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Discussion of Pros and Cons of POS and Masternodes vs Mining/POW
Hello miners, lets talk about POS and Masternodes. It seems like many coins are using these systems successfully.
Some folks believe staking is against the ideals of decentralization and mass adoption.
Everyone should and could mine, but not everyone should be required to rent or own and then configure and maintain secure server hosting.
Louis shared a few thoughts on POS and one on MN:
- Easy for new users to start getting coins withought buying expensive rigs. 2 Is another source of getting coins even if it's a very small amount compared to mining. 3. Saves on electricity bills £100 p.a, vs £100 p.m. 4. Not everyone who has the capital wants to invest in mining; does require time to learn / setup / and maintain, especially if it's located in your garage, then you need to think about safety and security 24/7/365 p.a, where as POS and especially MN you don't. Downside with MN in my experience is it's like the gold rush you have to be their early, as the rewards reduce dramatically over the months. MN, setup does require knowledge so that's a barrier to entry. POS is in my opinion a good way for the average user who doesn't want or need an expensive gpu to use their laptop /desktop to stake or mint coins in the background whist helping maintain the blockchain. Sure it's not decentralised which is your point Melt and very true, but in a bare market, it's the cheapest method of users getting extra free coins, or starting out in the alt coin world.
For MN re static ip - You can buy a reseller VPS plan with 8 GB RAM, 4 static ipv4 addressess, 150GB RAID space, and put 3-4 MN on. Cost is $39 p.a, very cheap, but you do need the knowledge to set it up, and secure properly, and also to know that the coin your are setting up will be around in the future. So their are a few barriers for MN just hear to look at.
So gpu mining will be hear, but as crypto matures POS / MN's are additions, and not one solution will be king, in my opinion right now it's a mixture of POW / POS / MN, etc
So, there are many was to get involved in crypto without leaving yourself vulnerable. Cloud mining or other investment/trading can be very dangerous and you could lose money. Investing in staking and mining seems to be safer because you can recoup your losses by selling hardware or coins.
Please share your own ideas or experiences here!
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