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b-trading (OP)
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December 26, 2014, 08:50:45 AM |
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i was wandering in the future can bitcoin switch to proof of stake?
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newIndia
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Activity: 2226
Merit: 1052
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December 26, 2014, 10:12:21 AM |
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i was wandering in the future can bitcoin switch to proof of stake?
No. For any fork trying this an altcoin will evolve. Bitcoin will always be PoW. |
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Ingatqhvq
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December 26, 2014, 10:29:34 AM |
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i was wandering in the future can bitcoin switch to proof of stake?
No. For any fork trying this an altcoin will evolve. Bitcoin will always be PoW. No, it could switch to POS, POW is waste to much energy, the more important is POS is more secure than POW. |
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Come-from-Beyond
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Activity: 2142
Merit: 1010
Newbie
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December 26, 2014, 10:34:07 AM |
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i was wandering in the future can bitcoin switch to proof of stake?
It depends on if Bitcoin is truly decentralized. If it is then it will switch to PoS because PoS is better (from economical point of view, not ideological) than PoW. If Bitcoin is actually ruled by devs and Bitcoin magnates (=centralized) then it will always be PoW. |
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wadili89
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Activity: 1106
Merit: 1000
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December 26, 2014, 12:27:44 PM |
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If the majority decides to support the fork which supporst Proof of Stake, then that what Bitcoin will be. This is a strength, to take the decision of the majority instead of having to accept the order of a central authority.
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b-trading (OP)
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December 26, 2014, 12:31:31 PM |
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IMO the reason of thinking to switch btc from PoW to PoS is because the way of mining....with PoW you have to buy a very expensive mining rigs, even we can buy it we can't be compete with the they or the companies who have the giant power of gigahash, and i think only they will have power who can survive to mine bitcoin, and so it will be the centralized not decentralized if we look it from the mining side
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cbeast
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Let's talk governance, lipstick, and pigs.
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December 26, 2014, 12:34:24 PM |
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If the majority decides to support the fork which supporst Proof of Stake, then that what Bitcoin will be. This is a strength, to take the decision of the majority instead of having to accept the order of a central authority.
You can call it whatever you like but it won't be bitcoin unless the miners all quit mining. |
Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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pawel7777
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Activity: 2618
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December 26, 2014, 12:41:05 PM |
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If the majority decides to support the fork which supporst Proof of Stake, then that what Bitcoin will be. This is a strength, to take the decision of the majority instead of having to accept the order of a central authority.
You can call it whatever you like but it won't be bitcoin unless the miners all quit mining. What about the next proposed fork (raising max 1mb block size), if there's 1 small miner who choses to stay on the old fork, which one is the real bitcoin then? |
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[/tabl |
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wadili89
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Activity: 1106
Merit: 1000
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December 26, 2014, 12:43:10 PM |
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If the majority decides to support the fork which supporst Proof of Stake, then that what Bitcoin will be. This is a strength, to take the decision of the majority instead of having to accept the order of a central authority.
You can call it whatever you like but it won't be bitcoin unless the miners all quit mining. If majority of the exchanges, holders, merchants use it then it will be the real Bitcoin. In the same way the fork which is used by the majority becomes Bitcoin. |
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Soros Shorts
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December 26, 2014, 12:47:43 PM |
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i was wandering in the future can bitcoin switch to proof of stake?
No. For any fork trying this an altcoin will evolve. Bitcoin will always be PoW. No, it could switch to POS, POW is waste to much energy, the more important is POS is more secure than POW. You need to convince everyone to switch, including hardware manufacturers (most are also users/merchants), pools and cloud providers. Won't happen anytime soon. Also the concept of a stakeholder being able to sit back and collect new coins for doing nothing doesn't sit well with many people. |
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cbeast
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Activity: 1736
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Let's talk governance, lipstick, and pigs.
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December 26, 2014, 01:03:40 PM |
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If the majority decides to support the fork which supporst Proof of Stake, then that what Bitcoin will be. This is a strength, to take the decision of the majority instead of having to accept the order of a central authority.
You can call it whatever you like but it won't be bitcoin unless the miners all quit mining. If majority of the exchanges, holders, merchants use it then it will be the real Bitcoin. In the same way the fork which is used by the majority becomes Bitcoin. That's a propaganda technique called The Big Lie. It is indeed quite effectively used by tyrants. |
Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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Come-from-Beyond
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Merit: 1010
Newbie
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December 26, 2014, 01:14:11 PM |
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That's a propaganda technique called The Big Lie. It is indeed quite effectively used by tyrants.
You love bold statements my friend... |
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Q7
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December 26, 2014, 01:14:52 PM |
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Maybe not right now because a sudden switch will definitely jolt the market and the community. Also what would be the impact though in terms of price movement. However, having said that, I'm not a "status quo" type of person. If it can help to stabilize the price, become more decentralized, ensure far better distribution, secure the network, then why not. I don't see it happening right now but maybe when mining is finally over and transaction fee is not enough to sustain or the reward is too low.
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cbeast
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Activity: 1736
Merit: 1014
Let's talk governance, lipstick, and pigs.
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December 26, 2014, 01:16:11 PM |
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That's a propaganda technique called The Big Lie. It is indeed quite effectively used by tyrants.
You love bold statements my friend... It wasn't directed at the poster. I was pointing out that mob rule is tyranny. |
Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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lolled
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December 26, 2014, 01:17:15 PM |
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i was wandering in the future can bitcoin switch to proof of stake?
Maybe, but then all miners would lose on their mining rigs. |
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Come-from-Beyond
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Activity: 2142
Merit: 1010
Newbie
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December 26, 2014, 01:18:48 PM |
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It wasn't directed at the poster. I was pointing out that mob rule is tyranny.
I was just pointing that as I noticed you love bold statements. |
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cbeast
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Activity: 1736
Merit: 1014
Let's talk governance, lipstick, and pigs.
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December 26, 2014, 01:44:13 PM |
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It wasn't directed at the poster. I was pointing out that mob rule is tyranny.
I was just pointing that as I noticed you love bold statements. Nuance should be used sparingly. |
Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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K210
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December 26, 2014, 02:02:17 PM |
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Peercoin already takes care of this problem, that is it's purpose - to cover some of the flaws of bitcoin
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ranochigo
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Activity: 3038
Merit: 4420
Crypto Swap Exchange
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December 26, 2014, 02:11:58 PM |
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i was wandering in the future can bitcoin switch to proof of stake?
No. For any fork trying this an altcoin will evolve. Bitcoin will always be PoW. No, it could switch to POS, POW is waste to much energy, the more important is POS is more secure than POW. For big exchanges and even casinos who have alot of funds, they could probably 51% the network without the huge electrical bills. |
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newuser01
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December 26, 2014, 03:22:31 PM |
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i was wandering in the future can bitcoin switch to proof of stake?
It depends on if Bitcoin is truly decentralized. If it is then it will switch to PoS because PoS is better (from economical point of view, not ideological) than PoW. If Bitcoin is actually ruled by devs and Bitcoin magnates (=centralized) then it will always be PoW. what makes PoS "better"? |
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