Post
Topic
Board Altcoin Discussion
Re: PoS is far inferior to PoW - why are so many people advocating switching to PoS
by
phillipsjk
on 18/11/2014, 13:53:52 UTC
... there is always an entry into the economy.

It doesn't really matter if you cannot enter at all or if you can enter and receive only a marginally low share (close to zero) at extremely high costs.

There's better options for both cases and in the long run both cases will be solved by the market.

Let's call it a draw.

In the orchestrated bank take-over scenario I outline up-thread, it makes a huge difference.

If Bitcoin is converted to PoS, the banks can take control by printing unlimited money. If Bitcoin remains PoW, they can still buy that vast majority of coins, but everybody will have a trump card. If the price gets too high, you can simply start mining instead of buying on the open market.

It may be that mining becomes so expensive that only nation-states can do it. That would still be an improvement over what we have now.

Edit: added link to the "The American Dream" animated short film about the history of Central Banks in the USA. They briefly mention Great Britain as well.