Re: Proof-of-stake is more decentralized, efficient and secure than PoW- white paper
maybe you could describe how the attacker tries many times and what he does to get different outcomes cause that's the part that's unclear to me in your explanation.
Simple, he just constructs different blocks of different transactions
sending coins to himself. Different addresses, different
amounts, different timestamps, whatever.
Exactly and that's the point I'm trying to make!
Every time an attacker sends coins to himself, his coins must wait minimum stake age to be able to mine. This will cause a lag that will make it impossible for an attacker to catch up no matter how many times he tries!
Therefore, to succeed an attacker needs the equivalent of ~50% of the mining coins.
Quote
FYI, there is some guy named Bittrix who is demonstrating
successful attacks on PoS coins, so its no longer just
theoretical. https://bitcointalk.org/index.php?topic=686403.msg10169983#msg10169983
successful attacks on PoS coins, so its no longer just
theoretical. https://bitcointalk.org/index.php?topic=686403.msg10169983#msg10169983
From what I gathered from the thread, this attacker doesn't even try many times, he simply accumulates >50% of the block generation power.
He attacks a coin which has ~10% of coins mining and that uses coin age.
He was able to conduct a temporary 51% attack with 0.07% of the coins.
10%/0.07%~71
So what he did was just accumulate coin age for ~71 days. This is the reason NeuCoin doesn't use coin age.
In order to improve the whitepaper, I was wondering if you've read the technical part. I feel like maybe some points should be made clearer since I'm having a hard time making my point
