I understand the concept of time and cost of money, but for the past month, has been news in the crypto world of constant, deliberate 51% attacks and double spending...
https://news.bitcoin.com/you-can-now-51-attack-a-coin-for-as-little-as-500/I must say, GUN coin indeed has a HUGE potential in the the future but will experience a huge set back should double spending occur...
Maybe it's happening now and nobody in the community has a clue as the coin is relatively cheap.
Bitcoin itself could have been a victim of 51% attack, while in it's early small marketcap stage, but very few were educated on the concept of how crytocurrency and blockchain technology works... By the time the Bitcoin adoption spread, those who tried to educated themselves on how to maliciously hack, 51% attack, reverse blocks, and double spend, Bitcoin, Ether, and even Litecoin prices has already risen to the point where it would be expensive and unfeasible to perform such dishonesty. In the Bitcoin early stages, it was more common to fork and create new altcoin for profits instead...
But now since these POW altcoins are becoming more pricey enough to the point where miners can just immediately take their earnings on a weekly, even daily basis and sell their coins on the exchanges, cryptocrooks have also figured out a way to profit from the cheap hashrate cost of performing a 51% attack... I could be wrong, but I've notice that there were NO news on a 51% attack or double spending on POS coins as even as expensive as ETH is to perform such malice, that network is even changing to POS in the near future.
POS forces individuals to purchase coins and risk losing their possessions should any dishonesty occurs... For a POS 51% attack to occur I believe one must own 51% of the coins in current existence, which is truly, relatively expensive. POW sort of does the same thing with electricity but essentially there is no explicit up front risk as your money is automatically at STAKE, in addition, should they try anything, electricity would make the hash rate costly, but to notice your coins are directly lost and taken away from you is a big ouch and nobody ever wants to experience that... . It would also be more of an incentive for miners to participate and more nodes would be added to network with a cheaper electric bill. Again Gun coin will face alot of shady obstacles during it's adoption, which would be costly, should it remain as a POW mining coin while it's cheap in price and vulnerable.
Your concern for our coin is much appreciate, but any discussion on a 51% on GUN is wasted here. We have automatic checkpointing (ACP) that was locked in months ago and so reselling the same coins over again is simply not possible. You may see our write up on the website or Google that feature to see how it works. The Guncoin team was on top of this potential issue and fixed it way before it ever made the news.
While I also appreciate the info about PoS coins, it added no new info to what we already know and understand. We still stick by what I wrote in the previous post - there is lots on the table to evaluate, but nothing is changing today.
