Do you think Bitcoin should modify to POW + POS ? █████ Poll █████ - page 11.

kokojie

legendary

Activity: 1806

Merit: 1003

Quote from: Flashman on January 05, 2015, 11:33:04 AM

Quote from: kokojie on January 05, 2015, 09:20:30 AM

Definite YES.

You don't let some miner from China control your personal finance, why let miners control your Bitcoin network? Bitcoin stakeholders should be the controller of Bitcoin network, not some random profit crazy mining farm from China. The PoW miner's only intention and purpose is to extract value out of Bitcoin eco-system.

SO BUY A FUCKING MINER.

"It's not MY responsibility to secure the network, but I'm going to whine about those who stepped up"

lol, not sure if serious. So in order to hold Bitcoin and have influence in the network, I should go ahead and spend more money to buy a electricity wasting, heat+noise generating machine. Then waste more electricity.

or you know, SWITCH TO FUCKING PROOF OF STAKE, and Bitcoin stakeholders will always have 100% control of the network, instead of relying on profit crazy miners, who probably don't hold any Bitcoin, and only dump Bitcoin as soon as they get it. Plus, mother nature will thank you, since no electricity is wasted with Proof of Stake.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: achimsmile on January 05, 2015, 10:26:44 AM

Quote from: pawel7777 on January 05, 2015, 10:11:43 AM

But that's one of the problems with PoS, it promotes hoarding and kills activity. Less activity leads to less adoption which leads to price decline.

Marketcap isn't everything, it's merely a snapshot of how much people are willing to pay for a coin and can change rather quickly.

It's too early to judge that PoS kills activity. Quite the opposite: In Nxt, numbers of transactions per day steadily increased since July until today (around 3k per day now, which is not a lot compared to bitcoin, but still).

I agree it's too early to make a judgement based on comparing any 2 coins. But you don't need empirical data to discuss differences between PoS/PoW designs. You only need common sense for that.

NXT is probably not the best example in this case. Since it's non-inflationary, the only income you get is your share in tx fees (afaik), which atm are very insignificant. Therefore from the average holder's point of view - it's probably better to use it and keep it alive.

Now what would happen if we switch BTC to PoS (with the same issuance model)? You think it would increase activity? You have @micky123 above saying he would stop investing. I know I wouldn't be keen on buying a coffee with my PoS coins and wouldn't touch my stash to tip or donate.

If your coins generate you more coins - you don't want to spend them. Simple.

Right now you have bitcoin hoarders, who (despite all the logic) wouldn't use their coins at all. If they're further incentivised to hoard - why would they change their approach?

Flashman

hero member

Activity: 518

Merit: 500

Hodl!

Quote from: kokojie on January 05, 2015, 09:20:30 AM

Definite YES.

You don't let some miner from China control your personal finance, why let miners control your Bitcoin network? Bitcoin stakeholders should be the controller of Bitcoin network, not some random profit crazy mining farm from China. The PoW miner's only intention and purpose is to extract value out of Bitcoin eco-system.

SO BUY A FUCKING MINER.

"It's not MY responsibility to secure the network, but I'm going to whine about those who stepped up"

newIndia

legendary

Activity: 2226

Merit: 1052

As long as u r in bitcoin, u r stuck to PoW. U can not convince the majority of nodes any more to PoS. GooD Luck

kokojie

legendary

Activity: 1806

Merit: 1003

Quote from: 1Referee on January 05, 2015, 09:57:06 AM

Quote from: kokojie on January 05, 2015, 09:20:30 AM

Definite YES.

You don't let some miner from China control your personal finance, why let miners control your Bitcoin network? Bitcoin stakeholders should be the controller of Bitcoin network, not some random profit crazy mining farm from China. The PoW miner's only intention and purpose is to extract value out of Bitcoin eco-system.

Large mining farms all over the world are only heavily invested in hardware to do exact the same thing. It's not only China.

Changing something that Satoshi have created with a purpose is not a great idea.

