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Topic: Why POW is dead. - page 2. (Read 1923 times)

sr. member
Activity: 392
Merit: 250
November 13, 2014, 03:22:32 AM
#13
Mining supports the blockchain network too and the transactions.

Not really unless you have a lot of hash, those cloud mining company and manufacturer take up a big portion of the network hashrate. Home miner's hashrate is too little to have any impact..
newbie
Activity: 42
Merit: 0
November 12, 2014, 10:19:15 PM
#12
There is more to mining than just generating coins.

Yep.  Exactly.
newbie
Activity: 29
Merit: 0
November 12, 2014, 10:01:20 PM
#11
Mining supports the blockchain network too and the transactions.
hero member
Activity: 616
Merit: 500
November 12, 2014, 06:06:29 PM
#10
There is more to mining than just generating coins.
legendary
Activity: 2786
Merit: 1031
November 12, 2014, 05:52:45 PM
#9
member
Activity: 70
Merit: 10
Bitcoin trolls back
November 12, 2014, 05:14:24 PM
#8
At some point we will no longer recognize Bitcoin for what it used to be, and the idea of keeping any promise would vanish into oblivion. Would you trust the money system that is constantly changing not keeping the original promise? Sounds a lot like today's politics to me.

You have to take into account simple economics and numbers.  They don't lie.
Bitcoin and other PoW coins are not efficient to mine - if the numbers don't work out and they are not profitable,  eventually there will be no more value in these coins.

Simple as that,  numbers and facts don't lie.

Well, the system was designed to be self-balancing, so no worries with the numbers here.
If it's not so profitable to mine, then miners will switch their rigs off, which in turn would lead to decrease in difficulty until it becomes again profitable to mine, and so on.

I think the question of PoW vs PoS is more fundamental. Would you like work to create money or would you like money to create money? I don't have a very good answer to that, but the latter sounds a lot like what we have today with fiat and the former sounds like what we should have in a resource-balanced economy.

Also, check out this thread about PoW, it might be somewhat relevant:
https://bitcointalksearch.org/topic/an-answer-to-perceived-uselessness-of-pow-hashing-neutrality-855520
sr. member
Activity: 266
Merit: 250
November 12, 2014, 04:55:10 PM
#7
Quote from: fulcare link=topic=855877.msg9524187#msg9524187
When we buy into POS we are really buying into an asset, a company or a service...not a currency.

if thats true why even bother to use something decentralized?
the company or service provider could simple setup a webserver where you see your tokens.
much more effecient...
legendary
Activity: 938
Merit: 1000
November 12, 2014, 04:53:18 PM
#6
Very simple monopoly - Mining Farm
sr. member
Activity: 295
Merit: 250
November 12, 2014, 04:52:22 PM
#5
I guess that continuing with the original idea that was put in place by Satoshi is an excercise in discipline.
If we start changing and adjusting the system at our whim then the hard limit of 21 million coins might be the next target and so on.

At some point we will no longer recognize Bitcoin for what it used to be, and the idea of keeping any promise would vanish into oblivion. Would you trust the money system that is constantly changing not keeping the original promise? Sounds a lot like today's politics to me.

Time will tell, but so far the market favors stability.

The devs cannot change anything unless the majority of bitcoin miners agree to use a new modified wallet. It's the same with POW alts, if the miners reject a change there is no way the devs can force it on them.
sr. member
Activity: 588
Merit: 254
The Standard Protocol - Solving Inflation
November 12, 2014, 04:52:15 PM
#4
I guess that continuing with the original idea that was put in place by Satoshi is an excercise in discipline.
If we start changing and adjusting the system at our whim then the hard limit of 21 million coins might be the next target and so on.

At some point we will no longer recognize Bitcoin for what it used to be, and the idea of keeping any promise would vanish into oblivion. Would you trust the money system that is constantly changing not keeping the original promise? Sounds a lot like today's politics to me.

Time will tell, but so far the market favors stability.


Bitcoin IS the stability. Now we buy other digital assets. Most serious altcoins these days are not really currencies but tokens to be used within a system. When we buy into POS we are really buying into an asset, a company or a service...not a currency.
legendary
Activity: 938
Merit: 1000
November 12, 2014, 04:51:03 PM
#3
At some point we will no longer recognize Bitcoin for what it used to be, and the idea of keeping any promise would vanish into oblivion. Would you trust the money system that is constantly changing not keeping the original promise? Sounds a lot like today's politics to me.


You have to take into account simple economics and numbers.  They don't lie.
Bitcoin and other PoW coins are not efficient to mine - if the numbers don't work out and they are not profitable,  eventually there will be no more value in these coins.

Simple as that,  numbers and facts don't lie.

member
Activity: 70
Merit: 10
Bitcoin trolls back
November 12, 2014, 04:45:37 PM
#2
I guess that continuing with the original idea that was put in place by Satoshi is an excercise in discipline.
If we start changing and adjusting the system at our whim then the hard limit of 21 million coins might be the next target and so on.

At some point we will no longer recognize Bitcoin for what it used to be, and the idea of keeping any promise would vanish into oblivion. Would you trust the money system that is constantly changing not keeping the original promise? Sounds a lot like today's politics to me.

Time will tell, but so far the market favors stability.
sr. member
Activity: 588
Merit: 254
The Standard Protocol - Solving Inflation
November 12, 2014, 04:36:28 PM
#1
Think of it like this, we already mined and made the money ie Bitcoin so why keep making/mining more money and all the waste energy that comes with that.

Now it makes sense to use the mined money ie BCT to buy into other currencies or assets.


POW is dead.
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