Post
Topic
Board Bitcoin Discussion
Re: It's about time to turn off PoW mining
by
cbeast
on 08/09/2014, 14:12:29 UTC

"PoS is aristocratic in nature. PoW is proletariat"... wtf does this even mean, if we look at Bitcoin PoW mining power is extremely concentrated. discus fish and ghash.io controls at least 40% of the network, and several other large mining companies control the rest. While PoS distribution is usually much better, and this is demanded by the community. For example Peercoin, the largest PoS stakeholder address that is mining with his stake, has about 1% of the coin. Also one of the funny thing I observed in a PoS system, is that many of the stake holders decides to not to mine. Usually only about 10-20% of the coin actively engage in mining PoS.
Bitcoin is completely decentralized mining. The pools are made up of independent miners that choose which pools they use at any particular moment. If there are any large mining businesses, they fluctuate at any given time.

How can you possibly know anything about who owns what stake in a PoS? Do you think they will advertise the fact that they are going to attack the network? I am all for a PoS system if it is backed by a strong central government and I would trust it as much as I did that government.