PoW may be energy-intensive but [...]
It certainly is and it's good that it is! Really almost all facts about this matter are covered in: https://endthefud.org/PoW 
Topic: Will Bitcoin move to Proof of Stake? (Read 517 times)
I'm inclined to agree with you. The Proof-of-Stake algorithm explicitly contradicts Bitcoin White Paper written by Satoshi Nakamoto. It does not solve the problem of transaction censorship and does not fully protect the network from various attacks. Some whales owning thousands of PoS coins can endure penalties incurred by a network consensus for their untrustworthy activities if they want to fraud a rich merchant or a large cryptocurrency exchange during a short period of time.
Figuratively saying, the Proof-of-Work algorithm is anchor in the real world for any strong cryptocurrency. I assume that the global market should have a small number of cryptocurrencies mined using ASICs, GPUs, CPUs, SSDs with high hash rate. Other altcoins can work as side chains.
I believe that Bitcoin will always remain a PoW coin.
Figuratively saying, the Proof-of-Work algorithm is anchor in the real world for any strong cryptocurrency. I assume that the global market should have a small number of cryptocurrencies mined using ASICs, GPUs, CPUs, SSDs with high hash rate. Other altcoins can work as side chains.
I believe that Bitcoin will always remain a PoW coin.
Bitcoin will never become a Proof-of-Stake cryptocurrency. The reasons for this are pretty obvious. PoS encourages centralization since only a few players will be able to gain large dominance on the network. It has a model where the rich get richer and the poor get poorer. Imagine how whales will be able to control Bitcoin with their large stake. Mainly big exchanges like Binance and Coinbase, will be able to dominate the whole Blockchain leaving the average person out of the system. The huge security risks of PoS are simply not worth it for Bitcoin in the long run.
I fail to see how Ethereum will retain its security after it becomes a full-fledged PoS coin. It'll probably end up like the rest of the other "shitcoins" dominated by whales. PoW may be energy-intensive but it's still the best consensus algorithm towards achieving decentralization and censorship-resistance. Satoshi Nakamoto was pretty smart in choosing PoW as Bitcoin's main consensus algorithm. Things would've been a lot different now if Bitcoin had been a PoS cryptocurrency. Knowing that developers have no interest in switching to PoS, we could say that Bitcoin will remain a PoW cryptocurrency forever. Just my thoughts
Why does bitcoin have to move to Pos? This is obviously a stupid idea, theoretically possible but in practice it would kill bitcoins and send them all to the slaughterhouse by risk of manipulation. we don't campaign or vote for that damn idea. ETH will shoot itself in the foot when it switch to POS
Because there are some people out there with the wrong information and think that bitcoin mining is contaminating the planet or something like that, so those that are in favor of PoS want bitcoin to switch to it as it supports their idea that it is the best way to secure the network.I know it is ridiculous but that does not stop people from making those arguments, however we need to take them for what they are, baseless speculations, bitcoin is never going to leave PoW as it is without a doubt the best way to secure the network, and even more importantly it is more cost effective and energy efficient than the current banking system, so if anything if they are going to use those arguments then the banking industry as a whole is the one that must disappear.
I don't think bitcoin will ever move to Proof of Stake or anything else. Maybe there will be a fork but bitcoin will never move to Proof of Stake.
Will Bitcoin move to proof of Stake? Does anyone know? What are the developers opinions on this matter?
Bitcoin will never move to Proof of Stake. The reasons for this are obvious. PoS increases centralization as it gives power to a few. Those with the most wealth will be able to take control of the network's consensus. Imagine how Bitcoin would be compromised if it were a PoS coin. Big exchanges like Binance and Coinbase would make use of customers' funds in order to take control of the entire Blockchain network. It would be something similar to the STEEM/HIVE hard fork where exchanges turned to Justin Sun's side, effectively taking out legitimate witnesses (validators) out of the system.
Believe me, PoW (aka Nakamoto Consensus) is and will always be the only decentralized consensus algorithm in the crypto/Blockchain space. Other algorithms may be energy efficient but highly susceptible against external attacks. Bitcoin developers know PoW is the safest, most secure, and reliable consensus algorithm to date. There's basically no need to change the algorithm at this point, since Bitcoin is working like a swiss watch. We may see a future where most (if not all) altcoins turn to PoS, while Bitcoin remains a PoW cryptocurrency. I'm fine with that as long as decentralization and censorship-resistance are prioritized. Just my opinion
The people who make the miners won't let it go POS for a start. Just think how much money they would lose. All of it.
