Post
Topic
Board Altcoin Discussion
Re: Discussing the differences between POW and POS from a network security POV
by
markm
on 26/06/2015, 09:04:11 UTC
Oh wow that keys to the past trick is killer!

A pre-mine could be sold off then its keys used to change the past to sell it off again, rinse and repeat until the suckers eventually maybe figure out the whole coin was ntohing but a scam from the start, meanwhile you've alreaqdy spammed out a few hundred more POS coins to run the same scam again and again...

Anyone who runs out of coins can get an extra little tip by selling their old keys to collectors looking to change the past...

How does anyone take POS coins seriously at all?

At least with Proof of Work you can have one family of merged mined coins per algorithm that might actually manage to have more than 50% of the world's hashing power of that algorithm securing them thus have some chance of actually being secure... Though even in Proof of Work one keeps seeing idiots falling for coins that re-use an established algorithm without supporting merged mining...

-MarkM-