Why POW is dead.

[fulcare]

Think of it like this, we already mined and made the money ie Bitcoin so why keep making/mining more money and all the waste energy that comes with that.

Now it makes sense to use the mined money ie BCT to buy into other currencies or assets.


POW is dead.

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[cryptogeeknext]

I guess that continuing with the original idea that was put in place by Satoshi is an excercise in discipline.
If we start changing and adjusting the system at our whim then the hard limit of 21 million coins might be the next target and so on.

At some point we will no longer recognize Bitcoin for what it used to be, and the idea of keeping any promise would vanish into oblivion. Would you trust the money system that is constantly changing not keeping the original promise? Sounds a lot like today's politics to me.

Time will tell, but so far the market favors stability.

[rocoro]

At some point we will no longer recognize Bitcoin for what it used to be, and the idea of keeping any promise would vanish into oblivion. Would you trust the money system that is constantly changing not keeping the original promise? Sounds a lot like today's politics to me.

You have to take into account simple economics and numbers.  They don't lie.
Bitcoin and other PoW coins are not efficient to mine - if the numbers don't work out and they are not profitable,  eventually there will be no more value in these coins.

Simple as that,  numbers and facts don't lie.

[fulcare]

I guess that continuing with the original idea that was put in place by Satoshi is an excercise in discipline.
If we start changing and adjusting the system at our whim then the hard limit of 21 million coins might be the next target and so on.

At some point we will no longer recognize Bitcoin for what it used to be, and the idea of keeping any promise would vanish into oblivion. Would you trust the money system that is constantly changing not keeping the original promise? Sounds a lot like today's politics to me.

Time will tell, but so far the market favors stability.

Bitcoin IS the stability. Now we buy other digital assets. Most serious altcoins these days are not really currencies but tokens to be used within a system. When we buy into POS we are really buying into an asset, a company or a service...not a currency.

[belmonty]

I guess that continuing with the original idea that was put in place by Satoshi is an excercise in discipline.
If we start changing and adjusting the system at our whim then the hard limit of 21 million coins might be the next target and so on.

At some point we will no longer recognize Bitcoin for what it used to be, and the idea of keeping any promise would vanish into oblivion. Would you trust the money system that is constantly changing not keeping the original promise? Sounds a lot like today's politics to me.

Time will tell, but so far the market favors stability.

The devs cannot change anything unless the majority of bitcoin miners agree to use a new modified wallet. It's the same with POW alts, if the miners reject a change there is no way the devs can force it on them.

[gagalady]

Very simple monopoly - Mining Farm

[onemorebtc]

When we buy into POS we are really buying into an asset, a company or a service...not a currency.

if thats true why even bother to use something decentralized?
the company or service provider could simple setup a webserver where you see your tokens.
much more effecient...

[cryptogeeknext]

At some point we will no longer recognize Bitcoin for what it used to be, and the idea of keeping any promise would vanish into oblivion. Would you trust the money system that is constantly changing not keeping the original promise? Sounds a lot like today's politics to me.

You have to take into account simple economics and numbers.  They don't lie.
Bitcoin and other PoW coins are not efficient to mine - if the numbers don't work out and they are not profitable,  eventually there will be no more value in these coins.

Simple as that,  numbers and facts don't lie.

Well, the system was designed to be self-balancing, so no worries with the numbers here.
If it's not so profitable to mine, then miners will switch their rigs off, which in turn would lead to decrease in difficulty until it becomes again profitable to mine, and so on.

I think the question of PoW vs PoS is more fundamental. Would you like work to create money or would you like money to create money? I don't have a very good answer to that, but the latter sounds a lot like what we have today with fiat and the former sounds like what we should have in a resource-balanced economy.

Also, check out this thread about PoW, it might be somewhat relevant:
https://bitcointalk.org/index.php?topic=855520.0

[pedrog]

[sandor111]

There is more to mining than just generating coins.

[Alejandro Taquito]

Mining supports the blockchain network too and the transactions.

[Don Flamenco]

There is more to mining than just generating coins.

Yep.  Exactly.

[hulk]

Mining supports the blockchain network too and the transactions.

Not really unless you have a lot of hash, those cloud mining company and manufacturer take up a big portion of the network hashrate. Home miner's hashrate is too little to have any impact..

[fiatpete]

Are there any PoS coins without dev controlled checkpoints yet?

[devphp]

Are there any PoS coins without dev controlled checkpoints yet?

NXT has automatic rolling checkpoints, 720 blocks deep, controlled by software ("automatic rolling"), called blockchain re-org mechanism.

[hack_]

Please understand some basic concepts first like
1) What is PoW and what is PoS
2 ) what is their main function ?
3) what are their respective pros and cons

If you get that then add the monetization factors and consider each model separately as well as the hybrids.

My own findings say that the current implementations of PoS are dead and that PoW still has a ton of life in it.

Security over expediency. Your worry as a miner is how to earn coin, my worry as a developer is how to secure what you do earn.

[KMN]

bucause u r proof of shit?

[Wildwest]

Guldencoin Devs are building a simulator and then building a new algorithm for Guldencoin, the simulator they will be making open source for other POW coins to test against. Guldencoin will be the test to see if POW will survive or not, I know if it was POS it would probably be top 20 already with everything that it has going for it but multipools keep dumping on it.

[deliciousowl]

Well, I really don't get the concept of PoS. Doesn't that violate Godel's Incompleteness Theorem...? How can a system possibly secure itself? I think it's a road to centralization.

[Bluestreet]

Guldencoin Devs are building a simulator and then building a new algorithm for Guldencoin, the simulator they will be making open source for other POW coins to test against. Guldencoin will be the test to see if POW will survive or not, I know if it was POS it would probably be top 20 already with everything that it has going for it but multipools keep dumping on it.

Guldencoins value is great at the moment. You can buy them and know in a weeks time the price hasn't dropped 50% for no reason. It has enough buy support at these prices and is rising gradually from at one stage ranked 170 and now rank 55. It's going to be top 20 soon, it's just a matter of time especially with all the project coming out before the end of the year.

https://timeline.guldencoin.com/ --> It doesn't matter if it's POW or POS or whatever when you have updates like this.