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Topic: Are PoS coins secure and reliable? - page 3. (Read 2070 times)

newbie
Activity: 51
Merit: 0
July 17, 2014, 05:15:41 AM
#9
There are different implementations of PoS, some are vulnerable, some are more secure than PoW.

Yeah.

Just because some coins have flaws that have been exploited does not mean that PoS as a whole can be dismissed.

People should be working together to push PoS technology forward as it's clearly superior to PoW. I find it hard to believe that someone could justify the excess of PoW if and when a PoS alternative exists. Other than making an argument for PoW purely out of self interest of course.

Right now PoW is dominant. And there are some PoS currencies like NXT that are progressing well and appear to have a good chance of solidifying their place as the first secure decentralised PoS currency. Time will tell how it plays out, but it's looking good for PoS thus far I think.

It's possible that PoS isn't feasible but so far even for 'Nothing at Stake' attacks, V. Buterin and Come-From-Beyond seemed to agree that there was a theoretical solution. And that seems to be the main issue right now against PoS.

and how pos(One of the implementations) can deal with the situation in OP's thread?
legendary
Activity: 826
Merit: 1002
amarha
July 17, 2014, 04:23:22 AM
#8
There are different implementations of PoS, some are vulnerable, some are more secure than PoW.

Yeah.

Just because some coins have flaws that have been exploited does not mean that PoS as a whole can be dismissed.

People should be working together to push PoS technology forward as it's clearly superior to PoW. I find it hard to believe that someone could justify the excess of PoW if and when a PoS alternative exists. Other than making an argument for PoW purely out of self interest of course.

Right now PoW is dominant. And there are some PoS currencies like NXT that are progressing well and appear to have a good chance of solidifying their place as the first secure decentralised PoS currency. Time will tell how it plays out, but it's looking good for PoS thus far I think.

It's possible that PoS isn't feasible but so far even for 'Nothing at Stake' attacks, V. Buterin and Come-From-Beyond seemed to agree that there was a theoretical solution. And that seems to be the main issue right now against PoS.
sr. member
Activity: 336
Merit: 260
July 17, 2014, 02:35:40 AM
#7
There are different implementations of PoS, some are vulnerable, some are more secure than PoW.
member
Activity: 105
Merit: 10
July 17, 2014, 02:16:46 AM
#6
Yeah
No, they are not reliable. As you can see, Vericoin had to be rolled back because the attacker got 30% of all Vericoins.

Navajocoin, another PoS coin, was recently doublespent or Nothing at Staked attacked, twice, when he gained over 50% of all Navajocoins.
And this nicely sums up why most people prefer PoW over PoS. When stuff like this happens, it's bad. And it's not hard either. Most hacks are easier than they're choked up to be, all you need is good software or a lot of luck. Or good methods if spotting vulnerabilities.

I cannot stand beside PoS coins, as they always seem to be the greatest scam ever. Until we either fix it or come up with a new Proof system, I can only support PoW.

Yeah. PoW has no flaw and we should all trust mining pool. (esp eligius.st)

https://bitcointalksearch.org/topic/bbqcoin-being-51-attacked-by-luke-jr-95401
http://www.reddit.com/r/Bitcoin/comments/o6qwx/lukejr_attacks_and_kills_coiledcoin_altcurrency/
http://bitcoin.stackexchange.com/questions/3472/what-is-the-story-behind-the-attack-on-coiledcoin
https://bitcointalksearch.org/topic/m.678006
hero member
Activity: 770
Merit: 500
July 17, 2014, 01:34:11 AM
#5
Pos is a fail
legendary
Activity: 1036
Merit: 1000
July 16, 2014, 11:41:07 PM
#4
proof is in the pudding. Dont care what any PoS shill says....its vulnerabilities are too big for mainstream.

I wont support Proof of stake anymore. If I was an exchange I would sure as hell stake the coins for more profit.

Yes you can get a shitload of hardware to try and 51% PoW but good luck getting past pool operators who will restrict. Look at GHASH.io's latest statement, they will never breach 40% for bitcoin.

http://www.coindesk.com/ghash-commits-40-hashrate-cap-bitcoin-mining-summit/

PoS = dead
legendary
Activity: 1218
Merit: 1007
July 16, 2014, 10:53:25 PM
#3
No, they are not reliable. As you can see, Vericoin had to be rolled back because the attacker got 30% of all Vericoins.

Navajocoin, another PoS coin, was recently doublespent or Nothing at Staked attacked, twice, when he gained over 50% of all Navajocoins.
And this nicely sums up why most people prefer PoW over PoS. When stuff like this happens, it's bad. And it's not hard either. Most hacks are easier than they're choked up to be, all you need is good software or a lot of luck. Or good methods if spotting vulnerabilities.

I cannot stand beside PoS coins, as they always seem to be the greatest scam ever. Until we either fix it or come up with a new Proof system, I can only support PoW.
hero member
Activity: 770
Merit: 500
July 16, 2014, 10:49:35 PM
#2
No, they are not reliable. As you can see, Vericoin had to be rolled back because the attacker got 30% of all Vericoins.

Navajocoin, another PoS coin, was recently doublespent or Nothing at Staked attacked, twice, when hethe attacker gained over 50% of all Navajocoins.
member
Activity: 107
Merit: 10
July 16, 2014, 07:28:22 PM
#1
I have a simple question.

Let's take an example: There 3 active clients on the network right now.

- Wallet A holds 10 coins

- Wallet B holds 10 coins

- Wallet C holds 100 coins

Wallet C sends 100 coins, who will validate transactions?

Bitcoin miners help keep the Bitcoin network secure, but how secure are PoS coins?

If Wallet A or B can validate transactions, that means PoS is vulnerable to important security flaws?

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