Post
Topic
Board Bitcoin Discussion
Re: $5000 per coin will never happen if PoW mining is allowed to continue
by
DumbFruit
on 23/10/2014, 17:37:32 UTC
Not only that, the miner shills are insulting everyone else, by claiming their useless PoW mining is the sole reason Bitcoin has any value.

A huge part of the utility of Bitcoin is that it attains Distributed Consensus among hostile parties. This Distributed Consensus has only been successfully achieved with the use of Proof of Work. All Proof of Stake coins to date must be closely monitored and maintained by it's developers or they fall apart.

Without Proof of Work, and therefore Distributed Consensus, Bitcoin has no feature that makes it competitive among existing currencies.