Would you like Ethereum to be 100% PoS (Proof of Stake)

HappyGeorgeHappyGeorge Member Posts: 14
edited June 2014 in Mining
NXT is 100% PoS and claims it could do the transaction verification on a simple phone. Panda coin #2 (PND) switched to PoS after 3 months of PoW using scrypt and it can "stake" or "forge" or "mine" on my netbook... so the technology seems to work. Can this, and will this be implemented in Ethereum?

Would you like Ethereum to be 100% PoS (Proof of Stake) 27 votes

Yes, at all cost... PoS is energy efficient, we can't have PoW wasting energy
33%
hamiltinofcborcaHappyGeorgefrabrunelleMartinMethodisePapillonglambethosouthgate 9 votes
No, it can't be secured.
25%
IVI3T4LlinageerobmyerspedrosoftLiquid71labethereumIanDixon 7 votes
The best solution is probably a mix of PoW and PoS
40%
der_trollJasperali96090930exquisitusJonCDEggyjavandlludviorelsNurAzharMinerClaudiu 11 votes

Comments

  • HappyGeorgeHappyGeorge Member Posts: 14
    Yes, at all cost... PoS is energy efficient, we can't have PoW wasting energy
    I thought this was a VIBRANT community!

    Why aren't people voting here? Something wrong with the poll?
  • StephanTualStephanTual London, EnglandMember, Moderator Posts: 1,282 mod
    edited June 2014
    I think the problem is the options are leading. Maybe I don't like PoS, but not because it's insecure. Or maybe I don't like PoW, but not necessarily because it energy inefficient (that's debatable) - it could be instead because I don't like mining centralization.
    Post edited by StephanTual on
  • celticwarrior72celticwarrior72 Member Posts: 83
    As Stephen has mentioned the poll is flawed. The questions are leading and are do not comprehensively cover all the options.
  • HappyGeorgeHappyGeorge Member Posts: 14
    Yes, at all cost... PoS is energy efficient, we can't have PoW wasting energy
    After reading your answers, I have to agree... I meant the extra explanations to "help" explain why someone may decide on YES or NO.

    It now looks obvious, a simple YES or NO answer would have been better

    Can I edit this?

  • HappyGeorgeHappyGeorge Member Posts: 14
    Yes, at all cost... PoS is energy efficient, we can't have PoW wasting energy
    Can someone else make a better poll?
  • StephanTualStephanTual London, EnglandMember, Moderator Posts: 1,282 mod
    Mmm the poll can't seem to be editable. If you want you can create a new thread based on the feedback found here, and i'll delete this one.
  • JasperJasper Eindhoven, the NetherlandsMember Posts: 514 ✭✭✭
    The best solution is probably a mix of PoW and PoS
    There is at least also:
    1. No, we need to issue more ethers against deflation and hoarding.
    2. Premine is unfair, PoS requires premine.
    3. Miners are like super awesome, and we secure the network and stuff. Imo: yeah..
    IMHO:
    1. True, but could be done in different ways than mining, that said, PoW probably helps secure better.
    2. Quite the opposite, developers put work in, and deserve to get paid for it. Not doing so is asking for bad new cryptocurrencies, or no new cryptocurrencies. Besides, it can also immediately fund other public-good things to be build onto Ethereum, and help security audits.(depending on how much it raises)
    3. Get off your high horses. You help secure the network, but .. well.. doing hashes a lot is otherwise rather useless.
  • Liquid71Liquid71 Member Posts: 25
    No, it can't be secured.
    I registered just to vote in this poll after reading on bitcointalk that Ethereum might go POS. I believe Vericoin has proven how insecure POS really is, and it's also just a gimmick the pump and dump crews use so they can manipulate the prices easier so it's "trendy" but that should have nothing to do with making this PoS. If PoW is more secure then in my opinion it's a no brainier.
  • Liquid71Liquid71 Member Posts: 25
    No, it can't be secured.
    Just wanted to add I don't think mining should really be anyone's focus. Mining is just how you secure the coins network, you need a coin that offers value that needs to be secured first. I see a lot of people wanting ASIC resistant algo's but with it being so easy to spin up massive amounts of computing power in the cloud ASIC mined coins are really the most secure. I hate asic companies and no longer mine because of them, but can't deny the fact that the NSA wouldn't be able to 51% attack the Bitcoin network because of ASIC's not GPU.
    Another reason I worry about Ethereum being PoS is a government not liking how people are using it and seizing their ether. They need the key and can't just physically take it but they can take people and lock them in cages and force them to give up the keys to their ether. So even if a centralized exchange being hacked isn't an imminent risk theoretically a government wanting to destroy Ethereum could eventually queitly seize enough ether and 51% attack the network.
    I believe if Ethereum is going to make as big of an impact as Bitcoin, it will need to be as secure as Bitcoin.
  • HappyGeorgeHappyGeorge Member Posts: 14
    Yes, at all cost... PoS is energy efficient, we can't have PoW wasting energy
    Thanks everybody for all your answers... I was hoping for 100's of votes to get a "feel" for what the community would vote for.

    @Liquid71, the idea that if Ethereum became PoS, and the gov't just arrested those with large stakes and waterboarded them to give up their Ether is much more of a threat to PoW...

    The Government's ability to seize people's PoW (physical) computers is a much more likely scenerio, and much more destructive than what you describe.

    And running from such a Gov't with your mining equipment under your arm would also be much more difficult than running with "stakes/ethers" in your pocket, or brainwallet
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