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* Re: [bitcoin-dev] Opinion on proof of stake in future
@ 2021-05-08 10:21 Prayank
  0 siblings, 0 replies; 67+ messages in thread
From: Prayank @ 2021-05-08 10:21 UTC (permalink / raw)
  To: satoshisingh; +Cc: Bitcoin Dev

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My opinion:

1.I don't consider PoS to be a better consensus mechanism compared to PoW used in Bitcoin. So any proposal related to PoS in Bitcoin is not an improvement for me.
 
2.Bitcoin is a protocol for decentralized network that creates consensus without needing a central authority to provide trust. Bitcoin with PoS will be a protocol for a network that creates consensus based on bitcoin holdings.

3.Experiments with PoS can work in trust minimized applications that use Bitcoin or LN or Bitcoin sidechains. However, PoW works better for base layer or Bitcoin protocol.

4.Bitcoin protocol should not be changed based on mainstream media articles, new buzzwords or trends, altcoins, governments etc. 

5.Everything involves trade-offs. Not everything needs to be online. Not everything needs to be on a chain of blocks. There are things that you would prefer to save in a spreadsheet offline or write on a paper. Similarly PoS is not the best consensus mechanism for a 'decentralized network' but it may work for projects(not decentralized) that want to use Bitcoin for few things.

6.Most of the Bitcoin users and devs consider PoW used in Bitcoin as the best consensus mechanism. Few people experimenting with PoS will result in another altcoin with nothing much to contribute in improving Bitcoin. I think there are better things to focus on and one of them is privacy.

Few things related to Bitcoin mining that I consider improvements:

-Stratum v2
-More countries started mining bitcoin recently
-Recycling ASIC heat: https://braiins.com/blog/green-innovation-in-bitcoin-mining-recycling-asic-heat

I would love to see people in India researching about creating better ASICs and more involved in Bitcoin mining. 

Related links:

https://bitcoin.stackexchange.com/questions/95356/why-doesnt-bitcoin-migrate-to-proof-of-stake

https://download.wpsoftware.net/bitcoin/asic-faq.pdf (Andrew Poelstra)

https://medium.com/@dsl_uiuc/fake-stake-attacks-on-chain-based-proof-of-stake-cryptocurrencies-b8b05723f806


-- 
 Prayank

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^ permalink raw reply	[flat|nested] 67+ messages in thread
* [bitcoin-dev] Opinion on proof of stake in future
@ 2021-05-07 17:17 SatoshiSingh
  2021-05-07 23:04 ` Eric Voskuil
                   ` (3 more replies)
  0 siblings, 4 replies; 67+ messages in thread
From: SatoshiSingh @ 2021-05-07 17:17 UTC (permalink / raw)
  To: bitcoin-dev

Hello list,

I am a lurker here and like many of you I worry about the energy usage of bitcoin mining. I understand a lot mining happens with renewable resources but the impact is still high.

I want to get your opinion on implementing proof of stake for bitcoin mining in future. For now, proof of stake is still untested and not battle tested like proof of work. Though someday it will be.

In the following years we'll be seeing proof of stake being implemented. Smaller networks can test PoS which is a luxury bitcoin can't afford. Here's how I see this the possibilities:

1 - Proof of stake isn't a good enough security mechanism
2 - Proof of state is a good security mechanism and works as intended

IF PoS turns out to be good after battle testing, would you consider implementing it for Bitcoin? I understand this would invoke a lot of controversies and a hard fork that no one likes. But its important enough to consider a hard fork. What are your opinions provided PoS does work?

Love from India.


