Proof of stake is naive and subconsciously inspired by the old fiat money banking paradigm: the more money you got, the more you can create.
Authoritarians love PoS.
Proof of space, just released by Bram Cohen, is equally naive but much more interesting.
Topic: POS in BTC - page 2. (Read 1777 times)
Proof of stake is not congruent with Bitcoin's philosophy
hard fork into memory hard btc mining is better
pos not good
pos not good
There's extensive literature on why PoS has security problems like nothing at stake and as far as I know it was never solved so I doubt something as basic as PoW will be changed in BTC.
No. Miners are supposed to get revenue from the miner fees at that point.
Some people are saying that it may raise some problems by the time we get there in 2140 and even propose introducing a small % of inflation into the total supply, which I think it's total bullshit because we all got there due the scarcity aspect of BTC. I would like to hear from the real smart people (basically Core devs) what they think about it this. Unfortunately we all will be dead by then, but I got into Bitcoin for the long term and I hope the same rules of 2017 are being enforced in 2140, and that of course includes 21 million.
I thought when all the bitcoins that are possible to be mined are mined then it would go over to POS?
No. Miners are supposed to get revenue from the miner fees at that point.
Some people are saying that it may raise some problems by the time we get there in 2140 and even propose introducing a small % of inflation into the total supply, which I think it's total bullshit because we all got there due the scarcity aspect of BTC. I would like to hear from the real smart people (basically Core devs) what they think about it this. Unfortunately we all will be dead by then, but I got into Bitcoin for the long term and I hope the same rules of 2017 are being enforced in 2140, and that of course includes 21 million.
I thought when all the bitcoins that are possible to be mined are mined then it would go over to POS?
No. Miners are supposed to get revenue from the miner fees at that point.
I thought when all the bitcoins that are possible to be mined are mined then it would go over to POS?
I guess no one in this forum will be alive to see all bitcoins mined.
But maybe in the next decades someone find something to increase the lifespan.
Then the 100 year old members will explain to the 20 year old newbies, why all try to implement a secure POS failed in the last 100 years
I thought when all the bitcoins that are possible to be mined are mined then it would go over to POS?
I don't think BTC will ever switch to POS
So should AMD and NVIDIA may have much greater opportunity than Apple in the coming future. It is a battle of hardware capabilities!
Does anyone think BTC possibly switching to POS? How can it evaluate / score the stake factor?
Lol. I really don't think so man. And i know that anyone who knows PoS would surely tell you it isn't possible for now and may never be. Bitcoins have enough risks already. It wouldn't be logical if bitcoin goes and add more risks to it by using PoS. Just doesn't make sense dude. But hey, as what people always say: cryptos really are unpredictable.
Does anyone think BTC possibly switching to POS? How can it evaluate / score the stake factor?
There was already a thread about this few weeks ago. No, there will be no switch in Bitcoin to any other PoW algorithm let along PoS.
PoS is definitely not ready for Bitcoin and there is a very good chance it never will. It has to many security issues with it.
Does anyone think BTC possibly switching to POS? How can it evaluate / score the stake factor?
Proof-of-Stake is fundamentally broken and does not form a consensus mechanism. It is also too easy to attack, reorganize, create offline chains by accident, faulty nodes keep producing blocks, etc, etc, etc...
This would need to be a hardfork and thus adopted by the entire community (or creating an altcoin named Bitcoin) which is unlikely since Proof Of Stake has nothing to do with the original philosophy behind cryptocurrencies.
Does anyone think BTC possibly switching to POS? How can it evaluate / score the stake factor?
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