It's easier to attack Pow than PoS. If anyone offered the bounty I did to attack a Pow coin it would have been done instantly
https://bitcointalksearch.org/topic/i-will-pay-you-1000-if-you-can-attack-mmxiv-you-have-33-days-927601
Until anyone proves to me it's insecure, I consider it 'safe' for now. A high network stake weight is more secure than a high hash rate network because of coinage
Since they are basically the same in terms of security, I chose to stop paying thousands in electric bills and moved to the more energy efficient system. I'm a firm believer in cutting resource usage. Pow is accounting for a lot of dirty, out-dated energy generation being wasted
With miner prices and competition the way it is, it's also very limiting for new users to get involved in a significant role. PoS makes entry easier and all experienced traders know that the entry point is much more important than the exit
I can go into more detail if you want but this should give you the basic idea
Topic: Why do most known experts and widly-respected posters prefer PoW over PoS & PoI? - page 2. (Read 1930 times)
April 04, 2015, 04:11:54 AM
April 04, 2015, 04:08:25 AM
I think there is nothing wrong with PoW or PoS! But Bitcoin is the first and leading cryptocurrency, which adopt PoW. So ppl bias in favor of PoW. And another reason they are holding BTC or heavily invest in BTC mining!
April 04, 2015, 04:05:30 AM
And PoI is..?
Think they mean Proof of Interest.
Here is an example from Magi CPU mining | PoS-II | PoM | Unique BLK reward | [MagiPay] (XMG)
https://bitcointalksearch.org/topic/m.10972627
April 04, 2015, 03:57:09 AM
And PoI is..?
April 04, 2015, 03:52:45 AM
I was the same way all of 2013, but converted in early 2014 when I took a deeper, more technical look into PoS
Share the insights you learned, please. April 04, 2015, 03:51:05 AM
I was the same way all of 2013, but converted in early 2014 when I took a deeper, more technical look into PoS
I had two fairly significant mining farms but they are either sold or shut off now
I had two fairly significant mining farms but they are either sold or shut off now
April 04, 2015, 03:37:02 AM
my concern I expressed on other threads is that pow/alts as far as miners are concerned there are NONE anymore in the works the KNC Titan (in which I have 2) is the last of the big units ..the rest were canceled and no new units data hall ..home miner or in between pow/alt coin machines I know of are in the works
so that confuses the heck out of me....
so that confuses the heck out of me....
I know what you are talking about. I didn't wait for KNC and others like MAT (which bankrupted) and I bought 7 x 60MH A2 Terminator's back in May 2014. They were pretty expensive (like 6,600 euro/miner), but ROI was different. I didn't know what to expect with KNC (delays and such). Otherwise I know about canceled productions not only by KNC, but by several other chinese manufacturers as well. Personally I am looking to buy about 10 GH scrypt power in the next 2-3 months, but currently there is nothing (as far as I know) interesting on the market.
April 04, 2015, 03:28:30 AM
Why almost all renowned Crypto Currency and Crypto Finance experts [incl. most widly-respected BCT-posters] prefer PoW as consensus algorithm?
Without beeing directly adressed myself I would nonetheless venture into giving an answer: Data trails left.
If you have your wallet staking 24/7 you will leave behind a huuge backlog of your adresses, funds, IP used to stay connected to the network. Maybe someone more technically inclined can explain to us why a network based on POW, ruled by two or three mining pool cartell chiefs and probably even five to ten top notch miners (who are dependant upon one ASIC manufactorer) is a better place for Joe Sixpack to hide when buying weed online.
April 04, 2015, 03:23:47 AM
Nearly everybody agrees that a Bitcoin-style PoW is I) a huge waste of ressources & esp. energy and leads II) to dangerous centralization of mining.
But, if I scan the forum, I fell like still most pundits prefer PoW.
Sub-questions:
Why not use PoS or PoI?
Are there othere preferable consensus algorithms? What about PoB? (https://en.bitcoin.it/wiki/Proof_of_burn)
Can PoW be improved?
I am happy with detailed answers, answers in bullet points or just links or references elsewhere.
Thank you!
But, if I scan the forum, I fell like still most pundits prefer PoW.
Why almost all renowned Crypto Currency and Crypto Finance experts [incl. most widly-respected BCT-posters] prefer PoW as consensus algorithm?
Sub-questions:
Why not use PoS or PoI?
