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Offline bitcoinerS

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Will Bitcoin switch to DPOS or is POW really dead?
« on: August 16, 2014, 11:18:17 AM »

Can you imagine a day when BitShares success forces POW based coins to adapt DPOS to stay competitive?
Do you think there may come a day when even Bitcoin itself dumps POW and goes DPOS?
« Last Edit: August 16, 2014, 12:19:43 PM by bitcoinerS »
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Offline Troglodactyl

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Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #1 on: August 16, 2014, 03:03:41 PM »
I think at this point Bitcoin would rather die, and so eventually it will, but most likely not for a good while.

Offline cgafeng

Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #2 on: August 16, 2014, 03:05:27 PM »
I won't surprise when this happen.
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Offline JA

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Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #3 on: August 16, 2014, 03:05:49 PM »
I think at this point Bitcoin would rather die, and so eventually it will, but most likely not for a good while.
exactly what i think too

Offline santaclause102

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Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #4 on: August 16, 2014, 04:02:18 PM »
I think at this point Bitcoin would rather die, and so eventually it will, but most likely not for a good while.
exactly what i think too
What is your (jaba and troc) reasoning based on?

Offline luckybit

Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #5 on: August 16, 2014, 04:15:04 PM »
Can you imagine a day when BitShares success forces POW based coins to adapt DPOS to stay competitive?
Do you think there may come a day when even Bitcoin itself dumps POW and goes DPOS?

Not all of them will. A lot of people have invested a lot of time and money into PoW. They are in pivotal positions on the chess board. They are going to milk PoW for all it has to offer and why shouldn't they? Not everyone cares about the best technology and many people are in it just to make the maximum profit from the ecosystem.

I would like to profit but I think if given a choice I would choose to profit from innovation rather than from political incumbency.
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Offline JA

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Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #6 on: August 16, 2014, 04:22:28 PM »
Not all of them will. A lot of people have invested a lot of time and money into PoW. They are in pivotal positions on the chess board. They are going to milk PoW for all it has to offer and why shouldn't they? Not everyone cares about the best technology and many people are in it just to make the maximum profit from the ecosystem.

I would like to profit but I think if given a choice I would choose to profit from innovation rather than from political incumbency.
I think at this point Bitcoin would rather die, and so eventually it will, but most likely not for a good while.
exactly what i think too
What is your (jaba and troc) reasoning based on?
luckybit basicly points it out

Offline santaclause102

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Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #7 on: August 16, 2014, 04:27:19 PM »
Not all of them will. A lot of people have invested a lot of time and money into PoW. They are in pivotal positions on the chess board. They are going to milk PoW for all it has to offer and why shouldn't they? Not everyone cares about the best technology and many people are in it just to make the maximum profit from the ecosystem.

I would like to profit but I think if given a choice I would choose to profit from innovation rather than from political incumbency.
I think at this point Bitcoin would rather die, and so eventually it will, but most likely not for a good while.
exactly what i think too
What is your (jaba and troc) reasoning based on?
luckybit basicly points it out
But miners have different interests than Bitcoin holders / whales. They are not the same group. Minders want to keep POW. Bitcoin holder want to safe Bitcoin and could organize a consensus among Bitcoin holders to fork Bitcoin. The question is where would the Bitcoin foundation stand here??

Offline bobmaloney

Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #8 on: August 16, 2014, 04:29:22 PM »
Bitcoin will have to change DPoS (or something very similar) when the community realizes that the merchant providers hold more power than the miners.

I think it will happen much sooner than most people think.


What do you think would happen if Bitpay, Coinbase, Circle, etc., threaten to take a hard fork Bitcoin?
« Last Edit: August 16, 2014, 04:31:29 PM by bobmaloney »
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Offline tonyk

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Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #9 on: August 16, 2014, 04:31:13 PM »
Not all of them will. A lot of people have invested a lot of time and money into PoW. They are in pivotal positions on the chess board. They are going to milk PoW for all it has to offer and why shouldn't they? Not everyone cares about the best technology and many people are in it just to make the maximum profit from the ecosystem.

I would like to profit but I think if given a choice I would choose to profit from innovation rather than from political incumbency.
I think at this point Bitcoin would rather die, and so eventually it will, but most likely not for a good while.
exactly what i think too
What is your (jaba and troc) reasoning based on?
luckybit basicly points it out
But miners have different interests than Bitcoin holders / whales. They are not the same group. Minders want to keep POW. Bitcoin holder want to safe Bitcoin and could organize a consensus among Bitcoin holders to fork Bitcoin. The question is where would the Bitcoin foundation stand here??

