Masternodes/POS the future of mining? - page 3.

CryptoKush

full member

Activity: 630

Merit: 101

Quote from: cryptomaxsun on May 05, 2019, 01:37:19 PM

There is one very significant drawback in the POS - this is when to generate new coins, you need to purchase or else where you can get a lot of coins. What makes the rich richer.
In some coins, several people hold the entire network and generate coins.
Simple users with a small amount of coins simply can not earn anything.

Unlike POW, where even the owners of processors on some algorithms can earn.

On the other hand, the coins that use PoS do not require large amounts of electricity and the miners do not have to sell their coins to pay for electricity. In addition, most coins are in stacking and this does not create pressure on the price.

cryptomaxsun

legendary

Activity: 2744

Merit: 1387

Ukrainians will resist

There is one very significant drawback in the POS - this is when to generate new coins, you need to purchase or else where you can get a lot of coins. What makes the rich richer.
In some coins, several people hold the entire network and generate coins.
Simple users with a small amount of coins simply can not earn anything.

Unlike POW, where even the owners of processors on some algorithms can earn.

rdewilde

full member

Activity: 925

Merit: 100

Cheaper way of doing things can't be overemphasized, thus with PoS using less energy it means more profit for miners. Also, ETH believes there will be more security by migrating to PoS consensus.
Nevertheless, I will wait it out and see how it goes because truly, investing huge to be able to mine isn't really a good idea.

Darkoth89

hero member

Activity: 1274

Merit: 646

Quote from: Alpha0One1 on May 04, 2019, 01:16:40 AM

Both Masternode/PoS and PoW is prone to centralization.
PoW due to corporations owning ASIC machines
Masternode/PoS due to centralization of coins.

For now, I think combining both PoS and PoW is the best at this time.
But of course, those with deep pockets can still hoard coins and buy more ASIC hardwares.

The reason why most of the hashing power for PoW is under the control of big companies like Bitmain is, in my opinion, because of the need of expensive mining equipment (ASIC miners). I am sure a lot of more people, me included, would love to help making the network as secure and decentralized as possible. But when you first have to make a huge invesment only to be able to mine that's something that will scare away a lot of people.

irixo10

full member

Activity: 1078

Merit: 104

GoMeat - Digitalizing Meat Stores - ICO

In mining, electricity plays a very big role, as it has a huge effect on the payout or profit the miner goes home with. Owing to the fact PoS tends to be energy efficient, I think it will be the future of mining.
Just like many individuals, am waiting for ETH to make the move.

smau36

newbie

Activity: 185

Merit: 0

well we'll see what it will do ethereum and maybe other crypto hang out on this world also because at least 51% of the coins hold it for them

iv4n

legendary

Activity: 3332

Merit: 1191

Quote from: fortunecrypto on May 04, 2019, 10:23:26 PM

Quote from: Kryptowolf512 on June 08, 2018, 02:17:31 AM

There are a lot of scam PoS coins and Masternodes.
They promise you a ROI with 30 days... you can look at www.crypto-coinz.net/ for a lot of masternode coins. But you will see what I mean Wink

You should go for safe projects like Ethereum. Ethereum is not PoS currently but will be in the future, or NEO that produce GAS.

I agree that POS is the future of mining I am gearing on it, but I prefer to wait for Ethereum to go POS it's a safe investment for mining but if I can search for a good POS/MASTERNODES coins I'll definitely go for it every crypto investors should have at least an investment in mining.

Ethereum going POS will be a big deal in crypto community, many people are waiting that. POS coins are the future, at least some people say it, cause it you don`t spend so much power with staking, with mining you need a lot of power to run miners.
Dash is also POS, but you need a lot of dash to run masternod, we will see for ethereum how much coins will we need to run a masternode, probably 1000, which is more than 100k dollars for running a node.

fortunecrypto

legendary

Activity: 2450

Merit: 1047

Quote from: Kryptowolf512 on June 08, 2018, 02:17:31 AM

There are a lot of scam PoS coins and Masternodes.
They promise you a ROI with 30 days... you can look at www.crypto-coinz.net/ for a lot of masternode coins. But you will see what I mean Wink

You should go for safe projects like Ethereum. Ethereum is not PoS currently but will be in the future, or NEO that produce GAS.

