The examples you are all mentioning, are they specifically for POW?
Or is the principle the same for POS?
Or is the principle the same for POS?
I'm not entirely sure about pos but if someone has a 51% stake, why would you want to do anything dishonest with the currency? Doing anything dishonest with it might mean the value of your stake will significantly go down. Holding 51% of a currency is risky anyway as it means you have a lot of power over it and you might accidentally manipulate the market.
The only reason that I can see is that the person holding the 51% of the stake is when they see that their is enough liquidity for them to dump the vast majority of their coins, twice. They can first send their coins to one enchange, dump. And then in short order they can introduce their new chain, double spend the coins by sending to another exchange or even the same exchange and dumping the coins again. I was involved in a Igotspots coin, where someone did just that. However, I think the main problem with the Igotspots coin is that he had made it that you needed a minimum stake weight in order to stake, which caused the difficulty to plummet. There may have been more problems involved.
I didn't expect something so dramatic. Surely if it got accepted on one exchange, they'd just be happy with the profit they could make... It's less scammy than stealing from an exchange.
As in, say the coin was worth 100 SATs and there was a 40% backlog to push it down to 10sats then you can list your buy order at about 8 sats, put the 40% in and sell it and then make the price fall so you can increase your stake... It's still scamming but it's a bit nicer than taking everything from one person individually and it's the issue of the lack of regulations of the currency, someone can dump it at any point...
Well quite frankly, Igotspots had quite a few people that didn't care much for him. I don't think the only motive was pure profit. (However, they did make away with a tidy sum from Bittrex who was the victim exchange, I believe.)I think they also wanted to destroy another one of his coin. They succeeded.
One of the main problems with many POS coins, IMHO, is that your really don't need to have 51% of the coins to have 51% of the stake. Many exchanges do not stake the coins, since that is frowned upon. Also, if we were to implement POS on BTC, many people are unwilling to keep their balance on a hot wallet and have their coins in cold storage. I realize that many coins have implemented other forms of POS like dPOS to mitigate this. However, those schemes seem to introduce their own problems, such as overly centralizing the coin.