Are there othere preferable consensus algorithms? What about PoB? (https://en.bitcoin.it/wiki/Proof_of_burn)
Can PoW be improved?
I am happy with detailed answers, answers in bullet points or just links or references elsewhere.
Thank you!
PoW/PoS is the best combination imo. My opinion about PoS is that it was created mainly, because such coin can be P&D with less efforts. It's like: "Keep your coins in the wallet while we are making money out of it.". It is also affecting the price and I think that short PoW phase is not the best choice, because people nowadays are impatient and they will follow dumps if the price significantly decline. PoW is huge waste of resources indeed, but it also contributes to the price as well, because people are thinking about what were their expenses for mining X amount of coins before selling them.
I believe that in 1-2 years situation with coins like LTC and some of the others scrypt (+PoS) will be changed, because a lot more ASICs will be involved in the mining process though this are just my thoughts.
my concern I expressed on other threads is that pow/alts as far as miners are concerned there are NONE anymore in the works the KNC Titan (in which I have 2) is the last of the big units ..the rest were canceled and no new units data hall ..home miner or in between pow/alt coin machines I know of are in the works
so that confuses the heck out of me....
as to why not pos...well the up front POW to the POS coin...kinda ticks people off that miss such a launch...and straight hey we will give you $$$ for your 'specific' POS coin and hope it works is less secure then POW coin mining at least used to be..in that you put $$ in equip..you don't like the POW coin you point your $$$ in said equipment to another coin...ie you can hedge your bets ..or at least that is how it used to be imho....remember I know zip ...just tossing it out there watching this thread carefully also trying to be 'enlightened' on this
April 04, 2015, 03:13:11 AM
Nearly everybody agrees that a Bitcoin-style PoW is I) a huge waste of ressources & esp. energy and leads II) to dangerous centralization of mining.
But, if I scan the forum, I fell like still most pundits prefer PoW.
Sub-questions:
Why not use PoS or PoI?
Are there othere preferable consensus algorithms? What about PoB? (https://en.bitcoin.it/wiki/Proof_of_burn)
Can PoW be improved?
I am happy with detailed answers, answers in bullet points or just links or references elsewhere.
Thank you!
But, if I scan the forum, I fell like still most pundits prefer PoW.
Why almost all renowned Crypto Currency and Crypto Finance experts [incl. most widly-respected BCT-posters] prefer PoW as consensus algorithm?
Sub-questions:
Why not use PoS or PoI?
Are there othere preferable consensus algorithms? What about PoB? (https://en.bitcoin.it/wiki/Proof_of_burn)
Can PoW be improved?
I am happy with detailed answers, answers in bullet points or just links or references elsewhere.
Thank you!
PoW/PoS is the best combination imo. My opinion about PoS is that it was created mainly, because such coin can be P&D with less efforts. It's like: "Keep your coins in the wallet while we are making money out of it.". It is also affecting the price and I think that short PoW phase is not the best choice, because people nowadays are impatient and they will follow dumps if the price significantly decline. PoW is huge waste of resources indeed, but it also contributes to the price as well, because people are thinking about what were their expenses for mining X amount of coins before selling them.
I believe that in 1-2 years situation with coins like LTC and some of the others scrypt (+PoS) will be changed, because a lot more ASICs will be involved in the mining process though this are just my toughts.
April 04, 2015, 02:55:58 AM
Nearly everybody agrees that a Bitcoin-style PoW is I) a huge waste of ressources & esp. energy and leads II) to dangerous centralization of mining.
But, if I scan the forum, I fell like still most pundits prefer PoW.
Sub-questions:
Why not use PoS or PoI?
Are there othere preferable consensus algorithms? What about PoB? (https://en.bitcoin.it/wiki/Proof_of_burn)
Can PoW be improved?
I am happy with detailed answers, answers in bullet points or just links or references elsewhere.
Thank you!
But, if I scan the forum, I fell like still most pundits prefer PoW.
Why almost all renowned Crypto Currency and Crypto Finance experts [incl. most widly-respected BCT-posters] prefer PoW as consensus algorithm?
Sub-questions:
Why not use PoS or PoI?
Are there othere preferable consensus algorithms? What about PoB? (https://en.bitcoin.it/wiki/Proof_of_burn)
Can PoW be improved?
I am happy with detailed answers, answers in bullet points or just links or references elsewhere.
Thank you!
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