Ninjastic
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Board Bitcoin Discussion
Re: $5000 per coin will never happen if PoW mining is allowed to continue
by
kokojie
on 23/10/2014, 16:49:20 UTC
Quote from: redsn0w on October 23, 2014, 04:42:42 PM
Quote from: kokojie on October 23, 2014, 04:36:09 PM
Quote from: redsn0w on October 23, 2014, 04:33:14 PM
#kokojie
So did you think the PoW system ( at the moment) is an error ? Which is the better algorithm for you ?

It is not an error, but just a system that is behind the times. Would you be still using VHS tapes, when netflix streaming is available?

If Bitcoin switch to PoS system, all its rules and function will still be the same, just that it will no longer expend $500 million USD in value every year, to pay miners/pools/hardware vendors/electricity companies. All that money will stay in the Bitcoin eco-system, for the benefit of the eco-system.

Your thinking is correct , but if the bitcoin will lose the PoW part I think it will lose all  its (actual) "price" and ( I don't hope this) its value il drop to $ 100/150.

This will be an hard fork and I think not all the users/miners will accept this fork.

Don't kid yourself, Bitcoin development is very much centralized, the users will accept whatever client distributed by Gavin Andressen, just like they will accept the upcoming block size hard fork, without realizing there are better solutions available to solve the problem.