Topic: Will Bitcoin move to Proof of Stake? - page 3. (Read 517 times)

Proof of Stake is garbage and it blows my mind that so many people seem to be trying to promote it as if it's a better way to run the blockchain.  The question I ask everyone who is a fan of Proof of Stake is, how many cypherpunks are in favor of proof of stake over proof of work? The answer is not many!  The largest "bag holders" are given too much control with this method..hence a huge reason why Elon Musk owns and promotes Dogecoin...he want's to be in control and that appeals to him.

those wanting PoS are the small idiots thinking changing the algo will give them chandce to get rewards and get rich quick.
what they dont realise is that a good amount, about 20% of coins are hoarded in exchanges and so these exchanges will have the most signing/staking power. meaning the little guys with under 0.01btc wont get to be rich and wont be solving blocks

meaning a new algo wont make a difference in the rich vs poor relationship

..
ontop of that there are more flaws in block signing using PoS. and on crapcoins they are too small to bother exploiting. but on a network as valued as bitcoin it would get exploited alot.

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ontop of that PoW has a stronger security. needing ~100,000 special machines to create the block sequence that locks its content.
something PoS cant offer

.. ontop of that
the cost of mining offeres an underlying value of the block reward. where it costs
$170k a block for 6.25 btc for chinese miners
$220k a block for 6.25 btc for american miners
$340k a block for 6.25 btc for germany/japan

this gives underlying value of $27k - $54k which makes people feel the price is worthy
PoS does not actually have underlying costs to help produce an underlying value
PoS 'values' are purely speculative based on emotion and feeling and hope and prayers.

PoW has some actual cost and value of economic logic backing it up. and then some amount of speculative hype above that

changing bitcoin to PoS will be like having gold initially needing expensive mining costs. to then become easily minable in backyards for penny costs. sending gold prices down to crappy low prices

..
if PoS became a thing. little penny guys will need to syndicate(pool) their funds into large staked addresses and have the address owner then split the reward down..  
pretty much the same pool scenario as PoW but without the large security of PoW

so the real question is.. WHY SHOULD it change to PoS.. the answer.. no reason.. no benefits

Bitcoin will not have that movement because the bitcoin mining industry is green enough. In addition, the FUD since May 2021 help the mining hashpower migrates from China to other nations. It also increase the use of renewable energy resources.

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.

There was no news about this. Moreover I think that Bitcoin is not developing any more, so it is doomed to be unchangeable. When some people say that they want Bitcoin to be greener they don't mean Proof-Of-Stake, they are talking about renewable energy for mining. Moreover, you can look at Ethereum, it is a long-long process that has not finished yet and we are still waiting for Ethereum 2.0.

I guess that this is a result of "clean energy bitcoin" narrative, mixed up with some Eth like brainwash.
This Bitcoin will not go PoS, but you can make your own coin if you like PoS so much.

And I also come with a question: why this interest for bitcoin getting PoS? (Did you mistaken/confuse some altcoins, like Eth with Bitcoin?!)

The Bitcoin network is at a high level of decentralization, the energy resources are being mined cleanly for bitcoin mining along with the mining equipment being upgraded over time. Following this flow, we will not need to worry about the environmental problems that Bitcoin threatens. The idea of developing POS instead of POW at present is not reasonable. There's been a lot of discussions and I don't believe that's going to happen but in 10 and 20 years it could be the issue.

What makes Bitcoin secured and decentralized is the fact that it is using Proof-of-Work and going away from that can make the coin not anymore Bitcoin but something different. I understand that some people is concerned with the power consumption involved with POW and many can be praising the POS but years from now we can see why POW remains to be the best option. I am not against any other coin who can be going away from POW but that is their own decision and it is good thing to have many options.

Highly unlikely, but I am not saying that it will never happen. Who knows maybe in the near future it would happen without warning. As it is using the proof-of-work system, it causes the fees to be higher and the duration of the transaction is longer even up to an hour or more. Just my opinion only.

I'm not going to say that Bitcoin will never switch to PoS, the future can be very unpredictable. There were people thought that Internet is just a fad and won't get any traction. But currently such switch seems to be very unlikely and the overall probability is very low, because Bitcoin's main goal is maintaining decentralization and PoS is against it. But maybe Bitcoin community will change after many years and will be more accepting of introducing centralization, or maybe some improved versions of PoS will be invented that will be more decentralized and attack-resistant. But PoW works well enough, so there must be some strong reason to seek to replace it.

Not 100% true, PoW without enough hashpower behind it is about as meaningless as PoS (in my opinion). We only need to look at bcash and laugh at how easily people can 51% attack them. And they're not even the worst PoW shitcoin out there.

To be fair, the word "stake" didn't even originate from proof-of-stake or cryptocurrencies in general. "Staking" could simply just mean handing over your stake. "Stake" being a word also being used in the financial markets in general.

It's about the label.

They're using "staking" on their platform and the crypto includes bitcoin. Not everyone understands the whole thing about stake/POS or it's just that when a word is being used, there's an exact meaning based on its use.

Well, I'd just remember that even though it's somehow not really a technical stuff.

Not sure why it will confuse anyone since the algo is clearly POW. Does anyone ever have access to make changes to the code because Satoshi disappeared already?

If anyone or the team can modify the protocols, it leaves doubt to investors that its not decentralize.

No. Okay, politics aside, there isn't any reason why Bitcoin would do so.

Bitcoin is fundamentally a PoW coin and there is no immediate downsides that would affect the security or the integrity of the chain. As the saying goes, if it ain't broken, don't fix it. A sudden shift to PoS, especially when the specific industry is so established will cause an extended period of instability within Bitcoin, be it concerning the security or the economics. I'd rather not have to go through this phase and overcomplicate anything. You don't really have to care what the developers say, just what the community consensus on the issue is. The answer is no, it isn't going to happen.

It has been discussed many times and it won't.

But, there's this misleading label from the exchanges that you can "stake" your bitcoin to them. It means that depositing to them and earning interest from doing that.

I just hope that they'll change that label instead of staking, they just call it deposit savings.

Yes you can stake bitcoin and earn interest from it. Juat that it will not be actually bitcoin but some fork of it! There is no way for actual bitcoin to move to POS. I agree thay moving to POS may be great for more numbers of people to adopt mining easily but since bitcoin doesn't have a core group of developers, I don't see that happening!

Also I think it's good in the current state! Many people have invested billions to build their mining infrastructure. If bitcoin moves to POS, those will become worthless. No one would want to see their mining rigs sitting idle. So if cumulative opinions are considered, pow is going to remain!

tl;dr no.

Why? Imagine a currency or SoV asset where the more coins an entity has, the more power the entity has over the network. If that isn't potentially disastrous, I don't know what is.

OG Bitcoin won't move, but some forks may if they wish.

Bitcoin will move to PoS "When the sun rises in the west and sets in the east. When the seas go dry and mountains blow in the wind like leaves.".

But seriously the shEthereum brainwash seems to be getting stronger every day. They are fooling people into thinking PoS is a good thing, even go as far as saying it is better than PoW just because they are desperately trying to convince them their centralized shitcoin is getting better after the malicious fork that will only serve the owners of the 72 million premined ETH to make them richer!

No. Why should they? Precisely what characterizes Bitcoin, an essential feature that distinguishes it from shitcoins, that gives security to the network, is the proof of work. So I don't see any reason to do it.