I agree that POS is the future of mining I am gearing on it, but I prefer to wait for Ethereum to go POS it's a safe investment for mining but if I can search for a good POS/MASTERNODES coins I'll definitely go for it every crypto investors should have at least an investment in mining.

hahahafr

hero member

Activity: 938

Merit: 501

Proof-of-Stake to me is the future of mining of cryptocurrencies because of how convenient it is. That's why these days most projects and blockchain networks are switching to that consensus protocol. Ethereum for instance got on board with this consensus mechanism when it upgraded it's network during that Constantinopole hardfork.

lobat999

sr. member

Activity: 1078

Merit: 310

I believe Masternodes/POS will not be the future of mining but rather they will only become a part of a multi consensus mechanism which applies several different consensus technology to make the network more secure and robust. This I think will the future of mining.

viljy

hero member

Activity: 1736

Merit: 857

Quote from: GospelCrypto2 on May 04, 2019, 03:49:51 PM

In my opinion, masternode coins are really going to take the crypto market by force.. Majority of the masternode currency are a lot more stable in term of prices and with proof of stake (Pos) algorithm it reduces consumption of electricity and computational power leaving room for a greener society..

The imaginary advantage of POS is that this algorithm saves electricity. In fact, electricity should be spent, since these expenses revive the economy and increase the turnover of money. POW helps to increase the production of electricity, including alternative electricity such as solar. Means POW promotes progress. Subsequently, this leads to a decrease in prices. POS just sucks the life out of the economy and "freezes" real money in their coins. POS does nothing for economic growth or production. POS coins can only have a highly specialized application for some specific tasks, for example as BNB for the functioning of the exchange.

GospelCrypto2

jr. member

Activity: 86

Merit: 4

Quote from: adamantasaurus on June 08, 2018, 01:29:12 AM

So I started mining with GPU's bought a few asics and sold everything before the summer began (because last summer it was just not comfortable in my place with all my miners lol). I really love the idea of mining and generating coins there are so many different ways to mine. I recently got interested in masternodes it only costs me $15/mo to run 4 vps servers (vs. $500-$800/mo in electricity with POW mining) SO I know there are a lot of masternode scams and was told before I got into them to be very careful (I ended up only getting burned badly with one coin) every other coin I invested in turned out to be a pretty solid project.

SO I'm curious what does the community think will POS/masternodes phase out the physical POW mining protocol I really think there are a lot more advantages of POS over POW, what do you all think?

good day

In my opinion, masternode coins are really going to take the crypto market by force.. Majority of the masternode currency are a lot more stable in term of prices and with proof of stake (Pos) algorithm it reduces consumption of electricity and computational power leaving room for a greener society..

Alpha0One1

full member

Activity: 588

Merit: 107

Both Masternode/PoS and PoW is prone to centralization.
PoW due to corporations owning ASIC machines
Masternode/PoS due to centralization of coins.

For now, I think combining both PoS and PoW is the best at this time.
But of course, those with deep pockets can still hoard coins and buy more ASIC hardwares.

corrado25

full member

Activity: 794

Merit: 100

Well, masternodes and pos mininf is also a risk. you also invest money to buy coins for masternodes / pos both in video cards for pow mining and if the price of a monetail collapses, then you will have to reflect the invested money for a longer time. Help only do not invest in some cheap POS coins by 10satoshi

viljy

hero member

Activity: 1736

Merit: 857

Quote from: Lucasgabd on May 03, 2019, 08:58:41 AM

actually, can you name one POS project that had a 51% attack?

Still, I agree that mixing POW + POS (like Decred let's say) it's usually one of the best ways to go.
but not for this reason.

specially because POS is usually : "riches gets richer".

