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celestio (OP)
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September 29, 2014, 11:37:24 PM |
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I believe the only thing that's retraining Bitcoin, is it's PoW system.
If it was say, PoS or a varient of PoS without the flaws(n-a-s attack, and more), then it would be much more welcoming,open and friendly to newcomers wishing to get into the Bitcoin mining space.
As it stands, bitcoin's PoW is what's making it's price get lower.
It's Sha256- PoW algo, really needs changing....
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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 Nakamoto, June 17, 2010
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Even in the event that an attacker gains more than 50% of the network's
computational power, only transactions sent by the attacker could be
reversed or double-spent. The network would not be destroyed.
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coinits
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Activity: 1582
Merit: 1019
011110000110110101110010
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September 29, 2014, 11:38:03 PM |
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I believe the only thing that's retraining Bitcoin, is it's PoW system.
If it was say, PoS or a varient of PoS without the flaws(n-a-s attack, and more), then it would be much more welcoming,open and friendly to newcomers wishing to get into the Bitcoin mining space.
As it stands, bitcoin's PoW is what's making it's price get lower.
It's Sha256- PoW algo, really needs changing....
It could start with being anonymous because it is not. |
Jump you fuckers! | The thing about smart motherfuckers is they sound like crazy motherfuckers to dumb motherfuckers. | My sig space for rent for 0.01 btc per week.
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sureman_otter
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Activity: 92
Merit: 10
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September 29, 2014, 11:40:37 PM |
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I believe the only thing that's retraining Bitcoin, is it's PoW system.
If it was say, PoS or a varient of PoS without the flaws(n-a-s attack, and more), then it would be much more welcoming,open and friendly to newcomers wishing to get into the Bitcoin mining space.
As it stands, bitcoin's PoW is what's making it's price get lower.
It's Sha256- PoW algo, really needs changing....
I think the bigger problem is the black market tactics you have to go through just to get some bitcoin, not necessarily the pow system, |
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JLynn171
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September 29, 2014, 11:43:55 PM |
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What do you think the price will be like the low number amount that will ultimately mean its doom? Like if it goes below xxx.xx it will never be able to recover....
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Waramp22
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September 29, 2014, 11:51:36 PM |
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I believe the only thing that's retraining Bitcoin, is it's PoW system.
If it was say, PoS or a varient of PoS without the flaws(n-a-s attack, and more), then it would be much more welcoming,open and friendly to newcomers wishing to get into the Bitcoin mining space.
As it stands, bitcoin's PoW is what's making it's price get lower.
It's Sha256- PoW algo, really needs changing....
Bitcoin isnt looking for miners, bitcoin is looking for users. I think most POS people come on here and vent because they realize are far too late in the game to make a profit by mining. I believe the only thing that's retraining Bitcoin, is it's PoW system.
If it was say, PoS or a varient of PoS without the flaws(n-a-s attack, and more), then it would be much more welcoming,open and friendly to newcomers wishing to get into the Bitcoin mining space.
As it stands, bitcoin's PoW is what's making it's price get lower.
It's Sha256- PoW algo, really needs changing....
It could start with being anonymous because it is not. Do you actually think the government would consider allowing an untraceable currency to be legal in the USA? Every year hey are pushing more and more fiat money to traceable mediums like debit cards/credit cards. If they can't track it, they can't tax it. If it starts to gain serious traction, it will be made illegal. What do you think the price will be like the low number amount that will ultimately mean its doom? Like if it goes below xxx.xx it will never be able to recover....
The price of btc is somewhat irrelevant, unless you are only in it as an investment . Even if it went below $100 there would be millions of investors looking at a very nice price point to get in. If you are using bitcoin to buy things online, it really changes nothing. It only changes if you are a long time holder of btc and using it as an investment. If you are afraid of the price plummeting, just purchase btc and use quickly, and dont have any long term btc laying around. |
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celestio (OP)
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September 30, 2014, 04:03:30 PM |
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I believe the only thing that's retraining Bitcoin, is it's PoW system.
If it was say, PoS or a varient of PoS without the flaws(n-a-s attack, and more), then it would be much more welcoming,open and friendly to newcomers wishing to get into the Bitcoin mining space.
As it stands, bitcoin's PoW is what's making it's price get lower.
It's Sha256- PoW algo, really needs changing....
