Topic: It's about time to turn off PoW mining - page 15. (Read 39732 times)

i can 51% the network after having held a significant amount of the coins with a cost of zero to name just one of many problems. That shit is for the trashcan. It couldn't be more blatant how you pump your shitcoin... and on top of it in the wrong section.
Jeeez. I am done here.

I am indeed a user of BTSX, it's working fine for me. I wasn't aware it needed any "hashrate" to function, since it's a pure PoS network. Still you haven't named ANY specific security problem or loophole, I'm still waiting.

go use those coins.
90% of poscoins are forked up with no end. Many defaulted.
No hashrate, numerous exploits. Just google it or search the forum. I am not going to discuss the scam of Bitshares X in depth here.

I think you have a reading comprehension problem. I'm suggesting to convert Bitcoin itself to PoS. I wasn't aware PoS was an altcoin. Your argument is laughable.

What security issues or loop holes? please be specific

everyone can effectively come up with a 'problem' bitcoin has and offer his pumpcoin to solve that problem. So why not merge alt-section with this one?


I am serious. If this forum is managed so incoherently i am going to pump my coins now with the same excuse around here to lure in some noobs. lulz. Hilarious.

Unless your WOT mining is already implemented, your temporary solution will buy you 1 hour at best, if the attacker was already prepared to change IP, it won't even take 1 hour, just a few seconds. Who's going to wait months for Bitcoin to implement WOT mining while the entire network is being disabled?

A PoW developer is naturally entrenched in the PoW mindset, I'm not surprised at all. They will think PoW is superior, until the day Bitcoin PoW fails, and reality shows them it's not. As a stake holder in Bitcoin, I can't AFFORD to wait until that day happens, action must be taken before that day happens.

pos isn't ready yet. Everyone knows that. I have been holding numerous poscoins and regretted every single one of them. They are all one big clusterfuck. So this thread is just a pump-thread for a alpha- or at best beta-product.
Can't replace pow at this point in time. Please try again in altcoins section to sell your pumpcoin with the security issues, loopholes and forked up chain.

*shill thread

I said it would temporarily mitigate an attack while the protocol was adjusted where no IP is needed, WOT can be used.


Thank you for your honesty, but it clearly shows that you don't understand how PoW is different:

 
I suppose all the developers that work with PoW are equally as misguided as me, right?

Have you tried to discuss PoS without mentioning any altcoin?

since when is it allowed to pump altcoins in this section?
I would have to pump some too!  


ahhh, i see. You need to be on the high horse to do that shit. lol. You are all fuckin incoherent.

Your 1st solution doesn't work, it's trivial to change IP.

Your 2nd solution is what I already suggested at the end: "converting bitcoin to PoS".  A PoW/PoS hybrid is still means converting at least part of the network to PoS.

I do think PoW has no security benefit over PoS, otherwise why would I be calling for an end to PoW, and favoring PoS?

I'm not marketing NxT or BTSX, actually I'm one of the biggest NxT hater there is, I have already shown you my opinion against NxT in previous threads. I own 0 NxT, and a small amount of BTSX. My Bitcoin stake is 100X more than my BTSX stake. I would not mention NxT or BTSX if I didn't have to, but it's hard to discuss PoS without mentioning these existing PoS networks.

This is false, I can come up with two solutions quickly without even trying:

There are solutions to modify the protocol to defend against Bitcoin after a 51% attack just as their are ways to mitigate DDOS attacks. One solution would be to temporarily identify the IP ranges where the attack is coming from and block those ranges, followed up by using anonymous nameIDs associated with miners that have reputation rates where the network could purge hash values from attacking miners.

Another solution is to create a PoW/PoS hybrid.

It seems your judgment is clouded as you aren't critically analyzing the strengths and weaknesses of PoS vs PoW and are merely trying to market Nxt/BTSX.

If this isn't the case than can you name several security flaws within Nxt/BTSX that Bitcoin doesn't have or do you claim that PoW offers no security benefits above PoS?

reposting a discussion from elsewhere, which I think is also relevant to this thread's discussion.


