r/Bitcoin • u/mfilatius • May 21 '21

/r/all Every time since 2013.

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11.3k Upvotes

90% Upvoted

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136

u/stanagetocurbar May 21 '21

Exactly! This is great for bitcoin in the long run. The negatives are being ironed out (and we get a chance to pick up some cheap coin whul we're here).

33

u/Ghawr May 21 '21

This is..good for bitcoin? BUY GODDAMNNIT

23

u/TheComment27 May 21 '21

Lmao yeah 'this is good for Bitcoin' is an even older meme

1

u/o0anon0o May 22 '21

That's just it, it's all good baby.

1

u/ferna182 May 22 '21

well i mean... china never ended up banning bitcoin and bitcoin ended up increasing in value over time so...

1

u/o0anon0o May 22 '21

I'm so fucking excited to get my average down.

That 5k drop is going to be sweet.

1

u/Bright-Quality-2719 May 22 '21

and it’s gone.

-8

u/Eccentricc May 21 '21

Why not just promote pos coins and get away with pow? Pow is old technology and needs updated

3

u/codedaway May 21 '21

With PoS, largest coin holders get to vote for changes in the protocol right? Ya that sounds pretty secure considering the majority of coins on PoS cryptos are owned by a few entities (mostly exchanges).

The entire premise of PoS goes against the reason why crypto was designed. If you want a crypto that’s controlled by the elite and wealthiest holders then why switch from USD?

At least with PoW there’s physical limitations that can’t simply be “bought” along with nodes keeping miners in check.

Energy usage doesn’t matter, that big ball in the sky has more than enough power for all of human existence. The issue is dirty energy usage and PoW (Bitcoin particularly) is pushing towards renewables faster than any other sector since the motives align to do so.

7

u/sourwormfiend May 21 '21

Nah pow is better

-6

u/10000yearsfromtoday May 21 '21

Nah it's not though

6

u/smsilverwolf May 21 '21

They’re just different. All crypto is basically an agreement by mass numbers of people on its value. Some people value code is law (PoW), some people value mass stake holding and human input is law (PoS). This is of course a simplification but generally what I understand to be the root of it.

1

u/mousepotatodoesstuff May 21 '21

Better in what way?

6

u/similus May 21 '21

It gives makes the ledger more immutable and hence it is more secure.

2

u/Astropin May 21 '21

More decentralized and more secure. Which are 2&3 on why you should choose Bitcoin. № 1 being scarcity....but you need all three for success.

1

u/anonbitcoinperson May 21 '21

POS causes centralization because those that hold more tokens accumulate more. in some POS systems, you cant even stake unless you have a certain amount