Quote from: inBitweTrust on June 11, 2014, 01:43:17 AM

Quote from: jubalix on June 11, 2014, 01:24:55 AM

interesting that this keeps coming up

Has any POS ever been forked? esp NXT or PeerCoin

even if there was "nothing at stake" for other chains, so what for the main chain its just becomes like merged mining. So nothing wrong here.

it seems that POS or not mining will eventually come to dominate as it avoids the mining issue. The technical issue of security is just a matter of time.

There has been plenty of forks with PoS. None of them have really solved the issue of the History attack( not found in Bitcoin) and the solutions thus far all depend upon using centralized checks and checkpoints which somewhat defeat the whole purpose of a decentralized currencies key advantages.

Perhaps there is a solution to this security dilemma, but I haven't heard of any valid hypothetical whitepapers proposing one as of yet. Until their is some proposed decentralized solutions that could work the point is rather moot.

Bitcoin's greatest weakness is also its greatest strength and solves the consensus problem where it takes a great amount of resources to perform an attack unlike with PoS where either an early stakeholder can perform an attack or a later investor can make a sizable investment, sell the coins , and than perform the attack with no risk.

You guys keep repeating about bitcoin and waste of resources

First let's put things into perspective

http://www.reddit.com/r/Bitcoin/comments/27d793/research_is_the_bitcoin_network_sustainable/

Second mining energy will turn into a feature. There is lots of energy wasted. Electricity utilities waste excess power during nights. They can use bitcoin to earn income with that wasted power. Same for geothermal. For solar panels people will replace batteries to store excess energy value with bitcoin. Lower cost for them. It is not feasible now because chips are very expensive but once competition heats and hashing chips prices drop to the ground all the mining will move to energy waste resources. Even biking has excess energy that we don't have a commonly used battery to store. Why not store it in bitcoin. Cars harness wasted energy into expensive batteries costing thousands each. Storing in bitcoin will be cheaper. All the wasted energy can be stored in bitcoins