It's about time to turn off PoW mining

[delulo]

Yep all my miners are off now. Everything is in PoS with MMXIV and BALLS. I make more staking thoae two on the 5w dedicated staker than I was with several tens of terahashes and a huge electricity bill every month

You are an evidence of mining centralization, less of POW inefficiency... Little guys don't mine anymore...

Spending twice the average American yearly salary on miners is small?  I was paying over $4000 a month for electricity lol yea I'm sure the average farm is bigger  

... which is even more congruent with my conclusion

[fr4nkthetank]

It's a self-regulating process actually. Of course we don't need 'all those miners running their giant Chinese farms' Bitcoin would work just fine with just 10 USB Block Erupters mining happily. Yes, it's true the only thing that PoW is good for is being a limiting factor. I doubt we can change the algorithm all at once, though...

you won't see me crying when they go bankrupt and all the bitcoin mining equipment is sent to the dump.  I'll still have my garage heater

[kokojie]

Because Bitshares is not even a year old, and doesn't have a 4B marketcap yet, so price movements are pretty meaningless. Someone with a million dollars, could move Bitshares price up 20% in a day if they wanted. They can't possibly do that with Bitcoin with same amount of money.

Also, not sure if you noticed, the only other major PoW altcoin -> Litecoin, has fallen off the cliff, losing 40% of their marketcap since my post. I believe this is the fate of PoW Bitcoin, in the next 2-3 years probably. Though Bitcoin may still rise due to external factors, such as ETF, major acceptance etc... But if without new money perpetually coming in, Bitcoin PoW will eventually share the similar fate as Litecoin.

http://www.reddit.com/r/Bitcoin/comments/2r77td/lets_talk_about_the_price/

It's funny to see everyone asking "why the price is constantly dropping". While the answer is right in front of them.

Bitcoin price went down $70 since I made this post  thread.

Without significant new money to offset PoW mining expense, all Bitcoin holders are basically screwed and pays the mining tax perpetually.

If this is true than what has Bitshares fallen to Bitcoin(DPoS coin you are promoting)?

You started this thread on Sept 5 2014 and look at how much Bitshares has dropped compared to Bitcoin(Price and market cap):



Do you acknowledge this ? Why do you think Bitshares is dropping being that PoW is so wasteful compared to DPoS?

[sethminer14]

If you dont like the POW then nobody is stopping you from choosing to adopt some altcoin. If the altcoin truly has a better system, it will beat out bitcoin eventually.

[Talor]

Yes,any system can not be completely perfect, it's bugs that we have to accept or choose another one.




sony xperia z3 hülle

[needFREElunch]

Yep all my miners are off now. Everything is in PoS with MMXIV and BALLS. I make more staking thoae two on the 5w dedicated staker than I was with several tens of terahashes and a huge electricity bill every month

The problem is that these shitcoins could potentially get attacked at any time. Since you are spending nothing on mining, neither will any potential attacker of the network

[LeChatNoir]

Yep all my miners are off now. Everything is in PoS with MMXIV and BALLS. I make more staking thoae two on the 5w dedicated staker than I was with several tens of terahashes and a huge electricity bill every month

The problem is that these shitcoins could potentially get attacked at any time. Since you are spending nothing on mining, neither will any potential attacker of the network

Could potentially but they've never been, i wonder why...

[cbeast]

Yep all my miners are off now. Everything is in PoS with MMXIV and BALLS. I make more staking thoae two on the 5w dedicated staker than I was with several tens of terahashes and a huge electricity bill every month

The problem is that these shitcoins could potentially get attacked at any time. Since you are spending nothing on mining, neither will any potential attacker of the network

Could potentially but they've never been, i wonder why...

The only attack that's worth doing for money is a double spend. There is nothing to double spend on because nobody takes PoS coins. Besides, if someone was attacking PoS, how would you even know? What alert system do you have?

[achimsmile]

Yep all my miners are off now. Everything is in PoS with MMXIV and BALLS. I make more staking thoae two on the 5w dedicated staker than I was with several tens of terahashes and a huge electricity bill every month

The problem is that these shitcoins could potentially get attacked at any time. Since you are spending nothing on mining, neither will any potential attacker of the network

Could potentially but they've never been, i wonder why...

The only attack that's worth doing for money is a double spend. There is nothing to double spend on because nobody takes PoS coins. Besides, if someone was attacking PoS, how would you even know? What alert system do you have?

Yes no one takes PoS coins,
not bter, btc38, coinimal, poloniex, cryptsy, hitbtc, bittrex, ccedk, yunbi etc. just no one 

I guess double spending against all those exchanges would be worth it, I wonder why still not a single double spend on a top 10 coinmarketcap PoS coins has been confirmed?

