Economic Arguments against POS/DPOS

[CLains]

Is the nature of this value the computational irreversibility as more and more solutions add up, or something more?

The electricity cost is on average equal to the coin value.

Is there something else to this link beyond 1) coin value -> electricity cost, and 2) electricity cost -> security/distribution -> coin value?

[monsterer]

Is the nature of this value the computational irreversibility as more and more solutions add up, or something more?

The electricity cost is on average equal to the coin value.

[CLains]

Yes the only argument for it is that it can be a useful & fair initial method of distrubution. We already did that with Protoshares.

Not only. The constant conversion of electrical power into coins is a stream of value flowing into the system, which doesn't rely on other crypto-currencies or going through fiat.

Is the nature of this value the computational irreversibility as more and more solutions add up, or something more?

[monsterer]

Yes the only argument for it is that it can be a useful & fair initial method of distrubution. We already did that with Protoshares.

Not only. The constant conversion of electrical power into coins is a stream of value flowing into the system, which doesn't rely on other crypto-currencies or going through fiat.

[speedy]

I agree its a waste of time.

Like Bytemaster says, there are mind viruses that convince you that mining is good.

Mining has a couple of qualities which DPOS does not:

* Anyone can get into the coin simply by turning on their miners (at least initially)
* There is a constant revenue stream of electricity getting turned into coins

Yes the only argument for it is that it can be a useful & fair initial method of distrubution. We already did that with Protoshares.

[xeroc]

* Anyone can get into the coin simply by turning on their miners (at least initially)

That was true when there were no mining pools .. as most of you already know, I have the opinion that pooled mining actually killed the decentralization of bitcoin .. and ethereum is on the best way to face the same problems.

* There is a constant revenue stream of electricity getting turned into coins

Sure .. but at what efficiency? Depending on how you define the "output power" of miners, you can argue that they have an efficiency of exactly 0%!
They essentially get payed for heating  up mother earth because no other .. no support from me .. sorry

[monsterer]

I agree its a waste of time.

Like Bytemaster says, there are mind viruses that convince you that mining is good.

Mining has a couple of qualities which DPOS does not:

* Anyone can get into the coin simply by turning on their miners (at least initially)
* There is a constant revenue stream of electricity getting turned into coins

[xeroc]

It's really not worth it...

I second that ...
I ran into a discussion about his "win-win" post about the btc block size here
http://www.truthcoin.info/blog/win-win-blocksize/#comment-2137538666
He seems to think that every poll has inherently bad choices .. even before the poll ends!?! wtf

[unreadPostsSinceLastVisit]

I agree its a waste of time.

Like Bytemaster says, there are mind viruses that convince you that mining is good.

like in Snow Crash?

[speedy]

I agree its a waste of time.

Like Bytemaster says, there are mind viruses that convince you that mining is good.

[CLains]

So what's the insight?

[clout]

It's really not worth it...

[Pheonike]

I skimmed through it, one line caught my eye so far,

"I repeat, in order to ever distribute money in a way that does not produce endless zero-sum competition, the distribution has to be wholly indifferent to human effort."

This was under the DPOS section. Funny how he tries separate mining from the owners of the mining equipment and the chip producers in this statement.

[masterofmyself]

Anyone feel like refuting the arguments in this post? It's really insightful and worth the read.

http://www.truthcoin.info/blog/pow-cheapest/