ZAP!
The rich get richer at no expense - Whereas rich whales under PoW will actually need to spend and risk their money for the opportunity to earn more money, PoS allows whales to get richer faster passively, making it more prone to centralization
This happens with PoW more than PoS, as the poorer people can not even participate in mining.
Anyone can participate in Staking.
By keeping the inflation rate ultra low, the rich getting rich scenario you speak of, can not happen.
Which points out this is more an issue of inflation not the PoS algorithm itself.
Adopting PoS will inevitably split the userbase - because it's not a fix as much as it's an alternative, some people will choose to stay on the PoW chain, making Bitcoin weaker in the end.
As for your so-called problems:
It is called a Hard Fork, not a Soft fork nonsense, and the winning chain will be determine in a single day.
No signs of collapse at all, and fees will get better as more improvements are made.
Bitcoin transaction capacity has been intentionally limited by it's devs to promote a 3rd party network called LN,
meaning as transaction reach it's limits, price of fees will increase.
Instead of bringing in more money, users will just switch to cheaper chains with lower fees.
No basis in reality yet.
Mining Warehouse need to get approval for the amount of the electricity they draw.
Look it up.
No different from whales centralizing PoS.
As I've said earlier, trading problems for other problems is not a solution. PoS has its merits, but if something as large as Bitcoin is going to change something as crucial as its consensus algorithm, it'll have to be for much bigger gains.
The rich get richer at no expense - Whereas rich whales under PoW will actually need to spend and risk their money for the opportunity to earn more money, PoS allows whales to get richer faster passively, making it more prone to centralization
This happens with PoW more than PoS, as the poorer people can not even participate in mining.
Anyone can participate in Staking.
By keeping the inflation rate ultra low, the rich getting rich scenario you speak of, can not happen.
Which points out this is more an issue of inflation not the PoS algorithm itself.
Adopting PoS will inevitably split the userbase - because it's not a fix as much as it's an alternative, some people will choose to stay on the PoW chain, making Bitcoin weaker in the end.
As for your so-called problems:
It is called a Hard Fork, not a Soft fork nonsense, and the winning chain will be determine in a single day.
Quote from: Khaos77
Transaction fees will increase or the network will collapse
No signs of collapse at all, and fees will get better as more improvements are made.
Bitcoin transaction capacity has been intentionally limited by it's devs to promote a 3rd party network called LN,
meaning as transaction reach it's limits, price of fees will increase.
Instead of bringing in more money, users will just switch to cheaper chains with lower fees.
Quote from: Khaos77
Government approval will be required for the miners to host massive electrical draining warehouses
No basis in reality yet.
Mining Warehouse need to get approval for the amount of the electricity they draw.
Look it up.
Quote from: Khaos77
Bitcoin Mining Control will continue Centralized to the Top Mining Pool Operators
No different from whales centralizing PoS.
As I've said earlier, trading problems for other problems is not a solution. PoS has its merits, but if something as large as Bitcoin is going to change something as crucial as its consensus algorithm, it'll have to be for much bigger gains.
Hardly , a mere 4 Pool operators control bitcoin,
most PoS coins that number will be multiple of times more than 4.
Plus in PoS coins go dormant for a length of time, blocking a user from dominating the chain,
PoW the top 4 dominate continuously.
As far as your @NAS nonsense , it was worked out that is was a ridiculous waste of resources and following it to completion created a PoW style system that was even dumber and wasteful than your current PoW, while offering no real benefits to anyone.
But prove me wrong , write a multistaking PoS wallet and let's waste your time as it won't harm anything , just waste your time and anyone dumb enough to use it.
Bitcoin issues that will never be solved using PoW
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Transaction fees will increase or the network will collapse
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Transaction fees will increase or the network will collapse
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Why would the fee decrease if we change to PoS?
Do blocks get bigger or the time between decrease with PoS and the same can't be done with PoW?
Due to the Lower Costs of Operating the PoS Network over a PoW Network
Fees can be fixed, not variable.
Transactions can be handled in the order received, and not let the rich jump ahead.
While Technically this could be done for a PoW network , due to the massive operating cost, they will never do it.
Also the Bitcoin PoW economics is entirely based on the miners surviving off of Fees in the future,
which means they need to increase fees to offset their ever increasing PoW maintenance costs.
PoS does not have the PoW insane operating costs, allowing for fixed fees as the maintenance cost to run the network are not growing exponentially like a PoW network.