I will give an example from my own experience. As everyone knows, Deeponion uses POW+POS. In 2017, many did staking. Developers who had much more than 50% of the coins also did so. Since they claimed that they do not have enough coins to pay for various expenses. And in deeponion, the weight depends not only on the number of coins in the wallet, but also on the length of time that the coins lie on the address. Therefore, when the developers turned on their wallet periodically after a few days (this is important, since the POS began with the block in which the wallet was turned off earlier), its huge weight produced a fork, since it was at a lower height of the block. And this happened repeatedly. All mined coins for the period when the wallet developers were not online, disappeared from the wallet. Perhaps this is a flaw in the project, but it does not matter, and the important fact is that this is an attack of 51%. And the attack, against which even POW did not save.

Lucasgabd

legendary

Activity: 2506

Merit: 1113

There's no need to be upset

Quote from: viljy on May 03, 2019, 04:35:25 AM

I totally disagree that POS or masternodes or dPOS are better than POW. POS is only an auxiliary element for greater network security. And so often do POW+POS. Pure POS coins are much more at risk of 51% attack, as the cost of such an attack is much lower than the probability of capturing 51% of the POW power on a large network. To do this, you need to buy for real money huge computing power and electricity. But to attack POS, you only need to buy coins in a period of low prices. In addition, in the POS very uneven distribution of coins and whales can always get coins "out of the air" only because once bought very cheap a lot of coins. This situation is almost in all POS networks and their varieties with masternodes or dPOS. The most fair algorithm for the distribution is POW. Also, the price of POW coins initially has a minimum formed from the cost of mining. The price of POS coins is formed only from speculation and marketing.

actually, can you name one POS project that had a 51% attack?

Still, I agree that mixing POW + POS (like Decred let's say) it's usually one of the best ways to go.
but not for this reason.

specially because POS is usually : "riches gets richer".

viljy

hero member

Activity: 1736

Merit: 857

I totally disagree that POS or masternodes or dPOS are better than POW. POS is only an auxiliary element for greater network security. And so often do POW+POS. Pure POS coins are much more at risk of 51% attack, as the cost of such an attack is much lower than the probability of capturing 51% of the POW power on a large network. To do this, you need to buy for real money huge computing power and electricity. But to attack POS, you only need to buy coins in a period of low prices. In addition, in the POS very uneven distribution of coins and whales can always get coins "out of the air" only because once bought very cheap a lot of coins. This situation is almost in all POS networks and their varieties with masternodes or dPOS. The most fair algorithm for the distribution is POW. Also, the price of POW coins initially has a minimum formed from the cost of mining. The price of POS coins is formed only from speculation and marketing.

lobat999

sr. member

Activity: 1078

Merit: 310

I believe masternodes and POS maybe the current trend right now to secure networks and generate coins along with it but I'm not very sure if it will be the future of mining since many promising consensus technology and algorithms are being developed right now that could compete with them if they are proven effective and efficient over today's contemporary mining schemes and algorithms. Imho.

Cellerex

jr. member

Activity: 434

Merit: 2

Coinsbit.io

Quote from: EdvinZ on May 03, 2019, 01:18:09 AM

I think Masternodes and POS mining has advantages over POW mining when it comes to caring for the environment. POS is also more convenient in use. But due to a number of economic reasons, I think that POW principle will compete for a long time with the rest of the mining methods.

I think that in the future, the cryptocurrency is likely to abandon the classic mining POW Due to high energy costs and environmental concerns. That is why Vitalik Buterin is going to transfer Ethereum from POW to POS.

EdvinZ

sr. member

Activity: 994

Merit: 260

I think Masternodes and POS mining has advantages over POW mining when it comes to caring for the environment. POS is also more convenient in use. But due to a number of economic reasons, I think that POW principle will compete for a long time with the rest of the mining methods.

Topic: Masternodes/POS the future of mining? - page 3. (Read 1546 times)