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We're seeing evidence for a preference for PoS already [1]. Proof of Work only makes sense if you'll have majority hash rate. Would you trust PoW in the case of

We're seeing evidence for a preference for PoS already [1]. Proof of Work only makes sense if you'll have majority hash rate. Would you trust PoW in the case of Ethereum Classic? 1: https://coinmarketcap.com/view/pos/ https://coinmarketcap.com/view/pos/ Edit: Also I should highlight I'm not arguing to shift away from PoW where it makes sense.

toolz 5y ago
> We're seeing evidence for a preference for PoS already This isn't evidence of proof of work going away. I'm not sure why you think it is. More coins will be made with PoW and the ones that have PoW today likely will stay PoW. There's no reason to believe PoW is going to shrink, just because PoS is growing. > Would you trust PoW in the case of Ethereum Classic No, but I trust PoW with coins that have ASIC/FGPA resistant hashing algorithms. PoS isn't without trust issues either. What do you do if/when defi starts offering greater returns than staking? Obviously there will be a large exodus in staking making it more vulnerable to majority attacks as well.
- Acrobatic_Road 5y ago
  Even if no existing coins switch to PoS (spoiler: many will), the PoS coins will suck up fee-paying users from the PoW coins, reducing the returns on mining, which will result in lower network hashpower. It may also bring a second-order effect of reducing the prices of PoW coins, which will reduce dollar-denominated block rewards on those networks, and that will bring hashpower down even farther.
  - toolz 5y ago
    ETH continues to grow its hashrate every day. Even in the face of growing competition, hashrate grows. It's an interesting theory, but there's no evidence of you being right. We already have many extremely high market-cap PoS coins, many with more features than ETH will have even after it's PoS transition, yet PoW hash continues to skyrocket.
    - Acrobatic_Road 5y ago
      Because ETH is still the king, and those coins haven't proven themselves yet. Next year ETH will be PoS and there will be no other major PoW coins outside of Bitcoin in the top 10. At which point, other PoS coins will lose their competitive advantage. So from a user and developer perspective, there's no reason to jump ship.

toolz 5y ago

> We're seeing evidence for a preference for PoS already This isn't evidence of proof of work going away. I'm not sure why you think it is. More coins will be made with PoW and the ones that have PoW today likely will stay PoW. There's no reason to believe PoW is going to shrink, just because PoS is growing. > Would you trust PoW in the case of Ethereum Classic No, but I trust PoW with coins that have ASIC/FGPA resistant hashing algorithms. PoS isn't without trust issues either. What do you do if/when defi starts offering greater returns than staking? Obviously there will be a large exodus in staking making it more vulnerable to majority attacks as well.

Acrobatic_Road 5y ago
Even if no existing coins switch to PoS (spoiler: many will), the PoS coins will suck up fee-paying users from the PoW coins, reducing the returns on mining, which will result in lower network hashpower. It may also bring a second-order effect of reducing the prices of PoW coins, which will reduce dollar-denominated block rewards on those networks, and that will bring hashpower down even farther.
- toolz 5y ago
  ETH continues to grow its hashrate every day. Even in the face of growing competition, hashrate grows. It's an interesting theory, but there's no evidence of you being right. We already have many extremely high market-cap PoS coins, many with more features than ETH will have even after it's PoS transition, yet PoW hash continues to skyrocket.
  - Acrobatic_Road 5y ago
    Because ETH is still the king, and those coins haven't proven themselves yet. Next year ETH will be PoS and there will be no other major PoW coins outside of Bitcoin in the top 10. At which point, other PoS coins will lose their competitive advantage. So from a user and developer perspective, there's no reason to jump ship.