Actually, I don't own any altcoins.
I became interested in what I perceived to be a scam (Neucoin)
after reading the claims that Neucoin can solve the Proof
of Stake issues.
I've read quite a bit on these kinds of issues and have
discussed them with very smart and knowledgable
people (like Greg Maxwell).
And I believe I know enough to tell you that the
Neucoin whitepaper is a paper tiger.
And yet, you can't produce any coherent attack against it. Why don't you? I'm sure at least Sunny King from Peercoin would be interested in what you have to say.
been there, done that -- see above link.
As far as I know, Peercoin still uses checkpointing to guard against grinding attacks.
If there was something innovative in the neucoin paper, I'm sure Sunny King and
the peercoin community would be talking about it and trying to integrate it.
You gave me a link of about 100 posts. Which, if any, can I pin you down on as saying this is the attack that will prevent Neucoin from working?
You argue like a politician.
I never said neucoin won't "work" (it might work as well as another poS coin such as blackcoin), I'm just saying they haven't presented any innovations.
I happen to think ALL PoS coins suffer from the fundamental costless simulation flaw.
What's interesting is that neucoin marketing seems to acknowledge these PoS problems exist and claims they will solve them with their innovations. (they specifically mention "nothing at stake" which is another phrase to describe 'costless simulation'). But upon close examination, they don't really have a solution, or at the very least they don't have anything new that hasn't been done/tried before.
The fundamental attack which I think is possible on any PoS system is known as "grinding". Very simply, it involves building an alternate chain longer than the main chain by computing different
permutations of transactions and blocks. This is nothing new, its been written about and debated endlessly in the cryptocurrency world for the last several years.
The neucoin white paper is very jargony and seems confused. It doesn't make too much sense to me as far as its organization and conclusions. Personally I think Sunny King was being very generous and polite when he said its 80% right. It's obviously not his style to get into a flame war. My hats off to him. But rather than arguing whether it is 'correct', I simply ask: what is the innovation? And the best answer anyone can give is 'floating stake modifier' which is not an innovation since Blackcoin did it first and really doesn't solve much as it is simply a method for stochastically choosing who mints the next block (which is also accomplished by existing cryptocurrencies like Nxt in their own implementations.)
I hope my position is clear now.