Bitcoin ready to migrate from PoW to PoS? - page 2.

Charles-Tim

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Quote from: ArcheAdvertising on August 20, 2020, 04:21:07 PM

If obviously the loss of jobs are collateral damage but there are more and more energy restrictions

Legal mining companies and people are paying for the electricity energy their miners are consuming, the power supply is not for free, even many people working in electricity company are even happy because the more the miners, the more the electricity usage, while the more the money that will be generating. You can not compare electricity generated in a village to the ones generated in a well developed city, the more light generated in advanced country like China, the more people will be employed in electricity companies. PoW really helped.

In addition, as for centralization, ethereum 2.0 PoS will be more centralized than using PoW as anybody not having 32 ETH will not be included in the mining aspect. And this may still later results to PoS mining pools.

ArcheAdvertising

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Quote from: pixie85 on August 20, 2020, 04:45:11 PM

There's no reason to do it. PoS is less secure.

The only advantages of using it would be power consumption but that's pushed by the green enthusiasts who don't understand that the power used to mine Bitcoin would be produced and sold anyway. If we stopped mining all around the world the power plants would not start to shut down because of no demand.

With PoS Bitcoin would lose an important feature and with it a lot of value.

If in fact I do not assure anything, I just wanted to know some points of view, I am a journalist and a big fan of cryptography that is why I present this publication to know the point of view of all, or at least of a majority with more experience than me . I still think we have to see how ETH and ADA are doing. Although assuming that they succeed does not mean that BTC will do it but it is a possibility.

pixie85

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There's no reason to do it. PoS is less secure.

The only advantages of using it would be power consumption but that's pushed by the green enthusiasts who don't understand that the power used to mine Bitcoin would be produced and sold anyway. If we stopped mining all around the world the power plants would not start to shut down because of no demand.

With PoS Bitcoin would lose an important feature and with it a lot of value.

FatFork

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Quote from: ArcheAdvertising on August 20, 2020, 04:21:07 PM

For now this is just speculation but I am more than sure...

OK, now it's just speculation. I thought you said that some 'experts' say it's a done deal. I must have misunderstood something.

BTW, don't be so sure! Wink

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Quote from: Charles-Tim on August 20, 2020, 04:14:24 PM

Quote from: ArcheAdvertising on August 20, 2020, 04:04:34 PM

It is not official yet, but large institutions have been affirming it through the news, I think you are very eceptive and at some point the PoW protocol will be obsolete and will go against many environmental laws.

First, as FinneysTrueVision commented, ethereum 2.0 implemetation can not even be this year as I have read on news. Precautions are being taking to make it secure and safe. It is still under testing.

Secondly, I will prefer proof of work (POW), It provides employment.
1. Many people are employed in companies that produces miners
2. Many people are also employed by mining farms for work purposes

If all cryptocurrencies start using POS, many jobs will loss.

POS is not what bitcoin needs, it only needs what can make transactions faster with lower fee, but not in the way job will loss as I explained above.

If obviously the loss of jobs are collateral damage but there are more and more energy restrictions, according to calculations bitcoin will have its last mining block in the year 2140, something late, don't you think? For now this is just speculation but I am more than sure I will not get to six years using PoW.

FatFork

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Quote from: ArcheAdvertising on August 20, 2020, 03:46:39 PM

According to various rumors, Bitcoin is closely following Ethereum's results.

Dude, you are mistaken! If even there are such rumors (which I doubt) then they are false. Your reference quotes a man from almost a year ago (maybe he has changed his mind in the meantime...) who has nothing to do with bitcoin core development. Who are the experts you mention? I did not find that in the article.

I suggest you clean up your act and sort out your sources.

Charles-Tim

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Quote from: ArcheAdvertising on August 20, 2020, 04:04:34 PM

It is not official yet, but large institutions have been affirming it through the news, I think you are very eceptive and at some point the PoW protocol will be obsolete and will go against many environmental laws.

First, as FinneysTrueVision commented, ethereum 2.0 implemetation can not even be this year as I have read on news. Precautions are being taking to make it secure and safe. It is still under testing.

