Quote from: Q7 on December 29, 2014, 12:00:17 PM

Quote from: johnyj on December 26, 2014, 06:59:48 PM

POS=no production cost=no value

If I can produce a coin without any cost, why should I pay any thing valuable to exchange it??? I will just go ahead to mine it

Fiat money can have value without production cost, because there is a law to force its circulation, and the cost to make that law can be a war, which costs millions of times more energy than POW mining

Pos concept still needs electricity to keep the computer on for a certain time period before the reward comes. There are certain systems that dictates at least minimum 2 hours so there is still some cost of production attached to here

Then that cost will decide its value. For PoS coins' value to rise, the mining cost must go up, and eventually it will be as energy hugry as PoW coin

If people can both mine coins and buy coins, they will always select the cheapest method to get coins (provided coins have some use). So eventually the mining will become so energy consuming that it costs almost the same as coin's market price, which makes PoS coin the same as PoW coin. Actually I don't think you can design a scheme to overcome this basic market behavior, unless you can make a law to force people to use PoS coins

And the concept of "stake holder" is so legacy: This concept typically coming from a very centralized organization in old times. With concentrated power comes more corruption and political unease, they are all against the idea of decentralized consensus spirit of bitcoin. Satoshi invented bitcoin to be a different alternative to legacy financial system. However, PoS designer walk the same path of legacy financial system, they even use the concept of interest to simulate the existing financial system, all these sounds very outdated and not well thought