[inBitweTrust]

I guess double spending against all those exchanges would be worth it, I wonder why still not a single double spend on a top 10 coinmarketcap PoS coins has been confirmed?

Because hackers and criminals typically attack a network at its weakest and vulnerable area first as not to expend unnecessary efforts. This has already happened with PoS coins and continues to happen repeatedly. Stealing the coins outright or creating a scam PoS coins to pump and dump is an easier way to make money.

[achimsmile]

I guess double spending against all those exchanges would be worth it, I wonder why still not a single double spend on a top 10 coinmarketcap PoS coins has been confirmed?

Because hackers and criminals typically attack a network at its weakest and vulnerable area first as not to expend unnecessary efforts. This has already happened with PoS coins and continues to happen repeatedly. Stealing the coins outright or creating a scam PoS coins to pump and dump is an easier way to make money.

And that's why they are waiting since more than a year to doublespend against a top 10 PoS coin...? Sounds not very probable

Edit: you still seem to think that PoS1 = PoS2

[inBitweTrust]

And that's why they are waiting since more than a year to doublespend against a top 10 PoS coin...? Sounds not very probable

They aren't waiting for anything. The hackers , thieves and con artists are actively stealing right now in the most efficient way possible.
All it proves is that it is cheaper to use traditional cons than try to amass enough coins to perform a 51% attack. This does not address concerns of potential future black swan events of original stakeholders colluding, defecting, or being compromised which PoW advocates fear.

Edit: you still seem to think that PoS1 = PoS2

What gave you that impression? I am well aware of TaPoS, DPoS, weak subjectivity , and other means to secure PoS as my post history indicates.

[VectorChief]

Yep all my miners are off now. Everything is in PoS with MMXIV and BALLS. I make more staking thoae two on the 5w dedicated staker than I was with several tens of terahashes and a huge electricity bill every month

The problem is that these shitcoins could potentially get attacked at any time. Since you are spending nothing on mining, neither will any potential attacker of the network

Could potentially but they've never been, i wonder why...

PoS coins are harder to attack from outside because they lack one degree of freedom that most PoW coins possess - representation in real world in terms of hash power.

Absolute protection from enemy outside in PoS leads to one undesirable side effect - enemy within (when major stakeholders collude and take over the system). PoW allows for external intervention (51% attack), thus the situation of takeover, while possible, is never permanent.

[achimsmile]

They aren't waiting for anything. The hackers , thieves and con artists are actively stealing right now in the most efficient way possible.
All it proves is that it is cheaper to use traditional cons than try to amass enough coins to perform a 51% attack. This does not address concerns of potential future black swan events of original stakeholders colluding, defecting, or being compromised which PoW advocates fear.

Which events are you talking about specifically?


Creating a new coin and lure new users in is possibly easier than trying to 51% attack either a PoW or PoS. See PayCoin as example.
I just don't see the difference between PoS and PoW here.

What gave you that impression? I am well aware of TaPoS, DPoS, weak subjectivity , and other means to secure PoS as my post history indicates.

Ok, I take that back, was under the impression that you generalize PoS, but you history indeed shows that you know there are different implementations.

[inBitweTrust]

I just don't see the difference between PoS and PoW here.

We don't have enough data to judge the differences with any reliability as of yet. Those that suggest so clearly have not done their homework.

In the meantime, these experiments are great, carry on with your PoS coins as long as you aren't using them as pump and dump schemes like paycoin2.

[Gio344]

Turn off mining. Bitcoin doesn't need any more shares made it has been out for 5 years already!! if no one has got in yet thats their fault or no ones interested , turn off mining

[VectorChief]

Turn off mining. Bitcoin doesn't need any more shares made it has been out for 5 years already!! if no one has got in yet thats their fault or no ones interested , turn off mining

Just tell me where the switch is. I'll go and turn it off.

[fabiola!]

Yep all my miners are off now. Everything is in PoS with MMXIV and BALLS. I make more staking thoae two on the 5w dedicated staker than I was with several tens of terahashes and a huge electricity bill every month

You are an evidence of mining centralization, less of POW inefficiency... Little guys don't mine anymore...

I turned mine off last month as well, except for one, just need to feel like I haven't given up on btc altogether.

[delulo]

Yep all my miners are off now. Everything is in PoS with MMXIV and BALLS. I make more staking thoae two on the 5w dedicated staker than I was with several tens of terahashes and a huge electricity bill every month

You are an evidence of mining centralization, less of POW inefficiency... Little guys don't mine anymore...

I turned mine off last month as well, except for one, just need to feel like I haven't given up on btc altogether.

Just research alternatives that have no mining / POW... Solutions are out there.

[ticoti]

price decreasing and difficulty increasing

this is the world turned over