BCH: Wouldn't POS be the way for the future?

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Avatar for paco28
Written by
2 years ago
Topics: Bitcoin Cash

First of all, despite what follows, rest assured that I am a BCH supporter. I supported BTC before the Bitcoin Core team turned into a gang of censors, moreover with bad-faith.
Then I followed the scaling advocates up to BCH. And I didn't appreciate the paths taken by ABC and BSV.

But we are going to find ourselves faced with a huge challenge: unless to be a little limited, it is clear that human activities are in the process of ruining the climate.
I'll be clear: I'm not a fan of the little ditty "Energy is our future, let's save it", which we hear today (at least in France). I think that many political and industrial decision-makers were already aware of the problem 50 years ago (see the surveys on BP and Total-Elf...). In my opinion the problem lies in the production of energy, not in the consumption. So basta!

However, it is always necessary to know how to keep reason and avoid extremism. The largest network (BTC) consumes a lot of energy. Some say as much as Italy, others: as much as Benelux, or even: more than Argentina... Never mind the precision: it is indeed huge.
Like other advocates of virtual currencies I tend to answer: "Yes, but it's 75% green electricity".
Certainly, but what is consumed here is not available elsewhere. This is what the ecologists in favour of rigour answer. Some people consider this consumption as a waste, to the point that some European political decision-makers (starting with the European Commission) are considering banning the mining of cryptographic currencies based on proof of work. Some governments all over the world already did it !

We currently see the result of such announcements on the prices...

I fear this is the beginning of a tidal wave that will eventually take us away...
So why not take the lead ?
Ethereum is in the process of migrating to a proof-of-stake based consensus. By the way, forcing to immobilize 32 ETH to be a validator seems to me to be a too high and elitist amount.
But hey: it's their business!
To mine BCH today, you just need to get a miner that costs a few thousand Euros. A similar filing could be a good starting point...

What do our developers think (apart from that it would be a big job!)?

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Avatar for paco28
Written by
2 years ago
Topics: Bitcoin Cash

Comments

POS would be better than POW. Or POW+POS combined. And it wouldnt be a big job, its a quick copypaste from Reddcoin's source code basically.

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User's avatar Geri
2 years ago

OK for the code, but there are other issues : BCH network is not as much decentralised as one says. The big majority of the hash power is in the hands of huge mining farms. A number of these farms' owners are also whales, so no matter for them if the network go on POS. But the others would lose a lot... ASICs manufacturers as well, who count in the influencers group, would lose a lot. So the situation looks locked. I fear that numerous BCH / BTC owners will flee to POS networks in the future, under the pressure of the ecologists...

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User's avatar paco28
2 years ago

I am using POW and POS coins right now. I am also staking a POS coin. I thought they are the future. However, right now, i am not sure. Interestingly enough, the POS coins seems to have smaller user base and smaller caps than POW coins, in the long term. The POS conception forces people to hoard it, instead of using it. So chosing the inflation must be very careful.

But when we summarize it up, i think BCH with POS or POS+POW would be better. I don't think miners or whales could do anything against it. They are not as powerful as you may think. If the developers choose to implement it, and the people who running the nodes and exchanges also chose to upgrade the version, then the miners and the whales can do absolutely nothing against it.

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User's avatar Geri
2 years ago

I agree with the point that POS is not good for the liquidity and circulation (so mass adoption) of the coins. BCH is aimed to be used as money, not to be hoard. Given this target, POW looks better, but costs a lot of electricity. That said, I still think that the solution lies in the mode of electricity production rather than in the restriction of consumption: the sun provides us with 6000 times the needs of the whole planet. It is therefore a problem due to the procrastination of political decision-makers during the last decades, under pressure from the oil lobbies but also from the automotive industry, plastic industries... But the fact remains that the threat of a ban on POW mining is beginning to dawn.

I don't understand what you mean by POS + POW... By the way, I regret that this kind of debate does not seem to interest many people!

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User's avatar paco28
2 years ago

There were coins which was mineable but also stakeable at the same time (POS+POW). Such as Reddcoin was like this for a year or so, before it went to POS only. Ethereum will also be POS+POW before its final transition to POS after a year or so (according to the rumors i have heard). Maybe a POS+POW coin would be the best in the long term. But i dont know, i really dont want to advertise POS+POW coins, i just mentioned them as an interesting conception.

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User's avatar Geri
2 years ago
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