Quote from: Wind_FURY on Today at 10:26:51 AM

Quote from: Montane on Today at 01:51:38 AM

Also if POS consumes less energy, then wouldn't it be a good idea for Bitcoin to transition to a POS algorithm?

Research what a Perpetual Motion Machine is, that’s what Proof of Stake truly is. Plus the mere possibility of considering that Proof of Stake could replace Proof of Work, is someone who has not truly taken the time to understand how Bitcoin’s incentive structure works, and WHY it works.

Its not like that PoS doesn't take any energy. So while it may not be a PMM, they surely are centralized when it comes to being crypto. All of this talk about "validators" happens because ultimately, you need computing power to bundle transactions into blocks and propagate them. That is why all the so-called "PoS nodes" have requirements like 64 GB RAM, Multi-core processors etc etc. A lot of them are even permissioned in the sense that you have to contact some central authority to run the nodes.

I see them not as cryptocurrencies but simple blockchain based databases that are run by certain corporations. Whenever transactions rise, the corporation simply buys up more cloud servers or just set up dedicated hardware of their own. Quite clearly, the people who want to use smart-contracts for lending and borrowing don't mind this as long as they get returns fuelled by speculation and Bitcoin's bullrun.

PoS has a market now and i think it'll have a purpose until regulation reins them in and only Banks can run these services. Bitcoin's PoW ensures that it just remains to be money and the only truly uncensorable exchange medium on the internet.