Re: [ANN] Blackcoin [BLK] | PoS since 2014 | Home of PoS 3.0 | No ICO | No Pre-mine
Saw this posted in discussion and figured it has relevance to the ongoing case for Proof of stake over POW
It does seem to me like cost to operate will be an issue at some point to challenge the success of POW coin like BTC or ETH
https://bcfocus.com/news/ethereum-co-founder-vitalik-buterin-comes-up-with-seven-difficult-questions-for-the-cryptoverse/18297/
DPOS white paper comes after BLK but I have read any POS usage criticised in a similar way
The algorithm is too old. Many asics can mine the very huge amount of coins. Too bad
BLK new coins only turn out in a small amount to BLK holders via active wallets forming the network. Theres no possible ASIC use, the capital requirement mostly comes from holding the BLK itself not 3rd party manufacturing like ASIC technology.
The last mining done on this protocol was over 4 years ago now and then it was only briefly distributed in this way, the thread is new/remade but the BLK coin is not even slightly close to new
The option to burn BLK for a new coin is great for BLK. It really raises the value of Blackcoin. Value comes in but it doesn't go back out again.
Yea I can see that would be the case in theory and anyhow it will interesting to see. This concept reminds me of this real event from pop history, again no value is lost by this action but still you got to agree its kinda unbelievable:https://en.wikipedia.org/wiki/K_Foundation_Burn_a_Million_Quid
https://i.imgur.com/Cpklx7E.gif
