Although "the value of a good tends to its production cost" is not wrong in many cases you cannot reverse the argument. Production cost compromises a lot more than electricity. Wasting energy doesn't produce value. And Bitcoin mining means wasting a lot of energy (to secure the network and to distribute coins) as soon as we observe that the same result can be generated using other (less costly) methods. It is possible that PoS can fill the gap here (and that's probably also the reason why loads of Legendary members and even Bitcoin developers spread FUD about PoS).
poS has been discussed deeply by Bitcoin developers and it might be possible in the future to incorporate an element of PoS but so far I don't think there are any implementations suggested that improve overall security. Even when I asked Meni R. who's PoW/PoS implementation is on the Bitcoin wiki, he basically said it wasn't going to work.
That's also how I understand it - IMO sad for Bitcoin. Too many smart people start to discover PoS, Bitcoin developers should change direction (again IMO).
PS: Speaking of Meni Rosenfeld, since I read the following I tend to put him in the category of FUD spreaders with an agenda as well:
"So they [BCNext] went with a centralized issuing, where the coin's creator gets all the proceeds from the issuing. Of course, this means the currency is not decentralized.
Probably, the creator wanted to get rich quick, and this contributed to the decision."(source http://bitcoin.stackexchange.com/questions/36675/what-prevented-nxt-from-being-distributed-the-same-way-bitcoins-are )I don't think we are in agreement actually.
It's not they believe that PoS can work and
they are ignoring it to keep the status quo.
They just don't believe it can work, and
I can see why (see my previous posts in this thread).
I deeply doubt that given the very limited understanding of PoS that Bitcoin developers have.
The very fact that when asked about PoS in his reddit AMA, Gavin simply provided a link to Andrew Poelstra's paper (
Distributed consensus from PoS is impossible) which provides no solid proof whatsoever makes it very hard to believe that they are totally unbiased.