Topic: The Deathblow to Proof of Stake - page 2. (Read 7929 times)

fixed

Litecoin is older and it's benefiting some kind of network effect as it is the "biggest altcoin" out there.
Give NXT a few more months 

He did his very best.

Ridiculous argument. Try again.

if pos so good, why is litecoin still second. take that

This!
And after that you will have to wait a few minutes before the GUI displays the wallet is unlocked and forging.

But POW coin can suffer the same...
http://www.coinwarz.com/cryptocurrency?sort=hashrate&dir=asc <===
as you see having 300hm+ (one single KNC titan can make attack on 50+ coins... )...
So POW Prof of Weak is not ultimate solution here too Shitcoins like lotto, leaf...

Today when 7day minig is popular and 95% of new coin are on exchanges like VRC (1/3) of all on 1 exchange POS networks are not secure the same goes to POW...
If someone will hack ghash.io and make 51% BTC will surfer too.

In POS OWNERS take responsibility for secure network if they fail their coin fail.
In POS people have greater motivation to protect network than POW,In POW one super computer/ASIC can make big mess.
Mayby only BTC,LTC,Doge is hard to attack rest is not secure too much...

Navajocoin, a PoS coin, was recently attacked and two doublespends occured from the attacker gaining over 30% of all coins. Pos really is Piece of Shit...

Do you mean Peercoin PoS minting? Try this: walletpassphrase "your password or passphrase" 99999 true

How do you generate POS with Peer Coin? I tried the walletpasshphrase 99999,9 but nothing happened. Does Peer Coin need a different command? Sorry to stalk the thread for this but thought someone here may know? Thanks.

I agree with that but there i many factors that prevent many POS attacks.
POS is as secure as they owners are here is great justice of POS system
there is chart for POS coins noded but it talks a bit about communities and how they secure network at the end:
http://bitinfocharts.com/pl/comparison/nodes-ppc-bc-xc-vrc-nvc.html

Ass you see over time stacking is not so secure and people are stacking less i hope muiltisign feature some kind of 2FA in cryto will help solve that problem.
This is currently implemented in BitHalo/BlackHalo ( David Zimbeck creator ) but it will be open source in future, Blackcoin POS can stake using that multisign
this is great step in securing stacking process.

This is something like that you have 2 kays: one key on phone (or PC, server ext) 2nd on PC, to send receive you need both keys that will increase security lvl of staking nodes.
Education of holders is also important. to not let situation like that 1/3 of all supply on one exchange this is situation where you are looking for trouble.

No, that's not what "Nothing at stake" means. What you are describing is a history attack. It's a different kind of vulnerability. I described how Nxt currently mitigates it a few posts earlier, in #67.

The value used for forging can be very close to 100%, though. In Nxt, when you transfer coins you have to wait a day before you forge with them, but all the coins you didn't transfer can continue to forge. I get the impression you think coins used for forging are somehow locked up, like in a special account. That doesn't happen. If you get paid 1000 NXT salary at the start of the month, you'll be forging with that money every day after the first. If you spend 30 NXT/day on living expenses, after 15 days you'll have half your money left, and will be forging with it. Most of the money you've paid to other people will probably be sitting in their accounts for more than a day, so will be forging for them. Most of the coins can, and probably will, be forging for whoever owns them.

As usual, no one can think outside the little Crypto Box.

The problem is not coins or PoW vs Pos...
Problem = people FORCED TO CENTRALIZE millions of coins on amateur DODGY exchanges.

If the NYSE puts 30% of Apple stock outside on the street and it's stolen...
It says NOTHING about the safety of Apple Inc or Apple stock certificates.

Rolling and internal checkpoints will make your attack infeasible.

Not really though. A huge problem with PoS is when the currency is still in it's infancy. A lot of coins are left in exchanges instead of being staked.

In reality, when the coin is so young, it makes it very easy to create a new chain.

Here is another PoS currency that just fell susceptible to a malicious attack.
https://bitcointalksearch.org/topic/m.7859494

Fixed that for ya.....NXT is rolling up hard.

Correct, but the integrity of the blockchain wouldn't be at a massive risk of compromise, as it was (is?) here.

The problem is hardly with PoS. Think about what would have happened if it were PoW instead. It would all have been stolen,as in lost. Mintpal's security and the decision of the developer of one coin cannot be extrapolated to the whole system. The other PoS coins are doing just fine.

Where did you get that number?

What does Total Balance under More info in the NRS Version section on the dashboard mean?

I'm talking Nxt, because I know Nxt.

First of all, I believe Nxt has ~30% of the stake currently forging, so you're talking more like 15% of the stake needed.  New tools coming out and coinbase like wallets that could forge for people and pay them interest and leased forging(like pooled mining), as well as increased wallet security coming soon should increase this in the future.

It is estimated that an attack against Bitcoin would cost $1.15 billion. (http://www.coinometrics.com/bitcoin/brix)

Bitcoin also has a market cap of $ 8,133,288,923 meaning that a 15% attack against Bitcoin would be $1,219,993,338.45, so similar costs.

BUT Nxt's is maintainable.. next time Bitcoin halves, miner's will have to drop off the network.  Transaction fees simply can't support the miners.  Afterall, Nxt will have very low transaction fees, it is currently surviving off of 1 Nxt transaction fee, which is to be lowered, while even Gavin is predicting that the current fee should be $0.41.. once the inflation halves, Bitcoin is in trouble.  Nxt on the other hand can currently survive with $0.05 transaction fees, to be lowered as Nxt grows. Meaning Nxt's security and fees will go up, Bitcoin will go down.


Few things preventing it:
- If the network network sees you double forging on different forks, it will ban you for 1440 blocks.  Good luck performing such an attack when you can't write to multiple chains.  This means that you do indeed need to own 51% of the forging power.
-This need to take place with 720 blocks, at which point the network essentially agrees to a decentralized checkpoint.
-Economic Clustering, Nxt intends to make sure that transactions happen with a given 'Economic Cluster' which basically means that when you sell your Nxt you and the person buying your Nxt agree to which fork you are selling your Nxt on.  The more Nxt transferred on a given fork, the stronger that fork is.  If you transfer 15% of all Nxt, you need to pick which chain it is being transferred on, and therefore make that chain valid with that choice.  People buying your Nxt won't be willing to buy that much without pinning it to a specific chain.  Your new chain will not have that many transactions pinned to it.

Also, if you decided to cash out 15% of Bitcoin within about 10 hours.. you would crash the price down to zero.. meaning you do do a lot of damage by cashing out that much there too.  To the point that you might kill it.