Proof of stake mining of bicoin - page 20.

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Quote from: Ingatqhvq on December 26, 2014, 05:29:34 AM

Quote from: newIndia on December 26, 2014, 05:12:21 AM

Quote from: b-trading on December 26, 2014, 03:50:45 AM

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.

No, it could switch to POS, POW is waste to much energy, the more important is POS is more secure than POW.

You need to convince everyone to switch, including hardware manufacturers (most are also users/merchants), pools and cloud providers. Won't happen anytime soon.

Also the concept of a stakeholder being able to sit back and collect new coins for doing nothing doesn't sit well with many people.

wadili89

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Quote from: cbeast on December 26, 2014, 07:34:24 AM

Quote from: wadili89 on December 26, 2014, 07:27:44 AM

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.

pawel7777

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Quote from: cbeast on December 26, 2014, 07:34:24 AM

Quote from: wadili89 on December 26, 2014, 07:27:44 AM

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.

What about the next proposed fork (raising max 1mb block size), if there's 1 small miner who choses to stay on the old fork, which one is the real bitcoin then?

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: wadili89 on December 26, 2014, 07:27:44 AM

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.

b-trading

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IMO the reason of thinking to switch btc from PoW to PoS is because the way of mining....with PoW you have to buy a very expensive mining rigs, even we can buy it we can't be compete with the they or the companies who have the giant power of gigahash, and i think only they will have power who can survive to mine bitcoin, and so it will be the centralized not decentralized if we look it from the mining side

wadili89

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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.

Come-from-Beyond

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Quote from: b-trading on December 26, 2014, 03:50:45 AM

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.

Ingatqhvq

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Quote from: newIndia on December 26, 2014, 05:12:21 AM

Quote from: b-trading on December 26, 2014, 03:50:45 AM

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.

No, it could switch to POS, POW is waste to much energy, the more important is POS is more secure than POW.

newIndia

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Quote from: b-trading on December 26, 2014, 03:50:45 AM

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.

b-trading

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Activity: 434

Merit: 250

i was wandering in the future can bitcoin switch to proof of stake?

Topic: Proof of stake mining of bicoin - page 20. (Read 25670 times)