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Proof of Stake mining --- A greener way to mine? by azfix

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· @azfix · (edited)
$36.78
Proof of Stake mining --- A greener way to mine?
![azfixpos.jpg](https://steemitimages.com/DQmXK4qBxZNy3rdBMg1hPjKzauUHqRokmvues4PHnebSRvE/azfixpos.jpg)

We have quite a few proof of stake coins in the crypto-world and many find this a reasonable alternative to proof of work mining(GPU,ASIC miners). Proof of stake is often a coin that pays you a reward for keeping the wallet open to support the network. Its usually a certain annual percentage anywhere from 1% on up to some high rate like 400+%

![Pospoolazfix.jpg](https://steemitimages.com/DQmZ4Evc5r41t326ShJwVpBNJ64v9QGJyRNNqYCSmAmdBFw/Pospoolazfix.jpg)

Many may not have the ability to keep multiple pos wallets open because of hardware or internet issues. One interesting solution is  http://pos.ispace.co.uk/ which allows you to stake your coins without having to have a wallet open on your network.

![azfixposScroll.gif](https://steemitimages.com/DQmSTQCUqokM5e7rjt1gPX2wQ3rWJTPqfu4WLTKZVB5Qsjp/azfixposScroll.gif)

The Good

1. No need to download the block chain for multiple coins
2. Saves bandwidth and hardware resources
3. You can cash out any time

The Bad

1. It is centralized with your coins together with others in a single location
2. The site could get hacked or they could go away
3. They may not be around for the very long term
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vote details (68)
@kyle.anderson ·
$0.16
POS is more complicated than those 1.0 coins require. 

All the good is not accurate IMO. In real POS you need all those things. 

Actual POS like Casper does not function with those pros or cons at all.
👍  , ,
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vote details (3)
@azfix ·
Interesting, can you tell me which coin is using Casper in a live/production environment?
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@kyle.anderson ·
$0.09
The Casper contract system is in the middle of being formally validated and will be transferred to the Ethereum network sometime this year. There is no safe PoS coin implemented today. Casper is the only one with quality slashing conditions and a truely decentralized governing mechanism.
👍  
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vote details (1)
@n3znicitelny ·
$0.08
Thank you. Great alternative to POSW.
👍  
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vote details (1)
@azfix ·
no problem
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@rahul.stan ·
$0.15
>The site could get hacked or they could go away

That's the biggest problem with centralised wallets or exchanges..
👍  ,
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vote details (2)
@azfix ·
Exactly and I have seen it all with exchanges and pos mining pools.
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@rahul.stan ·
If poloniex is hacked, I'm screwed though 😂
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@azfix ·
I think Decred might deal with the issues you mentioned, I just did a post about it. https://steemit.com/mining/@azfix/decred-a-safe-and-green-way-to-pos-dont-just-sell-it-stake-it
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@kyle.anderson · (edited)
And has nothing to do with proof of stake coins

None of the hacking has anything to do intrinsic to POS.
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@rahul.stan ·
$0.08
?
👍  
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vote details (1)
@tinytaruen ·
$0.11
I think even though bitcoin using POW, u need to a wallet to store the coin, and cool wallet is not convenient so that many people just putting the altcoin into wallet with connection or in exchange agency. As a result , hackers can steal others' s altcin. Therefore, the key point is how to ensure the transfer process of altcoin is safe or not
👍  ,
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vote details (2)
@azfix ·
Sure, but this post is mostly about POS mining and as far as testing to see if it is safe you can start with small amounts.
👍  
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vote details (1)
@tinytaruen ·
POS surely can afford the loss of power, but it is hard to control the speed of mining since the amount of altcoin increase exponentially ... so the inflation is a big concern ....
👍  
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vote details (1)
@xwerk ·
$0.11
I tend to not trust any 3rd party with my coins. If I may use an interest based model like some exchanges provide I'd probably put in 20% or less of my holdings.
Regarding any online POS wallet: I just can't trust them at all. Chances for an inside-job hack or a security flaw resulting in an external hack are just too high, imho. Might miss out on some great extra profits here, but I am okay with that as long as I know most of my coins are safe in cold storage.
👍  
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vote details (1)
@azfix · (edited)
$0.04
I can understand that, I have seen some POS pools get hacked. Decred has figured out how to deal with this on the staking pools
👍  
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vote details (1)
@azfix ·
$0.04
This might be of interest to you if you are still mining Decred https://steemit.com/mining/@azfix/decred-a-safe-and-green-way-to-pos-dont-just-sell-it-stake-it
👍  
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vote details (1)
@xwerk ·
$0.07
Thanks, already doing that. : )
But keep on spreading the word about Decred. I think their team is fantastic. They got my attention about three months ago, when they published an insane crypto-puzzle.
👍  
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