^ permalink raw reply	[flat|nested] 67+ messages in thread

end of thread, other threads:[~2021-06-26 16:26 UTC | newest]

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2021-06-24  8:59 ` [bitcoin-dev] Opinion on proof of stake in future Carlo Spiller
2021-05-08 10:21 Prayank
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2021-05-07 17:17 SatoshiSingh
2021-05-07 23:04 ` Eric Voskuil
2021-05-08 14:33   ` Karl
2021-05-09 10:21     ` R E Broadley
2021-05-09 10:59       ` Karl
2021-05-07 23:19 ` Jeremy
2021-05-08  2:40   ` honest69abe
2021-05-08 14:42     ` Karl
2021-05-09 19:07       ` Cloud Strife
2021-05-08 13:44 ` Eric Martindale
2021-05-09 11:30   ` R E Broadley
2021-05-10 14:08 ` Erik Aronesty
2021-05-10 15:01   ` Keagan McClelland
2021-05-10 21:22     ` LORD HIS EXCELLENCY JAMES HRMH
2021-05-10 21:51     ` Jeremy
2021-05-17 16:58       ` Erik Aronesty
2021-05-18  7:06         ` ZmnSCPxj
2021-05-18 10:16           ` Zac Greenwood
2021-05-18 10:42             ` ZmnSCPxj
2021-05-18 14:02               ` Zac Greenwood
2021-05-18 18:52                 ` Erik Aronesty
2021-05-19 14:07                   ` Michael Dubrovsky
2021-05-19 15:30                     ` Michael Dubrovsky
2021-05-21  0:04                       ` Billy Tetrud
2021-05-21  9:42                         ` vizeet srivastava
2021-05-21 20:57                         ` Erik Aronesty
2021-05-21 21:45                           ` Billy Tetrud
2021-05-23  3:41                         ` Lloyd Fournier
2021-05-23 19:10                           ` Billy Tetrud
2021-05-23 19:28                             ` Billy Tetrud
2021-05-24 13:47                           ` Erik Aronesty
2021-05-24 20:43                             ` Billy Tetrud
2021-05-24 21:49                               ` Erik Aronesty
2021-05-25  1:52                                 ` Billy Tetrud
2021-05-25 13:00                                   ` Erik Aronesty
2021-05-25 20:01                                     ` Billy Tetrud
2021-05-25 21:10                                       ` befreeandopen
2021-05-26  6:53                                         ` Billy Tetrud
2021-05-26 13:11                                           ` befreeandopen
2021-05-26 22:07                                             ` Erik Aronesty
2021-05-28 14:40                                               ` befreeandopen
2021-05-28 20:06                                                 ` Erik Aronesty
2021-05-28 21:40                                                   ` Billy Tetrud
2021-06-01  8:21                                                   ` befreeandopen
2021-06-01 16:33                                                     ` Erik Aronesty
2021-06-01 19:26                                                       ` befreeandopen
2021-06-01 20:28                                                         ` Erik Aronesty
2021-06-03  5:30                                                           ` SatoshiSingh
2021-06-07  6:15                                                             ` Billy Tetrud
2021-05-27 10:08                                             ` Billy Tetrud
2021-05-27 13:11                                               ` Erik Aronesty
2021-05-28 14:36                                               ` befreeandopen
2021-05-25  8:22                               ` befreeandopen
2021-06-15 11:13                           ` James MacWhyte
2021-06-17  1:48                             ` Lloyd Fournier
2021-06-17  3:31                             ` Cloud Strife
2021-06-22 17:45                               ` Billy Tetrud
2021-06-23 18:14                                 ` Keagan McClelland
2021-06-24  0:14                                   ` Billy Tetrud
2021-06-24  0:37                                     ` Keagan McClelland
2021-06-24 17:34                                     ` yanmaani
2021-06-24 21:50                                       ` Erik Aronesty
2021-06-25  0:29                                         ` yanmaani
2021-06-25 16:08                                           ` Ruben Somsen
     [not found]                                             ` <MN2PR10MB4030EBD14EF82E29CFEDD00FB1069@MN2PR10MB4030.namprd10.prod.outlook.com>
2021-06-26 16:26                                               ` Billy Tetrud

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