[Bitcoin-dev] Secure Proof of Stake Implementation on Bitcoin

Bitcoin casinos are changing the way players gamble online. Just about every bitcoin casino offers exclusive bonuses for new players registering a real bitcoin casino account. Online casinos enable players to wager real money on the outcome of casino games using the web. This could be somewhat slow, maybe the network is stopped a few days, but in the end no one will see money disappear from their wallet, much better than pray that your payer doesn’t send the money back ato himself. Hash change simply means that those with control of energy sources can easily purchase the needed hardware from many sources (as opposed to ASICs which are only sourced from a few places). At least mining hardware are physical hardware and subject to deprecation over time. Pools are themselves still subject to economic forces, and censored transactions can raise their fee until competing pools arise which do not censor (and which would have an economic advantage in taking the higher fee offered). In PoS if you have 51% of the coins and use them to stake, you make 51% of the blocks, I don’t see any problem with that. In a PoW coin you don’t lose your miners and can use them to mine or attack another coin with the same algorithm.

Then you still have the economic power (plus what you managed to steal), which you can then use to take over another proof-of-stake coin, regardless of whether it uses the same proof-of-stake algorithm or not. By this, you can steal the entire marketcap of the coin. Nothing can be more efficient than proof-of-work, and the proof-of-stake delusion is simply a perpetual motion machine that attempts to get something from nothing. No, I think it will be very successful in ensuring that smart individuals will spend their time actually doing things that benefit the economy and technology instead of wasting their time being distracted with Ethereum and proof-of-stake. Ok, we the PoS advocates will let the smart people to work in more difficult issues like finding reasons to justify the energy waste and heat generation of PoW when Bitcoin price reaches 1 million dollars 😉 We hope to see you back soon after having learned your lesson. You must understand that removing the chain tip puts the transactions in that block back in the mempool, before we ever start following the longer chain. If you decide to do a 51% attack, stopping doing blocks in the main chain to force the others to follow your “private” chain, well, you know for sure your funds will be burned in the next hard fork.

This may take longer the funds to be available. I forgot one, if you do a 51% attack to a PoS coin you know that all your staking funds will be burned. Secondly: change of hashing algorithm is pointless in the highly unlikely case of a 51% attack, because what matters is control of energy sources. So a hash change will only affect things temporarily, and it will still settle to the existing distribution of mining hashpower. GPUs still require electricity to run, and are far easier to source. As far as I know, if the PoW algorithm changes to an ASIC resistant algorithm that can only run in GPUs or CPUs, the hashing power would be much more distributed at least until someone creates a new ASIC for that algorithm. There are many GPUs around the globe, but not so many ASIC miners right? The bitcoin currency differs from traditional currencies as there are no financial institutions. Online casinos generally offer odds and have a RTP percentages that are somewhat bigger than land-based casinos. You just wait for confirmations that in practice are impossible for some orphaned chain to persist.

To fix that problem with a PoS algorithm, some community-guided initiative could get all transactions of both chains and create a merged chain with a hard fork so double spends attacks would not be possible. Yep but it could make double spend attacks very easy. These lucrative bonuses make bitcoin gambling competitive. Some casino sites may process bitcoin withdrawals manually. 4. If you already have an account with a bitcoin casino, simply log in with your personal credentials and navigate your way to the banking section. A 51% attack under proof-of-work is only possible, in general, if some singular entity were able to have physical control of almost 50%, or some such close number, of the globe, simply due to the fact that energy availability is somewhat distributed over the globe. Mining is not only about the energy sources, individual miners spread around the globe can join big mining pools, and these mining pools could be hacked to participate in a 51% attack. Pools only have short-term power in that they can only temporarily attack the coin until miners notice and then voluntarily leave.

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