Both PoW and PoS algos are scams. Here's why. - page 3.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Quote from: FreeStreamer on July 09, 2020, 12:42:58 PM

Quote from: batang_bitcoin on July 09, 2020, 11:37:29 AM

If that's what you think, ok then. But you can't replace these consensus with what you are believing but if you have a better proposal to change these algos into the consensus algorithm that you know which is safer and more secured, you can give that proposal or make it happen.

Yes, I actually have. A hybrid Proof-of-Replication, Proof-of-Retrieval and Proof-of-Stake would be better because Proof-of-Replication and Proof-of-Retrieval are used for validating any data. Not only value transactions.

Did you invented all of that? where can we find the description and explanation for those consensus'?

Quote from: Fluttershy on July 09, 2020, 01:23:44 PM

Mining top coins are not that cost-effective

Actually they are. Mine bitcoin, you'll need to spend a lot of money from thousands to tens of thousands for you to have a profitable mining experience.

Quote from: Fluttershy on July 09, 2020, 01:23:44 PM

mining a coin early which we believe will have a great future is a whole different game.
but in case of PoS you need money to make money.

The same with PoW, you can mine those worthless PoW coins but they don't have value but mining those profitable and worth it PoW coins, requires you decent capital.

Fluttershy

sr. member

Activity: 420

Merit: 250

Quote from: FreeStreamer on July 08, 2020, 02:42:27 PM

The Proof-of-Work algorithm and the Proof-of-Stake algorithms are scams. Proof-of-Work algorithm actually costs more than it makes. This is why every single Proof-of-Work algorithm crypto has to be supported with FIAT money, which honestly speaking makes them all hybrid PoW/PoS. Proof-of-Stake is a scam because it's just money backed with money.

Mining top coins are not that cost-effective but mining a coin early which we believe will have a great future is a whole different game.
but in case of PoS you need money to make money.

FreeStreamer

member

Activity: 70

Merit: 15

Quote from: batang_bitcoin on July 09, 2020, 11:37:29 AM

If that's what you think, ok then. But you can't replace these consensus with what you are believing but if you have a better proposal to change these algos into the consensus algorithm that you know which is safer and more secured, you can give that proposal or make it happen.

Yes, I actually have. A hybrid Proof-of-Replication, Proof-of-Retrieval and Proof-of-Stake would be better because Proof-of-Replication and Proof-of-Retrieval are used for validating any data. Not only value transactions.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

If that's what you think, ok then. But you can't replace these consensus with what you are believing but if you have a better proposal to change these algos into the consensus algorithm that you know which is safer and more secured, you can give that proposal or make it happen.

covfefe_

full member

Activity: 948

Merit: 105

You are not wrong but you are moving in all the surface. The thing you said are ideal for any projects but what keeps the prices of these projects different is the value they add. There are many addition of value to the tokens be it primarily trust for coins like Bitcoin or incentive for coins like BNB and utility for coins like Tron. Those are just examples, their are plenty of other additives as well speculations that determines the price.

Samayuki

member

Activity: 574

Merit: 24

Quote from: tbct_mt2 on July 09, 2020, 08:09:44 AM

Quote from: FreeStreamer on July 08, 2020, 02:42:27 PM

The Proof-of-Work algorithm and the Proof-of-Stake algorithms are scams. Proof-of-Work algorithm actually costs more than it makes. This is why every single Proof-of-Work algorithm crypto has to be supported with FIAT money, which honestly speaking makes them all hybrid PoW/PoS. Proof-of-Stake is a scam because it's just money backed with money.

Hmm. What leads you to the statement?

Scam is scam. Does it matter that scam comes from banks, real estates, stocks, bitcoin or altcoins? There are good and bad projects in crypto. Among bad projects, there are scam projects that are created initially by scammers and initial purposes of scammers are only scam investors and get a fortune to run away.

From what I see, fiats are scam too. Cool

Collection of comprehensive guides on identify and avoid scam projects

Thanks for giving out this vital points about Fiat and crypto, in fact I make the best money from crypto projects that are now abandoned, I don't care, I'm here for profits, either it will come from a shitcoin or a quality project doesn't count, I'm more interested in profits making

tbct_mt2

hero member

Activity: 2366

Merit: 838

Quote from: FreeStreamer on July 08, 2020, 02:42:27 PM

The Proof-of-Work algorithm and the Proof-of-Stake algorithms are scams. Proof-of-Work algorithm actually costs more than it makes. This is why every single Proof-of-Work algorithm crypto has to be supported with FIAT money, which honestly speaking makes them all hybrid PoW/PoS. Proof-of-Stake is a scam because it's just money backed with money.

Hmm. What leads you to the statement?

Scam is scam. Does it matter that scam comes from banks, real estates, stocks, bitcoin or altcoins? There are good and bad projects in crypto. Among bad projects, there are scam projects that are created initially by scammers and initial purposes of scammers are only scam investors and get a fortune to run away.

