Ninjastic
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Re: $5000 per coin will never happen if PoW mining is allowed to continue
by
redsn0w
on 23/10/2014, 17:46:19 UTC
Quote from: kokojie on October 23, 2014, 05:45:22 PM
Quote from: DumbFruit on October 23, 2014, 05:42:36 PM
Quote from: kokojie on October 23, 2014, 05:39:03 PM
Quote from: DumbFruit on October 23, 2014, 05:37:32 PM
Quote from: kokojie on October 23, 2014, 05:26:16 PM
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.

Nope, just the contrary, PoW systems are proven to be easily attacked. PoS systems are proven to be very difficult to attack, in fact zero PoS system has been successfully 51% attacked so far.

I could write a program that could never be successfully attacked. In fact this is done all the time for banking institutions. If it fails you just roll it back and reimburse any trouble it caused. Have you had any problems with your USD bank account being hacked? I haven't.

What have we proven exactly? That you don't even need PoS or PoW to have an excellent cryptocurrency?  Roll Eyes

cryptocurrency can't use the bank model for distributed consensus. But both PoW and PoS can be used for consensus, with just one difference, Bitcoin PoW spends $500 million USD per year to do it, and PoS won't.


But for you is it a real problem these 500 million usd /year ?