Will POS become the norm and replace POW forever? - page 3.

blockman

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Quote from: KryptoKai on February 22, 2019, 05:10:25 PM

The problem with POS is that the rich get richer and there is no benefit for the poorer people. Bitcoin should stick with POW while others like ethereum can do their switch to POS instead

Bitcoin will stick to PoW, I don't think that it will ever replace its consensus to PoS. It's an advantage for the rich people to get richer but it's not always like that.
If you are an enthusiasts and investor, you'll see some other ways to grow in this market, not just by blaming this kind of situation.

amrulshare

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I don't think the PoS will be a better future because it looks weak for financially. PoS may have something like you say but direct involvement with a real one has no potential at all, PoW will have more development than now in the future and i belive it

dodgrad

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Quote from: cryptpedia on February 18, 2019, 10:52:15 AM

POS and POW have both advantages and disadvantages. But, it is safe to say that POS has more advantages compared to POW. To date, I haven't heard much of POS coin being victim of 51% attacks or the likes. And rarely would you hear of hacks in POS coins. Is POS the future of cryptocurrencies? Any advice on which technology to invest in will be welcome.

People are still asking what will survive: POW, POS, Bitcoin, altcoins, ICO, ISO ...!? The cryptocurrency market is just developing and crystalizing. It is still a very small market compared to the entire financial market. There will be a place for everyone. I am sure that it will survive POS and POW, and everyone will choose what suits him better.

KryptoKai

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The problem with POS is that the rich get richer and there is no benefit for the poorer people. Bitcoin should stick with POW while others like ethereum can do their switch to POS instead

icalical

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Yes, Absolutely POS will completely replace POW, soon in near future. I think it's weird when some coins are stick to POW, when they can just using POS. POW is really source-consuming, in all term, computing, electricity. Thus by that, it also make POW are less environmental-friendly. Right now, everything in this world are moving forward to the path of energy saving and environment-friendly, and I think crypto will follow.

Entei

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What is the logic of making distribution more difficult? The pure PoS system passes no confidence and its origin grants the creator absurd control of the coins. I think you should be dissatisfied with what the PoW industry has become, but will probably cry blood if PoS is legitimized as a trend! To prevent attacks of 51% there are some features that were thought even before these discussions on PoS and Pow.

go4crypto

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Both these POW and POS camps and some that are hybrids of these two are going to stay around. Coin communities will follow whatever consensus method suits them.

timmmers

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I do not think that Bitcoin will switch to POS consensus, Bitcoin community is diffrent than Ethereum community and they will not allow it. Not every cryptocurrency can switch to this consensus because the cryptocurrency has to be made for. I think that there will be much more consesus and I am okay with that.

fullhdpixel

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Quote from: cryptpedia on February 18, 2019, 10:52:15 AM

POS and POW have both advantages and disadvantages. But, it is safe to say that POS has more advantages compared to POW. To date, I haven't heard much of POS coin being victim of 51% attacks or the likes. And rarely would you hear of hacks in POS coins. Is POS the future of cryptocurrencies? Any advice on which technology to invest in will be welcome.

It is likely that in the nearest future, we would have more people/companies adopting POS, but for now people still have to test the system, and if that test is passed, mass adoption will be the case. Vitalik sent a message to google asking them to include ETH icon in their keyboard but google said they cant because other systems apart from Bitcoin are still under test.

cryptpedia

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Quote from: Red-Apple on February 20, 2019, 06:10:44 AM

Quote from: cryptpedia on February 18, 2019, 10:52:15 AM

POS and POW have both advantages and disadvantages. But, it is safe to say that POS has more advantages compared to POW.

actually it is the other way around meaning PoS has a lot more disadvantages compared to PoW and it is more centralized and has a lot more surface of attacks.

Quote

To date, I haven't heard much of POS coin being victim of 51% attacks or the likes.

you haven't heard a 51% attack on PoS coins because that attack is specific to PoW. but there are lots of other attacks against PoS that you can find if you look for them and they don't apply to PoW.

Quote

Is POS the future of cryptocurrencies?

No!

Quote

Any advice on which technology to invest in will be welcome.

i don't give advice like this ever but i can say a coin doesn't become a good investment based on its mining algorithm.

[/quote]
you haven't heard a 51% attack on PoS coins because that attack is specific to PoW. but there are lots of other attacks against PoS that you can find if you look for them and they don't apply to PoW.
But none have materialized as far as we know. So far, it has only been on paper.
Regardless, see with POS, one can have passive income while helping the network. But, with POS, hosting a full BTC node of almost 200GB of data provides no incentives. Ever POW coin will somehow end with over several TB of data, making it challenging for anyone to hold for free in the long run. Maybe the BTC devs should think of a way to incentive full nodes by adding some kind of POS. Dont you think so?

Red-Apple

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Quote from: cryptpedia on February 18, 2019, 10:52:15 AM

POS and POW have both advantages and disadvantages. But, it is safe to say that POS has more advantages compared to POW.

actually it is the other way around meaning PoS has a lot more disadvantages compared to PoW and it is more centralized and has a lot more surface of attacks.

Quote

To date, I haven't heard much of POS coin being victim of 51% attacks or the likes.

you haven't heard a 51% attack on PoS coins because that attack is specific to PoW. but there are lots of other attacks against PoS that you can find if you look for them and they don't apply to PoW.

Quote

Is POS the future of cryptocurrencies?

No!

Quote

Any advice on which technology to invest in will be welcome.

i don't give advice like this ever but i can say a coin doesn't become a good investment based on its mining algorithm.

Igor.J

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Quote from: evanescence on February 19, 2019, 06:50:33 PM

The biggest problem of PoS is that it's unproven. But if it works well and gets proven, the coin that makes it a success (ETH) will enjoy massive success as well.
Of course there's potential issues, but nothing that should scare us from actually trying it out.

So many coins are sitting on the PoS and I think they are right, this is much more effective, although many now disagree with me.

blockman

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This is a big debate of the people in the community. Many are PRO-POS protocol but many are still liking the idea of PoW. I like PoS as it will give passive income to most that has been holding. But PoW is made to be against attacks so that's still being used by bitcoin.
I think I'll stick to PoW but if something goes better with PoW and we will see it if ETH will prove that it's better.

evanescence

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The biggest problem of PoS is that it's unproven. But if it works well and gets proven, the coin that makes it a success (ETH) will enjoy massive success as well.
Of course there's potential issues, but nothing that should scare us from actually trying it out.

Raizou

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I have nothing against the PoS system, in fact I participate in projects and I have deals with this something, but they will never replace PoW! The funny and cool of the crypto is just power mining your coin, you could argue that today there is an industry that has centralized this something, but it does not matter, it is important to have possibilities. It is healthy for PoS and PoW advocates to use these systems as well.

AltcoinsBattle

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I do not think that hack resistance is correlated with the hash calculation method. But many people do not like PoW due to energy intensity and technical difficulties. Thus, the future for any kind of mining except PoW. Of course, bitcoin is an exception Wink

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cryptpedia

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POS and POW have both advantages and disadvantages. But, it is safe to say that POS has more advantages compared to POW. To date, I haven't heard much of POS coin being victim of 51% attacks or the likes. And rarely would you hear of hacks in POS coins. Is POS the future of cryptocurrencies? Any advice on which technology to invest in will be welcome.

Topic: Will POS become the norm and replace POW forever? - page 3. (Read 662 times)