Why isn't proof of stake more widely supported? - page 3.

cunicula

legendary

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Merit: 1003

Proof of stake already exists. Anyone with a significant amount of Bitcoins has plenty of incentive to maintain the network.

I suggest you read the tragedy of the commons threads [https://bitcointalksearch.org/topic/bitcoin-tragedy-of-the-commons-67900, https://bitcointalksearch.org/topic/if-tx-limit-is-removed-disturbingly-low-future-difficulty-equilibrium-6284, http://bitcoin.stackexchange.com/questions/3111/will-bitcoin-suffer-from-a-mining-tragedy-of-the-commons-when-mining-fees-drop-t, https://en.bitcoin.it/wiki/Tragedy_of_the_Commons. These threads contain extensive discussions of these issues and indicate why incentives to maintain the network are exceedingly weak.

cunicula

legendary

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Merit: 1003

Quote from: MoonShadow on March 15, 2012, 11:52:57 PM

It would, at a minimum, require associations between the addresses within a major stake claim; breaking many types of anoniminty that existed prior to the claim of stake.

Currently, miners currently reveal ip adresses and where their coins are sent, but these can be disguised via TOR or VPN. Miners can maintain multiple mining accounts that don't appear related to one another, without any loss in mining efficiency. This would all still hold under proof of stake. The ability to maintain apparently independent accounts without penalty is implied by constant returns to scale. There is no difference with respect to anonymity under the two systems.

It would be more constructive if you could provide a logical argument supporting your view or a link to a logical argument. Logical arguments can be shown to be true or false. Blind assertions which are not pinned on logic could potentially confuse people.

MoonShadow

legendary

Activity: 1708

Merit: 1010

Quote from: ?? on ??

Proof of stake already exists. Anyone with a significant amount of Bitcoins has plenty of incentive to maintain the network.

Indeed, this is already true without the proof part.

MoonShadow

legendary

Activity: 1708

Merit: 1010

Proof-of-stake is a flawed voting mechanism for bitcoin or an alt-coin. It would, at a minimum, require associations between the addresses within a major stake claim; breaking many types of anoniminty that existed prior to the claim of stake.

cunicula

legendary

Activity: 1050

Merit: 1003

To make an informed decision, read about proof-of-stake in the wiki [ https://en.bitcoin.it/wiki/Proof_of_Stake ] and also read the threads on tragedy of the commons and proof of stake in the forums.

Feel free to post your own explanation for your views.

Topic: Why isn't proof of stake more widely supported? - page 3. (Read 4052 times)