One altcoin that I don't play with. Ethereum.
The idea of being at the top of all altcoins will always be there. But they are near finish switching to POS and many investors are looking forward to creating money using that version that's why its value is still going high.
I have experienced a lot of POS before but this one will be big and it could also flood the number of purchasers looking for a passive income. IMO, if there will be a success in that algorithm, I always wish it will be Ethereum.
Topic: IT IS NOT BITCOIN vs ALT-COINS BUT CRYPTO vs CENTRAL AUTHORITY (Read 54 times)
Bitcoin's PoW is necessary because when it comes to permissionless, sound money without any central authority, there is no alternative to Bitcoin.
PoS tokens are alright for launching a product where institutional investors are present inside the crypto market because you have something defining a crypto market. That defining feature is the money of crypto, which is Bitcoin. If we don't have Bitcoin, we won't have crypto anymore.
Imagine if PoS or any of those non-PoW chains that need a bunch of validators/ masternodes were the answer, what stops the banks just form their own consortiums, running the best nodes and controlling all the stake. Ultimately, you give away your financial sovereignty and identity to the biggest players. Bitcoin prevents that.
It is true that the PoS mechanism can be dangerous in terms of centralisation if a single entity be it a big financial institute or just a huge private whale that owns a lot of coins and can then take control over the the network by deciding which blocks and transaction get validated and which ones not. I also think though that PoW mechanism are just as prone to centralisation than PoS coins are in my opinion. I mean we already have big mining operations in china and other countries and during past Bitcoin forks it was always a big decision if those mining companies where supporting that fork or not. So they already have a lot of power too. Then there is the big topic of the energy waste that is associated with bitcoin mining. So it would be good if those big mining companies switch to green energy soon, or PoS coins will become more and more important.
I have made this topic to discuss viewpoints from those of you who are interested in Alt-coins or are exclusively here for Alts.
As market participants, those of you interested in Alt-coins should understand the long term implications for future of the crypto industry. There has been a lot of shilling with Alt-coins coming up with their versions and claims of replacing PoW. This isn't about Bitcoin versus Alt-coins. For all the toxicity of maximalists, Bitcoin is the grand daddy of crpyto space and PoW ensures that it can continue to be the benevolent overlord that is impartial to everyone. Bitcoin is as much a political and social construct, as its a technological one.
Not having a central figure (Since Satoshi went away)and being PoW gives it those features.
Bitcoin's PoW is necessary because when it comes to permissionless, sound money without any central authority, there is no alternative to Bitcoin.
PoS tokens are alright for launching a product where institutional investors are present inside the crypto market because you have something defining a crypto market. That defining feature is the money of crypto, which is Bitcoin. If we don't have Bitcoin, we won't have crypto anymore.
Imagine if PoS or any of those non-PoW chains that need a bunch of validators/ masternodes were the answer, what stops the banks just form their own consortiums, running the best nodes and controlling all the stake. Ultimately, you give away your financial sovereignty and identity to the biggest players. Bitcoin prevents that.
So, play with Alt-coins all you want but take care that in whatever communities you are, make sure to tell people that Bitcoin is the life-blood of this crypto-society we are part of. It is the reason that we are having these opportunities. If mainstream media succeeds in branding Bitcoin's PoW as anti-climate and unnecessary, the P2P people's economy will disappear as fast as it came into prominence.
As market participants, those of you interested in Alt-coins should understand the long term implications for future of the crypto industry. There has been a lot of shilling with Alt-coins coming up with their versions and claims of replacing PoW. This isn't about Bitcoin versus Alt-coins. For all the toxicity of maximalists, Bitcoin is the grand daddy of crpyto space and PoW ensures that it can continue to be the benevolent overlord that is impartial to everyone. Bitcoin is as much a political and social construct, as its a technological one.
Not having a central figure (Since Satoshi went away)and being PoW gives it those features.
Bitcoin's PoW is necessary because when it comes to permissionless, sound money without any central authority, there is no alternative to Bitcoin.
PoS tokens are alright for launching a product where institutional investors are present inside the crypto market because you have something defining a crypto market. That defining feature is the money of crypto, which is Bitcoin. If we don't have Bitcoin, we won't have crypto anymore.
Imagine if PoS or any of those non-PoW chains that need a bunch of validators/ masternodes were the answer, what stops the banks just form their own consortiums, running the best nodes and controlling all the stake. Ultimately, you give away your financial sovereignty and identity to the biggest players. Bitcoin prevents that.
So, play with Alt-coins all you want but take care that in whatever communities you are, make sure to tell people that Bitcoin is the life-blood of this crypto-society we are part of. It is the reason that we are having these opportunities. If mainstream media succeeds in branding Bitcoin's PoW as anti-climate and unnecessary, the P2P people's economy will disappear as fast as it came into prominence.
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