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Topic: Proof of stake mining of bicoin - page 9. (Read 25676 times)

sr. member
Activity: 420
Merit: 250
Ever wanted to run your own casino? PM me for info
December 28, 2014, 05:50:18 PM
The solution to the Hunger Games is getting a boyfriend that is willing to die for your love. I mean seriously, what kind of attack is this? 51% attacks in PoS will normally be anonymous double spends. They will not tell you that they have 51%.
Right. And unlike PoW, PoS is much easier to hide that you have a large percentage of the total stake. It is very easy to create multiple nodes with a PoS coin that are geographically disbursed via the use of VPS, while you will need to broadcast a newly found block with a PoS coin via a node that is connected to your miner and if the node is too geographically far from your miner then you will have more orphaned blocks
hero member
Activity: 658
Merit: 501
December 28, 2014, 04:47:06 PM
First to Market is Usually Not Best in Market

There is a very common misconception in the innovation world that being first to market translate to being best in market. However there seems to be a much more decisive factor to being best in market and that is best-fit-implementation.


You are conflating companies/sites/applications with protocols, with the latter benefiting greatly from being first to market with a large userbase.

Sites and applications are just as likely to benefit from being first with large userbase as a protocol.  LOL.

I agree they both benefit , but protocols in which many people, businesses , and systems are dependent upon benefit far more from the network effect and are thus much more difficult to supplant than simply switching  to a different website.

I.E... Even if the community wants to and needs to move off an old protocol we still cannot after over 30 years -- IPv4
sr. member
Activity: 405
Merit: 250
December 28, 2014, 04:44:38 PM
First to Market is Usually Not Best in Market

There is a very common misconception in the innovation world that being first to market translate to being best in market. However there seems to be a much more decisive factor to being best in market and that is best-fit-implementation.


You are conflating companies/sites/applications with protocols, with the latter benefiting greatly from being first to market with a large userbase.

Sites and applications are just as likely to benefit from being first with large userbase as a protocol.  LOL.
member
Activity: 70
Merit: 10
Bitcoin trolls back
December 28, 2014, 04:23:40 PM

Protection against 51% attacks is a concern.

For those unaware, there have been some serious
hybrid PoW/PoS proposals for Bitcoin, which you can find here:
https://en.bitcoin.it/wiki/Proof_of_Stake


51% mechanism is what allows to challenge the status quo, thus enabling competition for power.
Just sitting on your money in PoW does't give you control over the system, just engaging in the competition for control doesn't bring you money as mining is normally a break-even game. Thus money and control become orthogonal, which results in a dynamic system without asymptotes. In PoS you get both in a nice single package, which saturates fairly quickly.

Hybrid systems are more tricky beasts, thus they need to be studied closely. I'm concerned that saturation in PoS aspect of the hybrid will at some point begin to negatively influence the competition on PoW side.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
December 28, 2014, 03:55:31 PM
member
Activity: 70
Merit: 10
Bitcoin trolls back
December 28, 2014, 03:41:32 PM
...
I don't follow what you're saying.

If the hunger games argument is that proof of stake causes centralization of power,
how do you "minus that out" while still keeping proof of stake?

The '1%' have 51% of the stake. The 99% with 49% of the stake decide they don't like being ruled and fork the client. Their 49% becomes 100% in the forked platform. The 1% are left with nothing of value.
The solution to the Hunger Games is getting a boyfriend that is willing to die for your love. I mean seriously, what kind of attack is this? 51% attacks in PoS will normally be anonymous double spends. They will not tell you that they have 51%.

The scenario is rather simple. A few with majority vote have power to freeze accounts at will, as only they decide which transactions get into the blockchain and which don't. It means they can write laws now and have instruments in their hands to enforce it. Your account can be permanently or temporary frozen if you disobey an arbitrary law that the few in power came up with (hunger games situation).

PoS is not suitable for global money system, no need to switch from PoW.

legendary
Activity: 1064
Merit: 1000
December 28, 2014, 03:13:38 PM
isn't getting rich why we're all here?


