible that, actually he is not so ignorant, and just want to spread FUD about POS?
3) Is he so utterly butthurt that needs to create this kind of trash threads full of lies?
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timmyd
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June 27, 2014, 10:40:43 AM |
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Btc and pow coins 51% achievable proven fact been there it happened. end of pow it is faulty because of centralisation .enuf sed. it was a nice ride. but pow needs to die quietly now.
i would ask that if the energy used by mining gives it value then what happens when these mining comanies create more and more efficient miners that use hardly any power. if pow gains value from energy burnt then ehy are comapnies trying to use less power and not more. pow game over.....
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devphp
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June 27, 2014, 10:42:17 AM |
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pow game over.....
not yet, another 1-2 years. |
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timmyd
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June 27, 2014, 10:43:27 AM |
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pow game over.....
not yet, another 1-2 years. Yes lol and how fast technology moves its about 5 minutes |
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liondani
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Inch by Inch,Play by Play
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June 27, 2014, 12:07:22 PM |
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The real deal of this thread is:
1) How can a Hero member be so ignorant about crypto technology?
2) Is possible that, actually he is not so ignorant, and just want to spread FUD about POS?
3) Is he so utterly butthurt that needs to create this kind of trash threads full of lies?
He must have his basement full of mining rigs I can not explain it else  |
Inch by Inch, Play by Play
Bitrated user: liondani.
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manfred (OP)
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Energy is Wealth
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June 27, 2014, 12:15:11 PM |
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The real deal of this thread is:
1) How can a Hero member be so ignorant about crypto technology?
2) Is possible that, actually he is not so ignorant, and just want to spread FUD about POS?
3) Is he so utterly butthurt that needs to create this kind of trash threads full of lies?
He must have his basement full of mining rigs I can not explain it else Lol, the only thing i ever mined for about 2 weeks where some Ripples, not because i wanted to support the scam but i wanted to provide some computing power for cancer research. |
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PL_CoinTrader
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June 27, 2014, 12:29:44 PM |
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Of course PoS is dead! Look at all these PoS coins and its communities, obviously dead. Devs are dead, too! There is no innovation since Bitcoin. Hail Bitcoin! (It's just sad that members of a really new movement which could change the world just fighting each other by spreading FUD. Of course it's always about the money, I really miss the ideology.) |
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patmast3r
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June 27, 2014, 12:35:30 PM |
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Is this a serious discussion or trolling ? Just in case I'll provide my thoughts. In PoS the rich get richer. That's true and there's no denying that. However in PoW the rich get richer too. The more money you have the more you can put into mining and the more you will earn. Also in a world where we have to minimize CO2 output as much as possible how can we justify wasting all this engery if we don't have to ? http://www.coindesk.com/microscope-economic-environmental-costs-bitcoin-mining/ You're actually using the 51% attack as an argument against PoS when bitcoiners have to depend on the mercy of pools ? PoS is not a perfect solution and is being improved right now with multiple approaches like POSV and POI but it sure as hell is better than PoW. |
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liondani
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June 27, 2014, 12:48:12 PM |
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Lol, the only thing i ever mined for about 2 weeks where some Ripples, not because i wanted to support the scam but i wanted to provide some computing power for cancer research.
What is your opinion about bitshares? Actualy it is not based on pure POS technology... A big percentage of profits will go to charitys. I personaly know one of the most active community members there that will gave 100% of his profits !!! To good to be true but it is real !!! I can give more details to proove it if someone is really interested. |
Inch by Inch, Play by Play
Bitrated user: liondani.
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toknormal
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June 27, 2014, 01:23:40 PM |
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What a lot of complete garbage by OP. Clueless post.
POS is a generation of evolution over POW. It almost perfectly supports the concept of money as a tokenised form of wealth. POW does not.
And don't give me cr*p about 51% buyouts and nonsense either.
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troglodactyl
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June 27, 2014, 01:28:21 PM |
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In POW the rich (who buy mining hardware) burn power and get richer without significantly benefiting anyone else.
In POS, the rich who save get richer passively, and the poor who save get richer passively at the same rate. Getting rich through doing something productive for people is a whole lot faster in either case than getting rich through monetary deflation.
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