From what I see, fiats are scam too. Cool

Collection of comprehensive guides on identify and avoid scam projects

FreeStreamer

member

Activity: 70

Merit: 15

Quote from: CashbackLover on July 09, 2020, 02:21:27 AM

Proof of work and proof of stake are the main reasons why many coins have good value in the market today, why is ethereum the first choice for miners? Because it's profitable to mine than other coins, if you think they are scam then masternode coins aren't left out either

Proof-of-Work is not because like described, it's only an expense for the network whole. PoS has value because it's money backed with FIAT money. They mine coin, because you are buying there. There's no other reason to mine them.

FreeStreamer

member

Activity: 70

Merit: 15

Quote from: joseyphil82 on July 09, 2020, 02:40:21 AM

You've make up your mind completely, others will say otherwise and you won't see any reason in their comments, there is no need explaining to you what proof of work and proof of stake is since the full information is available on the internet and yet these algorithms are scam to you, no comment

I know what they are and the topic is the truth about the economics behind them, so it's not an opinion. They are worthless broken technology but you can still trade them because they fluctuate in value. Bitcoin has been hijacked by trading bots that just trade the predictable volatility that they themselves create. So you just need to guess what the trading bots will no next.

joseyphil82

member

Activity: 742

Merit: 16

You've make up your mind completely, others will say otherwise and you won't see any reason in their comments, there is no need explaining to you what proof of work and proof of stake is since the full information is available on the internet and yet these algorithms are scam to you, no comment

CashbackLover

member

Activity: 196

Merit: 15

Sovryn - Brings DeFi to Bitcoin

Proof of work and proof of stake are the main reasons why many coins have good value in the market today, why is ethereum the first choice for miners? Because it's profitable to mine than other coins, if you think they are scam then masternode coins aren't left out either

Kotone

hero member

Activity: 1372

Merit: 503

Quote from: FreeStreamer on July 08, 2020, 02:42:27 PM

The Proof-of-Work algorithm and the Proof-of-Stake algorithms are scams. Proof-of-Work algorithm actually costs more than it makes. This is why every single Proof-of-Work algorithm crypto has to be supported with FIAT money, which honestly speaking makes them all hybrid PoW/PoS. Proof-of-Stake is a scam because it's just money backed with money.

Are you retarded? Those algorithm has been there for a reason and as far as many altcoin and even bitcoin concern, they have been effective on running a perfect mechanism on blockchain. I think you only look on its purpose or how it runs based on its concept but you dont understand the technical part where how ndoes and block simplify the process.

TanakabZX

member

Activity: 504

Merit: 16

Quote from: FreeStreamer on July 08, 2020, 02:42:27 PM

The Proof-of-Work algorithm and the Proof-of-Stake algorithms are scams. Proof-of-Work algorithm actually costs more than it makes. This is why every single Proof-of-Work algorithm crypto has to be supported with FIAT money, which honestly speaking makes them all hybrid PoW/PoS. Proof-of-Stake is a scam because it's just money backed with money.

Since you've already make up your mind that this two Algorithms are scam there is no point asking the audience for thoughts, none will acceptable by you, some are even explaining why we need POW but those failed to get to you, the debate is over already

FreeStreamer

member

Activity: 70

Merit: 15

Quote from: lionheart78 on July 08, 2020, 06:34:56 PM

There is no point in arguing or debating in this one. This is a personal point of view and OP had fixated his mind on this. So better move on and see other topics out there if you disagree. This is all base on personal opinion and let us respect it regardless if it is the truth or not. We all know how these two worth (POW and POS) technically so there is no need to prove it to someone who have fixated his minds on other things.

I don't think simple economics is a matter of opinion. If you think of a blockchain as an organisation. The organisation as a whole either creates profit or loss and it a has a total balance.

lionheart78

legendary

Activity: 2954

Merit: 1153

There is no point in arguing or debating in this one. This is a personal point of view and OP had fixated his mind on this. So better move on and see other topics out there if you disagree. This is all base on personal opinion and let us respect it regardless if it is the truth or not. We all know how these two worth (POW and POS) technically so there is no need to prove it to someone who have fixated his minds on other things.

Teraboy

hero member

Activity: 2282

Merit: 505

Quote from: FreeStreamer on July 08, 2020, 03:12:33 PM

Quote from: Doranile432 on July 08, 2020, 03:00:58 PM

Quote from: FreeStreamer on July 08, 2020, 02:51:50 PM

Quote from: kingzpro on July 08, 2020, 02:46:57 PM

Quote from: FreeStreamer on July 08, 2020, 02:42:27 PM

The Proof-of-Work algorithm and the Proof-of-Stake algorithms are scams. Proof-of-Work algorithm actually costs more than it makes. This is why every single Proof-of-Work algorithm crypto has to be supported with FIAT money, which honestly speaking makes them all hybrid PoW/PoS. Proof-of-Stake is a scam because it's just money backed with money.

