Do you think Bitcoin should modify to POW + POS ? █████ Poll █████

[jubalix]

Pos is probally going to happen sooner or later to BTC. The head wind of mining is an issue. Further PeerCoin has just implemented cold minting, which mean your coins can not be stolen even if they get the private key for minting (which would be the only one exposed to a hack). Your sending key is kept of line if you wish.

Same is already possible in Nxt since more than half a year. You can lease your forging power from your offline wallet to your online wallet, the private keys of your stash can completely remain on an offline machine.

this sounds a bit different. How do you get the minting lease back? Is there a minting priv key with a time expire or something.

I am not familiar with this.

Ok read a bit. So you give over forging power to another hmmm ? address I guess? is that right. So you could just lease it out to another address and then it auto reverts after time expires. This mean your nxt is vulnerable when you send them only eg enter password to do this. So it seems a bit different in that respect.

Forging power is being split from the coin (nxt) rather than cold minting the coin insitu. I kind amounts to the same thing I guess. Eg I could give some one my priv peercoin minting key and they pay me. If the dont pay I just move my coin to a new address. Similarly with the next version the lessor has to actually pay they may not pay up, then you wait until the lease expires. I think the Peercoin version is cleaner as you are not locked in beyond the next sending block at any time. Nor do you ever have to enter your sending privkey exposed. In next you have to fire up your nrs and put passphrase in. Not a bigge though as you just have the right machine for the job.

[Daedelus]

Private key for minting = Online account (and its passphrase)
Sending key = Offline account (and its passphrase).

Offline transaction is prepared offline using the passphrase once a month (roughly) for the leasing. Prepared transaction is broadcast on the network. No exposure of offline key (passphrase) to the network.

How is it different? Is this live in Peercoin or still being discussed?

[Flashman]

Can someone from the "change camp" please explain what they are expecting from such a change?

It's all about stealing the wealth that people have entrusted to bitcoin, to reclone alts as bitcoin that people have specifically NOT entrusted wealth to.

Basically the formation of a quasi-state like entity to say "Hey, I see how you want your money to work, well tough shit, we're gonna take it away and do what WE want with it."

[achimsmile]

I think the Peercoin version is cleaner as you are not locked in beyond the next sending block at any time. Nor do you ever have to enter your sending privkey exposed.

You are not locked in beyond the next sending block with Nxt either. You prepare a lease transaction offline, switch machines, broadcast it. I do it all the time and it's quite easy with this little software: https://nxtforum.org/keystash-core-releases/

You can cancel the lease anytime you want and have full control over your funds, they are not locked. If you want you can send out funds from your cold wallet during the lease (will decrease forging power).

So, privkeys are not exposed, funds are not locked, and it's live on mainnet.

[jubalix]

I think the Peercoin version is cleaner as you are not locked in beyond the next sending block at any time. Nor do you ever have to enter your sending privkey exposed.

You are not locked in beyond the next sending block with Nxt either. You prepare a lease transaction offline, switch machines, broadcast it. I do it all the time and it's quite easy with this little software: https://nxtforum.org/keystash-core-releases/

You can cancel the lease anytime you want and have full control over your funds, they are not locked. If you want you can send out funds from your cold wallet during the lease (will decrease forging power).

So, privkeys are not exposed, funds are not locked, and it's live on mainnet.

the swapping machines bit as I stated yes ok this may be done for both.

You for nxt would have to do it from both ends though, eg you have to send the profits back some how so you have to log into the receiving address and send profits back. It's not a big issues, but seems a bit awkward. It's good for pooling though!

[achimsmile]

You for nxt would have to do it from both ends though, eg you have to send the profits back some how so you have to log into the receiving address and send profits back.

Well, you don't have to send profits back, but if you want to, you would log into your online machine and send the generated fees back from hot wallet to cold wallet.
In peercoin, would the offline wallet automatically recieve minted coins? Apart from that, the ideas look similar.

Is this already implemented in peercoin?

[MarketNeutral]

No, keep Bitcoin PoW.

If you want PoS, then use PeerCoin and let Sunny King be your king.

[Flashman]

Yah srsly, if it's about using and promoting PoS crypto, take your money and fuck off into one.

If it's about a money grab so bitcoins market cap serves your personal agenda, well... keep plugging.

[Daedelus]

Yah srsly, if it's about using and promoting PoS crypto, take your money and fuck off into one.

