Re: Annual 10% bitcoin dividends if mining were Proof-of-Stake
I find it ironic that Peter is arguing so strongly in favor of the seemingly inferior PoW system, when he is the one who recently proposed the perfect solution for shifting from one blockchain to another.
The adoption of Bitcoin is apparently mathematically chaotic in the sense that certain small changes to the present situation lead to large and unexpected consequences. There is simply no precedent for Bitcoin, and therefore we depend upon argued imagination.
Sorry - I read the 1st post and then skipped the last 9 pages.
Shouldn't PPC have been the one end-all to be all had proof of stake had been successfull wouldn't the mass majority of miners simply convert to PPC and hold a portion of it to roll over with POS?
"makes me dream of folks out there who have 10,000,000 PPC and recieve a cool million PPC each year to live off of
"No, because Bitcoin was and is miles ahead in terms of infrastructure, adoption, and market cap. The people with so much invested in Bitcoin had every incentive not to allow a competitor to succeed. But now thanks in part to Peter's idea (not sure if he was the first to conceive it, but I learned it from him first) of shifting the exact distribution and ownership of Bitcoin to a new blockchain, it is possible implement a PoS system that will have the support of the entire Bitcoin community because they do not have to give anything up to have a stake in the new system and they automatically have the same investment in it as in the original blockchain.