The only real issue was not a PoS issue , but the fact most PoS coins have too high an inflation rate.
Some PoW coins like mooncoin and newyork coin also had too high inflation rates.
Which coins like ZEIT has solved by moving to an ultra low inflation rate of .0005% yearly and a burning of transaction fees.
Some PoW coins like mooncoin and newyork coin also had too high inflation rates.
Which coins like ZEIT has solved by moving to an ultra low inflation rate of .0005% yearly and a burning of transaction fees.
Quite the collection of coins you have there...
Only successful coins it seems.
Actually, can you name a coin that is using PoS and is not one hell of a shitcoin?
If you mean , can I name a PoS coin not being manipulated to a shitcoin price by PoW zealots.
Currently their are none, but price manipulations such as these can not last forever.
Pos is supported just by the ones that are angry they are not able to get coins just by holding some coins, this is why so many are rushing to buy master nodes, people are hunting for $ without investment or work.
F the environment, no PoS fanatic gives a damn about it, it's just used as a propaganda tool.
If you care that much about the environment there are thousands of ways to do something about it, far more effective than switching a coin from PoW so PoS. Besides, why are you so passionate about it, you're already convinced bitcoin is going to fail, so?
Master Nodes are not PoS, that is a scam to reduce coin supply and artificially increase price per coin.
IE: Most popular MasterNode is DASH a PoW coin.
ZEIT does not bother with such nonsense.
Let's say you are driving at a high rate of speed at night , about to run off the cliff, which will kill you and the one riding with you.
I see where you are headed, and call you to warn you of the dangers ahead, so you can avoid your death.
You angrily tell me to mind my own business, as you know where you are going.
Then you run off the cliff and kill yourself and your loved ones, while also killing some innocent bystanders camping beneath the cliff.
Now Morally, should I keep quiet and watch you die and kill others pointlessly,
or at the very least Warn you of the impending doom, even thru I know , you will insult me for it.
As You can see, I made my choice, now others must make their choice to heed it or die financially.
ZAP!
Didn't Carlton Banks tell you & WindFury, you were too stupid to talk to me , as you made bitcoin look bad everytime you did.
Bitcoin can co-exist with any number of other currencies, there is no need to try and tear it down like that.
These arguments against bitcoin are the FUD we've heard of a million times before and then topping it off with offering an unproven alternative.
Bitcoin uses electricity for power, not gasoline or coal, or whale oil. Electricity can come from many sources and bitcoin mining can in fact can provide an incentive to produce more solar and wind, as the extra energy that would once have been wasted, can be turned into bitcoin instead.
Since proof of stake coins don't do that, they aren't as good for the environment as bitcoin.
You're all welcome to try and argue against my point, but investment in renewables is more important than simply not using energy, and that's how we close down coal power plants.
POS does NOTHING for that.
And by the way, bitcoin doesn't have a failure to improve problem, a lot of technologies take their time to mature. It's not like the Internet was invented and then we had Netflix and Hulu, and 4K YouTube just a couple of years after that.
These arguments against bitcoin are the FUD we've heard of a million times before and then topping it off with offering an unproven alternative.
Bitcoin uses electricity for power, not gasoline or coal, or whale oil. Electricity can come from many sources and bitcoin mining can in fact can provide an incentive to produce more solar and wind, as the extra energy that would once have been wasted, can be turned into bitcoin instead.
Since proof of stake coins don't do that, they aren't as good for the environment as bitcoin.
You're all welcome to try and argue against my point, but investment in renewables is more important than simply not using energy, and that's how we close down coal power plants.
POS does NOTHING for that.
And by the way, bitcoin doesn't have a failure to improve problem, a lot of technologies take their time to mature. It's not like the Internet was invented and then we had Netflix and Hulu, and 4K YouTube just a couple of years after that.
Coal Plants are shut down because they are overly polluting the environment,
And every bit of massive power wastes caused by bitcoins, adds a longer time before those coal plants can be replaced by renewables.
What PoS can do,
is give the world back over a country size of electricity wasted every year on a limited transactions system, that is sorely outdated.
This allows for electricity prices to fall in those area , making it easier on the people that live there.
There are already complaints of bitcoin mining raising residential rates on consumers that have nothing to do with bitcoin.
Those people will appreciate PoS because of decreased electricity rates the ability to breathe cleaner air and water.
The get rich bitcoin PoW bubble is of little use to them.