4 ms·

Hate? So when you do POS what happened to the supposed bullet proof security of of crypto coins? Cause I m not to sure how that's compatible. Also I would like

by Ceezy 6y ago

Hate? So when you do POS what happened to the supposed bullet proof security of of crypto coins? Cause I m not to sure how that's compatible. Also I would like to see the chart of adoption of these cryptos in unbanked countries/populations.

fasteddie31003 6y ago
POS = "Proof of stake" here, not the more common use of POS. PoS if implemented with the correct incentives is as secure as PoW. I don't have much faith in crypto helping unbanked populations, as there is a pretty high learning curve. You can easily wipe away all your money if you do a step wrong or loose a private key.
- _jjkk 6y ago
  It is yet to be proven if it is "as secure" because no PoS network has operated at scale. It also certainly defeats much of the original purpose of decentralization when a few stakeholders have total control of the network because they hold the most coins... Regardless if the network has "correct incentives" or not, things can happen to those stakeholders outside their control, or other incentives could easily develop to act in bad faith against the network.
  - Shoue 6y ago
    > It also certainly defeats much of the original purpose of decentralization when a few stakeholders have total control of the network because they hold the most coins... As opposed to a few stakeholders that have total control of the network because they hold the most computational power? And before you bring up mining pools, you can replicate that in Proof of Stake by creating staking pools.
  - DennisP 6y ago
    I'm not sure what you mean by "at scale" but ETH2 PoS has been operating for several months now, and currently has over 100,000 validators with over $6 billion staked.
  - ddrdrck_ 6y ago
    Have a look at cosmos.network for successful decentralized dPoS network. Also Binance chain is built using Cosmos SDK, one could argue it is not decentralized enough, but it is certainly secure enough.
- zapdrive 6y ago
  > PoS if implemented with the correct incentives is as secure as PoW. Lol. And we're just supposed to believe you, right? Show me one POS which is as secure as POW.
capableweb 6y ago
While slightly out of date by now (doesn't have the latest years) and only having data from two sources (localbitcoins & paxful), this research from CoinDesk shows that the P2P market for cryptocurrencies have been growing solidly in the "unbanked" world, especially Venezuela: https://observablehq.com/@coindesk-research/localbitcoins-paxful-activity-map https://observablehq.com/@coindesk-research/localbitcoins-pa...
- Ceezy 6y ago
  Thanks do you have any with the number of unique account? I'm not too sure volumes of bitcoin means anything if people use it illegally.
  - capableweb 6y ago
    That's a good idea, but even if I did, I don't think it would give a fair view and creating new accounts/addresses is cheap enough. So someone holding a lot of volume is most likely not holding it in the same address.

by Ceezy 6y ago

fasteddie31003 6y ago

POS = "Proof of stake" here, not the more common use of POS. PoS if implemented with the correct incentives is as secure as PoW. I don't have much faith in crypto helping unbanked populations, as there is a pretty high learning curve. You can easily wipe away all your money if you do a step wrong or loose a private key.

_jjkk 6y ago
It is yet to be proven if it is "as secure" because no PoS network has operated at scale. It also certainly defeats much of the original purpose of decentralization when a few stakeholders have total control of the network because they hold the most coins... Regardless if the network has "correct incentives" or not, things can happen to those stakeholders outside their control, or other incentives could easily develop to act in bad faith against the network.
- Shoue 6y ago
  > It also certainly defeats much of the original purpose of decentralization when a few stakeholders have total control of the network because they hold the most coins... As opposed to a few stakeholders that have total control of the network because they hold the most computational power? And before you bring up mining pools, you can replicate that in Proof of Stake by creating staking pools.
- DennisP 6y ago
  I'm not sure what you mean by "at scale" but ETH2 PoS has been operating for several months now, and currently has over 100,000 validators with over $6 billion staked.
- ddrdrck_ 6y ago
  Have a look at cosmos.network for successful decentralized dPoS network. Also Binance chain is built using Cosmos SDK, one could argue it is not decentralized enough, but it is certainly secure enough.
zapdrive 6y ago
> PoS if implemented with the correct incentives is as secure as PoW. Lol. And we're just supposed to believe you, right? Show me one POS which is as secure as POW.

capableweb 6y ago

While slightly out of date by now (doesn't have the latest years) and only having data from two sources (localbitcoins & paxful), this research from CoinDesk shows that the P2P market for cryptocurrencies have been growing solidly in the "unbanked" world, especially Venezuela: https://observablehq.com/@coindesk-research/localbitcoins-paxful-activity-map https://observablehq.com/@coindesk-research/localbitcoins-pa...

Ceezy 6y ago
Thanks do you have any with the number of unique account? I'm not too sure volumes of bitcoin means anything if people use it illegally.
- capableweb 6y ago
  That's a good idea, but even if I did, I don't think it would give a fair view and creating new accounts/addresses is cheap enough. So someone holding a lot of volume is most likely not holding it in the same address.