Post
Topic
Board Bitcoin Discussion
Re: Changing Bitcoin into PoS(Proof of Stake)
by
inBitweTrust
on 11/06/2014, 01:43:17 UTC
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.

A PoS currency would be far more interesting if there was a way to airdrop all coins evenly without investors and forging of coins rewarded tx fees a flat amount across every node regardless of the amount of coins they had.