Topic: PoW is very important (Read 481 times)
for apps and hot wallets ether is better, it will go to PoS and become fast as EOS but for Deposit and cold storage better ETC and bitcoin because they are with PoW and better protect the integrity of users ' money. Perhaps for this reason Vitalik does not want a hybrid mode, he made a bet on the applications. When mining for each operation you have to pay and expect, it is very inconvenient for applications
Before mining became less profitable ethereum was one of the most profitable to mine and almost 70% of miners always prefer to mine ETH ,i have same thought as you ,I don't know what they are thinking ,would have been better if ETH will use both POS and POW but let's all wait and find out how things will work out for ethereum
Community support or not support it’s a final decision of the developer Ethereum.
Ethereum is also promoter of the first platform dapp big-changes once implementation on smartcontract well I guess everyone knows that. this consensus was change also affects ecosystem networks, mining energy-consumptive, nodes, transactions etc.
honestly I was a miner also participant nodes. Doubt, so I’ll see how the community still support a nodes on the ethereum will turn into PoS
Yes everyone expects the ethereum network running smoothly, but whether it full developer support or require participation from the community. I'll see it
Ethereum is also promoter of the first platform dapp big-changes once implementation on smartcontract well I guess everyone knows that. this consensus was change also affects ecosystem networks, mining energy-consumptive, nodes, transactions etc.
honestly I was a miner also participant nodes. Doubt, so I’ll see how the community still support a nodes on the ethereum will turn into PoS
Yes everyone expects the ethereum network running smoothly, but whether it full developer support or require participation from the community. I'll see it
I think since the transition to the PoS ETH will fall in 2 times because mining is half of the ecosystem of the ETH, applications-the second half. Now add this half of the marketcap to the ETC and count how much XXX ETC will grow
Yes, Cardano is the leader of the fall probably for this reason
Proof or work is what will help to sustain the system and prevent serious dump in price. Formerly, i assumption used to be that, since the cost of production of a coin is high, definitely there won't be much dump and peradventure it happens, the market will quickly recover. Miners will always be at the receiving end, by the time there is adverse or serious dump in price. Proof of stake can easily lead to dump.
Opera has released a Android browser with ETH wallet support, convenient for payment in stores, but it is necessary to increase the number of transactions, but such a wallet will be suitable only for hot storage. And for the cold will be better ETC, do not need a large number of transactions, but important is PoW. I think both these coins will complement each other and will be equal in capitalization
ETH will give up PoW, I think this is a big mistake, so I moved to ETC. First: the miners is an ecosystem, the more people in the system is better. Compare Microsoft and Linux, the code of first is closed, and the second is open and better, but more money in the first because more people. Secondly: manners make it impossible to intervene in your money without hard fork, no one will be able to freeze your money, but for one person hard fork will not to do
Yeah, I think that's a bad idea, too. It would be better if they remained on the old mining system.
ETH will give up PoW, I think this is a big mistake, so I moved to ETC. First: the miners is an ecosystem, the more people in the system is better. Compare Microsoft and Linux, the code of first is closed, and the second is open and better, but more money in the first because more people. Secondly: manners make it impossible to intervene in your money without hard fork, no one will be able to freeze your money, but for one person hard fork will not to do
Developers have the right to choose for their coins any method of mining that suits them. Nobody forces you to extract only this coin.
You have to understand that all this is necessary in order to improve the ETH technology, otherwise competitors will press it.
Proof of Work indeed is a nice way to secure the network, but you have to take into account the massive amounts of power that PoW uses up. The electricity just costs so much that smaller players get eaten out of PoW and after that has happened, big corporations and businesses. The last two may have the possibilities and the intention to organize 51% attacks against the network.
For PoW to really work, the main hashpower needs to divided thoroughly between many small players
. This just isn't the case anymore...
For PoW to really work, the main hashpower needs to divided thoroughly between many small players
. This just isn't the case anymore... 
