Bitcoin is a store of energy?

Please, show me how to release the energy in my bitcoins.

This is definitely a funny thread

The problem the blockchain solves isn’t how a consensus should be obtained, but rather but who should be a part of that consensus.

In PoW the consensus is hashing power (hard to obtain). Miners choose which they feel is the most likely chain to succeed with their expensive hashing, and that chain wins. Consensus is formed.

In PoS there is nothing at stake, so any holder can "bet on" multiple chains and benefit whichever one succeeds. There is no incentive stopping a miner from assigning there stake to competing chains. Consensus isn't formed. So PoS doesn't solve the consensus problem which PoW was created to solve.

I personally think the value in PoS coins is in the fact that their are PoW coins. PoW takes energy to create, giving them a cost to make which gives some basis for a price. PoS is a something for nothing situation. There is no work involved to get an outcome BUT that no work has value compared to the alternatives that take hard work. If PoW didnt exist, I dont think PoS would have any value at all.

So in short, there is value in something for nothing when compared to something that takes hard work.

Convenience has a value.

Quote from: manfred on June 27, 2014, 07:05:45 AM

To 51% PoS is dead easy:
You start aggressively buying until you have 51% of a PoS coin, and then sell off your coins so that you no longer have 51%, but your history of having once owned 51% makes it possible to attack the network at any time in the future at next to no cost only some computing resources (and thus electricity costs, etc.).
As you once had a 51% stake, you can build a better blockchain than the other 49% can, starting from the point where you owned 51%. You develop this blockchain in secret, after you have sold off your coins (and profiting from it); and then release your secret blockchain to the world, and nodes will pick it up because it carries more stake than the 49% blockchain.  Now not only do you have your profit from the original sales of the coin, you have your 51% back (to the extent that it's worth anything).  Not all coins need to be in one address, in fact, doing so would prevent the attack in most PoS implementations.

[/quote]


------------------


Means the dev (owns all coins in the beginning) can do this after e.g one year? So we have to trust the dev as long as we use this coin?

In NXT there is no centralized checkpointing, just so you know.

FUD

It's false.


It is a widely spread belief that crypto-currencies implementing a proof of stake transaction validation system are less vulnerable to a 51% attack than crypto-currencies implementing a proof of work transaction validation system. In this article, we show that it is not the case and that, in fact, if the attacker’s motivation is large enough (and this is common knowledge), he will succeed in his attack at no cost.

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2393940

This article is nonsense. I remember it was discussed several months ago in the NXT monster thread.