This may shock you, but no that isn't everyone's motivation for being here. Quite a few people that frequent this forum are already rich. Some are here for the technology and the possibilities that it opens.
legendary
Activity: 1078
Merit: 1014
December 28, 2014, 02:32:36 PM
12 pages of mostly bullshit and everyone ignores the important thing

with pos only miners lose out and the rest of us get rich as every new penny that gets invested into btc goes to hype up the value of our coins instead of trying and to keep pace with inflation caused by mining, isn't getting rich why we're all here?
sr. member
Activity: 952
Merit: 251
December 28, 2014, 02:23:59 PM
Proof of stake mining of bitcoin

=====

Hasn't this been done ( several times over ) already ??
Though I suppose you could fork BTC at block X with whatever POS scheme that floats your boat
OR .. Just buy/support PeerCoin ( PPC ) the original POS BTC clone ..


Triff ..
newbie
Activity: 5
Merit: 0
December 28, 2014, 02:16:45 PM
BitcoinDark is an interesting proof-of-stake coin that I am just getting into.

Its most groundbreaking feature, in my opinion, is the teleport feature.

This feature will allow you to teleport BTC between addresses without leaving any connection between the addresses.

This will eliminate the need for using centralized mixers to conceal BTC movements.


https://bitcointalksearch.org/topic/btcd-is-no-more-684090
legendary
Activity: 1162
Merit: 1042
White Male Libertarian Bro
December 28, 2014, 01:55:23 PM
legendary
Activity: 1064
Merit: 1000
December 28, 2014, 11:33:47 AM
Do people here really care about technology? What I see here is that people (the establishment) tried to protect their investment. There is nothing wrong with that.

But you can not stop other people to explore new opportunities by new technologies. We all want to be rich, don't we? You will be rich until you have large amount of coins and convert your coins into the hard cash or the coin you bet on becomes to a real thing like Facebook or Google.

Wish yourself lucky enough to bet on the right one.

No, nothing wrong with that at all. I personally care more about the emerging technology than I do becoming the next bzillionaire.

Sometimes in this crazy world of cryptocurrency it is hard to see the forest for the trees.
hero member
Activity: 763
Merit: 500
December 28, 2014, 09:54:51 AM
Do people here really care about technology? What I see here is that people (the establishment) are full of wishful thinking and just tried to protect their investment. There is nothing wrong with that.

But you can not stop other people to explore new opportunities by new technologies. We all want to be rich, don't we? You will be rich until you have large amount of coins and convert your coins into the hard cash or the coin you bet on becomes to a real thing like Facebook or Google.

Wish yourself lucky enough to bet on the right one.
donator
Activity: 1736
Merit: 1014
Let's talk governance, lipstick, and pigs.
December 28, 2014, 08:08:12 AM
This thread clearly shows how bored people are these days, trying to generate value by talking  Grin
I'm so bored I'm going through old threads.
hero member
Activity: 658
Merit: 501
December 28, 2014, 07:38:46 AM
First to Market is Usually Not Best in Market

There is a very common misconception in the innovation world that being first to market translate to being best in market. However there seems to be a much more decisive factor to being best in market and that is best-fit-implementation.


You are conflating companies/sites/applications with protocols, with the latter benefiting greatly from being first to market with a large userbase.
legendary
Activity: 2142
Merit: 1010
Newbie
December 28, 2014, 07:27:00 AM
This thread clearly shows how bored people are these days, trying to generate value by talking  Grin

While you are talking the price is declining. Shut up and do anything.
legendary
Activity: 1988
Merit: 1012
Beyond Imagination
December 28, 2014, 03:29:56 AM
This thread clearly shows how bored people are these days, trying to generate value by talking  Grin
newbie
Activity: 30
Merit: 0
December 28, 2014, 12:55:44 AM
First to Market is Usually Not Best in Market

There is a very common misconception in the innovation world that being first to market translate to being best in market. However there seems to be a much more decisive factor to being best in market and that is best-fit-implementation.

