Quote from: tsaroz on December 09, 2019, 03:48:48 PM

The real principles of Satoshi are still debatable. Though he imagined bitcoin to be a currency and a decentralized one, it due to its rarity became an valuable asset for rich people to buy and control the supply. The price is actually how low the holders sell rather than the value of the coin.
1 vote a CPU is still an ideal for a decentralized coin.

Do I understand you correctly? Do you think that Bitcoin took place exactly in the form in which it is now. What exactly is it that is valuable and needed right now. Need to rich. And the principles that Satoshi originally declared need to be implemented in another cryptocurrency - in the new Altcoin.
Is that all right?

Quote from: avikz on December 09, 2019, 04:07:33 PM

Wow! A much needed discussion is finally starting now! So OP is literally saying the community to move to the POS algorithm and scrap the POW algorithm that miners are using now! I am sure, a lot of big companies will be unhappy after seeing this because these companies have invested millions to set up their mining operations.

But the argument is very valid because only a handful of people/companies are handling the entire mining operations of bitcoin where a commoner like us don't stand a chance at all! So if bitcoin moves to POS, a lot of common people will be happy as they will have better chance to earn bitcoin and make their dream come true!

But wait! What about the rarity of bitcoin? It will be killed if the network moves to POS. Also, if there is a minimum holding requirement given, it will be again controlled by few whales where again commoners won't stand a chance! So this kind of change may become disastrous for the community!

No. The POS algorithm does not change anything. It is based on the fact that the rich have more opportunities to get coins than the poor. The POS algorithm does not solve this problem. The POS algorithm only reduces energy costs for the extraction of coins. That's all the benefits of it.
But the problem can be solved by using a different POW algorithm. An algorithm that blocks the ability to use any specialized device for mining coins - GPU, ASIC, FPGA ... In this case, everyone will have equal chances. One processor = one vote.

Quote from: avikz on December 09, 2019, 04:07:33 PM

I personally wouldn't want bitcoin to move to a different algorithm because things are now slowly shaping up for bitcoin! It's just a 10 years old currency and still have a long way to go!

But this is self-deception. Bitcoin is NOT developing. Long time. He stands still. He got stuck in a conservative position. To go a path, you need to go on it. But Bitcoin is not going anywhere. He stands still.

Quote from: avikz on December 09, 2019, 04:07:33 PM

I believe it's better to maintain the current model because this is how Satoshi designed and developed it!

It is true that Satoshi designed Bitcoin like this. And the way he designed it is described in his Whitepaper. But he did not develop it in the same way as was originally described in the project. We can see it now. Satoshi could not see this at the time when Bitcoin was developing. But now we can already see that the POW algorithm that Satoshi proposed contradicts the principles that Satoshi announced in his Whitepaper.
That is, the POW algorithm that Satoshi developed does not perform the functions that are conceived in the Bitcoin project. Now the rule is "Proof-of-work is essentially one-CPU-one-vote" broken. It does not work. And I believe that this should be fixed. We need to make sure that the new POW algorithm meets the initial requirements of the Satoshi project !!!