Post
Topic
Board Development & Technical Discussion
Re: Bitcoin needs to move to POS. Thoughts?
by
nebuzen
on 09/06/2016, 06:00:22 UTC
Bitcoin is what it is largely because of mining. Switching to POS would be disasterous.

That's what I used to think but I'm not so sure now.  What does mining provide that POS wouldn't?

The fact that obtaining a machine capable to mine the currency costs money and isn't accessible to anyone adds value to it in and of itself. Removing this attribute of bitcoin could take away a big part of the economy that has formed around it and cause massive loss of interest.

I disagree.  It is the scarcity of bitcoin that (and the fact that it was the first cryptocurrency) that gives it value. POS would not change that.

I might agree here, the 'value' of something is usually related to the supply and demand of that thing.