ETH will give up PoW, I think this is a big mistake, so I moved to ETC. First: the miners is an ecosystem, the more people in the system is better. Compare Microsoft and Linux, the code of first is closed, and the second is open and better, but more money in the first because more people. Secondly: manners make it impossible to intervene in your money without hard fork, no one will be able to freeze your money, but for one person hard fork will not to do
pos will result in the accumulation of the eth in few big hands and these people get more rich but you can also not ignore this fact that pos is more expensive and some countries are reluctant to provide the electricity to the miners
actually I don't really understand what PAW technology is and what its overall use is, but if that's what ethereum needs, then they have to do it
PoS can only Supplement PoW, but not replace
I would be thinking if it affect the whole market, especially when a coin turns into PoS for the mechanism of the blockchain.
PoW is important in cryptocurrency ecosystem, but this process paying a high costthat's why PoS is another solution for keep protect Cryptocurrency ecosystem
You don't consider many factors, an engine on water has long been invented, but this technology is banned because it devalues the fuel companies that rule the world. I think for this reason bitcoin is not banned, it is a good consumer of energy resources
POW might be important for BTC but not for ETH. ETH needs to scale and lower the entry barrier for all. After POS, you won't need to have technical knowledge or hardware farms to mine ETH. Also we have to consider the ecological effects of mining. We can give whatever reasons for POW, but the truth is that it does waste a lot of electricity and hence the natural resources. Electricity itself is a major resource and still a lot of countries and areas are without electricity. Personally, I think in near future POW mining will be totally banned by countries, especially developing countries.
I don't think PoW is important any more. too much energy consumption.
and do nothing better than PoS, or master node. while 2 ohers are faster and less energy cost
and do nothing better than PoS, or master node. while 2 ohers are faster and less energy cost
I do think that PoW is very important only in the early parts of Ethereum but there are flaws that forced it to be PoS. I think the main reason is that PoW is not sustainable and that it will damage Ethereum even further.
I wrote a lot to Vitalik and Vlad Zamfir to make a hybrid, but they only want a PoS, so I moved to ETC. Perhaps the fact that the government intervenes and asks to introduce the possibility of control over people.
Hybrid mode PoW + PoA is very likely to be in ETC https://twitter.com/buzzlite732/status/1070687538736705536
Hybrid mode PoW + PoA is very likely to be in ETC https://twitter.com/buzzlite732/status/1070687538736705536
It would be great if Vitalik made a hybrid model. I think he is still not fully decided what he wants to do, although I believe in him, I hope he will not fail.
It is possible to have both PoW and PoS. This is the basic concept behind Gridcoin where Proof of Research (equivalent to PoW except that the computing power is put towards a good objective rather than pointless hashing) and Proof of Stake coexist.
It would be great if Vitalik made a hybrid model. I think he is still not fully decided what he wants to do, although I believe in him, I hope he will not fail.
not will, without mining all currencies will die out, including the dollar.
currencies without mining are no different from the dollar
Depends on the target. If you care about natural happiness, than any money and any action is evil because all this tangle the thread connecting us to God and unravels it only inaction. If the goal is to protect against financial crises, then mining is good, it protects money from reprints and seizures. And about the heating of the atmosphere do not worry, warming is good, it is the restoration of nature, because before there were no glaciers at all, they appeared as a result of nuclear wars, about which history hides . In short: if you want a lot of money, mining is better, for him the future, and if you want happiness, it is better to get rid of money and property because it is drugs.
currencies without mining are no different from the dollar
POW is good for the coin, but it's flawed, in a way that it uses way too much energy and that only grows with the number of people that are mining, which means if BTC another PoW cryptocurrency gets mass adoption(real world), it could literally warm up the atmosphere, because of the sheer amount of miners that would be required for it to work. If not the atmosphere, at least the cities where there are mining farms would be a lot warmer and there would be a lot of mining
Depends on the target. If you care about natural happiness, than any money and any action is evil because all this tangle the thread connecting us to God and unravels it only inaction. If the goal is to protect against financial crises, then mining is good, it protects money from reprints and seizures. And about the heating of the atmosphere do not worry, warming is good, it is the restoration of nature, because before there were no glaciers at all, they appeared as a result of nuclear wars, about which history hides . In short: if you want a lot of money, mining is better, for him the future, and if you want happiness, it is better to get rid of money and property because it is drugs.
