If it is not secure, the earlier we hack it, the better for the cryptocoin community. We just move on.
If it is secure, than 100% POS-coins and their holders have nothing to fear. That simple it is.
If it is secure, than 100% POS-coins and their holders have nothing to fear. That simple it is.
Not sure it is quite that simple but you do have a point about testing the security of PoS. There is still the matter of finding a coin not monopolized by the mining industry.
That is good to know because I've been reading some negative posts about proof of stake being a joke but not sure exactly what the issue was some have with it. With PoW it is clear what the problems are to me and that is the 51% attack. I guess with PoS it can be hard to verify the work down? I'm really unsure but I can't help but feel PoS is a superior option in many was to PoW.
pos can be a huge mess in case someone manages to own 51% of coins at one point. 51% pow takes a lot of hashpower, 51%-attack pos is very profitable and doesn't need much equipement. Buy 51%, sell maybe for a gain, then fork and sell 51% again, then fork again. No need for expensive mining-equipement. In case of succesful attack coins in peoples wallets become invalid. Maybe people wouldn't even realize it's a 51% attack and just wonder why they have invalid coins.
Could have happened already with xbc and others. The attack can be carried out over and over again with no additional costs.
Now they mine those pos-coins in a week or less. They are not good distributed. I wouldn't buy a pos-coin with such a short pow-mining-timeframe. To introduce pos the coin needs to be very well distributed to limit the ability of someone to gain 51%
All those pos-coins with those very short pow-phases are really ultra-risky investement.
Something tells me that it isn't quite so easy to fool a whole community dedicated to seeing a coin last long term. Maybe who aren't paying attention and are apart of a pump and dump. It' is an interesting type of scam none the less. I think like you suggested that if the coin is well distributed then this type of thing is not a big issue, I'm thinking we are basically on the same page. Thanks for the detailed reply.