It could start with being anonymous because it is not. Anonymity would destroy Bitcoin's chances of going mainstream/being accepted by the general population. It already has enough negative views as it is in the eyes of most people aka they already think it's fully anonymous because it can't be connected to a person's identity via ip address or anything. |
"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 Nakamoto, June 17, 2010
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celestio (OP)
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September 30, 2014, 04:04:49 PM |
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I believe the only thing that's retraining Bitcoin, is it's PoW system.
If it was say, PoS or a varient of PoS without the flaws(n-a-s attack, and more), then it would be much more welcoming,open and friendly to newcomers wishing to get into the Bitcoin mining space.
As it stands, bitcoin's PoW is what's making it's price get lower.
It's Sha256- PoW algo, really needs changing....
Bitcoin isnt looking for miners, bitcoin is looking for users. I think most POS people come on here and vent because they realize are far too late in the game to make a profit by mining. I believe the only thing that's retraining Bitcoin, is it's PoW system.
If it was say, PoS or a varient of PoS without the flaws(n-a-s attack, and more), then it would be much more welcoming,open and friendly to newcomers wishing to get into the Bitcoin mining space.
As it stands, bitcoin's PoW is what's making it's price get lower.
It's Sha256- PoW algo, really needs changing....
It could start with being anonymous because it is not. Do you actually think the government would consider allowing an untraceable currency to be legal in the USA? Every year hey are pushing more and more fiat money to traceable mediums like debit cards/credit cards. If they can't track it, they can't tax it. If it starts to gain serious traction, it will be made illegal. What do you think the price will be like the low number amount that will ultimately mean its doom? Like if it goes below xxx.xx it will never be able to recover....
The price of btc is somewhat irrelevant, unless you are only in it as an investment . Even if it went below $100 there would be millions of investors looking at a very nice price point to get in. If you are using bitcoin to buy things online, it really changes nothing. It only changes if you are a long time holder of btc and using it as an investment. If you are afraid of the price plummeting, just purchase btc and use quickly, and dont have any long term btc laying around. I get what you're saying, but PoW isn't just bad for supporting Bitcoin(51% attack scare recently where Ghash.io had 40% of hashpower), but it's bad for the world as well, imagine in a few years if Bitcoin does take off, then the power it's gonna be consuming will be immense. |
"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 Nakamoto, June 17, 2010
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serenitys
Full Member
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Activity: 126
Merit: 101
Be Here Now
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September 30, 2014, 04:05:13 PM |
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Let it go mainstream first, THEN start pushing the anon option...
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You say "anti government" like that's a bad thing...
Unfortunate times will bring out the best in good people and the worst in bad people
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BurtW
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Activity: 2646
Merit: 1131
All paid signature campaigns should be banned.
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September 30, 2014, 04:08:28 PM |
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Quit talking about it and create a POS branch and see how it goes. All I ever see about this is talk, talk, talk. If you are so convinced that a POS version of Bitcoin would be so much better then do it.
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Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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Traffic4u
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September 30, 2014, 04:10:49 PM |
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Quit talking about it and create a POS branch and see how it goes. All I ever see about this is talk, talk, talk. If you are so convinced that a POS version of Bitcoin would be so much better then do it.
Many people have tried this without success. There are plenty of PoS coins out there, none of which have had any level of success. If I had to guess I would say that these people advocating getting rid of PoW in favor of PoS are just trying to pump their PoS coins |
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inBitweTrust
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September 30, 2014, 04:14:26 PM |
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I get what you're saying, but PoW isn't just bad for supporting Bitcoin(51% attack scare recently where Ghash.io had 40% of hashpower), but it's bad for the world as well, imagine in a few years if Bitcoin does take off, then the power it's gonna be consuming will be immense.
ASIC's are cheap to make once investment capital costs are repaid and 99% efficient at converting heat to electricity. Humans need to heat things so this isn't a problem. It could start with being anonymous because it is not.
Tor + darkwallet is as best as you can get. Many people have tried this without success. There are plenty of PoS coins out there, none of which have had any level of success. If I had to guess I would say that these people advocating getting rid of PoW in favor of PoS are just trying to pump their PoS coins
yeah , I'm seeing a lot of these posts lately.... seems like both the Nxt and Bitshares community are getting desperate and need to spam our forums. |
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blatchcorn
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September 30, 2014, 04:15:54 PM |
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The people yet to adopt Bitcoin do not care if Bitcoin is PoW or PoS.
