Quote from: lynn_402 on June 26, 2014, 04:25:32 PM

Quote from: manfred on June 26, 2014, 09:50:49 AM

I never had a PoS coin in my portfolio and never will have one. PoS is not backed by anything other than the belief there are worth anything and there will be an endless supply of PoS coins because one created today does not have a significant advantage over on created tomorrow, next week, next month.......
What currently is happening is new coins are created with PoW, mined for a week until a fixed number is reached and then change to PoS and then you can claim your stake at buying xyz coin. The only advantage a coin released today has over on made sometime in the future is, somebody already bought into it. The advantage quickly disappears if the new coin has a better catch phrase a flashier webpage or bigger marketing capital....There is no end in sight for stake claimed coins and all promising x % return if you know a bit of programming you will have your very one coin too and everyone can buy into your claim based coin.
Its a barrel without bottom and once it clicks run for the hills if you own a stake.

A new pure PoW coin can not compete with existing once on the market unless its cheats in some way by instamine, premine, ninjamine or some other scam which then prevents it form growing. The inflation handicap will always be with Litecoin in regard to Bitcoin and so it can not get in front, and equally stops new pure PoW coins in its tracks. Inflation also works in favour of Dogecoin in the short term so merge mining puts Dogecoin in a favourable position.

PoW is backed by energy. There is no better backing than energy because everyone needs it, wants it and i will never have any problem selling it. To create a PoW coin you need x amount of energy and you can not cheat. The best you can hope for is to have a more efficient miner. Because the energy has been spent the coin has a base value (many other things on top) and is a kind of a storage medium.

Mark my words

Imho, the way in which a coin is mined makes no difference to a coin's value. PoW coins are not backed by energy, but by the community.
Or else why would Litecoin's price be a few times lower than its ATH, while its hashrate is ridiculously higher than it was at that time?

What gives a coin value is the community's consensus, and it seems fitting that it's the coins community (the holders) who would get the new coins by securing the network, rather than relying on our block reward being high enough to attrack multipool miners who don't care about the future of the coin. And it seems more and more true that ASIC companies are the only one to truly profit from mining; that leads to centralization which is the opposite of what cryptocurrencies should be about.

I can guarantee that you can not produce a bitcoin under $400 today so you have a base value then you have to add all sort of other factors to get to todays price.
Litecoins price is a few times lower for a number of reasons and one of them is that ASICs produce a coin much more efficient and so can be sold much cheaper as if produced with GPU
Unfortunately, ASICs is one thing Satoshi did not foresee, but PoW coins it is truly honest money as you can not cheat and dont need anyone's consensus. Community's consensus, yep the Government needs it and gives fiat value and not honest money like PoW coins.