Secondly, I will prefer proof of work (POW), It provides employment.
1. Many people are employed in companies that produces miners
2. Many people are also employed by mining farms for work purposes

If all cryptocurrencies start using POS, many jobs will loss.

POS is not what bitcoin needs, it only needs what can make transactions faster with lower fee, but not in the way job will loss as I explained above.

As per job creation, POS is completely out of sense and should be completely discouraged.

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Quote from: FinneysTrueVision on August 20, 2020, 04:03:15 PM

Quote from: ArcheAdvertising on August 20, 2020, 03:46:39 PM

According to various rumors, Bitcoin is closely following Ethereum's results.

What rumors? ETH hasn't moved to PoS yet. Proof of stake has not been proven to be more secure or decentralized than PoW, so there is no reason for Bitcoin to switch.

ETH has already implemented the Stake code to its 2.0 blockchain, it is still using a hybrid algorithm but ETH along with other altcoins are looking for an algorithm to replace PoW that is not a secret.

cryptoperkele

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Quote from: ArcheAdvertising on August 20, 2020, 03:46:39 PM

According to various rumors, Bitcoin is closely following Ethereum's results. And this is because the second largest cryptocurrency after bitcoin a couple of months ago migrated its mining algorithm to PoS, several experts say that Bitcoin will also do so in the very short future. And this is basically due to the fact that because bitcoin is becoming more and more popular, the algorithm used by Bitcoin PoW generates many expenses for its extraction, ranging from large electrical expenses to high cost in mining equipment.

What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?

Of course all developers try to follow any innovations on their field. But i wouldn't go and draw such conclusions that Bitcoin would drastically change the consensus algorithm. I wouldn't say that high electrical expenses are a bad thing either.

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Quote from: DougM on August 20, 2020, 03:57:42 PM

Quote from: ArcheAdvertising on August 20, 2020, 03:46:39 PM

According to various rumors, Bitcoin is closely following Ethereum's results. And this is because the second largest cryptocurrency after bitcoin a couple of months ago migrated its mining algorithm to PoS, several experts say that Bitcoin will also do so in the very short future. And this is basically due to the fact that because bitcoin is becoming more and more popular, the algorithm used by Bitcoin PoW generates many expenses for its extraction, ranging from large electrical expenses to high cost in mining equipment.

What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?

I doubt that will happen. Exactly what 'experts' say this is happening? how about pointing out some articles Huh

It is not official yet, but large institutions have been affirming it through the news, I think you are very eceptive and at some point the PoW protocol will be obsolete and will go against many environmental laws.

https://cointelegraph.com/news/bitcoin-will-follow-ethereum-and-move-to-proof-of-stake-says-bitcoin-suisse-founder

FinneysTrueVision

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Quote from: ArcheAdvertising on August 20, 2020, 03:46:39 PM

According to various rumors, Bitcoin is closely following Ethereum's results.

What rumors? ETH hasn't moved to PoS yet. Proof of stake has not been proven to be more secure or decentralized than PoW, so there is no reason for Bitcoin to switch.

DougM

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Quote from: ArcheAdvertising on August 20, 2020, 03:46:39 PM

According to various rumors, Bitcoin is closely following Ethereum's results. And this is because the second largest cryptocurrency after bitcoin a couple of months ago migrated its mining algorithm to PoS, several experts say that Bitcoin will also do so in the very short future. And this is basically due to the fact that because bitcoin is becoming more and more popular, the algorithm used by Bitcoin PoW generates many expenses for its extraction, ranging from large electrical expenses to high cost in mining equipment.

What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?

I doubt that will happen. Exactly what 'experts' say this is happening? how about pointing out some articles Huh

ArcheAdvertising

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According to various rumors, Bitcoin is closely following Ethereum's results. And this is because the second largest cryptocurrency after bitcoin a couple of months ago migrated its mining algorithm to PoS, several experts say that Bitcoin will also do so in the very short future. And this is basically due to the fact that because bitcoin is becoming more and more popular, the algorithm used by Bitcoin PoW generates many expenses for its extraction, ranging from large electrical expenses to high cost in mining equipment.

What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?

Topic: Bitcoin ready to migrate from PoW to PoS? - page 2. (Read 315 times)