POS doesn't work without good distribution of tokens/coins, so no mining will not die soon, there are many pros and cons to both POW and POS (as well as dPOS)
who was the first one to create a master node? I keep seeing these nodes and how now the nodes are getting more and more of the miners block rewards. its like getting taxed for your hard work
isnt it like capitalism where one person with alot of money can now control most of the wealth and tax the hard working miner?
Dash was the first coin with a Masternode. At its core, masternodes provide important functions that allow the instant and private sending of coins. People who run masternodes are compensated because it requires a server to be online for 24 hours a day. It also requires you to put up a certain amount of coins for collateral. The payout on running a Dash masternode is about 8%. Masternodes are required to put up a certain amount of coins to prevent bad actors from easily creating numerous masternodes. The problem today is there are now a million shitcoins out there that no one will ever need to send instantly or privately, with ridiculous ROIs in the hundreds. These drive up the value as people will be buying these coins to have enough for a masternode. Devs also have found that creating a masternode coin is a quick way to get rich quick. You often now see these premined coins where the dev will auction off 5 or 6 masternodes on Discord for 2-3 bitcoin each!
I wouldn't say Masternodes are like capitalism exactly. Its really no different than a miner competing against someone who has a 100 GPU rig. Like anything in life, the people with the most resources will gain the most when investing those resources.
I agree - I think the fundamental concept of the Masternode as a way to provide incentive to hold coins, and to help stabilize the currency in exchange for a return is fundamentally brilliant and innovated. But it's become perverse where the DEV's pre-mine and then auction off the MN's on Discord, as I saw with Lizus and a few others. I think this is somewhat of a recent trend, and I hope it doesn't continue. I actually don't think it will when these people who have paid several or even a large fraction of a bitcoin watch their MN investment evaporate in some months as the dev's and other dump their coins and disappear. I'm not saying they all will - but I think there have already been cases of it happening fairly recently.
I completely get the fact that exchanges are now asking for hefty fees to get listed (which is why they claim they need to auction of the nodes), but why it is SO IMPORTANT to get on exchanges unless you plan to immediately speculate, drive the price up, and then cash out. My question to the dev's would be - what about the actual use of the coin you are developing? What has that to do with the exchange?
I like coins that are back-to-basics types of released, like ROI and Raven. Anyway ... even though I'm intrigued by the MN concept, I'm afraid it's getting somewhat ruined by these new trends.