Oh yes, the almighty Satoshi can do no wrong? Then why the hell are we paying the core devs for? let's just keep using the version of Satoshi Client from day one. All the changes to Satoshi's code is not a great idea?

What does it matter where the miner is? my point is still valid, why are you letting profit crazy miners at who knows where, control the Bitcoin network, but you the owner and stakeholder of some Bitcoins, have ZERO influence in the Bitcoin network.

achimsmile

legendary

Activity: 1225

Merit: 1000

Quote from: pawel7777 on January 05, 2015, 10:11:43 AM

But that's one of the problems with PoS, it promotes hoarding and kills activity. Less activity leads to less adoption which leads to price decline.

Marketcap isn't everything, it's merely a snapshot of how much people are willing to pay for a coin and can change rather quickly.

It's too early to judge that PoS kills activity. Quite the opposite: In Nxt, numbers of transactions per day steadily increased since July until today (around 3k per day now, which is not a lot compared to bitcoin, but still).

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: micky123 on January 05, 2015, 09:11:21 AM

i would love to have Bitcoin as POW + POS. That way my small stash of coins earn me something for keeping them. Investing BTC to earn some interest is just not possible in the current scenario, too many scammers and ponzi schemes around and i just dont feel safe investing atm.

Currently, i earn some kind of interest by loaning BTC to people, but the inherent risks are just too high, there is always the nagging fear that they might run away with my BTC. If i was earning some interest for my coins, i would very gladly leave them in my wallet and get out of loan sharking, lol! Grin

But that's one of the problems with PoS, it promotes hoarding and kills activity. Less activity leads to less adoption which leads to price decline.

Why non-innovative, ever-inflationary DOGE has similar market cap to innovative and non-inflationary NXT? Because people use DOGE, they tip, they gamble, they spend - that makes it alive.

ps I voted Yes, as I'd like the BTC devs to be more open-minded about implementing different protocol in the future, but I'm not convinced that PoS or PoW/PoS hybrid is the right solution.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: kokojie on January 05, 2015, 09:20:30 AM

Definite YES.

You don't let some miner from China control your personal finance, why let miners control your Bitcoin network? Bitcoin stakeholders should be the controller of Bitcoin network, not some random profit crazy mining farm from China. The PoW miner's only intention and purpose is to extract value out of Bitcoin eco-system.

Large mining farms all over the world are only heavily invested in hardware to do exact the same thing. It's not only China.

Changing something that Satoshi have created with a purpose is not a great idea.

freebeer2go

newbie

Activity: 48

Merit: 0

Yes, POW is wasteful and insecure (as shown by all the attacked and dead POW altcoins)

kokojie

legendary

Activity: 1806

Merit: 1003

Definite YES.

You don't let some miner from China control your personal finance, why let miners control your Bitcoin network? Bitcoin stakeholders should be the controller of Bitcoin network, not some random profit crazy mining farm from China. The PoW miner's only intention and purpose is to extract value out of Bitcoin eco-system.

micky123

legendary

Activity: 1022

Merit: 1005

i would love to have Bitcoin as POW + POS. That way my small stash of coins earn me something for keeping them. Investing BTC to earn some interest is just not possible in the current scenario, too many scammers and ponzi schemes around and i just dont feel safe investing atm.

Currently, i earn some kind of interest by loaning BTC to people, but the inherent risks are just too high, there is always the nagging fear that they might run away with my BTC. If i was earning some interest for my coins, i would very gladly leave them in my wallet and get out of loan sharking, lol! Grin

ijphlrnxewho

legendary

Activity: 1582

Merit: 1000

Do you think Bitcoin should modify its source code from Proof of Work to Proof of Work (POW) and Proof of Stake (POS)?

Proof of Stake will give people a better reason to hold on to Bitcoin for years, and Bitcoin's price should be higher.

Please vote and reply to this thread why or why not.

----------------
Best Proof of Stake coins. Voting Poll
https://bitcointalksearch.org/topic/best-proof-of-stake-coins-voting-poll-786993

Topic: Do you think Bitcoin should modify to POW + POS ? █████ Poll █████ - page 11. (Read 7585 times)