In other words it has a fatal flaw that is ignored.
What this fatal flaw is?
Topic: Proof of stake mining of bicoin - page 16. (Read 25682 times)
What this fatal flaw is?
Are you telling me that you don't think the NSA could destroy Bitcoin right now if it wanted to? I hope you aren't this naive. You don't really think they spend $80,000 on a toilet seat and $50,000 on a hammer now do you?
It has become easier to destroy a PoW coin now. Because of mining contracts. Also a script kiddy can rent a botnet for a hour and attempt a 51% attack.
Don't forget bitcoin gets a lot weaker at every halving.
Good luck having your wealth in a POW coin with inflation below 2%.
Good luck having your wealth in a POW coin with inflation below 2%.
Define "weaker" in your suggested context and provide historical evidence to support this claim.
He means that if the price of Bitcoin doesn't double at every halving then the security of the chain will decrease proportionally with decreasing mining ROI.
Don't forget bitcoin gets a lot weaker at every halving.
Good luck having your wealth in a POW coin with inflation below 2%.
Good luck having your wealth in a POW coin with inflation below 2%.
Define "weaker" in your suggested context and provide historical evidence to support this claim.
Originally PoW was used Satoshi as a way to roll a lottery and to protect against a Sybil attack. Later, Bitcoin holders created a myth that resources must be wasted to give value to bitcoins (is anyone surprised by such their behavior? 
)
)Great. I would like to hear some of your opinions on what aspects PoW maintains that are superior to PoS, if any.
You are moving goalposts. Inflation is not problematic because it is mathematically fixed at a known predictable rate. Price is baked in.
Number of Bitcoins today = 13'646'425
Number of Bitcoin 365 days ago = 12'177'500
Inflation = (13'646'425 - 12'177'500) / 13'646'425 = 10.76%
Price of 1 BTC today = 324 USD
Price of 1 BTC 365 days ago = 734 USD
Aye, the price is indeed baked in.
The value of a coin that is inflating at 10% is pushed down 10% per year against a coin who has 0% inflation, this is done by speculators.
In reality some years the inflationary coin will go down 30% some other years it might gain 10%, but on average the 10% yearly inflated coin will always go down 10% per year against a coin who has no inflation.
Good luck having your wealth in a POW coin with inflation below 2%.
It is not wasteful, it is a must. You can't create money out of thin air like fiat money, that kind of scam must stop, this is the point of bitcoin
Doesn't Bitcoin do the same - creates money out of thin air? Why the current reward is 25 BTC instead of 17.82 BTC?
Just like digging out gold, it seems the labor wasted are unnecessary, but it does solve the origin of value problem: The man who create money must pay fair price to get it, otherwise everyone will be just creating money and no one will be working
A currency's value isn't defined by how it was created, but it is defined by its utility to the currency user.
I fail to see your logic of "the man who create money must pay fair price to get it". That is a subjective statement. A "fair price" is defined by what the market is willing to pay vs the perceived utility of the item being sold.
Just like digging out gold, it seems the labor wasted are unnecessary, but it does solve the origin of value problem: The man who create money must pay fair price to get it, otherwise everyone will be just creating money and no one will be working
Originally PoW was used Satoshi as a way to roll a lottery and to protect against a Sybil attack. Later, Bitcoin holders created a myth that resources must be wasted to give value to bitcoins (is anyone surprised by such their behavior?
)Any limited resource can work as a protection against Sybil attacks (this is called resource-testing). In PoS available balance is used as such the resource.
You are moving goalposts. Inflation is not problematic because it is mathematically fixed at a known predictable rate. Price is baked in.
Number of Bitcoins today = 13'646'425
Number of Bitcoin 365 days ago = 12'177'500
Inflation = (13'646'425 - 12'177'500) / 13'646'425 = 10.76%
Price of 1 BTC today = 324 USD
Price of 1 BTC 365 days ago = 734 USD
Aye, the price is indeed baked in.
The value of a coin that is inflating at 10% is pushed down 10% per year against a coin who has 0% inflation, this is done by speculators.
In reality some years the inflationary coin will go down 30% some other years it might gain 10%, but on average the 10% yearly inflated coin will always go down 10% per year against a coin who has no inflation.
Bitcoin has a warning system and block IPs to warn of it happening. What does PoS have?
Whom this system warn? Gavin Andresen, Satoshi Nakamoto or CIA?
PoS doesn't have such things, it's designed to be more resistant for attacks from the outer world.
You are moving goalposts. Inflation is not problematic because it is mathematically fixed at a known predictable rate. Price is baked in.
