Quote from: phillipsjk on September 27, 2014, 06:08:44 AM

Quote from: kokojie on September 27, 2014, 03:03:13 AM

Bitcoin CAN NOT be a good storage of value, because the PoW mining expense is way too high. By holding Bitcoin, you are basically charged a 10% tax each year. That's not a good storage of value. Bitcoin can become a good storage value if it converts to a Proof of Stake network.

It is my understanding that most PoS coins use PoW for initial coin distribution. Bitcoin is still not generally regarded a viable, so the continued coin distribution is justified, IMO. The 10% tax will be reduced to a 5% tax within 3 years.

The "unfair" wealth of the "early adopters" is a common criticism I hear about Bitcoin. You appear to be arguing that the early adopters should control even more of the wealth.

Except more than 60% of Bitcoins are already distributed, and still no plans in sight to fade out PoW.

The tax CAN NOT be reduced by halving, because the PoW network NEEDS to maintain 10% expense in order to not be laughably easy to 51% attack. Therefore it will reach a new equilibrium that rests at 10%, and continue to suck wealth out of the Bitcoin eco-system at that rate.

I don't see how does PoS is related to early adopter controlling more wealth (also, as you said PoW doesn't prevent it neither, Satoshi controls over 1M Bitcoin). PoS can be distributed fairly, by using a mixture of PoW, development donation and proof of burn.

PoS benefits every single participant of the eco-system, wealth is re-invested in the eco-system instead of transferred out to hardware vendor/electricity company.