Quote from: nebuzen on June 09, 2016, 06:00:22 AM

Quote from: Soul_eater_123 on April 29, 2016, 10:16:02 PM

Quote from: alani123 on April 29, 2016, 10:02:58 PM

Quote from: Soul_eater_123 on April 29, 2016, 09:53:26 PM

Quote from: alani123 on April 29, 2016, 09:37:05 PM

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.

It is true that Switching to POS would be problem for Bitcoins as who are holding large amount of bitcoins will be getting benefit without mining as POS concept is like that, so i also think that Mining is good option for Bitcoins as who ever mines will get the benefit of Bitcoins,

POS is good for Altcoins as they are just starting it newly and they have barrier of coins supply.