Bitcoin

[Anonymous No.20166013]

Why don't they just change it to proof of stake?

[Anonymous No.20166045]

>>20166013
>proof of stake
>a system where early adopters and original centralized organization group continually receives a rent payment ongoing for doing no additional work
>what is federal reserve
>what is current system
hi rabbai

[Anonymous No.20166050]

>>20166013
Because proof of stake doesn't work?

[Anonymous No.20166204]

>>20166013
I invest in both proof of stake and proof of work coins. I do however still believe that proof of work is the more fair distribution method.

I have read some very interesting arguments for and against in the xmr community one that I rememeber and is significant is how that the proof of work assetchains are open systems. anyone can join if you can deliver the work. How you deliver the work is not important. A poor man that recycles computer parts in india can start a mining farm and join the network. if he wanted to join a proof of stake asset he would need to have dollars or euros or whatever currency the stake asset is being sold for.

Take for example a small green electrical producer. his windmil does not operate at night cause he can't compete with cheap nuclear at that time. he can then join the open proof of work system and mine cryptocurrencies. there are more examples obviously.

Proof of stake is basically banking 2.0 The rich get richer, if you have a lot of imaginary dollars/euros, you get richer. in proof of work this is different.

I hope I have brought some useful information to this thread.

I personally believe more in proof of work, because I think the xmr community is one of the most competeent and smart and their argements why PoW > PoS makes a lot of sense, more sense than the arguments that Proof of stakers have against proof of workers.

[Anonymous No.20166412]

>>20166045
>>20166050
>>20166204
Based.

[Anonymous No.20166458]

>>20166013
>why dont they make the only worthwhile crypto as shit as all the others

[Anonymous No.20166495]

>>20166013
the most important reason is
the backing with CPU cycles
a crypto that cost nothing to produce is worth nothing

[Anonymous No.20166547]

>>20166204
This.

[Anonymous No.20166584]

>>20166013
>why don’t they just print 1B tokens and keep 65% for themselves

[Anonymous No.20167025]

>>20166584
lmao yeah. didn't expect /biz/ to be this redpilled on POS ( proof of shit ) lmao

[Anonymous No.20167369]

>>20166013
Because PoS is fucking gay, whereas PoW is actually based.

[Anonymous No.20167577]

>>20166050
Ouroboros proved mathematically otherwise. If you think someday reaching 5% or more of the world's energy consumption to run boomer digital rock is "working" then I don't know what to say.

[Anonymous No.20167654]

Because ASIC miners own the network, the chain has ossified.

[Anonymous No.20167685]

>>20166013
why dont you make your own fork of bitcoin and make it proof of stake?

[Anonymous No.20167804]

>>20166013
Haha. Good one.

Buy AAVE if you missed BTC / ETH.

[Anonymous No.20167809]

>>20166204
Interesting arguments but how many people can actually produce energy in the world? Worse still how many can actually produce at the quantities needed to compete with the big miners? Also you need money to buy the hardware too, you can't start from 0.

[Anonymous No.20167883]

>>20167809
ASIC resistance allows for anybody with a cpu to mine.

[Anonymous No.20167961]

>>20167577
p-proved mathematically!!

[Anonymous No.20167978]

>>20167809
Exactly this. Of the top of my head i think theres like 5 big miners who basically control all of bitcoin. If a couple of these quit or maybe join each other theres gonna be a big issue, no.

[Anonymous No.20168108]

>>20166013
Because fuck you that’s why

[Anonymous No.20168121]

>>20166045
Fpbp get fucked OP. Silver and BTC boomerchads report in.

[Anonymous No.20168220]

>>20167978
Bitcoin is not a good PoW coin. Look at XMR or DGB.

BTC blockstream deliberately stays with the big mining.


>>20167809
you can make the same argument for Proof of stake, who can compete with the big institutions buying up millions?

