Proof of stake mining of bicoin

[LeChatNoir]

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.

The value of a coin that is inflating at 10% is pushed down 10% per year against a coin who has 0% inflation, this is done by speculators.
In reality some years the inflationary coin will go down 30% some other years it might gain 10%, but on average the 10% yearly inflated coin will always go down 10% per year against a coin who has no inflation.
In the short term everything can happen but in the long term you might find yourself working hard just to keep up with inflation if all your holdings are in a 10% inflationary coin.
And please don't tell me bitcoin inflation is temporary and it will go to 0, no POW will ever work with 0% inflation.

[cbeast]

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.

Resistant isn't immune. In other words it has a fatal flaw that is ignored.

[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.

The value of a coin that is inflating at 10% is pushed down 10% per year against a coin who has 0% inflation, this is done by speculators.
In reality some years the inflationary coin will go down 30% some other years it might gain 10%, but on average the 10% yearly inflated coin will always go down 10% per year against a coin who has no inflation.

That's why bitcoin block rewards halve every four years.

[Come-from-Beyond]

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 it, otherwise everyone will be just creating money and no one will be working

Originally PoW was used Satoshi as a way to roll a lottery and to protect against a Sybil attack. Later, Bitcoin holders created a myth that resources must be wasted to give value to bitcoins (is anyone surprised by such their behavior? )

Any limited resource can work as a protection against Sybil attacks (this is called resource-testing). In PoS available balance is used as such the resource.

[DecentralizeEconomics]

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 it, otherwise everyone will be just creating money and no one will be working

A currency's value isn't defined by how it was created, but it is defined by its utility to the currency user.

I fail to see your logic of "the man who create money must pay fair price to get it".  That is a subjective statement.  A "fair price" is defined by what the market is willing to pay vs the perceived utility of the item being sold.

[LeChatNoir]

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.

The value of a coin that is inflating at 10% is pushed down 10% per year against a coin who has 0% inflation, this is done by speculators.
In reality some years the inflationary coin will go down 30% some other years it might gain 10%, but on average the 10% yearly inflated coin will always go down 10% per year against a coin who has no inflation.

That's why bitcoin block rewards halve every four years.

Don't forget bitcoin gets a lot weaker at every halving.
Good luck having your wealth in a POW coin with inflation below 2%.

[inBitweTrust]

Don't forget bitcoin gets a lot weaker at every halving.
Good luck having your wealth in a POW coin with inflation below 2%.

Define "weaker" in your suggested context and provide historical evidence to support this claim.

Originally PoW was used Satoshi as a way to roll a lottery and to protect against a Sybil attack. Later, Bitcoin holders created a myth that resources must be wasted to give value to bitcoins (is anyone surprised by such their behavior? )

Great. I would like to hear some of your opinions on what aspects PoW maintains that are superior to PoS, if any.

[DecentralizeEconomics]

Don't forget bitcoin gets a lot weaker at every halving.
Good luck having your wealth in a POW coin with inflation below 2%.

Define "weaker" in your suggested context and provide historical evidence to support this claim.

He means that if the price of Bitcoin doesn't double at every halving then the security of the chain will decrease proportionally with decreasing mining ROI.

[Come-from-Beyond]

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?

It has become easier to destroy a PoW coin now. Because of mining contracts. Also a script kiddy can rent a botnet for a hour and attempt a 51% attack.

[Come-from-Beyond]

In other words it has a fatal flaw that is ignored.

What this fatal flaw is?

[inBitweTrust]

Don't forget bitcoin gets a lot weaker at every halving.
Good luck having your wealth in a POW coin with inflation below 2%.

Define "weaker" in your suggested context and provide historical evidence to support this claim.

He means that if the price of Bitcoin doesn't double at every halving then the security of the chain will decrease proportionally with decreasing mining ROI.

Hopefully, he doesn't mean this because he is stating it as a fact when it is ahistorical, and rightfully so because of the laws of supply and demand would make it very likely that the price will at least double.

Any clarification on what evidence that bitcoin gets weaker with each halving?

[LeChatNoir]

Don't forget bitcoin gets a lot weaker at every halving.
Good luck having your wealth in a POW coin with inflation below 2%.

Define "weaker" in your suggested context and provide historical evidence to support this claim.

A = resources you have to waste to attack the coin
B = market cap of the coin
k = constant

Y = Probability the coin is succesfully attacked in the real world = k * (B/A)

Since A in a POW coin is proportional to inflation rate you can conclude that as inflation goes down the probability of an attack increases.

[DecentralizeEconomics]

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).

PoS currencies naturally decentralize as more and more users join the economy.  This makes it increasingly harder to control a certain percentage of the stake because it requires you to control an ever increasing amount of people.

PoW currencies naturally centralize around large mining groups/corporations as the economies of scale push out smaller miners.  This makes it increasingly easier to control a certain percentage of the hashpower because it requires you to control an ever decreasing amount of miners.

[Come-from-Beyond]

That's why bitcoin block rewards halve every four years.

No, it halves to have a fixed supply. In 100 years.

[cbeast]

That's why bitcoin block rewards halve every four years.

No, it halves to have a fixed supply. In 100 years.

No. The supply was fixed in 2009.

[inBitweTrust]

A = resources you have to waste to attack the coin
B = market cap of the coin
k = constant

Y = Probability the coin is succesfully attacked in the real world = k * (B/A)

Since A in a POW coin is proportional to inflation rate you can conclude that as inflation goes down the probability of an attack increases.

History has shown that B tends increase when inflation drops with Bitcoin. Perhaps it won't always do so in the future, but unless you are claiming to be psychic your comment concerning Bitcoin is ahistorical and fallacious.

[Come-from-Beyond]

Great. I would like to hear some of your opinions on what aspects PoW maintains that are superior to PoS, if any.

Unlike PoW, PoS can't use Simple Payment Verification method. This is where PoW is superior. (http://bitcoin.stackexchange.com/questions/29476/what-are-some-of-the-pitfalls-of-a-100-proof-of-stake-currency-pos-like-nxt/)

[Come-from-Beyond]

No. The supply was fixed in 2009.

You misplaced plans and their realization.

[inBitweTrust]

Great. I would like to hear some of your opinions on what aspects PoW maintains that are superior to PoS, if any.

Unlike PoW, PoS can't use Simple Payment Verification method. This is where PoW is superior. (http://bitcoin.stackexchange.com/questions/29476/what-are-some-of-the-pitfalls-of-a-100-proof-of-stake-currency-pos-like-nxt/)

One good point.
I believe there are multiple weaknesses within PoW.
Do you believe there is any security advantages intrinsic within PoW, which PoS lacks? (whether or not PoS is superior to PoW overall is another question)

[Come-from-Beyond]

History has shown that B tends increase when inflation drops with Bitcoin.

Let me to disagree with your interpretation of the historical facts. More likely that you overlooked other factors that contributed their [much higher] weights.