Number of Bitcoins today = 13'646'425
Number of Bitcoin 365 days ago = 12'177'500
Inflation = (13'646'425 - 12'177'500) / 13'646'425 = 10.76%
Price of 1 BTC today = 324 USD
Price of 1 BTC 365 days ago = 734 USD
Aye, the price is indeed baked in.
The value of a coin that is inflating at 10% is pushed down 10% per year against a coin who has 0% inflation, this is done by speculators.
In reality some years the inflationary coin will go down 30% some other years it might gain 10%, but on average the 10% yearly inflated coin will always go down 10% per year against a coin who has no inflation.
In the short term everything can happen but in the long term you might find yourself working hard just to keep up with inflation if all your holdings are in a 10% inflationary coin.
And please don't tell me bitcoin inflation is temporary and it will go to 0, no POW will ever work with 0% inflation.
So you really think majority of hash power having full control of the protocol is better then stake holders leading the coin development? Are you serious?
To control the majority of hash power, you must put real resources and might still fail due to slow in movement, it is much more difficult than controlling a few stake holders. Imagine that once bitcoin is becoming POS, then top 10 stake holders will immediately enter the watch list of CIA
To control the majority of stake, you must put real resources behind coercing majority of stakeholders and might still fail due to slow in movement, it is much more difficult than controlling a few mining pools. Imagine that once bitcoin is becoming POOLED, then top 10 pools will immediately enter the watch list of CIA
PoW hash rate domination are all temporary and can be changed quickly, we have seen many times old hash rate king been knocked down by new mining pools/farms
Enjoy your new masters.
This is for PoS coin stake holders
Are you telling me that you don't think the NSA could destroy Bitcoin right now if it wanted to? I hope you aren't this naive. You don't really think they spend $80,000 on a toilet seat and $50,000 on a hammer now do you?
Bitcoin has a warning system and block IPs to warn of it happening. What does PoS have?
Whom this system warn? Gavin Andresen, Satoshi Nakamoto or CIA?
PoS doesn't have such things, it's designed to be more resistant for attacks from the outer world.
So you really think majority of hash power having full control of the protocol is better then stake holders leading the coin development? Are you serious?
To control the majority of hash power, you must put real resources and might still fail due to slow in movement, it is much more difficult than controlling a few stake holders. Imagine that once bitcoin is becoming POS, then top 10 stake holders will immediately enter the watch list of CIA
Yes i agree with you, it is ACTUALLY more difficult to control majority of bitcoin hash power then a few major stake holders of a 1 year old POS coin.
However it will not always stay the same, as POW mining reward decreases and POS coins get more distributed the former becomes weaker and the latter becomes stronger.
If you try to attack two coins with the same market cap, one is POS and the other one is POW, you will probably end up wasting a lot more resources attacking the POS.
POW ages like milk, POS ages like wine.
Newbies trolls and sock puppets have killed this thread. They will be ignored because we know who you are.
Don't give up, man. You haven't used all your tricks yet. Try strawman tactics, for example.
It is not wasteful, it is a must. You can't create money out of thin air like fiat money, that kind of scam must stop, this is the point of bitcoin
Doesn't Bitcoin do the same - creates money out of thin air? Why the current reward is 25 BTC instead of 17.82 BTC?
Just like digging out gold, it seems the labor wasted are unnecessary, but it does solve the origin of value problem: The man who create money must pay fair price to get its ownership, otherwise everyone will be just creating money and no one will be working
To control the majority of hash power, you must put real resources and might still fail due to slow in movement, it is much more difficult than controlling a few stake holders. Imagine that once bitcoin is becoming POS, then top 10 stake holders will immediately enter the watch list of CIA
Money can change ownership much quicker than mining rigs. It's much easier to find a mining farm if you want to control Bitcoin (hint - it consumes a lot of electricity).
Newbies trolls and sock puppets have killed this thread. They will be ignored because we know who you are.
Don't give up, man. You haven't used all your tricks yet. Try strawman tactics, for example.
You changed your arguments too many times to keep track.
Point me to the posts that back your words, please.
Newbies trolls and sock puppets have killed this thread. They will be ignored because we know who you are.
To control the majority of hash power, you must put real resources and might still fail due to slow in movement, it is much more difficult than controlling a few stake holders. Imagine that once bitcoin is becoming POS, then top 10 stake holders will immediately enter the watch list of CIA
Money can change ownership much quicker than mining rigs. It's much easier to find a mining farm if you want to control Bitcoin (hint - it consumes a lot of electricity).
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