Proof of stake mining of bicoin

[Come-from-Beyond]

if the PoS system is indeed viable and superior
as some claim, we should see it start to gobble up market share...right?

This is what we see now, share of PoS coins keeps growing.

[Come-from-Beyond]

No one will attack PoS coins, it cost nothing to make, it does not have any value, why attack it?

A successful attack on Nxt would give you 50'000 USD reward. Still too low for you to bother?

[siameze]

This is mostly true and why I am a big fan of PoS coins. I think every Central Bank should have one.

This may well be my favourite quote of the entire year.

[Come-from-Beyond]

No. The supply was fixed in 2009.

You misplaced plans and their realization.

Who's plans were misplaced and where were they supposed to be?

I mean that you play with words. "Supply was fixed in 2009" doesn't make much sense. It's plans, the real supply of Bitcoin is very far from being fixed.

[Come-from-Beyond]

This is mostly true and why I am a big fan of PoS coins. I think every Central Bank should have one.

Good boy.

NB:

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

[Come-from-Beyond]

Ohh goodness, they really should bring back the rule of sand boxing newbie accounts . You are ignored my friend.

You shouldn't have said this. Basically your phrase means "You won because I'm out of counterarguments."

[Come-from-Beyond]

Bitcoin will have 6 % inflation in 2016, 5% inflation in 2017, 3% inflation in 2019, and 0.5% inflation in 2026

You overlook an obvious thing:

Transaction fee will increase to compensate subsidy decline. One way or another Bitcoin holders will be paying tithing for burned electricity. The only alternarive is to stop sending transactions but in this case the transaction fees will just go higher.

[cbeast]

This is mostly true and why I am a big fan of PoS coins. I think every Central Bank should have one.

Good boy.

NB:

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

You don't know what a strawman is. Let's just end this. You win. I will ignore you also.

[BitAddict]

IMO, it would be better to just switch to a new POS coin. There would be too many problems with miners and early adopters interest in order to make that kind of change in bitcoin. They probably won't allow the change, until it would be late.

Bitcoin will have 6 % inflation in 2016, 5% inflation in 2017, 3% inflation in 2019, and 0.5% inflation in 2026

You overlook an obvious thing:

Transaction fee will increase to compensate subsidy decline. One way or another Bitcoin holders will be paying tithing for burned electricity. The only alternarive is to stop sending transactions but in this case the transaction fees will just go higher.

Indeed. And if fees don't go higher there won't be enough security in order to protect bitcoin.

The only thing I know for sure is bitcoin mining is doomed for the longterm. It's way too inefficient, old fashioned and tends to centralization. It was ok as a first step or an experiment, but not for a real economy or to go really far.

[Come-from-Beyond]

You don't know what a strawman is. Let's just end this. You win. I will ignore you also.

Bold statement again. It's sad that you'll never reply on https://bitcointalk.org/index.php?topic=905385.msg9955204#msg9955204...

[jonald_fyookball]

if the PoS system is indeed viable and superior
as some claim, we should see it start to gobble up market share...right?

This is what we see now, share of PoS coins keeps growing.

We are?   What coin do you see doing well? 
The 365 day chart of NXT is certainly nothing
to write home about.

This is wrong i think.
Imagine you have two coins only.
Coin A is POW, it is 10 years old, it has 100 billion market cap, it has 5% inflation, it costs 1 billion to attack it and every merchant on earth accepts it.
Coin B is POS, it is 5 years old, it has 1 billion market cap, it has 0% inflation, it costs 1 billion to attack it and no merchant accepts it.
You can switch from one coin to the other one for free or very very cheaply.
In this scenario every rational investor would chose to have most of his savings in coin B and he would switch to coin A only when he needs to spend.
As time goes by almost everyone moves from coin A to coin B, coin B market cap grows to 100 billion, coin A is slowly abandoned, merchants forget about it and start to accept coin B only.
This is why i thin the coin that will win the crypto race is the coin which provides the strongest network at the lowest cost.
Network effect might not be enough to save bitcoin.

Hold on, you are mixing PoW/PoS with issuance.

It is possible to have a PoW coin with no more
issuance (Bitcoin will be like that in 100+ years),
and it also possible to have a PoS coin that issues
new coins for a period (or indefinitely).

The shorter the issuance period, the more people
will question if the distribution is fair. 