Proof of work is an open system. you put in work
Proof of stake is a closed system. you put in stake

I don't know you need to go ask on xmr forum/reddit I forgot and maybe I didn't explain too well.


suppose you are a country or alien race that does not have access to dollars or euros. You can't join the proof of stake network, but you can join the proof of work network, you see? proof of work = open
proof of stake = closed

[Anonymous No.20168924]

POW is the fairest distribution method. 0xMR

[Anonymous No.20169206]

>>20166013
Why don't they do something as simple and basic as increasing the 1MB blocksize? It's been full since 2016 and there's still a lack of consensus to change anything. A project like Bitcoin is doomed to stagnation since there's no clear leadership or authority to alter the protocol in any significant way. Gavin attempted to become one and failed. No other l major project in crypto had to deal with these kind of bottlenecks. ETH has Vitalik, LINK has Sergey, XMR has Carlos, etc, etc.

[Anonymous No.20169204]

>>20167978
Over 60% of BTC hashing is in fucking China of all places. muh decentralization.

[Anonymous No.20169296]

>>20169206
Because the blockchain will swell in size too quickly. They are alreay heading to chain size armageddon, but keeping the block size small delays the inevitable until they can develop a solution like zero knowledge proofs. If the block chain gets so big that nobody can run a node and verify back to the genesis block, then you are back at square one of having to trust a giant entity who is the only one with the means to verify transactions. You will have to trust that nothing has been altered from the genesis block...and that defeats the purpose of a trustless protocol. This is not a problem solely for BTC, as it is inherent in all blockchains. Hopefully a solution can be found or else blockchain cannot scale.

[Anonymous No.20169454]

Because satoshi has run simulations of pow and he realized the only solution that could work is PoW. And it's true.

[Anonymous No.20169708]

>>20169454
Satoshi is not God. He/They did some excellent things, but it was a first step only.
>>20168220
Fair? Oh anon. There's nothing fair about a protocol where you need millions of dollars in up front capital in order to even have a tiny entrance. And who says fairness is the goal? Sustainability is the goal or else it just ultimately collapses. Decentralization is the goal. Fairness? What is that even? If it's going to run the world's finances, there are numerous higher priorities than fairness. Smart contracts executed with decentralized data inputs will be fair. Pulling 10% of the world's energy to solve non-productive hashes is just simply wasteful. Ouroboros proves that PoS can have most the advantages of PoW with less of the very serious costs.

[Anonymous No.20170290]

>>20166013
Why don't they just ruin a good thing? (You): life

[Anonymous No.20170555]

>>20169708
>Smart contracts executed with decentralized data inputs will be fair. Pulling 10% of the world's energy to solve non-productive hashes is just simply wasteful.
1. You haven’t solved the Oracle problem.
2. Cardano is a centralized foundation.
3. Proof of stake lowers the barrier of entry and turns into rule of oligarchs. You also have a bunch of normies pumping bags because of the pyramid scheme (passive income)
4. Proof of work is basic capitalism. You invest in energy and a rig and you get a return. Exaggerating that it is “10%” of the worlds energy is cringe. ASIC resistant mining is damn even better version of this as well.

[Anonymous No.20170969]

>>20167577
How does it secure the coins anon?
I literally never understood how it works

[Anonymous No.20171180]

>>20170969
One of the main purposes of of PoW is to select which node will produce the next block. All that hashing power going towards deciding who suggests the block. With Ouroboros, the block suggester is selected at random from the available stake pools at a rate proportional to their stake. So someone with 2% of ADA staked will suggest a block 2% of the time at random and then be rewarded for it. This preserves the same benefit of PoW and maintains 50% Byzantine Fault resistance (unlike Etherreum's rollout of PoS which will only be 25-33% Byzantine Fault resistant).

The major benefit of PoS is that it aligns the interests of the validators with the the long term health of the network. If a validator node were to fudge transactions, it would harm the credibility of the network and jeopardize their stake. Unlike PoW where miners are mercenaries and can swap from chain to chain whenever another becomes more profitable, PoS validators are married to the network because they have to stake in order to validate.