POW vs POS? - page 3. | Bitcointalksearch.org

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: ?? on ??

Quote from: cbeast on October 04, 2014, 07:35:04 AM

When you consider that 3600 new bitcoins are being generated every day, the market cap hasn't gone down as much as you think when averaged over the last 8 months since Gox collapsed.

thats because not every new coin gets sold and there is of course some new fiat coming in just not enough to keep pace with coin generation
im picking numbers out of thin air but lets say 100million new fiat came in in 2014, this was perhaps 10% of what was needed to keep the price at 1k and so the price naturally crashed,but without mining going on that 100 million may have exceeded the total value of coins on exchanges and been enough to double the market cap and give us 2k btc by xmas 2014, the numbers may be very far off but you see the reasoning
btc is meant to be be a deflationary store of value but mining process stops it from being that, im seriously fucked off because i want to retire on 10k btc in a couple of years and probably could if it wasnt for miners dumping

When you say that you need 10k BTC to retire, what do you intend to do with them, dump them? I'm curious why you think you need X amount.

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: ?? on ??

Quote from: cbeast on October 04, 2014, 12:30:09 AM

The mining farmers are the first geniuses to figure out how to outcompete other miners. To the victor go the spoils. This is a celebration of capitalism!

it is also destroying the value of btc, we need about a million new dollars daily to buy all the coins being generated assuming they all get sold, if that money is not found the price will keep collapsing, of course you dont care you've been here since 2011 and hopefully cashed out enough to live on forever, for the rest of us the pow system has been a disaster

When you consider that 3600 new bitcoins are being generated every day, the market cap hasn't gone down as much as you think when averaged over the last 8 months since Gox collapsed.

jaybny

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Quote from: leezay on October 04, 2014, 04:12:53 AM

Quote from: JohnnyBTC on October 03, 2014, 09:58:32 PM

i'm sorry if i'm hitting some nerves here because i know its a sensitive subject. what are the disadvantages of POS and why is POW so important? POW is a fun game, but is all this expensive POW really necessary to keep a functional & secure coin?

Need something to secure the network and payment system.

PoS works similar to how the fed print money, I don't see why anyone want to go back to the old system.

it works for non-currency only blockchains .. like DACS

leezay

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SWISSREALCOIN - FIRST REAL ESTATE CRYPTO TOKEN

Quote from: JohnnyBTC on October 03, 2014, 09:58:32 PM

i'm sorry if i'm hitting some nerves here because i know its a sensitive subject. what are the disadvantages of POS and why is POW so important? POW is a fun game, but is all this expensive POW really necessary to keep a functional & secure coin?

Need something to secure the network and payment system.

PoS works similar to how the fed print money, I don't see why anyone want to go back to the old system.

jaybny

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Proof-of-Skill - protoblock.com

Quote from: cbeast on October 04, 2014, 03:56:35 AM

"oh, we already fixed that so it will be in the next version."

your on

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: jaybny on October 04, 2014, 03:45:33 AM

yo, its just a CryptoNote clone.. so its as CPU mined at CryptoNote is.

his point is about Proof-of-Bergstake. which is innovative and new.. and fixes Nxt and peercoin issues. BRO

Wink

CryptoNote is GPU mined, but anyway I can already see holes in the Proof of I-was-an-early-adopter-because-I-had-a-GPU-miner scheme. The fact that stake comes from proof that you were a miner is just as fallible as pure stakeholders. It has many other weaknesses, but I'll wait until it's fleshed out more so I don't keep getting "oh, we already fixed that so it will be in the next version."

jaybny

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Proof-of-Skill - protoblock.com

yo, its just a CryptoNote clone.. so its as CPU mined at CryptoNote is.

his point is about Proof-of-Bergstake. which is innovative and new.. and fixes Nxt and peercoin issues. BRO

Wink

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: ofortuna on October 04, 2014, 02:50:22 AM

Quote from: cbeast on October 04, 2014, 02:35:38 AM

Quote from: ofortuna on October 04, 2014, 02:25:16 AM

Quote from: cbeast on October 04, 2014, 01:35:40 AM

Quote from: ofortuna on October 04, 2014, 01:00:55 AM

PoS coupons minted at mining, non-transferable, with wide distribution... could be the answer to the huge energy sink of PoW mining.

Like Auroracoin? Epic fail.

Actually, I was thinking more like the BRO coin that's been announced.

So explain how exactly you think there will be wide distribution.