Personally, when I first heard about Bitcoin, one
of the things about it that sold me was that miners
had to do some actual work to get coins... it wasn't
just some dudes high on a hill somewhere declaring
they invented a currency and saying everyone should
go use it. 

[J. J. Phillips]

This is mostly true and why I am a big fan of PoS coins. I think every Central Bank should have one.

Good boy.

NB:

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

You don't know what a strawman is. Let's just end this. You win. I will ignore you also.

Oh good. Looks like PoS wins and we don't have to redo this thread next week. Excellent.

[Come-from-Beyond]

We are?   What coin do you see doing well? 
The 365 day chart of NXT is certainly nothing
to write home about.

Ethereum, BitShares, Nxt. They got noticeable piece of Bitcoin's pie.

[inBitweTrust]

You shouldn't have said this. Basically your phrase means "You won because I'm out of counterarguments."

I have my standards.
“Never argue with stupid people, they will drag you down to their level and then beat you with experience.”

You overlook an obvious thing:

Transaction fee will increase to compensate subsidy decline. One way or another Bitcoin holders will be paying tithing for burned electricity. The only alternarive is to stop sending transactions but in this case the transaction fees will just go higher.

Not necessarily so if transaction volume can sustain security. You don't have enough data to know if transaction fees need to increase or bitcoin needs to change its security model to sustain itself. We will cross that road when it needs to be taken. You have a sense of desperation in the need for bitcoin to switch to PoS for some odd reason. How about you focus on making Nxt all that it is claimed to be instead of rehashing old arguments over and over?

Ethereum, BitShares, Nxt. They got noticeable piece of Bitcoin's pie.

You haven't heard? Ethereum is going to be PoW. BitShares is DPoS , not PoS. Nxt is slowly dying and losing place to PoW and Debt based currencies.

[Come-from-Beyond]

You don't have enough data to know if transaction fees need to increase or bitcoin needs to change its security model to sustain itself.

Technically you are right, let's put on hold this discussion and come back to it when we have more info.

How about you focus on making Nxt all that it is claimed to be instead of rehashing old arguments over and over?

I'm not motivated enough for that. Being a mercenary I did everything I was supposed to do and then quited Nxt core team.

[Come-from-Beyond]

You haven't heard? Ethereum is going to be PoW. BitShares is DPoS , not PoS. Nxt is slowly dying and losing place to PoW and Debt based currencies.

There is no fundamental difference between DPoS and PoS.

Regarding Ethereum, here is the latest news - https://www.youtube.com/watch?v=qPsCGvXyrP4. It says that Ethereum will be PoS.

[jonald_fyookball]

You haven't heard? Ethereum is going to be PoW. BitShares is DPoS , not PoS. Nxt is slowly dying and losing place to PoW and Debt based currencies.

Out of the 3, Ethereum clearly is the only one in an uptrend on the 365 day chart.

[inBitweTrust]

You haven't heard? Ethereum is going to be PoW. BitShares is DPoS , not PoS. Nxt is slowly dying and losing place to PoW and Debt based currencies.

There is no fundamental difference between DPoS and PoS.

Regarding Ethereum, here is the latest news - https://www.youtube.com/watch?v=qPsCGvXyrP4. It says that Ethereum will be PoS.

No, you may want to re-watch it. More specifically, Ethereum will be a hashimoto dagger IO bound PoW consensus mechanism.
The latest under review is here under PoC7:

https://github.com/ethereum/cpp-ethereum/wiki
http://gavwood.com/Paper.pdf

Yes, I agree it is confusing being that Vitalik has gone back in forth between slasher and dagger and the fact that he may eventually switch from PoW to a weak subjectivity TaPoS slasher algo, but for the time being and for distribution it is ASIC resistant PoW.

Read the paper above to verify that it is indeed PoW.

Additionally, there are tremendous differences between PoS and DPoS. NxT and Bitshares have a different security model and concerns. Nxt is slowly evolving to TaPoS model of security which is still much different that DPoS.

[Tobo]

Additionally, there are tremendous differences between PoS and DPoS. NxT and Bitshares have a different security model and concerns. Nxt is slowly evolving to TaPoS model of security which is still much different that DPoS.

So you are ok with DPOS and Etheruem?

[Come-from-Beyond]

No, you may want to re-watch it.

Ok, my bad, I don't comprehend spoken English so I just read the video description. Anyway, every new days brings more and more PoS coins.