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BurtW
Legendary
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Activity: 2646
Merit: 1131
All paid signature campaigns should be banned.
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September 30, 2014, 04:18:35 PM |
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Exactly. If someone was serious about it they would branch Bitcoin with a PoS alt version instead of creating another separate alt. But of course they will not do that because PoW versus PoS is not really what they are about. What they are about is creating a new separate PoS alt in order to pump-n-dump it and get rich quick. All of you people that claim to be so concerned about it: get together and create an actual branch, otherwise you are just blowing smoke. As far as privacy goes: stop reusing addresses! The people yet to adopt Bitcoin do not care if Bitcoin is PoW or PoS.
Right. Average noob user does not know what the hell you are talking about and does not care as long as it works for them. Now noob miners are another thing. They do care, find out what is going on, get bummed out that they can't get money for doing nothing and then start crying about PoW versus PoS. |
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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countryfree
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Activity: 3052
Merit: 1047
Your country may be your worst enemy
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September 30, 2014, 05:03:08 PM |
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The people yet to adopt Bitcoin do not care if Bitcoin is PoW or PoS.
Right. Average noob user does not know what the hell you are talking about and does not care as long as it works for them. Now noob miners are another thing. They do care, find out what is going on, get bummed out that they can't get money for doing nothing and then start crying about PoW versus PoS. More than that, to me and thousands, POW means Prisoner of War. We should not use this term. |
I used to be a citizen and a taxpayer. Those days are long gone.
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BurtW
Legendary
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Activity: 2646
Merit: 1131
All paid signature campaigns should be banned.
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September 30, 2014, 05:10:14 PM |
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The people yet to adopt Bitcoin do not care if Bitcoin is PoW or PoS.
Right. Average noob user does not know what the hell you are talking about and does not care as long as it works for them. Now noob miners are another thing. They do care, find out what is going on, get bummed out that they can't get money for doing nothing and then start crying about PoW versus PoS. More than that, to me and thousands, POW means Prisoner of War. We should not use this term. Coincidentally POS also means Piece of Shit which, it turns out, is totally appropriate. Sorry but both PoW and PoS are in general use and the fact they have other meanings will probably not stop their use. But we can say: PoW does not make you a POW PoS is a POS |
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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Heutenamos
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September 30, 2014, 05:10:38 PM |
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Fortunatelly Bitcoin is not PoS, I cant imagine having all my coins in hot wallet just to mine. And if the mining could be only for those not caring about safety of their coins I would feel Im ripped off because I do not want take risk with my coins.
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yo
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Waramp22
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October 01, 2014, 01:50:59 AM |
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I get what you're saying, but PoW isn't just bad for supporting Bitcoin(51% attack scare recently where Ghash.io had 40% of hashpower), but it's bad for the world as well, imagine in a few years if Bitcoin does take off, then the power it's gonna be consuming will be immense.
1 - The world does not care about power consumption, as long as someone is paying the power bill. 2 - It costs much more money to create and distribute each countries particular currency than it does to support the blockchain. |
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efreeti
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October 01, 2014, 03:30:51 AM |
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Rules and regulation will be the only primary road block for bitcoin. The rest are just smoke and mirrior.
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celestio (OP)
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October 16, 2014, 01:03:25 AM |
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Bitcoin's proof of work is one of it's greatest strengths and a big reason for it's success so far...
...but by all means, fork it and let a pos variant compete with Bitcoin in the wild.
I just mean that after a while, PoW becomes too heavy on the environment and causes really intense centralization like Bitcoin is experiencing right now. Bitcoin has over 1million users, I should think it's time for at least a partial algo switch to dpos or something. |
"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 Nakamoto, June 17, 2010
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OleOle
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October 16, 2014, 01:14:18 AM |
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Bitcoin's proof of work is one of it's greatest strengths and a big reason for it's success so far...
...but by all means, fork it and let a pos variant compete with Bitcoin in the wild.
Fork away, destroy what little unity bitcoin has... who knows how that would go? Would it be easier selling Bitcoin II to the masses than Bitcoin I...? ------- Some time in the future:A man rocks up to a bitcoin ATM hoping to withdraw some coins... The ATM asks, "Which bitcoin do you want? Prisoner of War or Piece of Shit?" Confused and bewildered the man presses Cancel and walks away.  |
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