PoS is actually an more advanced idea then PoW. PoW mining is a fools game where hardware production and electricity is traded for bitcoins, but the trade doesn't bring a single benefit to the PoW network. No security gained, no faster transactions gained, nothing is gained. PoW mining is a game for greedy fools who won't stop to think if they are doing anything that matters or they are just fueling on an empty hype. PoW only made sense before Pools and ASICs.
Peercoin and Primecoin are both interesting coins. I will in all probability buy some of both, when this downtrend will finally have a proper grand finale and it will stand on solid ground.
Topic: What if BTC had a POS rate to compensate for all the ones lost inevitably? (Read 689 times)
April 09, 2014, 12:40:25 PM
April 09, 2014, 11:36:25 AM
PoS creates rentiers. Do not want. PoS should be a last resort in case of PoW mining breakdown. Issuing coins is redundant anyhow - deflation rewards stakeholders equally as does PoS.
Actually no. Consider the extreme case where you get 100 times your original money every new years eve. Now, not just you will have 100 times your original, everyone else will too. If you have a bitcoin now, that is exactly equivalent to having had a bitcent before. All it amounts to is a change of units.
In this light, what we essentially do is reduce the value of lost/nonmined coins by 99% every year.
No wealth is transferred from the have-nots to the haves.
April 08, 2014, 11:45:17 PM
PoS creates rentiers. Do not want. PoS should be a last resort in case of PoW mining breakdown. Issuing coins is redundant anyhow - deflation rewards stakeholders equally as does PoS.
April 08, 2014, 08:56:20 PM
Cosmofly is a well known troll of this forum, don´t let him fool you, better push the ignore buttom as wise man do in this gardens 
Thanks for tip, he is ignored.
April 08, 2014, 06:20:46 PM
Cosmofly is a well known troll of this forum, don´t let him fool you, better push the ignore buttom as wise man do in this gardens
April 08, 2014, 11:32:01 AM
How? All i did was ask a question please explain 
April 08, 2014, 11:31:16 AM
Was thinking to myself yesterday and all the people that accidentally threw away there hard drive, deleted there wallet.dat, etc. What if BTC had a POS rate (very low) of like 1% a year or something like that to compensate for the BTC forever lost in the block chain? I realize that BTC is a deflationary kind of currency, but how would things look if it were inflationary (albeit very little)
Not possible, bitcoin is pure proof of work
You're talking about Peercoin
That is why this is under speculation
Thats not speculating, its just bullshit.
April 08, 2014, 11:17:37 AM
Was thinking to myself yesterday and all the people that accidentally threw away there hard drive, deleted there wallet.dat, etc. What if BTC had a POS rate (very low) of like 1% a year or something like that to compensate for the BTC forever lost in the block chain? I realize that BTC is a deflationary kind of currency, but how would things look if it were inflationary (albeit very little)
Not possible, bitcoin is pure proof of work
You're talking about Peercoin
That is why this is under speculation
April 08, 2014, 11:11:11 AM
Was thinking to myself yesterday and all the people that accidentally threw away there hard drive, deleted there wallet.dat, etc. What if BTC had a POS rate (very low) of like 1% a year or something like that to compensate for the BTC forever lost in the block chain? I realize that BTC is a deflationary kind of currency, but how would things look if it were inflationary (albeit very little)
Not possible, bitcoin is pure proof of work
You're talking about Peercoin
April 08, 2014, 10:52:54 AM
Was thinking to myself yesterday and all the people that accidentally threw away there hard drive, deleted there wallet.dat, etc. What if BTC had a POS rate (very low) of like 1% a year or something like that to compensate for the BTC forever lost in the block chain? I realize that BTC is a deflationary kind of currency, but how would things look if it were inflationary (albeit very little)
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