Hi guys.
Plz don't kill me for asking.
I see a lot of hype around alt-coins.
When asked, many will point out POS as a plus vs bitcoin.
I was wondering:
1. Can Bitcoin change to POS if wanted to by the community?
2. Is POS really an advantage (if it is - is it an advantage because it saves energy, or because it diffuses power)?
Thank you!
1. If the community was dedicated enough to destroying Bitcoin, sure. They would have someone code up a PoS system for Bitcoin, and the network could be forked to implement it, also forcing out all miners that have existed and forcing them to rely on what they already own.
2. No. Any "doesn't use power" argument means that there's also nothing really backing the currency, in this case computing power. It's also not an advantage because PoS means the rich get richer and the poor get slightly less poor. There are no advantages and essentially turns it all into one big banking system.