The PoS coupons called Bergstake, will be distributed in the ICO and followed by a lengthy period of PoW cpu mining before the PoS kicks in. In the interest of full disclosure, I am associated with the BRO coin. I'd love to hear your opinion on the model cbeast. Perhaps I can give you more info in a pm. Don't want to derail this thread with what may be construed as a pitch. Grin

You are not derailing the thread. In fact I love it when people think they can reinvent the wheel. So you claim that you have a CPU mined coin. We've already seen claims like this where they release a cpu source code, but they secretly have a GPU code to gain an early advantage. CPU miners will think that the coin is just very popular. That combined with the ICO will give the creators a guaranteed majority stake. Even early Bitcoin GPU and ASIC developers mined a lot of bitcoins this way and made a lot of money, but at least they didn't gain a permanent majority.

ofortuna

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Quote from: cbeast on October 04, 2014, 02:35:38 AM

Quote from: ofortuna on October 04, 2014, 02:25:16 AM

Quote from: cbeast on October 04, 2014, 01:35:40 AM

Quote from: ofortuna on October 04, 2014, 01:00:55 AM

PoS coupons minted at mining, non-transferable, with wide distribution... could be the answer to the huge energy sink of PoW mining.

Like Auroracoin? Epic fail.

Actually, I was thinking more like the BRO coin that's been announced.

So explain how exactly you think there will be wide distribution.

The PoS coupons called Bergstake, will be distributed in the ICO and followed by a lengthy period of PoW cpu mining before the PoS kicks in. In the interest of full disclosure, I am associated with the BRO coin. I'd love to hear your opinion on the model cbeast. Perhaps I can give you more info in a pm. Don't want to derail this thread with what may be construed as a pitch. Grin

cbeast

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Activity: 1736

Merit: 1006

Let's talk governance, lipstick, and pigs.

Quote from: ofortuna on October 04, 2014, 02:25:16 AM

Quote from: cbeast on October 04, 2014, 01:35:40 AM

Quote from: ofortuna on October 04, 2014, 01:00:55 AM

PoS coupons minted at mining, non-transferable, with wide distribution... could be the answer to the huge energy sink of PoW mining.

Like Auroracoin? Epic fail.

Actually, I was thinking more like the BRO coin that's been announced.

So explain how exactly you think there will be wide distribution.

noobtrader

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Quote from: Q7 on October 04, 2014, 02:23:04 AM

Quote from: noobtrader on October 04, 2014, 01:56:06 AM

Quote from: Q7 on October 04, 2014, 01:42:10 AM

Actually my preferences tend to lean toward pow. But currently as what is happening right now giant farms with heavy equipment are in total control which means average joe like myself don't even have a chance at all. I still believe cpu mining where one cpu translates to one vote... just to ensure the coins are fairly distributed

what prevent the rich buying thousand of cpu and mining with it ?

I have 4 cpus at home and i can start mining. The rich slob down the road buys 1000 cpus and also mine. So in this scenario, i don't spend additional hardware and i still can get a chance. The cpu my kids use it for homework. One for gaming and another obsolete unit use for office works. Another unit just goes unused.

Turn the other way even though i can afford, i'm not going to get special rig just to mine.

So u see the difference?

yes.... the rich dont buy they already have datacenter and yu dont have a chance

Q7

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Quote from: cbeast on October 04, 2014, 01:54:12 AM

Quote from: Q7 on October 04, 2014, 01:42:10 AM

Actually my preferences tend to lean toward pow. But currently as what is happening right now giant farms with heavy equipment are in total control which means average joe like myself don't even have a chance at all. I still believe cpu mining where one cpu translates to one vote... just to ensure the coins are fairly distributed

Whoever said life is fair? All freedom and justice must be fought for. Grow a pair and figure out how to compete or go play kiddie games. Bitcoin is for the Big Boys now. Hehe, just kidding. The Big Boys haven't even started playing yet. If you want to play in the minor league you still need the chops. All you need is to live in a cold climate with cheap electricity and you can still compete. If you are like me and prefer to sit on tropical beaches and enjoy fruity drinks, then perhaps trading may be your game. For the rest of the slobs like I was once, my proof of work was a job that bought me bitcoins that I held because I believe in the principles it stands for and not as a get rich easy scheme. If you like your job and believe in something, your quality of life is already way ahead of most people. That is something worth fighting for.

And yeah and just look at the state of btc progress right now. If the distribution model at least get reached out to more people, it will be different. Tell me why u need faucets and tipping?

ofortuna

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Quote from: cbeast on October 04, 2014, 01:35:40 AM

Quote from: ofortuna on October 04, 2014, 01:00:55 AM

PoS coupons minted at mining, non-transferable, with wide distribution... could be the answer to the huge energy sink of PoW mining.