Hot wallet requirement is depend on the actual implementation, Peercoin needs hot wallets, Bitshares and NxT do not. It's incorrect to say PoS needs to run hot wallets.

Also I can't understand the logic of spending money = successfully hacking thousands of machines (especially if they are PoS hot wallets, which the owner probably took measures to properly secure their private computer, if these private computers are so easily hacked, then all web servers are doomed). I can think of several ways to make my hot wallet on my private computer unhackable from the outside. Usually people lose their hot wallet because they got phished, their dropbox backup got hacked, or installed some malware/keylogger. A LOT more Bitcoin hot wallets has been hacked, compared to Peercoin PoS miner hot wallet, I think so far ZERO peercoin PoS miner hotwallet has been hacked, the reality doesn't agree with your theory.

Ok, let's assume in the unlikely event a hacker does obtain 51% of all currency available, then the chain can still just rollback the attacker address. If someone hacked 51% of all Bitcoin, you can be pretty sure Bitcoin is rolling back the attacker's address too, otherwise the eco-system will fail immediately. So the only way to attack a PoS network, is to buy the stake legitimately. Then as soon as you do start to attack the PoS network, the community will find out and act upon the aggression, your address will be getting blocked immediately, and lose all your stake that you spent an astronomical amount of money to buy. You can be pretty sure that any potential attacker would know this, therefore they won't even attempt this attack. This is the reason ZERO PoS network has been 51% attacked so far. It's basically a nuke in the PoS network's arsenal, it can be used, so the attacker in fear of the nuke, won't even attempt the attack, which end up making the nuke never used. But it's good to know it's there.

But if an attacker obtain 51% mining power in a PoW network, there's nearly nothing you could do, other than go out and out-spend the attacker by buying more hardware and spending more on electricity. I'm sure the hardware vendor and electricity companies would love to see this happen. If no one step up and out-spend the attacker, the attacker with their vast amount of hardware can PERMANENTLY disable the Bitcoin PoW network, there's nothing you could do to stop them, other than... converting Bitcoin to PoS .

That would be funny!

I'd have a look at http://en.wikipedia.org/wiki/Economies_of_scale

Pulling off a 51% attack and also having the longest chain still won't let you wipe out past transactions. They will still live in other mining chains until they are reconfirmed. You can only really be assured to double spend your own transactions this way. If you have transactions big enough to justify the cost of such an attack, someone will probably notice.

If the price spikes because of the lack of liquidity then anyone wanting to buy or sell any significant amount will experience slippage (the same with people who are buying selling when the above is happening.

I disagree with a decentralized market being more efficient then a centralized one. Just look at the currency exchange subforum, if you wish to buy/sell immediately then you would need to give up at least 5% (often times more) in favor of your counter-party, and even this doe not allow people to sell "immediately" trade.

Im not, Im comparing them to Mt.GoxUSD, all three have nothing to do with cash USD other than being pegged to the price of USD, none of them have deposited USD to back them up.



Im not claming to be an expert on bitUSD prices, of course as a delegate you are, thanks!


As a delegate can you tell us how BitFund.PE profits from this whole project?

You conveniently deleted my explanation of BTER being a bad place to track the value of bitUSD regarding most of the market depth and liquidity being on the BTSX decentralized market. Even with it being the most inaccurate source of data in regards to the peg, it has averaged 99.55% which is pretty damn close to parity. You picked the most inaccurate point on the graph to make your claim which is convenient for your side of the argument.

Nxt's CoinoUSD is centralized.

Comparing Mt. Gox to BTSX or Nubits is idiotic.

I am confident anyone who is interested in looking into the facts can come to the conclusion on who is closer to reality in regards to our statements about the market peg. I don't expect anyone to take my word for it.

as shown in the chart not too many days ago the "peg" was well below 99% That is where I "got it from" and no it is not a totaly accurate "alltime" (what a few weeks) ave but just a number from somone that casualy checked the price, not a BitsharesX devotee, uh I mean delegate. I guess someone actually cashed out,  im sure the data feed blah will fix all the flux in the future. Nubits does the same thing NXT has coino and mt.gox had mt.gox $ but yea this has almost nothing to do with PoS vs. PoW