I do not agree with the author. I think that the transition to POS for ethereum will be a very useful transformation. And also I would not recommend investing in ETC
another thing about PoS is that the method of rewarding people is seriously flawed. for example when someone is rich (specially if they are rich NOT because they bought BUT because they premined the coin) then it measn they will be rewarded a huge amount for free and for doing literary nothing.
not to mention that it can damage the price a lot too. miners work hard and want to continue working so they don't dump their coins to crash the market. a whale who is getting it for free can dump it at any time he wants, move to another PoS coin, buy a large sum there to pump, get paid for free then dump and come back to buy cheap. rinse and repeat.
you see the whale can easily get in and out and dump but a miner can not turn on and off!
not to mention that it can damage the price a lot too. miners work hard and want to continue working so they don't dump their coins to crash the market. a whale who is getting it for free can dump it at any time he wants, move to another PoS coin, buy a large sum there to pump, get paid for free then dump and come back to buy cheap. rinse and repeat.
you see the whale can easily get in and out and dump but a miner can not turn on and off!
A transition is hard for everything no doubt about that.
even though its reward system is seriously flawed, we can not deny that it can help our world by reducing our total sources consumption, right?
about rich guy and poor guy, it won't matter.
because a rich guy can buy a lot of coins or hardware to mine it, while the poor guy can not afford to do what he did.
PoW or not, manipulation will have its own place.
another thing about PoS is that the method of rewarding people is seriously flawed. for example when someone is rich (specially if they are rich NOT because they bought BUT because they premined the coin) then it measn they will be rewarded a huge amount for free and for doing literary nothing.
not to mention that it can damage the price a lot too. miners work hard and want to continue working so they don't dump their coins to crash the market. a whale who is getting it for free can dump it at any time he wants, move to another PoS coin, buy a large sum there to pump, get paid for free then dump and come back to buy cheap. rinse and repeat.
you see the whale can easily get in and out and dump but a miner can not turn on and off!
not to mention that it can damage the price a lot too. miners work hard and want to continue working so they don't dump their coins to crash the market. a whale who is getting it for free can dump it at any time he wants, move to another PoS coin, buy a large sum there to pump, get paid for free then dump and come back to buy cheap. rinse and repeat.
you see the whale can easily get in and out and dump but a miner can not turn on and off!
guess what will be the largest and will take second place after bitcoin
I believe it should be STR Lumen but of course, I might be wrong in here.
why? some stores are starting to accept cryptocurrency and in 2019 we are going to see another good news from Nasdaq and others. if they are starting to accept cryptocurrency.
that means we need something faster and feeless in order to boost our sentiment.
so far, the fastest coin compared to Dash itself is STR Lumen. That is why I say, STR Lumen might take our 2nd place.
there is no mining, it's bad
this well as times, there is no money because, that all money only have ETC buyers
guess what will be the largest and will take second place after bitcoin
ETC?
That is very wishful thinking - but we are far from it.
The only reason I would like to see ETC surpass ETH, is the reason ETC existed in the first place
I believe it should be STR Lumen but of course, I might be wrong in here.
why? some stores are starting to accept cryptocurrency and in 2019 we are going to see another good news from Nasdaq and others. if they are starting to accept cryptocurrency.
that means we need something faster and feeless in order to boost our sentiment.
so far, the fastest coin compared to Dash itself is STR Lumen. That is why I say, STR Lumen might take our 2nd place.
why? some stores are starting to accept cryptocurrency and in 2019 we are going to see another good news from Nasdaq and others. if they are starting to accept cryptocurrency.
that means we need something faster and feeless in order to boost our sentiment.
so far, the fastest coin compared to Dash itself is STR Lumen. That is why I say, STR Lumen might take our 2nd place.
The coin that is going to be adopted by the masses has not yet arrived imho, & is going to have to be a lot more scalable than the current status quo.
guess what will be the largest and will take second place after bitcoin
ETC?
