PoW to PoS question | Bitcointalksearch.org

Aabcde

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Quote from: btcdie on January 15, 2020, 10:10:36 AM

Quote from: Aabcde on January 12, 2020, 11:17:18 PM

As long as bitcoin still uses PoW, I don't think PoW will lose its popularity because the king still uses that method.
It's just a matter of strategy in my opinion to popularize their respective coins. No one can match the popularity of bitcoin even eth.

Of course Bitcoin still uses PoW, Satoshi's news is still a question mark, so it's impossible to become a PoS, unless Satoshi appears to the public and makes a speech about replacing or switching algorithms (LOL). The weakness of PoW is indeed in the waste of energy, but this algorithm is very popular from the past so that it creates a large community today. Between PoW and PoS both have disadvantages and advantages. For my own assumptions PoW will not lose popularity, I'm sure of that.

Yes, because it consumes a lot of energy, bitcoin can be more valuable. Because there is something that must be spent to get bitcoin, which includes real work.
PoS is indeed very friendly for people who do not want to spend money on mining costs, but in my opinion if we later want staking eth, of course it will require a large amount of capital to buy 32 eth as a minimum staking.

magneto

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Quote from: cryptokangaroo on January 12, 2020, 06:36:03 PM

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS. Angry

Is there going to be a lot of hash (computational) power idle because of shifting to PoS? Sad

Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc? Cheesy

I don't think that there will be "idle" power. There are so many altcoins and bitcoin mining opportunities out there in the market that it's not an issue for a miner to switch between coins extremely easily. Think of it as mining hashpower being very elastic supply.

Is PoW going to lose popularity though? I don't think so, until BTC switches to PoS at least.

And I don't see any reason for BTC to do so given the fact that it's working as is, and PoW is doing its job well to secure the network.

leatutz

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Quote from: cryptokangaroo on January 12, 2020, 06:36:03 PM

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS. Angry

Is there going to be a lot of hash (computational) power idle because of shifting to PoS? Sad

Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc? Cheesy

By volume or marketcap Bitcoin and Ethereum is the first and second coin. Bitcoin has maximum supply 21 millions and Bitcoin is support POW. Now Ethereum is interested on POS for future token supply. Without buying any Ethereum you don't know the real value of Ethereum, now you will get rewards for it.

jossiel

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PoW will remain because it's the consensus for bitcoin and it's unlikely that it will be changed to PoS. As for Ethereum, there's a reason why Vitalik is going to change it to that consensus.

PoW will still be popular because it's the king's consensus.

Zionatin

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I think it will remain the same. It will be levelled out. I like pos because you do not have to worry about maintaining miners and the worry they one day break down. No extra electricity cost since it just runs on your pc in the background. The entry-level is much lower and so the risk is fatless. Miners are a very costly investment costing thousands of dollars compared to Pos which costs a few hundred dollars. Of course you get pos coins that cost just as much as mining.

BitDane

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Quote from: cryptokangaroo on January 12, 2020, 06:36:03 PM

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS. Angry

Is there going to be a lot of hash (computational) power idle because of shifting to PoS? Sad

Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc? Cheesy

POW will not lose its popularity for the reason that it has a distinct advantage over POS. Other coins are shifting to POS for some reason, probably to attract more investors because in POS, you can have profit by simply holding your token since it will generate new token unlike POW. And I think those machine that mined ETH will be pointed to other profitbale POW coins.

uray

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Quote from: cryptokangaroo on January 12, 2020, 06:36:03 PM

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS. Angry

In my opinion this is the biggest mistake they will be making as they do not have any regard for the investors when they determine these things, it is like a kids play, forking and changing the entire protocol every now and then and if they disregard the investors it will not reach anywhere when it comes to the price.

Quote from: cryptokangaroo on January 12, 2020, 06:36:03 PM

Is there going to be a lot of hash (computational) power idle because of shifting to PoS? Sad

I think that the miners will shift to ETC.

Javi_Anibarro

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Quote from: inoes on January 14, 2020, 05:53:16 PM

they are only looking for solutions for a better consensus. if PoW is felt to be less than optimal because there are many problems due to network traffic, then PoS is expected to be the solution. but here actually needs to be reexamined considering this will be Hardrfork.

There is no better consensus, everything has its own disadvantage and advantage. I think the reason they decide to make a transition because of climate change that is happening in our world. Our world is dying, we need an energy-efficient consensus to reduce the burden and at the same time running the chain.

FanEagle

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Honestly, I am happy that PoS is getting more famous, I don't know how the technology will catch up and how better the technology will be with the new PoS wave (I still think PoW makes things cheaper and faster) but I kinda enjoy the new "exchanges have staking options" thing because exchanges has always been getting all these PoS coins and people traded there but exchanges with all those millions of those coins gained the profits of the staking and never shared it with people, now binance and few other places actually share the PoS and that way we could finally have people both trading and staking at the same time.

That is why I am keeping most of my coins at binance nowadays to keep it staking easier, if I had it myself it took 9 days to get a stake (same profit over long enough time) but this way I am getting it faster at least and won't have to wait 9 days to trade it away whenever I want to.

SirLancelot

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Well, it is not about losing popularity or not, there are coins with purposes and there are coins with no purposes for the proof of work they have, if there is no purpose to be a proof of work there is no need to be proof of work neither, so you can move to proof of stake.

