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!
Sure it can be do it by hard fork coins like Blackcoin/Peercoin/Mintcoin have moved from mining period to full POS system and are living today.
Switching is not hat hard you just turn off POW and move into POS.
2. Is POS really an advantage (if it is - is it an advantage because it saves energy, or because it diffuses power)?
POS is energy eficient and more decentralized in mining power. In BTC bitmain produce 75%+ asics on market and currently using its influence it blocks segwit/LN so this is prooven that decentralization in power is important. With BTC one guy can HOLD BTC or kicks its Balls.
However BTC POW makes BTC backed by energy while ETH is backed by technology behind smart-contract and platform.
In POS miners want higer value of TOKEN not higher fees like BTC miners.
Looks like BTC system is broken today and without ETH making like 40%market cap of BTC they will keep BTC in stagnation since icreasing blocksize doesn't bring any big value to system.
Cheap solution cost you more in future than quality one.