Re: ๑۩۞[ANN][ ₭ARM] Karma & Karmashares // KarmaWorldCup for charity (page 47)
Ok, let us defend PoS for a change 
:
PoW: I have to buy mining equipment to mine a coin, thereby securing the network
PoS: I can just buy the coins directly and secure the network by keeping my wallet open (note that a short minting time will be needed to make people keep their wallets open)
Buying mining equipment is definitely more diverse, you can mine different coins as you please. PoS has the advantage of being energy efficient, safer (no need to pool for instance) and cheaper. Both of them give a reward for securing the network, with PoS being a clear winner in this department in terms of network security. PoW being more fair or giving a better distribution is nonsense in our case when the PoW has been going on for 5 months, in the case of a shift to PoS in July.
Why do people keep burying their head in the sand when our network security is at stake? Are you guys really so naïve to think attacks and blackmailing wont happen? By the end of June asics will be here and our block reward will be down to 35k. Our network hashrate will drop to 100-150 and anyone with for example a knc titan will act like a sword of Damocles dangling over our Karma network.
A shift to a different algorithm would just postpone a decision. Merged mining could be a long-term solution and so can PoS. I personally would go for a shift to PoS, but I would applaud a merged mining solution as well. I dont give a ^%$$ about a higher price right now, our network and all the great projects are depending on decisive action. People are worried and careful when discussing a change, and rightfully so. Im much more worried about not changing. Our price could soar and asics could be a blessing for our network but Im hoping we will not take that chance.
:PoW: I have to buy mining equipment to mine a coin, thereby securing the network
PoS: I can just buy the coins directly and secure the network by keeping my wallet open (note that a short minting time will be needed to make people keep their wallets open)
Buying mining equipment is definitely more diverse, you can mine different coins as you please. PoS has the advantage of being energy efficient, safer (no need to pool for instance) and cheaper. Both of them give a reward for securing the network, with PoS being a clear winner in this department in terms of network security. PoW being more fair or giving a better distribution is nonsense in our case when the PoW has been going on for 5 months, in the case of a shift to PoS in July.
Why do people keep burying their head in the sand when our network security is at stake? Are you guys really so naïve to think attacks and blackmailing wont happen? By the end of June asics will be here and our block reward will be down to 35k. Our network hashrate will drop to 100-150 and anyone with for example a knc titan will act like a sword of Damocles dangling over our Karma network.
A shift to a different algorithm would just postpone a decision. Merged mining could be a long-term solution and so can PoS. I personally would go for a shift to PoS, but I would applaud a merged mining solution as well. I dont give a ^%$$ about a higher price right now, our network and all the great projects are depending on decisive action. People are worried and careful when discussing a change, and rightfully so. Im much more worried about not changing. Our price could soar and asics could be a blessing for our network but Im hoping we will not take that chance.
Each has its merits, to be sure. But I don't recall anyone mentioning that in Peercoin's whitepaper it was said that PoS makes their network less secure in some ways.
Regardless, you guys can debate this all you want
I'm focused on adding actual value to Karma and Karmashares right now and have nothing else to say on it until there is something productive to say. I'm am neither pro-PoS nor pro-PoW. We are a community and team of many. But it does bother me to read the pro-PoS stance that does not allow for any other way.We talk about technical innovation but no one has mentioned creating a variable PoS system that gives interest based on how many nodes are needed. Technical "innovation" does not mean riding a shiny new toy off the cliff, either.
If the PoW folks are saying that PoS is interesting and further research is needed then it sounds much more reasonable than people saying "PoS is the way to go! A shift to PoS worked for some other unknown coin that has been around for 2 weeks and has no economy! Implement it now!"
Perhaps an open mind is best. Especially when we are talking about things that are untested for any good length of time as far as security or economy goes. (What security would there be with PoS if the code has bugs or unforeseen effects? How many people would keep their wallets open if such problems occur, and the price drops into the abyss because of it?)
It is our responsibility to make sure that the coin is secure by its network and economy. Neither will be ignored for the other. Both can be healthy, and surely we are discovering the path to great health in both ways.
It can also be considered that a coin with a healthy economy will also have a secure network. But a coin with a secure network does not imply a healthy economy (or an economy at all).
Cryptocurrency does not dictate patience. But surely we can choose to not be foolish and make impulse moves.