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February 25, 2018, 03:58:05 PM

I'd posted my reply about PoW change before reading the posts by Icygreen, flipperish, flynn and others.

I, too, would like the full nodes to have a say in the relative distribution of hash functions, but full nodes are too easy to sybyl attack. PoS vote is also dangerous, because established miners have huge availability they could employ to crush GPU- or CPU- friendly functions. That's why we will eventually need to figure out more game theory to have a stable solution.
Could you elaborate on the bold part?

PoS - Those who can prove ownership of coin get more votes.

Short: An established miner has (or can quickly have) lots of coin lying around, so he can steer the voting result more easily than a few hodlers with the same total stake (read: stash).

Longer: Giving each satoshi the same voting weight is a hard problem, possibly unsolvable. What is needed is a hypothetical system of incentives that makes GPU- and CPU- miner owned satoshis as heavy as ASIC-miner owned ones. Is such a system practical to implement? Does it ever exist? I doubt it. That's why PoS is dangerous.

Proof of Stake has coin age to consider, any participant has to first be fully upto date and part of a network for some time in order to then be part of the staking process which even then is randomised not on demand.    Theres only some average rate at which a large holder will stake not that they can force participation.   POS is dangerous if the majority of a crypto currency is liquid on an exchange perhaps, its unlikely to be especially cheap to undermine in this way

I do imagine Proof of stake is going to be part of Ethereum this year as they move to make their transactions cheaper, faster and more efficient.   Vitalik Buterin seems quite focused on avoiding the problems bitcoin transactions had with mining fees and POS is the most viable route ?   I even see BTC could move to a more efficient model, I dont expect them to switch but its possible.  Some speculation there is no choice and energy consumption by the network means it must happen for BTC to stay competitive.   I'm very positive on POS since 2014, I might be biased Shocked  I'd like to see it tested by mainstream traffic loads alot more.


BTC price I had drifting below the upper channel.    If you take the overall trend as bullish, its in a value area.  Speculators will likely try to buy it on the lower channel in greater numbers.  Perhaps a return to early Feb prices, 8617 say.

https://stopthefud.wordpress.com/2018/02/24/georgia-bitcoin-taxes/
With a weak dollar still not in an uptrend I see overall BTC prospects quite positive medium term