Suddenly buying significant amount of PoS is also not possible, considering huge price jump on attempt.
Considering concentration of PoW mining power in few huge miners hands it is hard to find competing mining power to take significant portion of control away from them. While with PoS it costs nothing for a whale to set constant sell wall and keep it forever preventing any pump. No need to burn energy to keep monopolies in check.
Topic: Advantage of PoW over PoS - page 2. (Read 1508 times)
PoS encourages hoarding rather than using the currency. This means that the biggest users don't necessarily want to use their coin to see uncertain growth, the natural growth of their coins through staking is enough.
PoW, on the other hand, usually means that the currency has to be sold to break even with electricity and miner costs.
The mintpal hack: https://www.cryptocoinsnews.com/mintpal-gets-hacked-pos-vericoin-fork-result/
showed another problem of PoS coins.
It is a lot easier to suddenly out of nowhere spring up with a large amount of PoS coins that you've been buying, the exchanges are fairly open.
On the other hand, suddenly creating mining power to disrupt the Bitcoin network seems harder.
So overall, I think the weaknesses of PoS are that by very design, it seems counter-intuitive to community growth and also, it can be dominated more easily if one centralized party holds lots of coins at any point, as compared to PoW where it is not as easy to gain control of the hashing power.
PoW, on the other hand, usually means that the currency has to be sold to break even with electricity and miner costs.
The mintpal hack: https://www.cryptocoinsnews.com/mintpal-gets-hacked-pos-vericoin-fork-result/
showed another problem of PoS coins.
It is a lot easier to suddenly out of nowhere spring up with a large amount of PoS coins that you've been buying, the exchanges are fairly open.
On the other hand, suddenly creating mining power to disrupt the Bitcoin network seems harder.
So overall, I think the weaknesses of PoS are that by very design, it seems counter-intuitive to community growth and also, it can be dominated more easily if one centralized party holds lots of coins at any point, as compared to PoW where it is not as easy to gain control of the hashing power.
What prevents someone from stealing million BTC from any exchange ? I don't see how PoW prevents this.
With decentralized Asset Exchange like NXT trade.secureae.com problem of stealing from exchanges does not exist.
BTC pump of 2013 - 2014 shows that mined currency does not have to be sold and can be hoarded too.
I still don't see compelling arguments in favor of PoW.
PoS encourages hoarding rather than using the currency. This means that the biggest users don't necessarily want to use their coin to see uncertain growth, the natural growth of their coins through staking is enough.
PoW, on the other hand, usually means that the currency has to be sold to break even with electricity and miner costs.
The mintpal hack: https://www.cryptocoinsnews.com/mintpal-gets-hacked-pos-vericoin-fork-result/
showed another problem of PoS coins.
It is a lot easier to suddenly out of nowhere spring up with a large amount of PoS coins that you've been buying, the exchanges are fairly open.
On the other hand, suddenly creating mining power to disrupt the Bitcoin network seems harder.
So overall, I think the weaknesses of PoS are that by very design, it seems counter-intuitive to community growth and also, it can be dominated more easily if one centralized party holds lots of coins at any point, as compared to PoW where it is not as easy to gain control of the hashing power.
PoW, on the other hand, usually means that the currency has to be sold to break even with electricity and miner costs.
The mintpal hack: https://www.cryptocoinsnews.com/mintpal-gets-hacked-pos-vericoin-fork-result/
showed another problem of PoS coins.
It is a lot easier to suddenly out of nowhere spring up with a large amount of PoS coins that you've been buying, the exchanges are fairly open.
On the other hand, suddenly creating mining power to disrupt the Bitcoin network seems harder.
So overall, I think the weaknesses of PoS are that by very design, it seems counter-intuitive to community growth and also, it can be dominated more easily if one centralized party holds lots of coins at any point, as compared to PoW where it is not as easy to gain control of the hashing power.
I was thinking exactly this. Especially for coins with a smaller market cap, an average non-whale could even dominate that coin if he wanted to. I think that neither one is perfect, and they both have advantages and disadvantages. For me I like POW because people have to invest money into hardware, so it makes me feel like there is a an invested community, while pos coins seem to have less value behind them. I know this is just my perception, but it is how I think.
PoS encourages hoarding rather than using the currency. This means that the biggest users don't necessarily want to use their coin to see uncertain growth, the natural growth of their coins through staking is enough.
PoW, on the other hand, usually means that the currency has to be sold to break even with electricity and miner costs.
The mintpal hack: https://www.cryptocoinsnews.com/mintpal-gets-hacked-pos-vericoin-fork-result/
showed another problem of PoS coins.
It is a lot easier to suddenly out of nowhere spring up with a large amount of PoS coins that you've been buying, the exchanges are fairly open.
On the other hand, suddenly creating mining power to disrupt the Bitcoin network seems harder.
So overall, I think the weaknesses of PoS are that by very design, it seems counter-intuitive to community growth and also, it can be dominated more easily if one centralized party holds lots of coins at any point, as compared to PoW where it is not as easy to gain control of the hashing power.
PoW, on the other hand, usually means that the currency has to be sold to break even with electricity and miner costs.
The mintpal hack: https://www.cryptocoinsnews.com/mintpal-gets-hacked-pos-vericoin-fork-result/
showed another problem of PoS coins.
It is a lot easier to suddenly out of nowhere spring up with a large amount of PoS coins that you've been buying, the exchanges are fairly open.
On the other hand, suddenly creating mining power to disrupt the Bitcoin network seems harder.
So overall, I think the weaknesses of PoS are that by very design, it seems counter-intuitive to community growth and also, it can be dominated more easily if one centralized party holds lots of coins at any point, as compared to PoW where it is not as easy to gain control of the hashing power.
Someone told me that PoW has advantages over PoS if implemented properly and there is a good link for that.
Could somebody post it here or explain in simple words.
In my view PoW is always wasteful and is vulnerable to centralization.
The only downside of PoS is risk of improper initial distribution.
Could somebody post it here or explain in simple words.
In my view PoW is always wasteful and is vulnerable to centralization.
The only downside of PoS is risk of improper initial distribution.
Jump to: