Topic: PoW coins becoming a rarity these days (Read 131 times)

I don't think that decentralization is much of an issue with PoS and people purport it to be.

In order to scale, you will have to inevitably give up some things and unfortunately decentralization is usually the first to go.

Each chain will simply serve a different purpose. For most PoW chains, their purpose is to be a currency/store of value. Whereas for PoS chains they are generally trying to be fast in transaction making and smart contracts, etc. Given the current market phase/focus it's not surprising.

That's very concerning. Because if most (if not all) countries ban Bitcoin due to its high-energy consumption, then mainstream adoption will diminish. Developers will be forced to switch to PoS, or be left out of the game for good. I think this will lead to another fork leaving us with a "classical" PoW version of Bitcoin and a PoS version of Bitcoin. The same will happen with other PoW coins such as Dogecoin, Litecoin, and Monero.

Whenever such coins will survive as PoW forever or fade away into oblivion, will greatly depend on how decentralized and censorship-resistant they remain over time. Everything is open-sourced in crypto land these days, so there's nothing stopping developers from creating new PoW cryptocurrencies in the future. As long as decentralization is prioritized, there should be nothing to worry about. Just my thoughts

I don't think we should all be worried when bitcoin will be the last remaining coin to used PoW consensus. Yes, it's true that there are a lot backlash in the last 5 years or so, specially when we are in a bull run. But after that it seems the issue has been forgotten again. Let's alt coins do their PoS and let bitcoin continue it's PoW, I think it's how it has been designed by Satoshi to be really decentralized. So I do think that bitcoin will remain using this consensus but might find alternatives that could be friendly in the environment, in my opinion.

Because they don't have any actual Market value so no miner is supporting them that is the main reason why we can't see the PoW projects. Even the biggest altcoin PoW blockchain is switching to PoS due to high network scalability issue which increased the price to un affordable level.

The heavy support for Proof of Stake coins shows what people ultimately search for.  They want to earn money, not decentralization and freedom.

Bitcoin's high level of energy consumption is an obsolete subject that has been debunked over and over again.  Whoever still suggests that Bitcoin is too harmful for the environment has been too brainwashed by mainstream articles or they has an agenda themselves.

There is no worry about Bitcoin being the only decentralized Cryptocurrency in the world.  In fact, this would be amazing news.  I will finally stop hearing people misleadingly call a centralized currency decentralized just because their website says so.

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PrivacyG

Isn't it good? I believe it's definitely good because it removes the entry barriers from the crypto market. People need to invest in mining hardwares to be able to mine a pow coin. With POS, it's not a requirement anymore. Rather people can stake with a pool which again removes the minimum amount of coins required to start staking.

I see all positive here! Unless anyone has anything significantly negative about pos mining!

The problem is not in safety at all. During the recent bull run people been investing just because a coin had a nice doge icon or it was tweeted by Elon Musk. Most people are buying a coin just because it was advertised the proper way. 



POW miner production is a trillion worth business. I believe that manufacturers would struggle to get their piece of a cake.

Yeah, there are still lots of POW coins are still alive but these are on the top 1000 CMC.
1. Less conservative compared with POS
2. Regulator's concern due to the lots of energy consumption


PoS coins have been growing since a few years ago till now. Bitcoin may become the only one truly decentralized currency in the future maybe next decade but who knows about that.
You should not feel worry. That's just a common thing. We must also care with our world.

PoW versus PoS can very well become the DC versus AC story.

Edisson bankrupted Tesla through slick marketing and Nikola Tesla left this world in penury as DC continued to remain prevalent due to lobbying efforts. When the world realized the value of having AC transmission, everything switched to AC.

PoS is DC..Slickly marketed by a lot of people with a lot of money.

PoW is AC. It'll prove its inherent value, no matter what.

Exactly. Money talks, so developers will go for PoS in order to attract as much investors into their projects as possible. Big exchanges like Binance and Coinbase can make a "quick buck" by staking coins on customers' behalf. You can't that do that with PoW coins like Bitcoin and Ethereum. PoS is highly unequal since it gives whales all of the power on the Blockchain. The more PoS coins dominate the market, the less decentralized crypto/Blockchain tech will be.

If this keeps up, Bitcoin may end up being the only PoW cryptocurrency in existence. Even Dogecoin hinted the possibility of becoming a PoS cryptocurrency in the future. I'm fine with that as long as decentralization prevails in the long run. PoW is proven to be the most secure consensus algorithm to date, so this should give Bitcoin a huge advantage over its rivals. Just my thoughts

They can never change the fact that PoW is safest than PoS. It's okay if most alts are going to convert into PoS. But it will never happen to bitcoin as we're for the security and stability of it.
While for PoS, it's prone to manipulation and I guess the idea has been passed on for every project as it seems reasonable for them to turn to PoS. But there's nothing to worry about if you're not all for altcoins and you have a big portion for bitcoin.

PoW coins are not profitable for developers. It is much more profitable to use the POS algorithm to be validators yourself and sell coins to other users who want to be validators. POS Validators care about the price of a coin, but miners do not care. They will look for the coin with the best reward.

Proof of work practice decentralized than PoS algorithm which works as a centralized way of earning, ETH is going for PoS algorithm soon but I doubt this will help ETH in any way because PoW algorithm fits ETH better than PoS.

That is a fact that the PoW coin requires a lot of energy and is unsustainable for a long time, instead of being worried we should be grateful there is not many new PoW coin that comes up these days. For now, the miner can focus solely on sustaining Bitcoin and a few major cryptocurrencies then let the others use its existing system to survive. With this, we can sustain the ecosystem for long(even if there is no innovation in reducing energy consumption) and the rest can also survive using the existing system(Pos, and the others).

Discovering something new requires time and in order to survive we need an effective method to sustain its ecosystem, people realize by reducing the energy consumption, we can prolong the ecosystem and gain enough time to figure something out.

I'm guessing you want to farm some new coins before they become bigger like in 2017 and 2018 well the sad news is new crypto projects don't care about proof of work anymore, the latest one I knew is alephium coin which is profitable at the moment but many devs now prefer PoS algorithm.

Well, bitcoin dominance continues to hold strong.

But yes, new projects don't seem to like PoW because of the environmental argument as well as the fact that people see staking rewards as "free money".

I do think that we are going to be moving away from PoW in the long term, but that doesn't come at a compromise for BTC's long term dominance in my opinion. Perhaps after this PoS hype dies down we'll see another algorithm emerge even.

I don't really follow developments about POW. but if you read the statement you wrote, of course to mine this coin, requires a large amount of money and energy. but if later the price of this coin is promising, of course this is quite an interesting thing

Bitcoins and other PoW is somehow strong on the ground, if we compare it to metals such as gold, it is mined and needs hard work to get. Same as Bitcoin and ether and the others, what precious is hard to get. Aside from energy issues, the chips that made to mine these coins are becoming rare also, resulting in hardware use to mine are expensive, I don't see any date that they are becoming abundant and available, once of those are GPUs in the market. If somehow they are available, they most likely tripled in price.

Yes it is really an issue to worry about because it looks like there is a mix-up as well as a deviation from the true essence of crypto. PoW is designed as a way to assure the security of the blockchain network. In PoW, otherwise mining, the creation of the next block relies on solving a very complex computer equation - thousands of nodes compete with computing power for the next block, it becomes very expensive to attack the network.

While in the case of PoS, it is the amount of staked tokens that secures the network. PoS system favors entities with a higher amount of tokens, above those with lower amounts. That is why it may lead to centralization because it is now concentrated on fewer hands (central authority). Being Centralized implies that there’s a single point that does all of the work involved in any given action. This point is also a single point of failure. Decentralization is the exact opposite; there are multiple points that divide all the work and no single point of failure. That is, the more decentralized, the more secure.

IMO this implies that having your crypto asset  in a PoW coin is actually different from having your cypto asset on PoS coin. Both have their pros and cons. I think you really pay for the services you receive. Personally, I don't think PoS is really an advancement in tech over PoW, PoW is aimed to be decentralized - has its design purpose. (https://bitcoinmagazine.com/business/the-value-of-bitcoin-proof-of-work).

In that case, we gonna depend on bitcoins and the price will rise as well but there's always a con about it because if it's only bitcoin, then they will gonna focus their development or updates to make it centralized even though it is decentralized. Right now, we are seeing some exchanges start to implement KYC to use their service, and thankfully we still have some that don't really implement those. If they make some regulations again, it will be a problem for those who have been hiding their identity in the last 12 years.

Have you ever wondered why most altcoins turned to PoS, while only a few good-old coins are still using classical PoW consensus? As much as people want to make money by "staking" their holdings, most cryptocurrencies are becoming less-decentralized over time. There's strong criticism on Bitcoin's high level of "energy consumption" compared to other cryptocurrencies being traded on the market today. Some say the cause of PoW being a rarity these days is because they aren't "carbon-neutral". Others say that PoW is "outdated", compared to coins using PoS which are faster and cheaper to use for day-to-day transactions.

If the number of PoS coins continues to grow, then Bitcoin will be the only decentralized cryptocurrency in the world. Should I be worried? What are your thoughts about this? Your input will be greatly appreciated. Thank you.