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Author Topic: Long-term sustainability of Bitcoin  (Read 3503 times)
Catmoonglow
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July 20, 2014, 04:01:32 PM
 #41

This is amazing!
Easy to watch and listen, great information, smooth voice. Thank you everyone involved! Wish I could contribute at the same level.
Perfect introduction for new people
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Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC.
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NewMoneyEra
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July 22, 2014, 03:19:58 AM
 #42

POS faces huge challenges in centralization.  For example, the Ethereum crowd founding that was started and canceled earlier in the year, was going to keep a large chunk of Ether for the Ethereum Foundation while employing a POS algorithm.  Since the Ethereum Foundation held the largest share of Ether, they necessarily would own 100% of Ether in time
This is a great point.

You might want to subscribe to the Youtube channel. I hope to produce videos on some of the major attack vectors to POS (bribing large stakeholders, nothing-at-stake minting on multiple blockchains, long-distance attacks using addresses that used to hold coins, etc.) in future videos.

This does not seem like a great point or even a good point to me.  No matter what your ownership percentage it will not increase nor decrease only because of Proof-of-Stake design.

Proof-of-Stake is inherently decentralizing by design. In contrast Proof-of-Work design is inherently centralizing.
juicyjuice87
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July 22, 2014, 01:43:53 PM
 #43

POS is the future.  See the light people
ajareselde
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July 22, 2014, 03:43:42 PM
 #44

POS is the future.  See the light people

Why would you think that POS is the future !?
POS is made for one purpuse only, and that is getting early adopters rich.

I agree that there are some negative issues on POW, but it can be fixed/changed/whatever.
POS - not even once
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July 22, 2014, 04:03:37 PM
 #45

I agree that there are some negative issues on POW, but it can be fixed/changed/whatever.

How would you change it? I saw a proposal for a non-outsourceable PoW "challenge", but I'm not sure about its implementability as part of Bitcoin with a hardfork.
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July 22, 2014, 11:44:07 PM
 #46

POS is made for one purpuse only, and that is getting early adopters rich.
I think this isn't true. Some purposes of Peercoin are covered in the video in the OP. However, in a general sense, all cryptocurrency benefits early adopters.

I agree that there are some negative issues on POW, but it can be fixed/changed/whatever.
This is extremely, extremely unlikely. Bitcoin is quickly reaching the point where it will never be "changed" again. Too many players would have to agree to update their software, which simply wouldn't happen unless there were some emergency.
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July 23, 2014, 01:22:32 PM
 #47

POS is made for one purpuse only, and that is getting early adopters rich.
I think this isn't true. Some purposes of Peercoin are covered in the video in the OP. However, in a general sense, all cryptocurrency benefits early adopters.

I agree that there are some negative issues on POW, but it can be fixed/changed/whatever.
This is extremely, extremely unlikely. Bitcoin is quickly reaching the point where it will never be "changed" again. Too many players would have to agree to update their software, which simply wouldn't happen unless there were some emergency.

I agree with Chronos.

First, Peercoin has no more rewards to early adopters than any other crypto - with the exception that Peercoin is designed for long term success, enduring and succeeding in time after other cryptos have failed.  Only in this respect, it is more favorable to early adopters.

Second, it is true that Bitcoin is unlikely to change much from here on forward. But unlike Chronos I don't think this is because "Too many players would have to agree..." rather, I believe Bitcoin will not change because of a couple of less big reasons and one very big reason:
     1) Bitcoin has a market cap now of 8 Billion dollars. What paid or unpaid developer wants to risk screwing that up?  If the price rises or falls dramatically the fear and paralysis of core developers will become even greater. 
     2) Bitcoin core developers are under a constant noisey harangue by countless clueless fan boys and others who have little idea of what they are all shouting about. Mike Hearn, a core developer says for this reason and the above reason the core developers have quit developing;
     3) This is the big reason that pretty much dominates all other factors: The power and control in Bitcoin is in the few hands not of core developers nor Bitcoin holders but of the most important actors in Bitcoin - those who verify transactions - the shrinking number of miners and even smaller number of mining pool managers. These are the very small number of people who have total veto power on any change to Bitcoin and they have tens of millions of dollars invested so they would never allow a change or improvement such as Proof-of-Stake which would be better for Bitcoin holders but would devastate the power and wealth of the small handful of centralized miners and their mining pools.
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