Zheming Lin [ARCHIVE] on Nostr: 📅 Original date posted:2017-07-22 📝 Original message:I think we should not ...
📅 Original date posted:2017-07-22
📝 Original message:I think we should not switch to Proof of Stake system.
in Proof of Stake system, the one with more voting power tend to protect
their investment and that will stop others from competing with them. they
will use the voting power to make entering barrier, limiting the
competition is bad for bitcoin economy (I believe).
Miners are not centralized, they just grow bigger and be industrialized,
but there's still a lot of competition. The competition is the main
security model of bitcoin system.
When we are talking about "security" in bitcoin system, we are talking
about the probability that a transaction revert or change. We can not be
100% sure under 3 confirmations, but in 6 or more confirmations, we think
the cash received is safe and can't be taken away. That's the security
provided by bitcoin system.
Hard fork is not dangerous, when hard fork happens, people can wait for a
short time (like maintenance of a POS/CreditCard system). When the chain
with most hashrate wins (with high enough probability), we can then safely
assume that the longest chain can't be reverted.
Regards,
LIN Zheming
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📝 Original message:I think we should not switch to Proof of Stake system.
in Proof of Stake system, the one with more voting power tend to protect
their investment and that will stop others from competing with them. they
will use the voting power to make entering barrier, limiting the
competition is bad for bitcoin economy (I believe).
Miners are not centralized, they just grow bigger and be industrialized,
but there's still a lot of competition. The competition is the main
security model of bitcoin system.
When we are talking about "security" in bitcoin system, we are talking
about the probability that a transaction revert or change. We can not be
100% sure under 3 confirmations, but in 6 or more confirmations, we think
the cash received is safe and can't be taken away. That's the security
provided by bitcoin system.
Hard fork is not dangerous, when hard fork happens, people can wait for a
short time (like maintenance of a POS/CreditCard system). When the chain
with most hashrate wins (with high enough probability), we can then safely
assume that the longest chain can't be reverted.
Regards,
LIN Zheming
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