Post
Topic
Board Altcoin Discussion
Re: DECENTRALIZED crypto currency (including Bitcoin) is a delusion (any solutions?)
by
TPTB_need_war
on 10/01/2016, 22:27:14 UTC
I clarified how bad the security is in PoS (readers still weren't grasping the gravity of the point):

  • even 0.1% stake can attack the coin because block solutions are exclusive to some stake holder so the stake holder can delay transactions[1]

[1]Another scenario is DDoS attack other stake holders when their turn to mine a block, then jack up your transaction fees sky high when its your turn to mine a block. Note this has many variants as follows:

I do not think the following is possible in dPoS (I'm not sure about other forms of PoS), because delegates cannot change or set transaction fees by themselves. Transaction fees can only be changed by committee members which are elected by stakeholder vote. Not including a transaction because it doesn't have a certain amount in transaction fees seems silly, because the next honest delegate will do so and the honest delegate will get whatever fees are associated with the transaction. They would basically be giving up free money, putting a big red flag on their witness campaign, and it would be very likely that would get them voted out. Part of the incentive for delegates to stay honest is the future income of blocks produced in the future, although as I stated earlier... even if they are dishonest there is not much they can do other than withhold transactions from blocks (and the transaction would be included in the next block produce by an honest delegate.) The way I understand it, DPoS' main weakness is that all consensus algorithms suffer from.. a 51% attack.
Quote
[1] Another scenario is DDoS attack other stake holders when their turn to mine a block, then jack up your transaction fees sky high when its your turn to mine a block.

You forgot my point that the attacker can short the coin. And that delaying transactions is an attack that could cause the share price to crater. Or DDoS attack all the others and then force all transactions on to your block. This is the problem with PoS and DPOS, because the ordering of who will mine is known before the transactions are sent. That is a major flaw compared to PoW.