Proof of stake mining of bicoin

[Come-from-Beyond]

what makes PoS "better"?

Absence of necessity to burn electricity.

[cbeast]

what makes PoS "better"?

Absence of necessity to burn electricity.

For whom is that better?

[J. J. Phillips]

Hasn't this topic been rehashed enough?

Bitcoin is currently roughly at block 336000. Someone could easily make a fork of the bitcoin code that says, e.g., starting at block 338000 (in roughly in 2 weeks) this fork is proof of stake. So it starts with the same blockchain as bitcoin. Same reward system (currently 25 bitcoin reward per block) and same limit (21 million). Call the fork bitstake or something. Or, hell, keep calling it bitcoin and if you are pro-PoS then refer to the original bitcoin as "bitwork." Then see what happens.

Just do it. Then see. It seems like doing it is less work than discussing the topic 100 times.

[Come-from-Beyond]

For whom is that better?

For coin holders.

[Come-from-Beyond]

Hasn't this topic been rehashed enough?

Bitcoin is currently roughly at block 336000. Someone could easily make a fork of the bitcoin code that says, e.g., starting at block 338000 (in roughly in 2 weeks) this fork is proof of stake. So it starts with the same blockchain as bitcoin. Same reward system (currently 25 bitcoin reward per block) and same limit (21 million). Call the fork bitstake or something. Or, hell, keep calling it bitcoin and if you are pro-PoS then refer to the original bitcoin as "bitwork." Then see what happens.

Just do it. Then see. It seems like doing it is less work than discussing the topic 100 times.

It's already planned to be done on top of Nxt Monetary System.

[cbeast]

For whom is that better?

For coin holders.

How does PoW cost of mining affect me?

[Come-from-Beyond]

How does PoW cost of mining affect me?

Your wealth loses 10% (35% for Litecoin) every year.

[cbeast]

How does PoW cost of mining affect me?

Your wealth loses 10% (35% for Litecoin) every year.

I have the same amount of bitcoins. How did I lose any that is related to energy use?

[J. J. Phillips]

Hasn't this topic been rehashed enough?

Bitcoin is currently roughly at block 336000. Someone could easily make a fork of the bitcoin code that says, e.g., starting at block 338000 (in roughly in 2 weeks) this fork is proof of stake. So it starts with the same blockchain as bitcoin. Same reward system (currently 25 bitcoin reward per block) and same limit (21 million). Call the fork bitstake or something. Or, hell, keep calling it bitcoin and if you are pro-PoS then refer to the original bitcoin as "bitwork." Then see what happens.

Just do it. Then see. It seems like doing it is less work than discussing the topic 100 times.

It's already planned to be done on top of Nxt Monetary System.

Do you mean there is a planned Nxt asset which will be initially distributed using a snapshort of the bitcoin block chain? Clams did something like that. It's one of the few altcoins I've looked at, simply because it turned out I had some and they are now worth a few mbits each. I'm sure if a Nxt asset does something similar, I'll look into it.

[Come-from-Beyond]

I have the same amount of bitcoins. How did I lose any that is related to energy use?

Inflation. The same as with U.S. dollars.

[Come-from-Beyond]

Do you mean there is a planned Nxt asset which will be initially distributed using a snapshort of the bitcoin block chain? Clams did something like that. It's one of the few altcoins I've looked at, simply because it turned out I had some and they are now worth a few mbits each. I'm sure if a Nxt asset does something similar, I'll look into it.

Not an asset, a special feature - https://bitcointalk.org/index.php?topic=896520.0

[Thyaga]

Sounds interesting but unlikely.

[cbeast]

I have the same amount of bitcoins. How did I lose any that is related to energy use?

Inflation. The same as with U.S. dollars.

You are moving goalposts. Inflation is not problematic because it is mathematically fixed at a known predictable rate. Price is baked in.

[Come-from-Beyond]

You are moving goalposts. Inflation is not problematic because it is mathematically fixed at a known predictable rate. Price is baked in.

Number of Bitcoins today = 13'646'425
Number of Bitcoin 365 days ago = 12'177'500
Inflation = (13'646'425 - 12'177'500) / 13'646'425 = 10.76%

Price of 1 BTC today = 324 USD
Price of 1 BTC 365 days ago = 734 USD

Aye, the price is indeed baked in.

[BillyBobZorton]

How does PoW cost of mining affect me?

Your wealth loses 10% (35% for Litecoin) every year.

But if adoption sky rockets it will keep going up.
Plus I dont get what you are saying because as time goes out supply shrinks so it should go up (if there is a real use for it and people want them)

[Come-from-Beyond]

But if adoption sky rockets it will keep going up.
Plus I dont get what you are saying because as time goes out supply shrinks so it should go up (if there is a real use for it and people want them)

The point is that PoS is better from economical point of view because unlike PoW it doesn't require to tithe for mining.

[LeChatNoir]

Bitcoin POS version would turn badly very soon.
99.9 % of bitcoiners are POW fanatics, as soon as you gift them a POS coin they would rush to sell it at any price the market is paying for it.
This would probably crash the market cap of the bitcoin POS to 2 or 300k $, as a consequence it will become very centralized in the hands of a few believers, better stick to the oldest POS coins, they are better distributed then any bitcoin POS fork will ever be.

[JessicaSe]

yes
i would love if bitcoin turns POS
we can save the energy

POS interest rates can be same as banks pay us for saving accounts
i think there should be a official poll about this

[J. J. Phillips]

Bitcoin POS version would turn badly very soon.
99.9 % of bitcoiners are POW fanatics, as soon as you gift them a POS coin they would rush to sell it at any price the market is paying for it.
This would probably crash the market cap of the bitcoin POS to 2 or 300k $, as a consequence it will become very centralized in the hands of a few believers, better stick to the oldest POS coins, they are better distributed then any bitcoin POS fork will ever be.

I suspect most bitcoiners would just ignore the bitcoin-POS fork and I doubt there would be much demand to buy the coins on the fork, at least initially (effectively making the market cap small). This would have the side effect of ensuring the available coins cannot be concentrated in a few hands. 12 million or so of the coins would just sit unmoved like Satoshi's 1 million or so do in bitcoin-POW. I'm curious what would happen in the long term.

I guess we'll never know though, because writing code like

if block >= 338000 then
   checkStake...
else
   ....

where the code for checkStake is ported from some current PoS coin would take a really long time. I guess I could do it, but first I'd need an IPO to raise...1 million dollars. 

[johnyj]

POS=no production cost=no value

If I can produce a coin without any cost, why should I pay any thing valuable to exchange it??? I will just go ahead to mine it

Fiat money can have value without production cost, because there is a law to force its circulation, and the cost to make that law can be a war, which costs millions of times more energy than POW mining