Quote from: ahrispool on April 11, 2018, 06:42:05 AM

Amount of bitcoin is limited to 21,000,000 and the incentive for miners will eventually only be keeping nodes that comes from transaction fees.
Then a lot of miners will stop mining, hash-power goes down, and the transaction will get a very long time to get accepted, because by that time the mining difficulty would be very high.
Then the POW protocol won't work out.
What would happen then?

1. The PoW Miners will never agree to a switch to Proof of Stake.

2. Bitcoin is limited to 21 million coins, it would never be safe as a proof of stake coin.

Since the # of coins per staked block are a large % of its security.
(More coins per staked block the higher the security.)

Coins with less than a total of 1 billion coins are not safe to use for Proof of Stake , unless they use a checkpoint server.

And if they use a checkpoint server, it centralized control of the coin to block transactions to whomever controls the checkpoint server. Tongue

So Bitcoin (with it's limited 21 million only coins) moving to Proof of Stake makes it unsecured.
And the required checkpoint server for it gives 1 individual complete dominance of which transactions are approved.
So PoS for Bitcoin is a no go.

For a Truly Decentralized Secured Proof of Stake coin,
you have to choose one with a quantity like ZEITCOIN of over 30 Billion. (Which is why after 4 years they never needed a checkpoint server. )

Higher # of Coins Matter in the Energy Efficient Proof of Stake design , in the Energy Wasteful Proof of Work design , the # of coins is irrelevant.

FYI:
In earlier arguments on the 2nd post of this forum,
Miners complain that PoS always gives total dominion to the early stakers,
By the early stakers only selling their interest and keeping their principle,
this is possible because of a high interest rates of 4% and higher giving early stakers an unfair advantage,

ZEITCOIN has removed this issue by moving to an Ultra Low Inflation rate of only .0005% per year,
meaning the staker has to sell his principle and can not forever just sell his interest.
This also has a beneficial effect of keeping the price stable, as zeitcoin was ~$3 million Marketcap a few months ago and as other coins have lost 40% or more,
ZEITCOIN has remained stable.