If it's about a money grab so bitcoins market cap serves your personal agenda, well... keep plugging.

If you think BTC/POW is secure in its position, why do you think talking about POS will have any effect on anything?

[kokojie]

Yah srsly, if it's about using and promoting PoS crypto, take your money and fuck off into one.

If it's about a money grab so bitcoins market cap serves your personal agenda, well... keep plugging.

Your post history indicates you are an investor of PoW Mining companies. Surely your opinion is neutral. YOU FUCK OFF, PoW miner shill.

[Flashman]

What? I've been a part of keeping bitcoin running the last 2 years and I'm the shill? What have you done for bitcoin lately?

[kokojie]

What? I've been a part of keeping bitcoin running the last 2 years and I'm the shill? What have you done for bitcoin lately?

PoW mining is NOT NEEDED to keep Bitcoin running, it's a waste and leech, its only purpose is extracting value out of Bitcoin.

I run a Bitcoin promotional website, and also run a Bitcoin full node. See my god damn signature.

[Flashman]

Whoop de woo, a full node, like I haven't been doing that since I started.

I am voluntarily participating in bitcoin as it was designed to work, shame on me.

[kokojie]

Whoop de woo, a full node, like I haven't been doing that since I started.

I am voluntarily participating in bitcoin as it was designed to work, shame on me.

PoW mining was useful for a time, since there wasn't yet any successful PoS systems running.

But now that time has passed, many PoS systems successfully running. No reason to keep buying VHS tapes, when Netflix streaming is available.

[Flashman]

So successful in fact that you resist moving to them and troll BITCOINtalk with incessant pleas to be just like them.

[inBitweTrust]

What? I've been a part of keeping bitcoin running the last 2 years and I'm the shill? What have you done for bitcoin lately?

PoW mining is NOT NEEDED to keep Bitcoin running, it's a waste and leech, its only purpose is extracting value out of Bitcoin.

I run a Bitcoin promotional website, and also run a Bitcoin full node. See my god damn signature.

Your coming off extremely judgmental and like you have a sense of entitlement to how Bitcoin should be designed and anything that isn't going your way is a "waste and leach" towards your vision of bitcoin.

Bitcoin was designed around PoW, perhaps it will change , perhaps not, but you have no place calling people shills or leaches when talking about them simply fulfilling Satoshi's design protocol.

Bitcoin is voluntary, and no one is imposing it upon you, like no one is imposing Bitshares upon us ... we are free to use either or both.
Throwing hissy fits because others don't agree with you doesn't help your cause either.

[calaber24p]

My problem with POW is mining centralization. If you thought that centralized pools were a problem, just wait until there are 1 or 2 asic producers who will chose to just mine instead of selling their products and keep their designs secret. At that point the barrier to entry for outsiders to design and create asics will be too high. Mining has "natural monopoly" written all over it.

[LeChatNoir]

Bitcoin will simply die POW, people who wants to really preserve their wealth can buy some of the top POS available, i did and i haven't regret so far.

[kokojie]

What? I've been a part of keeping bitcoin running the last 2 years and I'm the shill? What have you done for bitcoin lately?

PoW mining is NOT NEEDED to keep Bitcoin running, it's a waste and leech, its only purpose is extracting value out of Bitcoin.

I run a Bitcoin promotional website, and also run a Bitcoin full node. See my god damn signature.

Your coming off extremely judgmental and like you have a sense of entitlement to how Bitcoin should be designed and anything that isn't going your way is a "waste and leach" towards your vision of bitcoin.

Bitcoin was designed around PoW, perhaps it will change , perhaps not, but you have no place calling people shills or leaches when talking about them simply fulfilling Satoshi's design protocol.

Bitcoin is voluntary, and no one is imposing it upon you, like no one is imposing Bitshares upon us ... we are free to use either or both.
Throwing hissy fits because others don't agree with you doesn't help your cause either.

Again, when there's a leech on my leg, I kill the leech, instead of cutting off my leg. So as a stakeholder of Bitcoin, I will try to kill the Bitcoin leech, instead off cutting off my Bitcoin stake.

[Flashman]

My problem with POW is mining centralization.

Apart from the inconvenient fact of it not actually happening, this...

https://blockchain.info/pools

Is looking more decentralised than it has for 2 years or so.