I reported a reply to this thread yesterday for bumping 6 years old thread. Although my report was accepted as 'good' but moderator only decided to delete single post and let the thread run.
In any case, I think there are already many threads and discussions happened on this topic before on bitcointalk as well as on other btc forums.
Apart from technicality, economical impact of shifting from PoW to PoS would be horrendous too. Over the years, mining difficulty has risen many-folds and it has become excessively expensive to mine a block. This has created notional 'production cost' of bitcoin equals to the cost of mining. Now, this cost is an important factor in determining bitcoin market price. I doubt bitcoin would worth $10000-15000 if not for Proof-of-Work.
Shifting the block validation process to the consensus mechanism which costs zero resources to produce new coins will hit the price hard.
Topic: Intellectual pursuit question--POS (Read 545 times)
It's not just about the protocol but also about the code.
Ethereum is still under POW protocol and there is currently no limit as to how many will be mined. Any ETH lost from sending to inaccessible wallets or burn addresses will not really affect supply. With time, they can be replaced easily.
Ethereum is still under POW protocol and there is currently no limit as to how many will be mined. Any ETH lost from sending to inaccessible wallets or burn addresses will not really affect supply. With time, they can be replaced easily.
I spend way too much time thinking about bit coin but I was wondering what people thought of the idea of eventually adding a POS protocol to bit coin in order to stabilize the supply as coins are lost over the years. If it were one in a regular and automated way so that no person could manipulate it would you be open to the idea?
First of all, just know that PoW is very important, it helps miners producing companies (companies producing mining equipments) to produce more miners, it helps electricity companies to earn more money, it helps other companies like solar producing companies and other companies producing the equipment required for PoW mining like cooling machines companies as well. I wonder what will happen if all these are no more than the PoS that will be centralized eventually. I do not understand your point, how can PoS result to stabilizing the bitcoin supply, and I do not know how PoW as contributed to lost of bitcoin, all of your statements are not correct.
The only reason you can request for PoS is for scalability issue, and I think bitcoin will still find better ways to go about this than PoS.
I think a combination of PoW and PoS (mixed with rules and reward/punishment) would do.
Staking doesn't necessarily have to be with Coin. Everyone should be able to stake anything valueble to them to be able to participate in consensus and earn merits/reputation based on how well/bad the rules are obeyed or disobeyed....
You stake something, go to work, complete your work, prove your work, and get rewarded with both coin and merits/reputation depending on how well you do your work. If you don't work according to the rule, you get de-merited with the attachment of specific rule broken close to the demerit.
As you earn coin/merit/reputation, you climb up rank with more responsibilities and higher hardware/stake. Rewards earned as you climb up the ladder should buy you better hardware or stake.
This is a more efficient and fair method.
I spend way too much time thinking about bit coin but I was wondering what people thought of the idea of eventually adding a POS protocol to bit coin in order to stabilize the supply as coins are lost over the years. If it were one in a regular and automated way so that no person could manipulate it would you be open to the idea?
First of all, just know that PoW is very important, it helps miners producing companies (companies producing mining equipments) to produce more miners, it helps electricity companies to earn more money, it helps other companies like solar producing companies and other companies producing the equipment required for PoW mining like cooling machines companies as well. I wonder what will happen if all these are no more than the PoS that will be centralized eventually. I do not understand your point, how can PoS result to stabilizing the bitcoin supply, and I do not know how PoW as contributed to lost of bitcoin, all of your statements are not correct. The only reason you can request for PoS is for scalability issue, and I think bitcoin will still find better ways to go about this than PoS.
If it were one in a regular and automated way so that no person could manipulate it would you be open to the idea?
I do not get your point, what manipulation are you implying? As successful as bitcoin is, and bitcoin is getting more stronger in marketcap and blockchain rigidity. So, what's your point? 
I spend way too much time thinking about bit coin but I was wondering what people thought of the idea of eventually adding a POS protocol to bit coin in order to stabilize the supply as coins are lost over the years. If it were one in a regular and automated way so that no person could manipulate it would you be open to the idea?
I personally don't pretend to know enough to have a strong opinion either way but the idea is an interesting solution to a perceived down the road issue.
I personally don't pretend to know enough to have a strong opinion either way but the idea is an interesting solution to a perceived down the road issue.
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