+1
they are a very smart team over at Etherium (some of the smartest in the entire world wide crypto industry).. I will be participating in the Etherium ipo when they finally launch it.
definitely worth the read for anyone who is paranoid about the 51%
its interesting that bitcoin had 3 x 51% attacks in its life and its still long and strong...
This article discusses the weaknesses and costs of PoW. Until Karma is the biggest scrypt coin Karma isn't even able to be compared to the security of Bitcoin and as the article clearly outlines Bitcoin isn't as secure as people like to think.
I'd like to see such a detailed article about PoS and PoW+PoS combinations.
Chargin.
http://bitcoinmagazine.com/6528/http://www.reddit.com/r/dogecoindev/comments/289ki5/okay_lets_talk_proofofstake/Which Proof of Stake System is the Most Viable
https://bt.irlbtc.com/view/584703.60Re: Proof of stake instead of proof of work
https://bt.irlbtc.com/view/615843.0[ANNOUNCE] Bitcoin Cooperative Proof-of-Stake - CPoS
https://bt.irlbtc.com/view/584719.0rpietila Altcoin Observer (it's not POS focused but it does talk about some POS coins. i think )
https://bt.irlbtc.com/view/624223.0have fun
And here is my view posted on an other forum . It was late when i typed this. i never got back and fixed the typos and made it more clearer. its late right now so i am not going to do it tonight as well.
Below i give a brief karma history and then explain why we need pow. Hence POW>POS :
POW is the answer. So far,POW has proven to be the only greater way to spread the coins decentralized. No other method has proven to distribute the coins to as many people and as fairly.
This is what made bitcoin great and it was the selling point that made litecoin what it is now. Litecoin was created because bitcoin Pow was starting to be centralized by fpga* ( sorry late, cant think to recall the proper name. but basically mining rigs that were outperforming regular miners) So mr Lee created litecoin. changed the algo to scrypt and claimed to be fpga* and now ASIC proof. even though litecoin was instamined , it become so hyped that everyone jumped on it. Soon enough all the new coins stopped going to 20 wallets but went to 1000s. This is the proper purpose of the coin. to be decentralized. because so MANY miners were involved it got a lot of attention. soon the price rose because those who coin not mine it so the potential and started outbidding each other. funny enough, the miners were the most buyers! Reason is simple. miners are always involved with the community. they are always interacting because the have to be 24/7 alert in case something goes wrong.
The thing about POW together with Multi billion coins is that they give opportunities for new People to join our community. While some of us might have an easy way to buy bitcoins, most of people around the world can't. And even those that can, they have to send out personal info to exchanges or send fiat via regular mail and wait for weeks before they see their bitcoin. no one trust the exchanges and they do not want to risk it. So bitcoin community is loosing a lot of new buyers to litecoin because they do not want to go through that hustle but they can just buy some GPUs from a trusted site online and with in 2 days start mining litecoin. And now all the other clones because litecoin dif is too high.
What i mean by this is that via POW the cryptoworld is daily gaining new members converted. POW also allows other members from other communities to jump on our coin if they chose. and because we are in billions, a miner will get some nice chunks that will look appealing. its more rewarding to have 10000 Karmas than mining litecoin all day for 0.02Litecoins. even thought the values are the same
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alright this was a prep to to understand better on what i mean below here
Therefore POW:
1: Is a gateway for new members which will in fact become additional buyers and most active members
2: Still the best method to distribute the new coins created ( for few weeks until ASIC kick in )
3: Current miners will rush to dump us if we cut the POW or manipulate it to squeeze them
So unless something horrible off is proven to come from scrypt algo then we should not change the POW
We can see in the bitcoin community that each day newbs make a post on how much bitcoin they can mine with their laptops. Those noobs get turned to buying better mining equipments which gets them to learn about litecoin. then they see that litecoin is too hard to mine so they look for the next fallback which will us!
Heck, now that i think about it I followed this exact steps!
Again this it to give you my opinion on why POW for karma is good and should not be interfered with. Unless its POW/POS here is and interesting topic that shows that Scrypt algo has potential to be modified by randomizing it and make it ASIC resistant. I foresee a proper code to come out in near future that will help us stay decentralized
https://bt.irlbtc.com/view/624912.msg6941381#msg6941381Now: About us going fully POS. Well we will limit ourselves form the potential new clients via POW. I think with POS you close the door to everyone and the only way to get the coins is via buying. Most of the fully POS coins are struggling. they do not get new wave of buyer but it seems its the same one buying and selling. they do not show signs of growing in numbers.
This is not taking into consideration POW+POS

Disclaimer: These are my opinions and i am not representing KarmaTeam's view in regard to this topics