Topic: Why I Can't Stand POS for Bitcoin - page 2. (Read 254 times)

You hate and are worried about something that doesn't even exists.... I doubt we will see bitcoin moving to Proof of Stake. The chain might split and a new chain might be created that uses proof of stake, but it will be just another "altcoins" like all other altcoins that tried to bring "change" in bitcoin, but failed miserably. If bitcoin moves to proof of stake, it might become centralized which is what bitcoin is against, so I can almost assure that we won't be something like this anytime soon.

I don't think there's an ongoing plan to move Bitcoin from POW to POS. However, if it ever happens, I don't know what's the problem. POS will actually empower a considerable amount of the population to enter into Bitcoin mining which they are unable to do now due to the high entry barrier. Moving to POS will allow them to connect to the network and mine Bitcoin. Not sure why you think it will centralize the network further. That didn't happen with ETH.

Rather, keeping bitcoin in the same structure will surely restrict people from entering into bitcoin mining, thus making it more centralized. So yes, POS is much much better for Bitcoin if it really wants to stay de-centralized and wants everyone to participate in the network.

There is no plans nor even any serious discussions on this topic since everyone knows PoS is garbage from the day it was introduced about a decade ago.

The issue is not about something working, the problem is how it is working. A centralized shitcoin is also working but that doesn't mean creating a centralized shitcoin is the way to go.

Long story short, please join the [Megathread] The long-known PoW vs. PoS debate. You will read many opposite opinions there but I see Proof of Stake is more centralized than Proof of Work. It is more easily manipulated than Proof of Work. Manipulating anything online, in virtual space is more easily than owning hashrates from ASICS which are located and operated on many locations to have centralized hashrate power with Proof of Work.

Bitcoin mining is greener than many attacks on it.

https://bitcoincleanup.com/

Its very highly unlikely bitcoin will proceed to PoS. ETH was criticized and even a bit considered as securities by US SEC because of this move.

I agree with your thoughts. POS isn't for Bitcoin even though the POS implementation in ETH works, I don't really know about any significant improvements for it.

IIRC, there have been rumors that ETH developers recently proposed to increase the minimum validators staking limit of its POS system from the original value of 32 to around 2048. For now, we can expect Bitcoin to maintain the status quo and see how thing fare from here on out.

QQ: What happens to POW in Bitcoin when Difficulty gets too high and mining rewards doesn't justify the computing resources?

@OP I belive that the developers already know that POS is not ideal for Bitcoin and they have no interest in transitioning Bitcoin POW to Bitcoin POS because of several various reasons but the most important is the security.  Most that know Bitcoin know that POW is the reason why the Bitcoin network is almost unhackable because anyone with ill-intent needs huge money to hack the bitcoin network.  While POS have it many concerns and bugs, the developer cannot compromise the funds of the Bitcoin holder just to make Bitcoin POS.


Any fork of Bitcoin that deviates from the main blockchain network is not Bitcoin at all, and I believe ASICs will keep on developing to cope with the changes of demands overtime.

ASICs are the optimization, and there's no way back. Well, we could fork Bitcoin to be CPU or GPU mined again, and it has already been done before, but what would it achieve? Mining would still be done by farms, just like with Ethereum. Regular people won't be leaving their PC turned 24/7 to mine, out of fear that it will shorten its lifespan, and because it would actually be consuming system resources that they need for their main tasks, like playing games or doing work.

There are no plans currently and most likely never will there be any plans for POS transition for Bitcoin. ETH went POS because it’s goal back in 2015 was to switch over to an energy efficient way of processing transactions. With Bitcoin there are no plans to do so.

Even if there was a plan, there is no difficulty bomb in place for Bitcoin such as ETH. So even if there was software out to upgrade to POS,  no miners would upgrade to that software. So you don’t have to worry.

Hey folks,

I just have to get this off my chest: I absolutely hate Proof of Stake (POS) for Bitcoin. It's like the killer of projects and takes us back to the days of centralized control. No thanks!

Let me break it down for you. POS puts power and decision-making in the hands of a few who lock up their funds. That's just not cool. Bitcoin is all about decentralization and giving everyone a chance to participate. That's why Proof of Work (POW) rocks!

POS brings its own set of issues, like the "double-signing problem" and the "Nothing at stake problem." It messes with the system's objectivity and reliability. With POW, we've got a solid foundation. The computational work required to mine new blocks ensures the validity of the ledger and keeps things trustworthy.

And here's another thing: POW can be optimized! We can find ways to get rid of those pesky ASICs and make the mining process more inclusive and fair. We have the power to make it better, folks.

So, let's stick with POW for Bitcoin, okay? POS just doesn't cut it for me. It brings centralization, vulnerabilities, and limitations. POW is where it's at – promoting decentralization, reliability, and room for improvement.

Feel free to share your thoughts and prove me wrong if you dare. Let's keep the discussion going, but I'll be over here rooting for POW!


Cheers!