BTC POW mining defects

In the current mining method, the use of Bitcoin network (Bitcoin users) and maintenance personnel (miners) are two different groups, different groups must have different interests, different interests will lead to difficult to reconcile the conflict.
1 The interests of miners and Bitcoin users in the conflict is whether to increase the block limit of 1MB (in order to improve the amount of special currency processing transactions) disputes, miners and Bitcoin users there was a clear divergence. (Bitcoin Improvement Proposal) (first raise to 8MB, then double the upper limit every two years until each block reaches 8GB upper limit), hoping to quickly increase the size of the bit currency block.
But the block will increase the pool network and server costs, and lead to isolated block rate increases, to bring loss to the pool, so the pool is inclined to slow down the size of the block to improve the size, and finally through the vote to vote The BIP100 program (first raised to 8MB, after the miners can vote by force to change, but not more than 32MB).
The headache for users is that unless the vast majority of users agree to change the current mining method (discard the current miners), the miners responsible for maintaining the chain chain have the right to upgrade the entire network to a new version , If the miners tough refused, even if users want to use the new version, but also helpless.
2 The miners on the special currency network attack the current market value of about 20 billion USD, the whole network 435P calculate the value of the mine about 900 million (simple assumption that all miners are 1.15T / 2400 USD ants S5), that is, Said the current use of 450 million yuan of the mining company can market value of 22 billion USD of foreign currency network launched 51% attack. If the cost of 51% of the attack will be even lower by leasing the miner / computing power, through the mine pool free of charge control costs, etc. In addition to 51% of the attack, the miners may also refuse to service (not packaged any transaction) + bifurcation (once the normal package transaction block, it will be bifurcated) method, so that any transaction can not be confirmed.
Even more troublesome is that the future with the bit coins of the initial block of the total half of the reward, the total value of the total market value of the market will be less and less, the current ratio of 4%, and then after five times the ratio May be only one thousandth, that is to say that the attacker can first short bit by bit, and then use the bit market value of ten thousandths of the mine to attack Bitcoin network, causing market panic and bitcoin prices decline after profit The This is a different group of different interests will inevitably lead to difficult to reconcile the conflict.
3 Miners consume resources POW mining another problem is the consumption of huge amounts of electricity and other resources, has been accused by environmentalists. Although gold mining also consumes a lot of resources, but Bitcoin as a new Internet currency, why and dig gold mining thousands of years ago than the old industry worse than it?
Miners consumed by the miners and power resources is not out of thin air, but by all the bits of special currency users pay, bit coin mining as a similar gold mining industrial production industry, long-term profits will approach the average social profit, so Miners must dig the vast majority of bits of special currency to sell in the trading market to pay for the purchase of miners and electricity costs, which has caused a serious blood-sucking effect.
POS mining improvement for the POW
Peercoin (Peercoin) to POW mining to be modified to create a POS mining (Proof of Stake, proof of rights) way, the rules are mining, who the coins, who will be able to grab the right to package. The effect of coin mining is somewhat similar to the interest rate (mining income).
In POS mining, the initial coins are mostly constant, which can lead to very serious fairness problems and are therefore not suitable for initial currency distribution. But POS mining is very suitable for the initial coin dug after the block chain maintenance. In the initial coins have been dug, the currency has been very scattered under the premise of POS mining to obtain a very small fee, far less than the normal economic activity brought about by the currency flow, and will not lead to more than constant, The advantages of POS relative to POW mining are:
① unified defender and user of Bitcoin network.
② no one can control more than 51% of the bit currency, even if the control and launched an attack, the biggest damage is his own, which makes 51% attack almost impossible.
③ the cost of maintaining the bitcover block chain is almost negligible, the user in the use of Bitcoin client, the way the POS mining, maintenance of the block chain.
At present the new issue of cottage almost all use the POW distribution of the initial coins, POS maintenance of the late block mining model. POW makes the initial currency distribution fair, the user is willing to participate; POS to avoid the late user funds by the endless miners sucking plate absorbance. After thousands of cottage coins test market after the spontaneous choice, proved POW to the feasibility and inevitability of POS.
Bit coins in the initial coin dug (or basic dig), users and miners increasingly serious conflicts of interest, it is possible to switch to POS mining. When the conversion takes place depends on the sharpness of the conflict between the user and the miners. Once the total value of the mine is reduced to less than one ten thousandth of the total market capitalization of the bitcoin, the miners' attack on the counterfeit currency network is almost inevitable.
In order to maintain the security of Bitcoin network, even if no outsiders attack Bitcoin network, supporters of Bitcoin may also be the first to attack the Bitcoin network to eliminate this security risk. Coemwallet and other companies have spent hundreds of dollars in the handling fee, and launched a huge amount of garbage transactions to block the bitcoin network, in order to prove that raising the 1MB ceiling is imminent.


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