Post
Topic
Board Altcoin Discussion
Re: PoS is far inferior to PoW - why are so many people advocating switching to PoS
by
devphp
on 18/11/2014, 20:16:04 UTC
If Bitcoin remains PoW, they can still buy that vast majority of coins, but everybody will have a trump card.

You know perfectly well, that the overwhelming majority of people will never mine any bitcoins and will never be able to compete with professional miners, just like majority of people don't compete with professional miners of natural resources. What matters for the majority of people is unique use cases. How the crypto currency came into existence doesn't matter for them if they have to buy it anyway, as long as it's a decentralized blockchain, distributed consensus and secure network - that's all that matters.

The overwhelming majority might never feel the need to mine, but knowing that they can if they want to without permission, makes all the difference between PoW and PoS.

There is no difference, who would prohibit them from forging in NXT PoS and get a profit from fees? Do they somehow get mining equipment for free to mine Bitcoin? I'd like to get me a few free ASICs then, oh and free electricity too Wink