I don't think its even possible with conventional BTC rather with its hard fork. PoW is not liked only because it consume too much energy but that's also sole reason of BTC security and robustness.
It's not even that much energy, really. If you want to really dig a bit deeper into the energy topic, check out a few of the articles linked here: https://endthefud.org/energyWhile PoW is giving too much power in the hands of miners that can afford expensive hardware and electricity bills. PoS and PoW to me are same way of climbing same mountain. Since with PoS, miners that have huge quantity of coins can dominate the mining process.
That's not true; for example, it's quite easy to quickly acquire a lot of coins, have the majority of vote for a short time and to sell them off again. Instead, buying an equal amount of ASICs, renting warehouses, setting up a huge energy infrastructure for that ginormous plant just to mount an attack and subsequently tearing it back down takes a significant larger amount of effort and money.More information can be found in the articles linked here: https://endthefud.org/PoW
Quote from: https://endthefud.org/PoW
I don't think its even possible with conventional BTC rather with its hard fork. PoW is not liked only because it consume too much energy but that's also sole reason of BTC security and robustness.
While PoW is giving too much power in the hands of miners that can afford expensive hardware and electricity bills. PoS and PoW to me are same way of climbing same mountain. Since with PoS, miners that have huge quantity of coins can dominate the mining process.
While PoW is giving too much power in the hands of miners that can afford expensive hardware and electricity bills. PoS and PoW to me are same way of climbing same mountain. Since with PoS, miners that have huge quantity of coins can dominate the mining process.
Why does bitcoin have to move to Pos? This is obviously a stupid idea, theoretically possible but in practice it would kill bitcoins and send them all to the slaughterhouse by risk of manipulation. we don't campaign or vote for that damn idea. ETH will shoot itself in the foot when it switch to POS
No, and I don't see why it should. You can simply mine for Bitcoins, it's pretty much the equivalent.
As others have mentioned, there's no chance of this happening. Of course, someone might give it a shot, but this will result in a hard fork, and we'll just have another Bitcoin clone. But the majority of the community will stand behind the current version. The huge problem with moving to PoS from PoW is miners: this is a disastrous decision for their future, so they won't support it. It also seems not that easy to make it happen, as Ethereum was meant to switch to PoS a long time ago, and yet it's still good old PoW.
There's also an ideological obstacle here, as proof-of-stake makes the coin more centralized. With proof-of-work there are miners and mining farms, but there are also big hodlers, and these are separate categories. With proof-of-stake, the more you possess, the more you get in return, and the more influence you're gaining over the market. This naturally centralizes power in the hands of the few. Not to mention that it also highly incentivizes viewing a coin purely as an investment instead of viewing it as a type of money, as doing nothing with your coins is rewarded by getting more coins.
There's also an ideological obstacle here, as proof-of-stake makes the coin more centralized. With proof-of-work there are miners and mining farms, but there are also big hodlers, and these are separate categories. With proof-of-stake, the more you possess, the more you get in return, and the more influence you're gaining over the market. This naturally centralizes power in the hands of the few. Not to mention that it also highly incentivizes viewing a coin purely as an investment instead of viewing it as a type of money, as doing nothing with your coins is rewarded by getting more coins.
I'm inclined to agree with you. The Proof-of-Stake algorithm explicitly contradicts Bitcoin White Paper written by Satoshi Nakamoto. It does not solve the problem of transaction censorship and does not fully protect the network from various attacks. Some whales owning thousands of PoS coins can endure penalties incurred by a network consensus for their untrustworthy activities if they want to fraud a rich merchant or a large cryptocurrency exchange during a short period of time.
Figuratively saying, the Proof-of-Work algorithm is anchor in the real world for any strong cryptocurrency. I assume that the global market should have a small number of cryptocurrencies mined using ASICs, GPUs, CPUs, SSDs with high hash rate. Other altcoins can work as side chains.
I believe that Bitcoin will always remain a PoW coin.
And I want those who campaign for Bitcoin to be a PoS coin to stop because they are not helping with the development of the coin.
Nobody is campaigning for bitcoin to move to PoS. There are brainwashed newbies who have been listening to a shitcoin's developer who has been fooling them into thinking that when they change their PoW to PoS their shitcoin called ethereum is going to become "better" as it would solve some imaginary problems.
I recommend everyone to read the articles linked here:
PoW vs. PoS
Put simply, PoS doesn't work, coins are created out of thin air and the network is super centralized and insecure. Fundamental flaws in any cryptocurrency.
PoW vs. PoS
Put simply, PoS doesn't work, coins are created out of thin air and the network is super centralized and insecure. Fundamental flaws in any cryptocurrency.
That is true with what you said, for Proof of Stake, the more one has coins then he will be able to mine more and mine faster. I think there would be no decentralization at that point because whales can simply buy more to mine more. If you are going to ask me, they should instead focus on making Bitcoin more widespread in its adaptation and develop the technology further. It is much better if they leave Bitcoin as PoW rather follow those very few people who want it PoS.
In my opinion, I don't think that would necessary. Imagine those who possess large quantities of Bitcoin, those who can PoS their assets into infinity, that would drop the price of Bitcoin I think and would spell financial doom for those who bought Bitcoin at a high price. It is a PoW coin and should remain so. Someone pointed out here, that if the think is not broken then there is no need to fix it. And I want those who campaign for Bitcoin to be a PoS coin to stop because they are not helping with the development of the coin.
Bitcoin mining system looks like until the end will remain a Proof Of Work, there is not the slightest news in bitcoin mining changes. All I've heard that will change to Proof Of Stake is ethereum. Bitcoin is already too famous for its mining machines. If it is changed it will remove the hallmarks of bitcoin itself.
I think more renewable resources will be used for Bitcoin mining and PoS is not necessary.
PoS is for shit coin and their developers launch coin network with huge premined coins. They use premined coins to stake and dominate network when block rewards are high.
PoS is for shit coin and their developers launch coin network with huge premined coins. They use premined coins to stake and dominate network when block rewards are high.
Actually, the renewable sources thing is just a FUD in my opinion. Every world industry needs to make the switch, not just Bitcoin mining. It was singled out because of the misunderstanding that mining produces no value (totally wrong of course).
PoS is an alternative I think it can be done right, but agree that most coins using it now are just lazy and scammy.
Also many people think of POW as a waste of energy when it is protecting the most important decentralized database on the world from being compromised, and that is a very important job which the majority of people will not understand until their fiat comes crashing down.
Will Bitcoin move to proof of Stake? Does anyone know? What are the developers opinions on this matter?
No, this will not happen, Bitcoin will remain as proof of work only.
As others have mentioned, there's no chance of this happening. Of course, someone might give it a shot, but this will result in a hard fork, and we'll just have another Bitcoin clone. But the majority of the community will stand behind the current version. The huge problem with moving to PoS from PoW is miners: this is a disastrous decision for their future, so they won't support it. It also seems not that easy to make it happen, as Ethereum was meant to switch to PoS a long time ago, and yet it's still good old PoW.
There's also an ideological obstacle here, as proof-of-stake makes the coin more centralized. With proof-of-work there are miners and mining farms, but there are also big hodlers, and these are separate categories. With proof-of-stake, the more you possess, the more you get in return, and the more influence you're gaining over the market. This naturally centralizes power in the hands of the few. Not to mention that it also highly incentivizes viewing a coin purely as an investment instead of viewing it as a type of money, as doing nothing with your coins is rewarded by getting more coins.
There's also an ideological obstacle here, as proof-of-stake makes the coin more centralized. With proof-of-work there are miners and mining farms, but there are also big hodlers, and these are separate categories. With proof-of-stake, the more you possess, the more you get in return, and the more influence you're gaining over the market. This naturally centralizes power in the hands of the few. Not to mention that it also highly incentivizes viewing a coin purely as an investment instead of viewing it as a type of money, as doing nothing with your coins is rewarded by getting more coins.
Will Bitcoin move to proof of Stake? Does anyone know? What are the developers opinions on this matter?
Bitcoin switched to Proof Of stakes? That would be crazy for bitcoin and bad for fairness. Bitcoin holders will have a better ROI and keep putting bitcoin in the slaughterhouse, it will kill the very nature of bitcoin, I think bitcoin will never let that happen. I doubt the move of ETH to POS will increase in value but will dig its own grave in the long term. Jump to: