Long Live Proof-of-Work, Long Live Mining - "there is no meaningful alternative" - page 12.

kodtycoon

legendary

Activity: 1568

Merit: 1002

Quote from: thew3apon on November 17, 2014, 12:22:42 AM

I was under the impression that the fact that PoW is superior has long been the case and that anyone who thinks PoS is better either does not understand the economics behind mining and/or is trying to pump their piece of shit altcoin

https://www.reddit.com/user/vbuterin

Roll Eyes

thew3apon

hero member

Activity: 784

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I was under the impression that the fact that PoW is superior has long been the case and that anyone who thinks PoS is better either does not understand the economics behind mining and/or is trying to pump their piece of shit altcoin

HostFat

staff

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I support freedom of choice

This is a really interesting article for the debate POW vs POS

http://www.truthcoin.info/blog/pow-and-mining/

Quote

Satoshi got it right: [1] proof of work ensures distributed consensus, and [2] mining ensures an economically-viable network.

A Day’s Pay for a Day’s Proof-of-Work

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Econ 101: Marginal Cost = Marginal Revenue. If a block releases X dollars worth of coins to the creator, X dollars will be spent creating it.

It’s been said that Proof of Work (PoW) “wastes” billions (or whatever) of dollars per year, and/or that it “wastes” energy.

“Waste” implies a more prudent alternative, and indeed these Anti-Satoshians try propose a “cheaper” way of distributing coins, despite the fact that this is goal is nonsensical.

Quote

Conclusion
For the foreseeable future, there is no meaningful alternative to either proof of work or mining.

Reddit
https://www.reddit.com/r/Bitcoin/comments/2miytv/long_live_proofofwork_long_live_mining/

Topic: Long Live Proof-of-Work, Long Live Mining - "there is no meaningful alternative" - page 12. (Read 15712 times)