From: Prayank <prayank@tutanota.de>
To: satoshisingh@protonmail.com
Cc: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Opinion on proof of stake in future
Date: Sat, 8 May 2021 12:21:04 +0200 (CEST) [thread overview]
Message-ID: <M_AUeYf--F-2@tutanota.de> (raw)
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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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next reply other threads:[~2021-05-08 10:21 UTC|newest]
Thread overview: 67+ messages / expand[flat|nested] mbox.gz Atom feed top
2021-05-08 10:21 Prayank [this message]
[not found] <mailman.100801.1624522329.32591.bitcoin-dev@lists.linuxfoundation.org>
2021-06-24 8:59 ` [bitcoin-dev] Opinion on proof of stake in future Carlo Spiller
-- strict thread matches above, loose matches on Subject: below --
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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