{"type":"rich","version":"1.0","title":"Jeremy [ARCHIVE] wrote","author_name":"Jeremy [ARCHIVE] (npub1q8…8qwta)","author_url":"https://yabu.me/npub1q86n5vtxkwerzwfqza3hwls8pl8764244464talfqy2vpj0qaz6q38qwta","provider_name":"njump","provider_url":"https://yabu.me","html":"📅 Original date posted:2021-05-07\n📝 Original message:Proof-of-stake tends towards oligopolistic control, which is antithetical\nto bitcoin.\n\nProof-of-stake also has some other security issues that make it a bad\nsubstitute for Proof-of-work with respect to equivocation (reorgs).\n\nOverall you'll find me *personally* in the camp that it's OK to explore\nnon-PoW means of consensus long term that can keep the network in consensus\nin a more capital efficient manner, but that proof-of-stake is not such a\nsubstitute. Other Bitcoiners will disagree with this invariably, but if you\ntruly have a novel solution for Byzantine Generals, it would be a major\ncontribution to not just Bitcoin but the field of computer science as a\nwhole and would likely get due consideration.\n\nWhat's difficult is that Bitcoin PoW has some very specific properties that\nmay or may not be desirable around e.g. fairness that might be difficult to\nensure in other systems, so there is probably more to the puzzle than just\nconsensus.\n--\n@JeremyRubin \u003chttps://twitter.com/JeremyRubin\u003e\n\u003chttps://twitter.com/JeremyRubin\u003e\n\n\nOn Fri, May 7, 2021 at 3:50 PM SatoshiSingh via bitcoin-dev \u003c\nbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\n\u003e Hello list,\n\u003e\n\u003e I am a lurker here and like many of you I worry about the energy usage of\n\u003e bitcoin mining. I understand a lot mining happens with renewable resources\n\u003e but the impact is still high.\n\u003e\n\u003e I want to get your opinion on implementing proof of stake for bitcoin\n\u003e mining in future. For now, proof of stake is still untested and not battle\n\u003e tested like proof of work. Though someday it will be.\n\u003e\n\u003e In the following years we'll be seeing proof of stake being implemented.\n\u003e Smaller networks can test PoS which is a luxury bitcoin can't afford.\n\u003e Here's how I see this the possibilities:\n\u003e\n\u003e 1 - Proof of stake isn't a good enough security mechanism\n\u003e 2 - Proof of state is a good security mechanism and works as intended\n\u003e\n\u003e IF PoS turns out to be good after battle testing, would you consider\n\u003e implementing it for Bitcoin? I understand this would invoke a lot of\n\u003e controversies and a hard fork that no one likes. But its important enough\n\u003e to consider a hard fork. What are your opinions provided PoS does work?\n\u003e\n\u003e Love from India.\n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20210507/bdc3653f/attachment.html\u003e"}