For example, bitcoin can't because right now even with the hash rates going so high the transactions are not cheap (well not as cheap as it should be) and they are not instant, however if we could build a system where transactions are as cheap as it gets and just few cents even less, and transactions take just couple minutes for the confirmation even bitcoin can go to proof of stake. So this is not about "which system do you like more" but more about which system helps them more in the end.

btcdie

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Quote from: Aabcde on January 12, 2020, 11:17:18 PM

As long as bitcoin still uses PoW, I don't think PoW will lose its popularity because the king still uses that method.
It's just a matter of strategy in my opinion to popularize their respective coins. No one can match the popularity of bitcoin even eth.

Of course Bitcoin still uses PoW, Satoshi's news is still a question mark, so it's impossible to become a PoS, unless Satoshi appears to the public and makes a speech about replacing or switching algorithms (LOL). The weakness of PoW is indeed in the waste of energy, but this algorithm is very popular from the past so that it creates a large community today. Between PoW and PoS both have disadvantages and advantages. For my own assumptions PoW will not lose popularity, I'm sure of that.

seoincorporation

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Quote from: cryptokangaroo on January 12, 2020, 06:36:03 PM

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS. Angry

Is there going to be a lot of hash (computational) power idle because of shifting to PoS? Sad

Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc? Cheesy

1.- I don't think PoW will lose popularity, but in the long term, people will choose PoS because it is more friendly with the environment.

2.- In theory hash power should go down, because since PoS doesn't need the robust miners we use nowadays, then that's why the hash should go down.

3.- Miners who was used for ETH could easily be used to mine another coin.

Tash

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Quote from: Tash on January 14, 2020, 08:13:59 AM

What is the highest ranked pos coin right now?

It seems to be Neo, next is Ontology. (Feel free to correct)
The very first PoW to PoS coin was Blackcoin, Peercoin from start Pos. The Pos "money for nothing" issue is a turnoff for a lot of serious investors.

minairia3

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What would be the best example of PoW project and PoS and let's compared which is more powerful. We all know bitcoin utilized PoW and PoS I think is recently been used as I remember peercoin is the first one to use it and look where are they now? I'm judging based on result in market if its really effective. But I hope ethereum consider the consequence when they transfer. What I dont like is theit infinite supply. If they can managed to fixed it such as bitcoin, I think it will be okay. There is no harm in shifting to PoS but if this become unsuccessful hope Vitalik wouldn't regret it.

Duncan.Idaho

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Quote from: CjMapope on January 13, 2020, 01:23:17 AM

Quote from: cryptokangaroo on January 12, 2020, 06:36:03 PM

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS. Angry

Is there going to be a lot of hash (computational) power idle because of shifting to PoS? Sad

Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc? Cheesy

oh man, just WAIT Cheesy

you ask an interesting question that i dont think many people have thought about
ETH currently has MILLIONS of GPUs on it, where does everyone think that hash is gonna go? it wont shut off, most people are priced in and over-invested
it will go to ANY other PoW coin, and their ALL gonna get SLAUGHTERED : / PoW will be effectively ded once ETH ends it imo
The hypers will say "PoS is the future", something others have been saying for years, and it's gonna be crazy times for those moving too slow that get caught up still hodling PoW coins

TRUTH above

the GPU miners have yet to cultivate any coin or coins. they have been just REKTing projects until the asics take over the algo or the project DieS.
but if you look close enough a few good vertical feathers and orbs appear to be growing in the REKT cracks.

XMR moved down to CPU mining.

inoes

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they are only looking for solutions for a better consensus. if PoW is felt to be less than optimal because there are many problems due to network traffic, then PoS is expected to be the solution. but here actually needs to be reexamined considering this will be Hardrfork.

target

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Quote from: StephenieDuong on January 14, 2020, 10:30:58 AM

I think POS will become more and more popular in the future, but currently coins with POW still so hot and still available to mine. In the future, when POW can not be mine anymore, i think those coins will become one kind of good asset for holding.

Those miners who mines ETH will move to other coins like XMR, there are many coin in POW as their option. The POS tokens price though will probably dips gradually, I did invest to POS coins, although I'm gaining these coins doesn't increase in price but go low for its been collected by those whales who can stake millions of it. If they are just going to earn the coin without spending energy, it means they got the coins for almost free.

StephenieDuong

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I think POS will become more and more popular in the future, but currently coins with POW still so hot and still available to mine. In the future, when POW can not be mine anymore, i think those coins will become one kind of good asset for holding.

Tash

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Quote from: cryptokangaroo on January 12, 2020, 06:36:03 PM

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS. Angry

Is there going to be a lot of hash (computational) power idle because of shifting to PoS? Sad

Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc? Cheesy

Actually the other way round, Pos did have its heyday five, six years ago when literal every new coin was Pos.
Since then all just drooped, a proven fail, look at the sorry state the first Pos coin is in, Peercoin.
In Bitcoins case every 4 years the power needed is more or less cut in half as unprofitable power hungry miners will have to shut down, with supply halving.
Ethereum has serious issues like scaling to sort first and foremost, without it it cant move on.

What is the highest ranked pos coin right now?

chaoscoinz

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Quote from: cryptokangaroo on January 12, 2020, 06:36:03 PM

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS. Angry

Is there going to be a lot of hash (computational) power idle because of shifting to PoS? Sad

Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc? Cheesy

I think that Proof of Work needs a serious revamping including a more energy efficient and greener outlook or it will be lost to better consensus algorithms like Proof of Stake and Delegated Proof of Stake. Today Proof of work mining leads to centralization due to the cost it takes to run a rig decent enough to make a profit. I think Satoshi knew Proof of work wasn't sustainable enough to secure his vision so he made the project open source in hopes of someone adding to the code or using his genius to create another.

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