That is very wishful thinking - but we are far from it.
The only reason I would like to see ETC surpass ETH, is the reason ETC existed in the first place
I believe it should be STR Lumen but of course, I might be wrong in here.
why? some stores are starting to accept cryptocurrency and in 2019 we are going to see another good news from Nasdaq and others. if they are starting to accept cryptocurrency.
that means we need something faster and feeless in order to boost our sentiment.
so far, the fastest coin compared to Dash itself is STR Lumen. That is why I say, STR Lumen might take our 2nd place.
why? some stores are starting to accept cryptocurrency and in 2019 we are going to see another good news from Nasdaq and others. if they are starting to accept cryptocurrency.
that means we need something faster and feeless in order to boost our sentiment.
so far, the fastest coin compared to Dash itself is STR Lumen. That is why I say, STR Lumen might take our 2nd place.
The coin that is going to be adopted by the masses has not yet arrived imho, & is going to have to be a lot more scalable than the current status quo.
guess what will be the largest and will take second place after bitcoin
I believe it should be STR Lumen but of course, I might be wrong in here.
why? some stores are starting to accept cryptocurrency and in 2019 we are going to see another good news from Nasdaq and others. if they are starting to accept cryptocurrency.
that means we need something faster and feeless in order to boost our sentiment.
so far, the fastest coin compared to Dash itself is STR Lumen. That is why I say, STR Lumen might take our 2nd place.
it is a failed attempt to move away from PoW. their initial plans were about killing miners with difficulty bomb but that was sunk when it was removed elsewhere. and also you can not force miners to stop mining and as a result the original ETH chain will exist if they fork to PoS while the foundation will switch to PoS with their centralization power and then they will try to attack the original chain if they want to survive!!! like they attacked ETC in order to survive.
in the end i expect seeing 3 chains.
- the original ethereum chain called ETC
- the fork chain called ETH PoW
- the fork chain called ETH PoS
in the end i expect seeing 3 chains.
- the original ethereum chain called ETC
- the fork chain called ETH PoW
- the fork chain called ETH PoS
In any case, before the division of the network, everyone will start buying Ethereum as it was before the advent of Bitcoin Cash. And we'll probably get another coin in the TOP 10.
guess what will be the largest and will take second place after bitcoin
it is a failed attempt to move away from PoW. their initial plans were about killing miners with difficulty bomb but that was sunk when it was removed elsewhere. and also you can not force miners to stop mining and as a result the original ETH chain will exist if they fork to PoS while the foundation will switch to PoS with their centralization power and then they will try to attack the original chain if they want to survive!!! like they attacked ETC in order to survive.
in the end i expect seeing 3 chains.
- the original ethereum chain called ETC
- the fork chain called ETH PoW
- the fork chain called ETH PoS
in the end i expect seeing 3 chains.
- the original ethereum chain called ETC
- the fork chain called ETH PoW
- the fork chain called ETH PoS
Yes, sorry, I fixed it
ETH will give up PoS, I think this is a big mistake, so I moved to ETC. First: the miners is an ecosystem, the more people in the system is better. Compare Microsoft and Linux, the code of first is closed, and the second is open and better, but more money in the first because more people. Secondly: manners make it impossible to intervene in your money without hard fork, no one will be able to freeze your money, but for one person hard fork will not to do
where did you see that kind of news? I have been trying to find it, but I get nothing.
And, honestly speaking what are you talking about?
your first statement is
Quote
ETH will give up PoS
but then you said thisQuote
the miners is an ecosystem, the more people in the system is better.
Are you talking about, ETH will give up their PoW? or am I missing something in here?
I would be thinking if it affect the whole market, especially when a coin turns into PoS for the mechanism of the blockchain.
ETH will give up PoW, I think this is a big mistake, so I moved to ETC. First: the miners is an ecosystem, the more people in the system is better. Compare Microsoft and Linux, the code of first is closed, and the second is open and better, but more money in the first because more people. Secondly: manners make it impossible to intervene in your money without hard fork, no one will be able to freeze your money, but for one person hard fork will not to do
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