Post
Topic
Board Bitcoin Discussion
Re: Annual 10% bitcoin dividends if mining were Proof-of-Stake
by
cbeast
on 29/04/2014, 15:11:15 UTC
I have no clue of technical implementation, as a user i do not accept the costs for mining, i switched from BTC/LTC/FRC to BC/MINT/PHS.

This can be a bad year for PoW, since i only noticed a few critical voices on energy usage, all is well deserved, we have only one world and we need our energy for more important stuff, sorry.

If you want money that doesn't use energy, use gold. But wait, it's heavy and takes a lot of energy to move. It must be stored securely, that requires a lot of energy too.

Money must be based on energy. The USD is based on oil, which served it well for a long time. Nowadays acquiring oil is getting messy. We need an alternative to the petrodollar. Modern economics has evolved into sophisticated use of balance sheets that create efficiency of scale for corporate profitability. Our focus on an energy backed currency makes this possible.  Financialization and the ever increasing layers of money abstractions depend on a growing energy supply. This is a good thing and why you are not living in a third world country.

Work must be done to add value to that money. The Bitcoin algorithm does the jobs currently held by firms like Arthur Andersen, HBC, the Federal Reserve, and other such reputable institutions. It does the bookkeeping as transparently as you want it, but also with extreme efficiency. Bitcoin does not require large executive bonuses, bailouts, or bail bondsmen.

PoS is anti-industrial. It doesn't promote commerce nor capitalism. That's why the Bitcoin economy is growing and the PoS coins are merely hoarded by false escaping princes of Africa. PoS economies would probably be useful in dictatorial regimes which force its subjects to use them under the threat of violence.