BitcoinTalk Poll: Which Proof-of-Stake System is the Most Viable? (Vote for PPC)

There’s an ongoing discussion and poll on BitcoinTalk.org about which proof-of-stake system is the most viable. There are only 3 options, Peercoin, NXT and DPoS. Please vote for Peercoin and help defend it in the comments. This is a great opportunity to convert a lot of NXT people to Peercoin if we can get our people in there to explain things…

https://bitcointalk.org/index.php?topic=584703.0

I started with Peercoin once. I liked the idea of having a self-securing system without wasting energy. I understood there was this PoW share of Peercoin that was there for coin creation and security. I accepted that for a long time.

Then I came to Nxt a while ago. You will never go back once you have tasted 100% PoS. Believe me. :slight_smile:

Anyway, I like that PoS gains more and more attention. That is good for all of use and for the environment.

[quote=“ChuckOne, post:2, topic:2435”]I started with Peercoin once. I liked the idea of having a self-securing system without wasting energy. I understood there was this PoW share of Peercoin that was there for coin creation and security. I accepted that for a long time.

Then I came to Nxt a while ago. You will never go back once you have tasted 100% PoS. Believe me. :slight_smile:

Anyway, I like that PoS gains more and more attention. That is good for all of use and for the environment.[/quote]

I’ll never touch 100% pre-mined like NXT.

Why not?

Why not?[/quote]

It is a drug like cocaine which people can’t give up (“You will never go back once you have tasted 100% PoS. Believe me.”).

Why not?[/quote]

It is a drug like cocaine which people can’t give up (“You will never go back once you have tasted 100% PoS. Believe me.”).[/quote]

I do not understand what pre-mining does have to do with being like a drug. Maybe, you could elaborate more on this.

100% preminded is really a bad idea, this is going to kill NXT. Fair distribution is the most important part to a successful coin.

They should just fork Nxt and start the distribution again. The whole point of PoS is that the control of the currency is with the holders, this is why it is completely unacceptable for a few dozen people to own all the coins in existence. Peercoin is already 100% PoS for security, it only has PoW for distribution. This is the only relatively fair method of distribution for cryptocurrency to date.

Let’s play Devil’s advocate for a second…

Whether it’s 2 people, 20 people, 200, or 2000, the number of initial “investors” (time, treasure, talent) is always going to be significantly smaller than the end-number.

Take Apple; it started with two people. Microsoft had two, and then rapidly, two more. Huge amounts of wealth, today, that were concentrated in the hands of a very small number of people.

Peercoin isn’t any different. Even with “15,000” holders, in the grand scheme of things, that’s such a small amount of people in control of the wealth that if it wasn’t a huge risk today, it would be ridiculed endlessly.

The major thing that concerns me is that I’m in the top portion of holders and what I have pales in comparison to a number of others. That’s troubling – not because I’m not one of them, but because we’re sitting here, talking about how equitable the distribution is, but many of you received early PoW rewards in a single block that equate to 100’s of blocks at the current difficulty and reward. Let’s be honest, if you’re here today, and Peercoin is ultimately as successful as we all believe it will be, you’re going to be far ahead of the normal person that you won’t even be able to recognize the discrepancy.

Yes Peercoin, like most cryptocurrencies, has a pretty terrible distribution. But the fact is that Nxt’s distribution is significantly worse to the point that it borders on ridiculous. Peercoin’s wealth being concentrated does not justify Nxt giving the entire supply to 73 people.

I agree that POW is, in principle, a more equitable distribution system in that it allows a much greater TIME SPAN for people to investigate a coin in action and then decide whether or not to invest mining power into it. With distribution of pre-mined coins there is always going to be a major bias toward INSIDERS because they will a) be familiar with the coin in time to participate in the initial distribution and b) likely have some INSIDE information that allows them to have the confidence to invest in a completely new coin about which a rational outsider would be much more suspicious.

BUT I have always believed that the POW component of PeerCoin is more than just an attempt to fairly distribute coins- I believe that it will also be shown to be a vital component of blockchain security in that it provides a counterweight to any potential exploits or inequities of POS. Any major owner or cabal, no matter how large a portion of the active minting money supply is represented, will never be able to completely dominate the blockchain thanks to the random eruption of POW blocks. Thus, it’s my opinion that without hybrid POW/POS, NXT can never guarantee the same blockchain protection as PPC.

Sadly, the trust of a PoW block is negligible compared to the trust of PoS blocks. And as the chain trust (combined trust of blocks) is what makes Peercoin clients choose the chain (in case of forking), PoW does effectively not contribute to security and is solely for coin distribution.

sent by Tapatalk

I read on one of the BitcoinTalk threads that the problem with proof of stake is that there is “nothing at stake”, meaning that it costs an attacker nothing to attack a POS coin. Thus, although the chances of a successful attack are very low, the attacker can keep trying, without penalty, until they strike lucky

Does Peercoin and/or Nxt have a solution or response to that?

Nice discussion. Far better than on BCT. I am really glad to see people being more sensible on these issues. :pbjt:

Thus, it's my opinion that without hybrid POW/POS, NXT can never guarantee the same blockchain protection as PPC.
Does Peercoin and/or Nxt have a solution or response to that?

Economic Clustering could be the solution for Peercoin to get rid of PoW (or still having it for distribution purposes only) and for Nxt to protect the blockchain. http://www.peercointalk.org/index.php?topic=2889.0

For this, we need your review as minuscule as it might seem to you. Do not hesitate to post it there. :slight_smile: