I have the same amount of bitcoins. How did I lose any that is related to energy use?
Inflation. The same as with U.S. dollars.
Topic: Proof of stake mining of bicoin - page 19. (Read 25685 times)
Inflation. The same as with U.S. dollars.
Hasn't this topic been rehashed enough?
Bitcoin is currently roughly at block 336000. Someone could easily make a fork of the bitcoin code that says, e.g., starting at block 338000 (in roughly in 2 weeks) this fork is proof of stake. So it starts with the same blockchain as bitcoin. Same reward system (currently 25 bitcoin reward per block) and same limit (21 million). Call the fork bitstake or something. Or, hell, keep calling it bitcoin and if you are pro-PoS then refer to the original bitcoin as "bitwork." Then see what happens.
Just do it. Then see. It seems like doing it is less work than discussing the topic 100 times.
Bitcoin is currently roughly at block 336000. Someone could easily make a fork of the bitcoin code that says, e.g., starting at block 338000 (in roughly in 2 weeks) this fork is proof of stake. So it starts with the same blockchain as bitcoin. Same reward system (currently 25 bitcoin reward per block) and same limit (21 million). Call the fork bitstake or something. Or, hell, keep calling it bitcoin and if you are pro-PoS then refer to the original bitcoin as "bitwork." Then see what happens.
Just do it. Then see. It seems like doing it is less work than discussing the topic 100 times.
It's already planned to be done on top of Nxt Monetary System.
Do you mean there is a planned Nxt asset which will be initially distributed using a snapshort of the bitcoin block chain? Clams did something like that. It's one of the few altcoins I've looked at, simply because it turned out I had some and they are now worth a few mbits each. I'm sure if a Nxt asset does something similar, I'll look into it.
How does PoW cost of mining affect me?
Your wealth loses 10% (35% for Litecoin) every year.
How does PoW cost of mining affect me?
Your wealth loses 10% (35% for Litecoin) every year.
How does PoW cost of mining affect me?
Hasn't this topic been rehashed enough?
Bitcoin is currently roughly at block 336000. Someone could easily make a fork of the bitcoin code that says, e.g., starting at block 338000 (in roughly in 2 weeks) this fork is proof of stake. So it starts with the same blockchain as bitcoin. Same reward system (currently 25 bitcoin reward per block) and same limit (21 million). Call the fork bitstake or something. Or, hell, keep calling it bitcoin and if you are pro-PoS then refer to the original bitcoin as "bitwork." Then see what happens.
Just do it. Then see. It seems like doing it is less work than discussing the topic 100 times.
Bitcoin is currently roughly at block 336000. Someone could easily make a fork of the bitcoin code that says, e.g., starting at block 338000 (in roughly in 2 weeks) this fork is proof of stake. So it starts with the same blockchain as bitcoin. Same reward system (currently 25 bitcoin reward per block) and same limit (21 million). Call the fork bitstake or something. Or, hell, keep calling it bitcoin and if you are pro-PoS then refer to the original bitcoin as "bitwork." Then see what happens.
Just do it. Then see. It seems like doing it is less work than discussing the topic 100 times.
It's already planned to be done on top of Nxt Monetary System.
Hasn't this topic been rehashed enough?
Bitcoin is currently roughly at block 336000. Someone could easily make a fork of the bitcoin code that says, e.g., starting at block 338000 (in roughly in 2 weeks) this fork is proof of stake. So it starts with the same blockchain as bitcoin. Same reward system (currently 25 bitcoin reward per block) and same limit (21 million). Call the fork bitstake or something. Or, hell, keep calling it bitcoin and if you are pro-PoS then refer to the original bitcoin as "bitwork." Then see what happens.
Just do it. Then see. It seems like doing it is less work than discussing the topic 100 times.
Bitcoin is currently roughly at block 336000. Someone could easily make a fork of the bitcoin code that says, e.g., starting at block 338000 (in roughly in 2 weeks) this fork is proof of stake. So it starts with the same blockchain as bitcoin. Same reward system (currently 25 bitcoin reward per block) and same limit (21 million). Call the fork bitstake or something. Or, hell, keep calling it bitcoin and if you are pro-PoS then refer to the original bitcoin as "bitwork." Then see what happens.
Just do it. Then see. It seems like doing it is less work than discussing the topic 100 times.
what makes PoS "better"?
Absence of necessity to burn electricity.
what makes PoS "better"?
Absence of necessity to burn electricity.
i was wandering in the future can bitcoin switch to proof of stake?
It depends on if Bitcoin is truly decentralized. If it is then it will switch to PoS because PoS is better (from economical point of view, not ideological) than PoW. If Bitcoin is actually ruled by devs and Bitcoin magnates (=centralized) then it will always be PoW.
what makes PoS "better"?
i was wandering in the future can bitcoin switch to proof of stake?
No. For any fork trying this an altcoin will evolve. Bitcoin will always be PoW.
Peercoin already takes care of this problem, that is it's purpose - to cover some of the flaws of bitcoin
It wasn't directed at the poster. I was pointing out that mob rule is tyranny.
I was just pointing that as I noticed you love bold statements.
It wasn't directed at the poster. I was pointing out that mob rule is tyranny.
I was just pointing that as I noticed you love bold statements.
i was wandering in the future can bitcoin switch to proof of stake?
Maybe, but then all miners would lose on their mining rigs. That's a propaganda technique called The Big Lie. It is indeed quite effectively used by tyrants.
You love bold statements my friend...
Maybe not right now because a sudden switch will definitely jolt the market and the community. Also what would be the impact though in terms of price movement. However, having said that, I'm not a "status quo" type of person. If it can help to stabilize the price, become more decentralized, ensure far better distribution, secure the network, then why not. I don't see it happening right now but maybe when mining is finally over and transaction fee is not enough to sustain or the reward is too low.
That's a propaganda technique called The Big Lie. It is indeed quite effectively used by tyrants.
You love bold statements my friend...
If the majority decides to support the fork which supporst Proof of Stake, then that what Bitcoin will be. This is a strength, to take the decision of the majority instead of having to accept the order of a central authority.
You can call it whatever you like but it won't be bitcoin unless the miners all quit mining.If majority of the exchanges, holders, merchants use it then it will be the real Bitcoin. In the same way the fork which is used by the majority becomes Bitcoin.
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