Quote from: r0ach on May 26, 2016, 01:59:16 PM

Quote from: Mervyn_Pumpkinhead on May 26, 2016, 10:53:56 AM

PoS offers the same security as PoW

WRONG:

Quote from: r0ach on May 20, 2016, 01:32:04 PM

Why proof of stake has no value:

Since Satoshi did not solve the Byzantine generals problem, this means confirmations are completely arbitrary. So why are two confirmations more useful in Bitcoin (PoW) than one? Because it's an open entropy system where over a period of time, it's either unlikely or statistically impossible for someone to maintain a monopoly on block validation when there is no upper limit to confirmations.

Recursive systems like proof of stake tend to permanently monopolize block validation by design, with no real fault or state recovery to fix it once it goes off the rails. The act of introducing interest compounds this problem even more. This makes a proof of stake confirmation essentially worthless due to being a bounded entropy system.

On top of being worthless, proof of stake is also a permissioned ledger. The purpose of mining in Bitcoin is to create a permanent decentralized exchange peg, which thus results in a permissionless system.

What about Delegation ??
Lisk is using it and seems promising
educate me r0ach