Topic: Is PoS dead? - page 8. (Read 17342 times)

look at the escalating hashrate.  certainly someone does.

orders of mining equipment are still in high demand.  hashrate is still escalating.  when can we expect this participation to die off, please?

Even stealing/buying old privatekeys that were filled with enough coins before a hardcoded and thus centralized checkpoint in a pos coin is suffiecient to rebuild a chain with a higher commulative difficulty and thus fork the network.

I'd argue the exact opposite and that is POW is dead (except for Bitcoin) and POS is the future. Look at all the innovation with POS coins: NXT, NEM, Crypti. Where is the innovation with POW? Litecoin? Darkcoin? Titcoin?

Does anyone still believe that purchasing a machine for thousands if not tens of thousands of dollars to mine POW coins is still profitable?

Furthermore, as energy costs and hashrates continue to rise, fewer and fewer people will get involved with POW mining.

quoting your opinion proves nothing.  we just saw 45M NXT bought for a measly 200BTC.  just goes to show you how badly the hacker wanted BTC instead of NXT.  yet he still hold 8M NXT to screw around the NXT network.  can one short NXT yet?

trying to physically buy up a crapload of asic mining equipment, build a secret datacenter equivalent to all the current mines out there, channel enough water and electricity to such a secret facility, hire the manpower and construction machinery to build out said center, hire the expertise to implement such hardware is NXT to impossible at this point.  we see asic chip makers pushing the 14nm chip frontier while Intel is still on 28nm.  and yet the boogeyman gubmint is supposed to be the bleeding edge?  no, i'll take the private, open source sector anytime.

there is major flaws with pow. It's like cars... We have cars that are majorly adopted but they are run on petrol which is a major flaw in the concept of cars due the inefficiency of the engines and fuel source for the engine. Everyone knows electric cars are more efficient and solve the major flaw previously mentioned how ever they are only a fraction of the total automotive industry and not very popular regardless of being superior technology because the infrastructure isn't in place to allow mass adoption.

Not only that but people  won't actually try the technology because they are complacent with what they already use because in their eyes it is "good enough" and will not realise the deficiencies in what they currently use until the later more advanced and efficient technology becomes further adopted at which point they are part of the mainstream adoption and missed the "early adopter" status of that technology.

There will always be people who deny that the more efficient and advanced technology is better and fight against it due to vested interest which is what we see today with those who have a vested interest in bitcoin and those who have a public persona in the btc space.

The same concept can be applied very well to 1st and second gen crypto..

Just because bitcoin is fully functional and gaining huge adoption, it doesn't mean it's the superior technology.. Eventually  infrastructure will be built for the superior tech and people will start to see the it is superior and it will gain adoption...

The question is... At what point will people see this and move from old inefficient tech to the New more efficient and advanced tech? And where in this adoption curve do you fit in?

quoting your opinion proves nothing. 

we just saw 45M NXT bought for a measly 200BTC.  just goes to show you how badly the hacker wanted BTC instead of NXT.  yet he still hold 8M NXT to screw around the NXT network.  can one short NXT yet?

trying to physically buy up a crapload of asic mining equipment, build a secret datacenter equivalent to all the current mines out there, channel enough water and electricity to such a secret facility, hire the manpower and construction machinery to build out said center, hire the expertise to implement such hardware is NXT to impossible at this point.  we see asic chip makers pushing the 14nm chip frontier while Intel is still on 28nm.  and yet the boogeyman gubmint is supposed to be the bleeding edge?  no, i'll take the private, open source sector anytime.

...just goes to show you how badly the hacker wanted BTC instead of NXT...

Someone already said that, you guys keep repeating the same things over and over.


Hacker can't control NXT network with 5% of the coins. The only thing he could do is what is quoted above.

...
The problem with PoS coins is that they kill each other by endless diluting with the arrival of better next generation coins ....

As the recent hack has proven if the hacker would have been malicious nxt would be dead at next to no cost at all.

It would stay depressed at 4-5k satoshi for 2-3 months if he chose to sell in equal portions (1m each day), that's how long it would take for the market to absorb 50M volume. If he chose to sell all in one go, it would go to 100-200 satoshi for a few hours, buying 50m NXTs at 500 satoshi takes only 250 Bitcoins, that's about daily volume of NXT trading. So all the 50m would be quickly bought within 1 day, that's rough calculations, give or take a few hours. Gradual selling over 2-3 months would hurt more because it'd be more prolonged bleeding, but not dramatic either.

The easiest path to attack bitcoin under the current PoW system is actually easier then building many asics or even getting a few swat teams to take over the pools.  It's simple.  Start two or three pools and pay slightly more then all the other pools.  Since government has the printing press they can subsidize the extra bitcoins in such pools essentially forever and in an unlimited fashion.  Most miners would have a clear economic incentive to join those pools and likely will.  And just like that they would control the majority of the hash rate.  They might already control that since no one knows who runs ghash.io and/or discuss fish?  That's tinfoil hat obviously and PoS would not be immune to that either since again with an unlimited printing press 51% of any PoS currency can simply be bought up.

Both pow and pos have serious flaws. Neither is immune.

no, the right way to release a patch like that would be to first get a community consensus so that any which move they made would be accepted by the community in general.  assuming the consensus was no rollback, then the core devs would not have wasted time coding the patch and would've been perceived as being more sensitive to the entire community's wishes as opposed to being manipulable to political and economic interests of key members only like Bter.  now, i question the motives of the core devs and whether or not they truly understand the principles of a community and free market currency.  this also introduces confusion as to what the hell they will do the NXT-time an issue like this arises.  having a "vote" like this is not the same as gaining consensus.