And here we come to one of BM main points - when a company is held hostage by its employees...no bright future is expected.
« Last Edit: August 16, 2014, 04:37:04 PM by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline liondani

Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #10 on: August 16, 2014, 04:32:03 PM »
Can you imagine a day when BitShares success forces POW based coins to adapt DPOS to stay competitive?
Do you think there may come a day when even Bitcoin itself dumps POW and goes DPOS?

Not all of them will. A lot of people have invested a lot of time and money into PoW. They are in pivotal positions on the chess board. They are going to milk PoW for all it has to offer and why shouldn't they? Not everyone cares about the best technology and many people are in it just to make the maximum profit from the ecosystem.

I would like to profit but I think if given a choice I would choose to profit from innovation rather than from political incumbency.

  https://bitshares.OPENLEDGER.info/?r=GREECE  | You are in Control | BUY | SELL | SHORT | SWAP | LOAN | TRADE |  

Offline santaclause102

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Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #11 on: August 16, 2014, 04:35:42 PM »
Bitcoin will have to change DPoS (or something very similar) when the community realizes that the merchant providers hold more power than the miners.

I think it will happen much sooner than most people think.


What do you think would happen if Bitpay, Coinbase, Circle, etc., threaten to take a hard fork Bitcoin?
I don't think it can happen that fast. I would guess if the the Bitcoin foundation is wiling to change to DPOS then it takes another 3 month to change. The public discussion whether to change or not might take 2 month. So half a year from when the Bitcoin foundation basically thinks it makes sense to switch.
Any more educated guesses?

What is the plan for Bitshares? Financing and running an own payment provider? Making Bitpay accept Bitshares / BitUSD before Bitcoin can switch? 

What would be advantages of Bitshares + DPOS vs. Bitcoin + DPOS?
« Last Edit: August 16, 2014, 04:39:10 PM by delulo »

Offline tonyk

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Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #12 on: August 16, 2014, 04:40:15 PM »
Bitcoin will have to change DPoS (or something very similar) when the community realizes that the merchant providers hold more power than the miners.

I think it will happen much sooner than most people think.


What do you think would happen if Bitpay, Coinbase, Circle, etc., threaten to take a hard fork Bitcoin?
I don't think it can happen that fast. I would guess if the the Bitcoin foundation is wiling to change to DPOS then it takes another 3 month to change. The public discussion whether to change or not might take 2 month. So half a year from when the Bitcoin foundation basically thinks it makes sense to switch.
Any more educated guesses?

3 1/2 years min.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline santaclause102

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Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #13 on: August 16, 2014, 04:43:34 PM »
Bitcoin will have to change DPoS (or something very similar) when the community realizes that the merchant providers hold more power than the miners.

I think it will happen much sooner than most people think.


What do you think would happen if Bitpay, Coinbase, Circle, etc., threaten to take a hard fork Bitcoin?
I don't think it can happen that fast. I would guess if the the Bitcoin foundation is wiling to change to DPOS then it takes another 3 month to change. The public discussion whether to change or not might take 2 month. So half a year from when the Bitcoin foundation basically thinks it makes sense to switch.
Any more educated guesses?

3 1/2 years min.
Why so long? Technically it surely wouldn't take so long. Or do you assume that it would take so long technically because only Gavin is rally doing any work ;)

Offline bobmaloney

Re: Will Bitcoin switch to DPOS or is POW really dead?
« Reply #14 on: August 16, 2014, 04:47:25 PM »
Bitcoin will have to change DPoS (or something very similar) when the community realizes that the merchant providers hold more power than the miners.

I think it will happen much sooner than most people think.


What do you think would happen if Bitpay, Coinbase, Circle, etc., threaten to take a hard fork Bitcoin?
I don't think it can happen that fast. I would guess if the the Bitcoin foundation is wiling to change to DPOS then it takes another 3 month to change. The public discussion whether to change or not might take 2 month. So half a year from when the Bitcoin foundation basically thinks it makes sense to switch.
Any more educated guesses?

What is the plan for Bitshares? Financing and running an own payment provider? Making Bitpay accept Bitshares / BitUSD before Bitcoin can switch? 

What would be advantages of Bitshares + DPOS vs. Bitcoin + DPOS?

I would consider 6 months fast, but 3.5 is much too long - that would kill Bitcoin, IMO.

I think for quite a while, Bitcoin will still be "Bitcoin!!!!" - the worlds next currency!

Bitshares will be everything else.

My view has been:

Bitcoin: Currency, Highest-profile Ledger
Bitshares: Business, Wall Street, Internet, etc.
Ethereum: Internet of things

Regarding Bitshares adoption at the merchant providers - wait until they try out DPoS for themselves - it answers the coffee shop conformation problem.
"The crows seemed to be calling his name, thought Caw."
- Jack Handey (SNL)

 

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