I think such attack could be mitigated with typical PoS if we used quite low Max Stake Age e.g. 1 week? And Min Stake Age of couple of hours? This way it does not matter if someone keeps staking for months since Weight will be capped.
For this, the better solution is blackcoin's PoS 2.0 which completely takes out the staking time, i.e., one never gets the advantage of offline time; but obviously, people can still stock a significant amount of coins to initiate an attack. That's not easy to be done, but possible (for example, pool staking, you'd never know what they are doing).
If one thinks about these issues further, he might end up with conclusion: stakers should not gain any advantage by staking significant amount of coins (per transitions), or offline time, that's just what PoS-II is about.
Feel free to point out any points I've missed or I was wrong.
I like it - never getting advantage of offline time. There should be an incentive for keeping wallets online.
I am not concerned about attacks with significant amounts of coins. Big holders have to spend a lot to purchase these coins. It is unlikely someone will be willing to invest heavily into a coin just to attack it.
Joe, I would like to understand how Magi Coin's PoS works, could you tell roughly how many coins will be minted by:
- wallet with 1 Magi Coin
- wallet with 10 Magi Coins
- 100, 1000, 10000, 100000 coins?
Let us presume these wallets are online all the time for a month.