What happens to PoW-based coins that one day reach a point where it is no longer profitable for miners to continue to mine due to the required resources? Could very well be the case with LTC at some point for example (unless I am mistaken).
Monero counters this by having a minimum block reward (ie. it is permanently disinflationary), so there will be no reliance on fees. I would imagine that, in the face of global adoption, the hashrate will tend towards some technological ceiling (let's call that supply) with the equlibrium being curbed by "mining profit" incentives (let's call that demand). General mining decline is staved off by Monero's Smart Mining system, whereby users (including those using lightweight wallets) mine in the background to a threshold when not on battery power and when the system is idle (enabled-by-default-but-optional).
Also, you have some groups like 21e6 who are pushing the limits of computing for mining purposes (the ASIC manufacturer deal), just a handful of these types and you would have 3-4 individual "groups" that control 90% of the mining power of the market -- How is that good for a system that is intended for and relies on decentralization?
Just curious.
Monero's PoW closes the performance gap between CPUs, GPUs, and ASICs, so whilst this is entirely possible it still means that (in the far future) CPU miners could be a measurable part of the hashrate. Couple this with Smart Mining, and for-profit mining farms, and it seems unlikely that a small number will be able to exercise control over a significant portion of the hashrate.
Exactly! pow is going to get to the point where people don't even want to mess around with it because they would rather have a wallet staking built into their glasses or some shit (future be crazy).
Isn't that the whole point of 21, building PoW mining into IoT devices? That provides a much more secure network than nothing-at-stake PoS.
And I don't give a shit about BTC as I am sure most of the people reading this feel the same way. I was not talking about BTC real world use,
If people don't care about BTC they're deluding themselves. None of this would exist without BTC, and when 99.9% of the altcoins / scamcoins / crapcoins here are but a whisper of a memory BTC will still be around.
I was talking about Monero and how Monero has no direction in terms of where it wants to be in a year and how it wants to be used. SDC's plans are clear cut... was my point. WHAT IS MONERO's plans to push volume?
We aren't trying to push volume. We are trying to build a truly secure platform that defends our user's right to privacy. Our plans have been clear cut for some time, and don't involve us defining use-cases:
https://getmonero.org/design-goals/There is no proof that POW is superior to POS. If there was then people wouldnt use adjectives like "I think" and "probably". Hybrid POW launch and POS to sustain the network for the fucking win.
I want to preface my response by stating that I absolutely am interested in alternate proof systems, as long as they are cryptographically sound and the model remains viable even if an attacker is exceptionally motivated and extremely resourceful. I would love - LOVE - for PoS to be that system, as at first glance it appears to be an excellent solution. If you are not used to thinking adversarially you may intuitively feel that PoS is secure because of the (directly measurable) "cost" of attacking the network, but cryptographically speaking that is not the case (see, for eg., stake grinding attacks).
There is unfortunately no proof (empirical or mathematical) that PoS is secure. There is not a single cryptographic model that demonstrates its viability under attack. A lot of the reasoning around PoS being a "success" is because it has been used on cryptocurrencies that are generally not "worth" very much (in the grand scheme of things, no insult to those cryptocurrencies, almost all PoW currencies are equally worthless) and are thus not interesting targets for a motivated attacker.
I think the biggest evidence of PoS being an abject failure can be found in
the Vericoin / Mintpal hack. If PoS were able to be used in a truly fungible cryptocurrency, then the hack would have resulted in the thieves initially getting away with their stash, and just like a cash heist the affected users would have had to rely on regular ol' policing to find the criminals and bring them to justice. Rolling back the blockchain for theft is unprecedented, and it means that the participants wilfully violated the social contract for that currency, knowingly destroyed its fungibility, set a dangerous precedent, and would never have needed to happen if the theft hadn't presented a huge security risk.
Also, I have an open mind and will throw money at Monero if you guys can tell me where you will be in a year and why you think POS is teh suck. But if you respond with "just cuz" like you have been, then you wont get a dime.
Don't buy Monero. It's not an investment, and throwing money at it would only be for your own self-enrichment. There is a much greater chance that Monero fails completely than that it succeeds. If you purchase any Monero (beyond purchasing some to use as a currency) you do so at an incredible risk, and with the likelihood that your "investment" will be worthless. Don't investment more than you're willing to lose. Don't buy Monero unless you absolutely know why you're buying it and to what end.
