LTC is just an imitation of BTC but PPC is a completely different cryptocurrency. I'm not promoting the coin but the idea of Proof of Stake (PoS) is just genius. Not only does it save energy that could've went to other meaningful and productive calculations but it also gives coin generation power to every coin holder ANYWHERE he/she may be in the world. Homeless people, uncivilized tribes, etc. would have a fair and equal coin generation capability.
But then why are PoS altcoins not growing fast and catching up to Bitcoin or are they?
My guess is because people fundamentally understand that getting something for doing nothing (i.e. redistributing the new coins based on share of the collective) is communism. But let me hear the logic of others, because I want to understand this better.
Also PoS does nothing to help you get your initial coins without a fiat exchange. And you can't increase your share by being more proactive, innovative, and risking your capital on mining.
Without risk, no new knowledge is created. Ponder that.
I wanted to mine bitcoins before but my country is really far away from those ASIC manufacturers. I didn't want to risk my money to pre order hardware. I believe Satoshi Nakamoto created bitcoins to give anybody with a computer generate significant amounts of bitcoins. From what I am seeing today, that is no longer the case. Bitcoins are no longer completely decentralized. Eventually, the people who has the most mining power will rule it. Many may not share this view especially those people who have access to the new ASIC miners. I trully believe that PoS in coins is an innovative solution for the geographical problem. Mining will become the fundamental problem with bitcoin. It is unsustainable, wasteful, volatile, easily manipulated by strong enough players, geographically selective in terms of hardware availability and electricity rates.
Very much agreed. Inclusiveness is very important. Facebook is available every where, even on my cell phone in a third world Asian country.