Why do people believe that Proof of Work is good for distribution?

[mczarnek]

MAYBE if we didn't have ASIC's or GPU's, I could buy this.  But when you have Satoshi owning almost 9% of all Bitcoin (assuming that is his only wallet..  seems to me like he must own another one he's cashing out from) or this guy who is currently mining over $4 million of BTC per month ( http://www.coindesk.com/inside-north-americas-8m-bitcoin-mining-operation/ ), how does this provide 'fair' distribution? By which I assume that people are saying that even distribution = fair distribution.

Personally, I think that a IPO is the way to go, like Nxt did.. only thing I would've done different was require a government id for every IPO participant. After all, wouldn't surprise me if a couple of people double IPOed.

I also don't have a problem with this distribution for Bitcoin.. some people got in earlier and being 'fair' seems like an impossible fantasy to me but people are arguing that the reason Proof of Work is a major plus is the distribution and I'm just asking.. why do you feel that is the case?

[digitalindustry]

wow you guys are really working hard i'll give you that ...

that aside, your comments are actually relevant, but that doesn't mean we give up.

PoW is the best system invented so far.

Random Proof of Work distribution can vary, and its in this variance that improvements can obviously be made.

I don't think Proof of Scam (Po$) has a big future, having said that, i'm sure some people are moving their life saving into stocks as well.. so..?? you never know.

[instacalm]

Some people's fundamental premise is that "PoW is the best system invented so far" which of course is not an argument or explanation.

Honestly I don't know why some are worshipping PoW. There's nothing which makes it particularly "better distributed" or "fair" compared to more advanced models.

[ChuckOne]

Why do I have the feeling that I read this question somewhere before?

Anyway, I do not know the answer.

[LeChatNoir]

Why do people believe that Proof of Work is good for distribution?

Very good question.
Short answer: because they don't understand economics.

Is fair distribution really important?

Facebook stake was 100% premined and owned by the founder. Userbase has grown bigger and bigger creating value with their contents, then a lot of investors were more then happy to jump in the IPO enriching the greedy Zuckerberg.

Distribution is not really important, what really matters for an investor who considers switching $$$ for cryptocurrencies is network security, liquidity and volatility.

[digitalindustry]

Why do people believe that Proof of Work is good for distribution?

Very good question.
Short answer: because they don't understand economics.

Is fair distribution really important?

Facebook stake was 100% premined and owned by the founder. Userbase has grown bigger and bigger creating value with their contents, then a lot of investors were more then happy to jump in the IPO enriching the greedy Zuckerberg.

Distribution is not really important, what really matters for an investor who considers switching $$$ for cryptocurrencies is network security, liquidity and volatility.

just quoting that - for a book one day in the future.

[Katarina]

Because proof of work is the best for distribution, unless you want human proof of work (good coin).

[Voluntold]

PoW isn't good or bad for distribution, same as 100% PoS/IPOs.  Distribution doesn't even matter.  "Good for distribution" and "Fair distribution" are just phrases people use to try to fool themselves and/or other people into believing that they give a shit about anything other than their own self interests.  It's a good indicator to show me exactly where a persons emotional maturity (and critical thinking ability) is at.

[digitalindustry]

Because proof of work is the best for distribution, unless you want human proof of work (good coin).

we've got human "proof of work" its called :

Proof of Debt. (PoD)

you sign the contract for the loan and that creates new money though "credit creation" so its a Proof of Debt system, and your signature creates the debt, and your work energy goes to repay it + plus its parasite "interest"  - which is like PoS in reverse.

[digitalindustry]

PoW isn't good or bad for distribution, same as 100% PoS/IPOs.  Distribution doesn't even matter.  "Good for distribution" and "Fair distribution" are just phrases people use to try to fool themselves and/or other people into believing that they give a shit about anything other than their own self interests.  It's a good indicator to show me exactly where a persons emotional maturity (and critical thinking ability) is at.

you Sir are either:

1.\retarded
2. a sock puppet.

you choose.

[Voluntold]

PoW isn't good or bad for distribution, same as 100% PoS/IPOs.  Distribution doesn't even matter.  "Good for distribution" and "Fair distribution" are just phrases people use to try to fool themselves and/or other people into believing that they give a shit about anything other than their own self interests.  It's a good indicator to show me exactly where a persons emotional maturity (and critical thinking ability) is at.

you Sir are either:

1.\retarded
2. a sock puppet.

you choose.

Don't project...

[ChuckOne]

Guys, this is a serious question. Go to the kindergarten if you want to talk this way.

[Voluntold]

Guys, this is a serious question. Go to the kindergarten if you want to talk this way.

I'm %100 serious.  Initial distribution doesn't matter.