You seem to lack the technical knowledge and how these algorithms work and what purposes they serve, it easily indicates that your knowledge about these is superfacial and you have just built your opinion without digging up the topic in detail, I will suggest to read the technical papers of how pow and pos work and what purpose they serve then you will realize that you knew nothing while posting this.

I don't. They just vacuum cash to sustain any kind of value. There is no external demand from the general population for anything that the miners produce with their expensive hardware.

Quit talking OP, what research have you done on this? Every claims coming out of your mouth are based on your own point of view, what do you know about POW and POS? Do your own research.

Do you know that Proof of work Algorithm is used to confirm transactions? And still produce new blocks to the chain? DYOR

Yes I know that the Proof-of-Work algorithm is used to confirm transactions. The problem with it is just that this process is costly and it does not generate any value what so ever.So the blockchain costs more than it makes.

I guess you meant about what has already produced by the blockchain is not worth compared with how much cose that has already usen to run the network, right? if that was a centralized system and it could be much more cheap the problem is to keep the decentralization and it needs a lot of peers to be connected into the network to create the decentralization. In this case it's much more correlated with the decentralization that makes the cost became expensive

Kvalentine

member

Activity: 504

Merit: 25

The main benefits of POW algorithm are the anti DOS Attacks defense and low impact of stake on mining possibilities, the only disadvantages of POW are huge expenditures of computations and the famous 51% Attack

FreeStreamer

member

Activity: 70

Merit: 15

Quote from: Doranile432 on July 08, 2020, 03:00:58 PM

Quote from: FreeStreamer on July 08, 2020, 02:51:50 PM

Quote from: kingzpro on July 08, 2020, 02:46:57 PM

Quote from: FreeStreamer on July 08, 2020, 02:42:27 PM

The Proof-of-Work algorithm and the Proof-of-Stake algorithms are scams. Proof-of-Work algorithm actually costs more than it makes. This is why every single Proof-of-Work algorithm crypto has to be supported with FIAT money, which honestly speaking makes them all hybrid PoW/PoS. Proof-of-Stake is a scam because it's just money backed with money.

You seem to lack the technical knowledge and how these algorithms work and what purposes they serve, it easily indicates that your knowledge about these is superfacial and you have just built your opinion without digging up the topic in detail, I will suggest to read the technical papers of how pow and pos work and what purpose they serve then you will realize that you knew nothing while posting this.

I don't. They just vacuum cash to sustain any kind of value. There is no external demand from the general population for anything that the miners produce with their expensive hardware.

Quit talking OP, what research have you done on this? Every claims coming out of your mouth are based on your own point of view, what do you know about POW and POS? Do your own research.

Do you know that Proof of work Algorithm is used to confirm transactions? And still produce new blocks to the chain? DYOR

Yes I know that the Proof-of-Work algorithm is used to confirm transactions. The problem with it is just that this process is costly and it does not generate any value what so ever.So the blockchain costs more than it makes.

Doranile432

member

Activity: 476

Merit: 22

Quote from: FreeStreamer on July 08, 2020, 02:51:50 PM

Quote from: kingzpro on July 08, 2020, 02:46:57 PM

Quote from: FreeStreamer on July 08, 2020, 02:42:27 PM

The Proof-of-Work algorithm and the Proof-of-Stake algorithms are scams. Proof-of-Work algorithm actually costs more than it makes. This is why every single Proof-of-Work algorithm crypto has to be supported with FIAT money, which honestly speaking makes them all hybrid PoW/PoS. Proof-of-Stake is a scam because it's just money backed with money.

You seem to lack the technical knowledge and how these algorithms work and what purposes they serve, it easily indicates that your knowledge about these is superfacial and you have just built your opinion without digging up the topic in detail, I will suggest to read the technical papers of how pow and pos work and what purpose they serve then you will realize that you knew nothing while posting this.

I don't. They just vacuum cash to sustain any kind of value. There is no external demand from the general population for anything that the miners produce with their expensive hardware.

Quit talking OP, what research have you done on this? Every claims coming out of your mouth are based on your own point of view, what do you know about POW and POS? Do your own research.

Do you know that Proof of work Algorithm is used to confirm transactions? And still produce new blocks to the chain? DYOR

FreeStreamer

member

Activity: 70

Merit: 15

Quote from: Stanlo on July 08, 2020, 02:47:43 PM

Honestly I'm a bit disappointed about this your post OP, you need to do research on the power of demand and supply to really understand proof of work and proof of stake algorithm, calling Algorithms scam doesn't make sense

Can you please explain what exactly is the commodity that is in such high demand here?

Topic: Both PoW and PoS algos are scams. Here's why. - page 3. (Read 483 times)