Similar to Darwin’s Theory of Evolution the best fit survive. Here are some out of many examples of very successful companies/products that were far from being the first to market:

Microsoft — DOS (Disk Operating Systems) IBM had DOS for its then-small System/360 mainframes as far back as 1964 Microsoft did not invent it but provided better implementation (some would argue that J)

Facebook- was not the first social network

Google- was not the first search engine

iPhone — was not the first Smartphone (remember Blackberry?) Actually the first Smartphone (that also had touch screen!) was by BellSouth under the name Simon Personal Communicator (1994).

Chrome — was not the first Internet Browser (Remember Netscape?)

Point being that rather than focusing only on being first to market we should place more weight on understanding/ figuring out the best implementation that provides the fittest product/value to user’s need. Proof of Stake is the best implementation imo.

BlackCoin started off as POW for about one week then switched to full POS after all coins were mined.


legendary
Activity: 1162
Merit: 1042
White Male Libertarian Bro
December 27, 2014, 11:43:27 PM
Bitcoin will either never change to PoS or such a change won't occur till 2024 and beyond.

I suggest you gamble all you want with PoS. Seem like you are a Nxt proponent.... that currency is dying right now if you haven't noticed. Dropped from spot 5 to 8 in market cap and soon to be overtaken by Bitcoin assets like Counterparty! Ethereum, Counterparty and possibly Storj will likely overtake Nxt in 2016, expect it will drop further in market cap.

You just don't get it do you?  Bitcoin is becoming more centralized as time goes on.  Mining is becoming increasingly corporatized.  The users of Bitcoin are separated from the security of the chain.  This is against everything Satoshi wanted in a currency.  The goal of Bitcoin was to place the monetary power back in the hands of the people.  Bitcoin has evolved into the monster it was meant to replace.

You can criticize NXT's initial distribution and claim it is "centralized" because initially the currency was held by 73 individuals, but at the end of the day PoW vs PoS argument comes down to trust.

Do you trust external agents not to overpower BTC's hashpower?  Only a fool would believe that a government doesn't have the resources to control Bitcoin.  The bitcoin hashpower held by individual people (not corporations or pools), who are legitimately concerned with securing the chain and not merely profits, will never be enough to prevent an attack on BTC.  The BTC chain might not be destroyed by these "attackers" but altered or restricted.  What if a government decided to freeze certain accounts?  They could easily coerce the corporate and pool miners to enact these changes.  The individual miners and currency users would be helpless to stop it.

Do you trust that the original NXT stakeholders are actually individuals committed to decentralization and continuing the legacy of bitcoin?  Seeing that the NXT IPO drew very little attention, I figure that the original stakeholders are actual individuals and not corporations, bankers, private equity or governments.  That means the chain was originally secured by individuals who were drawn to the movement by the original ideals of Bitcoin.  Since the start of NXT, the holders have obviously changed.  A good portion of the original stakeholders have sold out.  Who did they sell to?  Do you think they sold to the corporations, bankers, PE and governments?  I'm sure some did, but does this allow for these entities to attack the chain?  If together and working in concert these groups acquired over 500 million NXT, then yes.  If not though, the chain is secured by decentralized individuals.  The more individuals that join NXT the stronger and more resistant to attack it becomes.  Soon it becomes extremely difficult to purchase enough stake to attack without driving up the price to a ridiculous amount and it becomes equally difficult to coerce enough individuals.  When NXT forms its economic cluster, the stake requirements to attack will rise to 90%.  This makes acquiring the required stake to launch an attack practically impossible especially if you consider that some stakeholders will just never sell.

So, do you trust external agents to not to overpower BTC's hashpower or do you trust that NXT's stakeholders are actually legitimate individuals?
hero member
Activity: 658
Merit: 501
December 27, 2014, 10:35:25 PM
It doesn't matter. The mods are dead.

But we have each other, with or without the authoritarians who rule this realm.

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