Edit: It does matter if all you're interested in is getting rich yourself.  Which isn't a bad thing.  Just wish people would be more honest about their greed instead of trying to make dumb arguments about "unfair distribution".

[ChuckOne]

Edit: It does matter if all you're interested in is getting rich yourself.  Which isn't a bad thing.  Just wish people would be more honest about their greed instead of trying to make dumb arguments about "unfair distribution".

+1

[digitalindustry]

Guys, this is a serious question. Go to the kindergarten if you want to talk this way.

I'm %100 serious.  Initial distribution doesn't matter.

Edit: It does matter if all you're interested in is getting rich yourself.  Which isn't a bad thing.  Just wish people would be more honest about their greed instead of trying to make dumb arguments about "unfair distribution".

ok - let me throw this prickly one at you genius.

what about the insane idea that people just think you are scamming them? and then never buy into your "it doesn't matter how its distributed " currency or investment?

did you ever think of that? - or, were you kind of falling back on the Facebook example ?

[Voluntold]

Guys, this is a serious question. Go to the kindergarten if you want to talk this way.

I'm %100 serious.  Initial distribution doesn't matter.

Edit: It does matter if all you're interested in is getting rich yourself.  Which isn't a bad thing.  Just wish people would be more honest about their greed instead of trying to make dumb arguments about "unfair distribution".

ok - let me throw this prickly one at you genius.

what about the insane idea that people just think you are scamming them? and then never buy into your "it doesn't matter how its distributed " currency or investment?

did you ever think of that? - or, were you kind of falling back on the Facebook example ?

You're just telling me more and more about yourself.  So you didn't get in on an IPO (maybe Nxt?) because you thought it was a scam, and so now you're jealous of other people that are getting the huge reward for the risk they took?...  Sorry, I didn't get in on any of 'lucky' IPOs either, but I'm not going to blame that on the mechanism for initial distribution or securing the network.

[From Above]

Guys, this is a serious question. Go to the kindergarten if you want to talk this way.

I'm %100 serious.  Initial distribution doesn't matter.

Edit: It does matter if all you're interested in is getting rich yourself.  Which isn't a bad thing.  Just wish people would be more honest about their greed instead of trying to make dumb arguments about "unfair distribution".

ok - let me throw this prickly one at you genius.

what about the insane idea that people just think you are scamming them? and then never buy into your "it doesn't matter how its distributed " currency or investment?

did you ever think of that? - or, were you kind of falling back on the Facebook example ?

You're just telling me more and more about yourself.  So you didn't get in on an IPO (maybe Nxt?) because you thought it was a scam, and so now you're jealous of other people that are getting the huge reward for the risk they took?  Sorry, I didn't get in on any of 'lucky' IPOs either, but I'm not going to blame that on the mechanism for initial distribution or securing the network.

well Kolin Evans said he is going to invest in Bitshares IPO DPoS now so i guess he is looking up to PoS and IPOs actually

probably just butthurt cuz quark went down and nextgen innovation went up... well whatever

~CfA~

[mczarnek]

wow you guys are really working hard i'll give you that ...

that aside, your comments are actually relevant, but that doesn't mean we give up.

PoW is the best system invented so far.

Random Proof of Work distribution can vary, and its in this variance that improvements can obviously be made.

I don't think Proof of Scam (Po$) has a big future, having said that, i'm sure some people are moving their life saving into stocks as well.. so..?? you never know.

Why do you say Proof of Scam?  What do you have against Proof of Stake?

Why do I have the feeling that I read this question somewhere before?

haha, thanks for asking the question first on another forum

didn't you once tell me that you were mentally disabled ?

wtf? Please discuss this off forum

[ShroomsKit_Disgrace]

For the people that is reading the stupid replies of digitalindustry please, read this before:

http://kolinevans.wordpress.com/2014/07/02/on-po-proof-of-scam-defining-the-rational-crypto-currency-exclusive-socioeconomic-dynamic/
http://kolinevans.wordpress.com/2014/07/04/why-has-litecoin-decoupled-from-bitcoin-and-is-on-a-price-decline-and-why-is-this-important-for-quark-and-other-free-market-crypto-currencies/

Arrgh.  You wasted my time!  Shame on you.

If it wasn't a clear attempt to promote a shitcoin, I'd think it is some automatically generated content.

These quotes come from 2 respected and well known members of this forum, nothing close to "sockpuppets".

Thus, please people, consider it 2times before wasting time reading this mentally-sick individual called digitalindustry.

 My suggest? Ignore button.

[ChuckOne]

Thanks ShroomsKit_Disgrace.

Now ON-TOPIC


I was pondering over PoW. It basically is PoS. You have you mining rigs at stake, right?

You buy your mining rigs and therefore get a bigger piece of the cake.


Same for PoS:

You buy your stake and therefore get a bigger piece of the cake.


No difference here.