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Offline jwiz168

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POS on a momentum
« on: September 17, 2014, 04:09:11 AM »

It has been 3rd week and going since POS-coins have dominated the crypto currency scene. BTSX spearheaded the trending phenomenon followed by Nxt and now both Peercoin and Xcurrency are having a field day. Hmmm is Ripple a POS ? Mining is definitely dead.

Offline donkeypong

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Re: POS on a momentum
« Reply #1 on: September 17, 2014, 04:36:56 AM »
Mining is dead, but miners are still alive and well. That's what we must deal with going forward.

Offline xeroc

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Re: POS on a momentum
« Reply #2 on: September 17, 2014, 06:50:13 AM »
Mining is dead, but miners are still alive and well. That's what we must deal with going forward.
But shouldn't a miner cash out as quickly as possible as he realized that POW is dead .. he should want to cash out before every other miner is doing so ..
or don't miners hold a stake in btc?
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Offline santaclause102

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Re: POS on a momentum
« Reply #3 on: September 17, 2014, 11:36:39 AM »
Mining is dead, but miners are still alive and well. That's what we must deal with going forward.
But shouldn't a miner cash out as quickly as possible as he realized that POW is dead .. he should want to cash out before every other miner is doing so ..
or don't miners hold a stake in btc?
that is true but that doesnt mean miners dont have an interest in keeping up the believe in POW (in themselves and others) to further make money for their investment in mining hardware.

Offline Chuckone

Re: POS on a momentum
« Reply #4 on: September 17, 2014, 11:59:14 AM »
Yep, in that technological arms race they invested a lot of money, and some received significant funding from business partners. The latest arrival of chips and their rig setup isn't paid for yet. They made profit in the past, but they want to continue and they need to get out of there with pockets full of BTC before they can pull the plug (and pay back the investments their business partners made). The big institutional miners won't leave anytime soon.
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Offline cube

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Re: POS on a momentum
« Reply #5 on: September 17, 2014, 05:10:13 PM »
Mining is dead, but miners are still alive and well. That's what we must deal with going forward.

Mining is not dead. The older POW altcoins are replaced with 'more sexy' ones - cryptonotes, btcd and its Supernet.  And the scrypt people have moved into profitable cloud-based ASIC mining.
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Offline donkeypong

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Re: POS on a momentum
« Reply #6 on: September 17, 2014, 08:02:35 PM »
They're still digging holes when they don't need to be doing so. It's telling for me that at most of these conferences now, people say they'd prefer that Bitcoin adopt a POS system. Unless and until Bitcoin has been dethroned, and as long as a handful of people still find mining profitable, then my earlier statement will not be 100% accurate. But the writing sure is on the wall.

Offline luckybit

Re: POS on a momentum
« Reply #7 on: September 17, 2014, 08:16:24 PM »
It has been 3rd week and going since POS-coins have dominated the crypto currency scene. BTSX spearheaded the trending phenomenon followed by Nxt and now both Peercoin and Xcurrency are having a field day. Hmmm is Ripple a POS ? Mining is definitely dead.

Mining isn't dead. Just PoW for security is dead. People can still mine storage space or fold protein.
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Offline xeroc

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Re: POS on a momentum
« Reply #8 on: September 17, 2014, 08:21:23 PM »
... or search for prime chains :-)
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Offline sschechter

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Re: POS on a momentum
« Reply #9 on: September 17, 2014, 09:14:52 PM »
BTSX: sschechter
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Offline donkeypong

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Re: POS on a momentum
« Reply #10 on: September 18, 2014, 06:45:45 AM »
On the front page of Coindesk

http://www.coindesk.com/bitcoin-mining-can-longer-ignore-moores-law/

Wow. That is a very damning article. Brian told us those folks saw the writing on the wall and were really investigating the 2.0's. If that article is an indication, then they're realizing their fortunes are not solely tied to Bitcoin anymore.

EDIT: Have you read the comments below that article? So many of those people are focused on the minutiae of the mining technology mentioned. So few of them see the big picture.
« Last Edit: September 18, 2014, 06:48:16 AM by donkeypong »

 

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