Proof of stake mining of bicoin

[Come-from-Beyond]

And of course he can write his own textbook on economics.

While you are here - I'm waiting for your reply on https://bitcointalk.org/index.php?topic=905385.msg9950164#msg9950164

[DecentralizeEconomics]

PoW hash rate domination are all temporary and can be changed quickly, we have seen many times old hash rate king been knocked down by new mining pools/farms

Enjoy your new masters.

[Come-from-Beyond]

However, PoW hash rate domination are all temporary and can be changed quickly, we have seen many times old hash rate king been knocked down by new mining pools/farms

Pools... farms... What should I do with my Intel Core i5?

[Come-from-Beyond]

It is not wasteful, it is a must. You can't create money out of thin air like fiat money, that kind of scam must stop, this is the point of bitcoin

Doesn't Bitcoin do the same - creates money out of thin air? Why the current reward is 25 BTC instead of 17.82 BTC?

[cbeast]

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.

Right and PoS always goes up in price, right? Notice that the average yearly price goes up substantially every year.

[Come-from-Beyond]

Right and PoS always goes up in price, right? Notice that the average yearly price goes up substantially every year.

Price in dollars is irrelevant. In PoS like Nxt you don't pay 10% tithing. This is why PoS is better than PoW from economical point of view (this is why this subdiscussion was started if you remember).

[johnyj]

So you really think majority of hash power having full control of the protocol is better then stake holders leading the coin development? Are you serious?

To control the majority of hash power, you must put real resources and might still fail due to slow in movement, it is much more difficult than controlling a few stake holders. Imagine that once bitcoin is becoming POS, then top 10 stake holders will immediately enter the watch list of CIA

[cbeast]

Right and PoS always goes up in price, right? Notice that the average yearly price goes up substantially every year.

Price in dollars is irrelevant. In PoS like Nxt you don't pay 10% tithing. This is why PoS is better than PoW from economical point of view (this is why this subdiscussion was started if you remember).

I don't recall. You changed your arguments too many times to keep track. Your tithing as you call it is called fair distribution. It allows a small amount of wealth to be seeded and encourage economic expansion. It was all published in Satoshi's 2008 white paper. Without some ongoing distribution, you isolate your ecology so outside entities can be excluded from participating.

[DecentralizeEconomics]

People who prefer PoS can simply use the already existing PoS systems.

More and more Bitcoin owners are starting looking for alternatives to wasteful PoW, this is the point of this discussion.

It is not wasteful, it is a must. You can't create money out of thin air like fiat money, that kind of scam must stop, this is the point of bitcoin

The point of bitcoin was to liberate the monetary system from centralized powers (aka the central bankers).  PoS and PoW currencies derive their value from their ability to allow people to escape from centralized monetary systems.  Once a cryptocurrency fails to provide this decentralization and becomes prone to centralization like BTC, the cryptocurrency loses its original value proposition.

[johnyj]

PoW hash rate domination are all temporary and can be changed quickly, we have seen many times old hash rate king been knocked down by new mining pools/farms

Enjoy your new masters.

This is for PoS coin stake holders

[Come-from-Beyond]

To control the majority of hash power, you must put real resources and might still fail due to slow in movement, it is much more difficult than controlling a few stake holders. Imagine that once bitcoin is becoming POS, then top 10 stake holders will immediately enter the watch list of CIA

Money can change ownership much quicker than mining rigs. It's much easier to find a mining farm if you want to control Bitcoin (hint - it consumes a lot of electricity).

[cbeast]

Newbies trolls and sock puppets have killed this thread. They will be ignored because we know who you are.

[Come-from-Beyond]

You changed your arguments too many times to keep track.

Point me to the posts that back your words, please.

[Come-from-Beyond]

Newbies trolls and sock puppets have killed this thread. They will be ignored because we know who you are.

Don't give up, man. You haven't used all your tricks yet. Try strawman tactics, for example. 

[cbeast]

To control the majority of hash power, you must put real resources and might still fail due to slow in movement, it is much more difficult than controlling a few stake holders. Imagine that once bitcoin is becoming POS, then top 10 stake holders will immediately enter the watch list of CIA

Money can change ownership much quicker than mining rigs. It's much easier to find a mining farm if you want to control Bitcoin (hint - it consumes a lot of electricity).

Bitcoin has a warning system and block IPs to warn of it happening. What does PoS have?

[johnyj]

It is not wasteful, it is a must. You can't create money out of thin air like fiat money, that kind of scam must stop, this is the point of bitcoin

Doesn't Bitcoin do the same - creates money out of thin air? Why the current reward is 25 BTC instead of 17.82 BTC?

Just like digging out gold, it seems the labor wasted are unnecessary, but it does solve the origin of value problem: The man who create money must pay fair price to get its ownership, otherwise everyone will be just creating money and no one will be working

[cbeast]

Newbies trolls and sock puppets have killed this thread. They will be ignored because we know who you are.

Don't give up, man. You haven't used all your tricks yet. Try strawman tactics, for example. 

I blame mods for taking away newbie jail like we all went through.

[LeChatNoir]

So you really think majority of hash power having full control of the protocol is better then stake holders leading the coin development? Are you serious?

To control the majority of hash power, you must put real resources and might still fail due to slow in movement, it is much more difficult than controlling a few stake holders. Imagine that once bitcoin is becoming POS, then top 10 stake holders will immediately enter the watch list of CIA

Yes i agree with you, it is ACTUALLY more difficult to control majority of bitcoin hash power then a few major stake holders of a 1 year old POS coin.
However it will not always stay the same, as POW mining reward decreases and POS coins get more distributed the former becomes weaker and the latter becomes stronger.
If you try to attack two coins with the same market cap, one is POS and the other one is POW, you will probably end up wasting a lot more resources attacking the POS.
POW ages like milk, POS ages like wine.

[Come-from-Beyond]

Bitcoin has a warning system and block IPs to warn of it happening. What does PoS have?

Whom this system warn? Gavin Andresen, Satoshi Nakamoto or CIA?

PoS doesn't have such things, it's designed to be more resistant for attacks from the outer world.

[DecentralizeEconomics]

So you really think majority of hash power having full control of the protocol is better then stake holders leading the coin development? Are you serious?

To control the majority of hash power, you must put real resources and might still fail due to slow in movement, it is much more difficult than controlling a few stake holders. Imagine that once bitcoin is becoming POS, then top 10 stake holders will immediately enter the watch list of CIA

To control the majority of stake, you must put real resources behind coercing majority of stakeholders and might still fail due to slow in movement, it is much more difficult than controlling a few mining pools.  Imagine that once bitcoin is becoming POOLED, then top 10 pools will immediately enter the watch list of CIA

PoW hash rate domination are all temporary and can be changed quickly, we have seen many times old hash rate king been knocked down by new mining pools/farms

Enjoy your new masters.

This is for PoS coin stake holders

Are you telling me that you don't think the NSA could destroy Bitcoin right now if it wanted to?  I hope you aren't this naive.  You don't really think they spend $80,000 on a toilet seat and $50,000 on a hammer now do you?