Date: Sat, 8 May 2021 12:21:04 +0200 (CEST)
From: Prayank <prayank@tutanota.de>
To: satoshisingh@protonmail.com
Message-ID: <M_AUeYf--F-2@tutanota.de>
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Cc: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Opinion on proof of stake in future
Precedence: list

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My opinion:

1.I don't consider PoS to be a better consensus mechanism compared to PoW u=
sed in Bitcoin. So any proposal related to PoS in Bitcoin is not an improve=
ment for me.
=C2=A0
2.Bitcoin is a protocol for decentralized network that creates consensus wi=
thout needing a central authority to provide trust. Bitcoin with PoS will b=
e a protocol for a network that creates consensus based on bitcoin holdings=
.

3.Experiments with PoS can work in trust minimized applications that use Bi=
tcoin or LN or Bitcoin sidechains. However, PoW works better for base layer=
 or Bitcoin protocol.

4.Bitcoin protocol should not be changed based on mainstream media articles=
, new buzzwords or trends, altcoins, governments etc.=C2=A0

5.Everything involves trade-offs. Not everything needs to be online. Not ev=
erything needs to be on a chain of blocks. There are things that you would =
prefer to save in a spreadsheet offline or write on a paper. Similarly PoS =
is not the best consensus mechanism for a 'decentralized network' but it ma=
y work for projects(not decentralized) that want to use Bitcoin for few thi=
ngs.

6.Most of the Bitcoin users and devs consider PoW used in Bitcoin as the be=
st consensus mechanism. Few people experimenting with PoS will result in an=
other altcoin with nothing much to contribute in improving Bitcoin. I think=
 there are better things to focus on and one of them is privacy.

Few things related to Bitcoin mining that I consider improvements:

-Stratum v2
-More countries started mining bitcoin recently
-Recycling ASIC heat:=C2=A0https://braiins.com/blog/green-innovation-in-bit=
coin-mining-recycling-asic-heat

I would love to see people in India researching about creating better ASICs=
 and more involved in Bitcoin mining.=C2=A0

Related links:

https://bitcoin.stackexchange.com/questions/95356/why-doesnt-bitcoin-migrat=
e-to-proof-of-stake

https://download.wpsoftware.net/bitcoin/asic-faq.pdf=C2=A0(Andrew Poelstra)

https://medium.com/@dsl_uiuc/fake-stake-attacks-on-chain-based-proof-of-sta=
ke-cryptocurrencies-b8b05723f806


--=20
 Prayank

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<div>My opinion:<br></div><div><br></div><div>1.I don't consider PoS to be =
a better consensus mechanism compared to PoW used in Bitcoin. So any propos=
al related to PoS in Bitcoin is not an improvement for me.<br></div><div>&n=
bsp;<br></div><div>2.Bitcoin is a protocol for decentralized network that c=
reates consensus without needing a central authority to provide trust. Bitc=
oin with PoS will be a protocol for a network that creates consensus based =
on bitcoin holdings.<br></div><div><br></div><div>3.Experiments with PoS ca=
n work in trust minimized applications that use Bitcoin or LN or Bitcoin si=
dechains. However, PoW works better for base layer or Bitcoin protocol.<br>=
</div><div><br></div><div>4.Bitcoin protocol should not be changed based on=
 mainstream media articles, new buzzwords or trends, altcoins, governments =
etc.&nbsp;<br></div><div><br></div><div>5.Everything involves trade-offs. N=
ot everything needs to be online. Not everything needs to be on a chain of =
blocks. There are things that you would prefer to save in a spreadsheet off=
line or write on a paper. Similarly PoS is not the best consensus mechanism=
 for a 'decentralized network' but it may work for projects(not decentraliz=
ed) that want to use Bitcoin for few things.<br></div><div><br></div><div>6=
.Most of the Bitcoin users and devs consider PoW used in Bitcoin as the bes=
t consensus mechanism. Few people experimenting with PoS will result in ano=
ther altcoin with nothing much to contribute in improving Bitcoin. I think =
there are better things to focus on and one of them is privacy.<br></div><d=
iv><br></div><div>Few things related to Bitcoin mining that I consider impr=
ovements:<br></div><div><br></div><div>-Stratum v2<br></div><div>-More coun=
tries started mining bitcoin recently<br></div><div>-Recycling ASIC heat:&n=
bsp;<a href=3D"https://braiins.com/blog/green-innovation-in-bitcoin-mining-=
recycling-asic-heat" rel=3D"noopener noreferrer" target=3D"_blank">https://=
braiins.com/blog/green-innovation-in-bitcoin-mining-recycling-asic-heat</a>=
<br></div><div><br></div><div>I would love to see people in India researchi=
ng about creating better ASICs and more involved in Bitcoin mining.&nbsp;<b=
r></div><div><br></div><div>Related links:<br></div><div><br></div><div><a =
href=3D"https://bitcoin.stackexchange.com/questions/95356/why-doesnt-bitcoi=
n-migrate-to-proof-of-stake" rel=3D"noopener noreferrer" target=3D"_blank">=
https://bitcoin.stackexchange.com/questions/95356/why-doesnt-bitcoin-migrat=
e-to-proof-of-stake</a><br></div><div><br></div><div><a href=3D"https://dow=
nload.wpsoftware.net/bitcoin/asic-faq.pdf" rel=3D"noopener noreferrer" targ=
et=3D"_blank">https://download.wpsoftware.net/bitcoin/asic-faq.pdf</a>&nbsp=
;(Andrew Poelstra)<br></div><div><br></div><div><a href=3D"https://medium.c=
om/@dsl_uiuc/fake-stake-attacks-on-chain-based-proof-of-stake-cryptocurrenc=
ies-b8b05723f806">https://medium.com/@dsl_uiuc/fake-stake-attacks-on-chain-=
based-proof-of-stake-cryptocurrencies-b8b05723f806</a><br></div><div><br></=
div><div><br></div><div>-- <br></div><div> Prayank<br></div>  </body>
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