Like Auroracoin? Epic fail.

Actually, I was thinking more like the BRO coin that's been announced.

Q7

sr. member

Activity: 448

Merit: 250

Quote from: noobtrader on October 04, 2014, 01:56:06 AM

Quote from: Q7 on October 04, 2014, 01:42:10 AM

Actually my preferences tend to lean toward pow. But currently as what is happening right now giant farms with heavy equipment are in total control which means average joe like myself don't even have a chance at all. I still believe cpu mining where one cpu translates to one vote... just to ensure the coins are fairly distributed

what prevent the rich buying thousand of cpu and mining with it ?

I have 4 cpus at home and i can start mining. The rich slob down the road buys 1000 cpus and also mine. So in this scenario, i don't spend additional hardware and i still can get a chance. The cpu my kids use it for homework. One for gaming and another obsolete unit use for office works. Another unit just goes unused.

Turn the other way even though i can afford, i'm not going to get special rig just to mine.

So u see the difference?

Newmine

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POW was great in the beginning when anyone could mine with a CPU. POW has now been consolidated to directing your hashing power towards one of a handful of mining pools. These few pools now can control the network if they collude. What the incentive is may be less known and more damaging if they do, but nonetheless, the network can be controlled buy an elite few.

POS has the same problems as anyone with enough funds can buy their way into controlling the blocks.

DPOS has a similar problem as POS as you use your stake to "vote" block signers into position. I think, but could be wrong that DPOS doesn't allow you to use your stake to vote for a majority of signers. You would have to have multiple large stake holders colluding to overrun the system. Please correct if I am wrong.

noobtrader

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Activity: 1456

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Quote from: Q7 on October 04, 2014, 01:42:10 AM

Actually my preferences tend to lean toward pow. But currently as what is happening right now giant farms with heavy equipment are in total control which means average joe like myself don't even have a chance at all. I still believe cpu mining where one cpu translates to one vote... just to ensure the coins are fairly distributed

what prevent the rich buying thousand of cpu and mining with it ?

cbeast

donator

Activity: 1736

Merit: 1006

Let's talk governance, lipstick, and pigs.

Quote from: Q7 on October 04, 2014, 01:42:10 AM

Actually my preferences tend to lean toward pow. But currently as what is happening right now giant farms with heavy equipment are in total control which means average joe like myself don't even have a chance at all. I still believe cpu mining where one cpu translates to one vote... just to ensure the coins are fairly distributed

Whoever said life is fair? All freedom and justice must be fought for. Grow a pair and figure out how to compete or go play kiddie games. Bitcoin is for the Big Boys now. Hehe, just kidding. The Big Boys haven't even started playing yet. If you want to play in the minor league you still need the chops. All you need is to live in a cold climate with cheap electricity and you can still compete. If you are like me and prefer to sit on tropical beaches and enjoy fruity drinks, then perhaps trading may be your game. For the rest of the slobs like I was once, my proof of work was a job that bought me bitcoins that I held because I believe in the principles it stands for and not as a get rich easy scheme. If you like your job and believe in something, your quality of life is already way ahead of most people. That is something worth fighting for.

inBitweTrust

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Activity: 658

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Quote from: JohnnyBTC on October 03, 2014, 09:58:32 PM

i'm sorry if i'm hitting some nerves here because i know its a sensitive subject. what are the disadvantages of POS and why is POW so important? POW is a fun game, but is all this expensive POW really necessary to keep a functional & secure coin?

This was just discussed to death here:

https://bitcointalksearch.org/topic/its-about-time-to-turn-off-pow-mining-770591

No need for a new thread. Read that and than continue the conversation if needed.

Seems like various DPoS and PoS investors are spamming our forum lately.

Q7

sr. member

Activity: 448

Merit: 250

Actually my preferences tend to lean toward pow. But currently as what is happening right now giant farms with heavy equipment are in total control which means average joe like myself don't even have a chance at all. I still believe cpu mining where one cpu translates to one vote... just to ensure the coins are fairly distributed

cbeast

donator

Activity: 1736

Merit: 1006

Let's talk governance, lipstick, and pigs.

Quote from: ofortuna on October 04, 2014, 01:00:55 AM

PoS coupons minted at mining, non-transferable, with wide distribution... could be the answer to the huge energy sink of PoW mining.

Like Auroracoin? Epic fail.

Topic: POW vs POS? - page 3. (Read 4115 times)