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lolgato

POW or POS?

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Between proof of work and proof of stake which do you choose?, it could also be a mixture but specifically which algorithm do you prefer in a coin? I personally prefer proof of work as I could start getting coins from the get go especially if I have equipment to be mine their algorithm(x11, sha-256, etc). Or do you prefer to buy alot of coins and hodl them and watch as they grow slowly. 

 

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First off am very glad that someone actually started this and we can have people join with maybe new and helpful stuff ! Thanks @lolgato . Second 

10 hours ago, lolgato said:

equipment to be mine their algorithm(x11, sha-256, etc)

it is pretty expensive and there are also many additional indirect costs. Mining a cryptocurrency with a specific algorithm can influence the hardware you need to  use and also add to your electricity cost, each hashing algorithm is unique in it's own way and requires different hardware and specific software. Take for example if you want to mine Bitcoin you need to use SHA-256, ASIC’s mines Bitcoin hundreds of times faster than GPU’s and CPU’s, using only a fraction of the electricity at much less of the cost than a competing GPU or CPU rig, with the added benefit of less heat and noise output within a smaller physical footprint, ASIC’s completely took over the market. So if you are in the GPU or CPU game, use your miners elsewhere, SHA-256 is not the algorithm for you.

So with prices starting at @ ~500 USD for an AntMiner S7 with 4.73 Th/s and up to around @ ~2000 USD for the better version AntMiner S9 that can 13.5 Th/s adding the power consumption efficiency that starts at 0.25 W/Gh and goes up to 0.098 W/Gh it is not for anyone with little lo less knowhow about mining and with small amounts of cash to invest specially for long term.

So even though many just like Panto said before think that POS is only about the rich getting richer i would still go with POS and not POW any day. Your stake percentage to win signing a block is actually dependent on how much you own of the entire currency so you really need to put your money to work. Probably also depends on a person if its a risk taker like me or just likes to play safe like so many others in the crypto world. 

What do you guys think about this ? 

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Would anyone be willing to explain to me the difference between Proof of Work and Proof of Stake? I am not up to date with these terminologies and would love to understand them.

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15 minutes ago, Dan said:

Would anyone be willing to explain to me the difference between Proof of Work and Proof of Stake? I am not up to date with these terminologies and would love to understand them.

PoW is a system protocol where it requires a machine to perfom advanced calculations in order to receive a "block". Some coin that use this protocol are bitcoin and litecoin and several others.

Now PoS is another system protocol the block is given to a person depending on how much coins they have. The person/people chosen will receive the fees as there's no block reward. 

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So the only difference is that the miners have to be invested into the technology rather than just mining and selling? I like that idea! But does it also then mean that people who aren't as wealthy, cant get into mining? (Which appears to be the case with the bitcoin network anyway currently, because only the people with massive GPU farms appear to solve most the blocks)

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Depending what you want to mine but yes for the biggest cryptos it's nearly impossible to mine if you don't have a certain amount of money to buy something decent. 

But some coins propose something different, for example Burstcoin can be mine with your free hard drive space. You don't need a big computer or anything, just free space on a drive and you can mine the coin.

For the debate PoW Vs PoS i prefer PoS too but mostly because i can't afford investing thousands of $ in a miner and the electricity bill.

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On 8/9/2017 at 9:34 AM, lolgato said:

PoW is a system protocol where it requires a machine to perfom advanced calculations in order to receive a "block". Some coin that use this protocol are bitcoin and litecoin and several others.

Now PoS is another system protocol the block is given to a person depending on how much coins they have. The person/people chosen will receive the fees as there's no block reward. 

Greatly explained mate ! Thanks for explaining the difference ! I think that PoS is the best  tech to use ! PoW only enables the whales and big miners the chance but where as PoS gives everyone a more fair chance ! I really liked the ideology of PoS over poW!

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I thought proof of work is more like how bitcoin coins are made, by proof of work through mining. 

Coins like clams are made by proof of stake, which is basically done by staking the coins you already have in your wallet. So the more coins you stake the higher chance you have of "mining" a new block i think. 

So yeah as mentioned, rich man gets richer haha. i like proof of work better tho. Just cuz i think work is what gives value to money or anything not the money giving value to itself. 

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17 hours ago, ccc222 said:

I thought proof of work is more like how bitcoin coins are made, by proof of work through mining. 

Coins like clams are made by proof of stake, which is basically done by staking the coins you already have in your wallet. So the more coins you stake the higher chance you have of "mining" a new block i think. 

So yeah as mentioned, rich man gets richer haha. i like proof of work better tho. Just cuz i think work is what gives value to money or anything not the money giving value to itself. 

Actually it is only about eth but since nobody has any clue i gave up on this subject thank good i got my trusted member removed git gud :D why was i thinking this forum would be smth more than pd ... silly me :)) omg wtf 

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