It's the best available solution until a better one is found.
Anybody believing in POS doesn't need to leave one shitcoin (fiat) for another (more than 22k shitcoins to choose from).
Discussion
So why is POW better than POS?
Like I said, if you want POS, stick to fiat. And if that's not digitally fancy enough for your taste, wait for CBDC's. You'll really love those, I promise.
How is POS and fiat related? Excuse my incompetency I've just started to dig in these matters and appreciate all the guidance. When I read about POS vs POW the former seems like he better approach because of the low energy footprint. If used correctly, random selection of transaction validator should be as secure as hardware crunching no? And if you're worried about a few having many stakes to vote and as such gains a lot of power the same can be said about bitcoin and the few who owns a lot of the mining rigs?
If your POS shitcoin has a leader/owner/controller/administrator/regulator/etc, then it won't work. (fiat has central banks)
If you're seriously worried about the "energy footprint" that you keep mentioning, then you must be fair to yourself. First get rid of your clothes washer and dryer, your refrigerator, your AC, your car, and stop traveling on planes, then we will discuss bitcoin's "energy footprint".
Deal?
I think it's a pretty valid consern since Bitcoin still have a fair bit of catching up with traditional fiat currencies in term of adoption, and it already consumes the energy of a small country. Now picture what that would mean if everyone was using the network for every transaction. Again I'm far from an expert but to my ears that's a pretty big challenge.
From what I've understood about Polkadot it's quite far from a fiat as it's also a decentralized ledger, so why would that be so bad in comparison to Bitcoin?
*also you sound a bit angry, did I offend you?
No you didn't but you're here to scam me and others with your shitcoin and we're tired of it. If you genuinely want to learn, then google your questions.
Well I though I'd give a non-centralized institution a try first ;) So far it's been a mix of friendly tech savvys and snarky bitcoin protectors.
Energy is tied to human progress. Bitcoin is using the energy to secure a decentralized network for people. It doesn’t matter where that energy comes from, as long as it can power up the machines. It can be green, blue, yellow (or whatever color you like) energy. The problem is not Bitcoin, is us.
PoS takes the very thing that makes hard and decentralized money: the bridge between the physical and abstract world, energy; therefore, pretty made up money, thus easy to control.
Money can be whatever you want ; choose carefully
Thanks Lou, that's a much more thoughtful answer! It's true that the energy itself can be produced in ways that involve less pollution but I guess it's still a pretty big issue for many that it's so energy inefficient. If you just look at the charts I think many are asking themselves if that amount of energy is better spent somewhere else. Especially now where the climate has been rapidly changing because of human. But then again you need to weight that against the current system of fiats...
I didn't fully understand your critic of POS but something along the lines of still being a non-tangiable system with a governance model. I think I need to read up on the core mechanics of the popular POS coins though.
Maybe an analogy:
⚡️ If you fall from 200 feet you will break; this is proof of work. It’s tied within the physical realm through the use of electric energy; like gold is tied through physical its chemical composition.
🧠 PoS is like IMAGINING that you’re falling from 200 feet. It’s an abstraction or the individual or collective mind; and trying to get rid of that abstraction by logic (code) only, is not gonna work. It is controlled by definition, there is only the fallacy and the “decentralized” buzz word to make it feel like it. That is why we say is the fiat with different overlords (companies)
Like gold is tied to the physical realm through its chemical composition*
Hmm I think I get where you're going. I've not dug enough into POS to really question that but I'm not sure I can really buy into Bitcoin being just tied to the physical realm. There's still the issue of a few owning the majority of the coins, in combination with a few being the majority minors? Meaning they pretty much control the speed of the network and the fluctuations of the market price?
I can see why POS together with some sort of abstracted democratic system would be less appealing though.
Work is the only thing that humans can't fake.
Any other system we try to come up with ends in the powerful exploiting the little guy.
The energy consumption isn't a bug, it's a feature.
I know how crazy that sounds to the modern ear, but it's necessary.
The high demand for energy places extreme pressure on efficiency gains and, more importantly, finding the cheapest energy possible.
Cheap energy is the energy that is currently being wasted, or at least, underutilized.
It seems counterintuitive, but bitcoin's high energy usage will cause a massive REDUCTION in human impact on the environment.
In the end;
PoS = Control (not security) by the rich.
PoW = Security (not control) by those who put in the most work.
Thanks, that's a very interesting way of thinking at the energy impact. It makes sense. At the same time I can also feel that Bitcoin itself is also in some way governed/controlled by a number of hosts/nodes in combination with all of the miners. So the argument that POS are governed by a few rich would apply for Bitcoin as well no?
The rest of the Bitcoin network would take direct effect if the few majority holders or the major minors decided to do something?
Bitcoin is governed by individual nodes. Currently there are at least 10K (some estimates up to 50K), many of them behind Tor.
Anyone can run a node if they are willing to devote enough storage to hold the timechain (blockchain) and a few hundred Kb of bandwidth per day. It can easily be done with less than $100 USD worth of hardware.
All of the software is MIT licensed (FOSS) and many people run older versions to ensure no malicious changes are put into updates.
Any node that doesn't agree with my node is simply ignored by my node. What we call the bitcoin network is simply all those nodes that agree on the same set of rules.
Miners compete to find blocks that are accepted by the majority of nodes.