Topic: Fighting the FUD of PoW versus Po(Insert favorite word here)!! - page 2. (Read 365 times)

Well, it didn't work for all the POS coins I tried out because I saw for myself with maybe 20 or even 30 different coins and wallets I personally staked (yes, yes I did, so I know:) ) but to be fair, none of these coins could really claim to have the same use case and adoption rate as Ethereum. And I'm sure ETH's POS is not going to be straightforward plus it has real governance features. We'll wait and find out I guess.

It hasn't worked with other coins, and I don't think that it will work with Ethereum. PoS is a failed technology, which makes the coins more vulnerable to manipulation. For the past two years or so, there have been a lot of hype regarding ETH 2.0. I know it hasn't been implemented fully, but so far what are the changes that it brought? The transaction fee is still high and the vulnerabilities remain. Tell me the name of a single PoS cryptocurrency, which is doing well right now.

Hehe, first time I head of Piece of Shit and I wouldn't outright call PoS like that you know, I mean ETH 2.0 is moving right into that exact direction, with PoS itself being quite a mature piece of technology right now when it comes to blockchain.

Of course I made myself many mistakes with old POS type coins but the implementation for ETH I hear is very different.

As far as I know Elon is just manipulating the market.  I believe he is in for the profit not for any cryptocurrency out there.  If think his plan is to pull the Bitcoin price down after selling his stash and buy back when the price crashes because if he is not into Bitcoin and profit then what he is doing in Fudding the market.

Elon is just trying to create FUD about the Bitcoin in the market so as he can buy the dump in which he is succeeding at some point.Working with Dogecoin developers since 2019 to make doge crypto of the earth and giving statements like 100x faster speed and 100x less fees doesn't provide you the best crypto status.Proof of stake option rather be interchanged with Proof of Stupidity which allows the priviliged ones to be part of network by becoming validators.Whosever lock more coins has more power which was never the base aim of Bitcoin.Doge with unlimited supply and no technical development with less security is just witnessing a temporary pumps and soon Bitcoin and other top altcoins will come at the top.POW provides a competition and security among network and it has lot of technical working which are at best usage.Fees and speed issues can be resolved with new BIP's as in the past like lightning network but don't ever compare them with such shitcoins in the market.

Elon Musk's nonsense has exceeded the limit, I do not know why you are so interested in him that he is not Satoshi and his joining or withdrawing from Bitcoin will not change things, the price has risen from zero dollars to more than 30 thousand dollars without his help, so why do we need it.
Bitcoin is not a company and I don't think all miners and individuals who run an entire contract will care about the Elon Musk comment.

Chia coin does look interesting. Proof of Space, and a valid algorithm. Will be fun to see what it does to the HDD and SSD markets. DOGE is garbage.

PoS actually stands for "Piece of Shit" and not "Proof of Stake". Elon Musk, being a PoS himself wants us cryptocurrency users to dump Bitcoin for some shitcoin which he can control. He has realized that it is impossible to manipulate Bitcoin, and that is why he has come up with crazy excuses such as Bitcoin uses too much electricity. Right now, there is not a single altcoin out there, which has the same security benefit as that of Bitcoin. Elon just wants a centralized coin, which he can dictate.

For far worse tradeoffs though. If you can have less than 1% of the energy cost, you will be happy with 1% of the security benefits but the fact is most coins won't even have 0.1% of Bitcoin's security benefits.

Remember, it costs resources to secure something. PoW wasn't a random idea thought up. DOGE was.

Perfect solutions require perfect evidence which does not exist.

Well what Musk did was a classic pump and dump. Those who followed him now got burnt, but those who played opposite actually made some money and will be buying bitcoin when it stops crashing a bit.

You are correct about these buzzword-with-no-meaning hype. I have been seeing them for the similar time period and I can say with confidence that any altcoin using a word like that to make their project stand out has no intrinsic growth value in the long run. But newbies get fooled into buying them.

This is because, they find bitcoin's price a lot bigger than what their pocket can afford. I dont blame them for this, it is a true phenomena so they look for other investment methods and thus put their money in shitcoins.

But seeing current involvement with DOGE, I would advice people to sell DOGE when the price rises and not get FOMOed. Celebs dont care about your money, they want their profits.

They pull out before you have even reached climax (Pun intended)

Greeting Fellow Bitcoiners!!

Elon Musk is out rallying against Bitcoin proposing that:

1. There are other cryptocurrencies with less that 1% of Bitcoin's energy cost.
2. He is working with DOGE devs for "Potentially promising" results.

The Alt-coin bullrun has given everyone and their grandmas the right to propose their own version of Po(Something...something). The most recent that I heard about being Proof of History by ICP, which by the way jumped straight to top 10 with instant listing on all the exchanges. There obviously is PoS, DPoS and all the usual suspects.

All of these , and their communities, will claim that they have found the perfect solution with a "DAG" or a "Coordinator" or a "Neuron Network". A lot of times, these are just too bewildering to understand or contest.

I am opening this thread to propose everyone to read about all these solutions and propose the arguments for and against these wannabe cryptocurrencies. The FUD over Energy costs is not going to stop. It has to be reasoned out that what makes cryptocurrency unique is decentralization and true permissionless-ness. Zero potential for censorship. If these tenets are compromised then it is NOT a cryptocurrency but just another corporate solution to a problem that did not exist. Did we all need mineral water in plastic bottles? Were "superfoods" a major human requirement? Do Cigarettes and Colas take you to the top of the world? They don't. Just like that, these other "solutions" do not give you a cryptocurrency like Bitcoin.

Please share your thoughts and technical insights for and against the most common of these PoW competitors.