Post
Topic
Board Altcoin Discussion
Re: Proof-of-Consensus is a dead-end, won't work
by
AnonyMint
on 13/06/2013, 22:37:30 UTC
Incorrect. No matter what randomization function you choose for #4, I can game it to place my SH in a contiguous order at some CB period in the future. Because the input entropy is deterministic in some way.

But we are not in the future, we're now and you said you want to place the next TB under your control. The only way to do this is to spend money or wait. You can't wait because then you'll lose the next TB. So you need to spend money continuously. That little program can simulate that.
If you wait a really long time until the current ID count is favorable, your percentage of the overall SHs will be lower, because all the IDs which you've skipped are not yours.

I think you are entirely missing the point. I will make another post to describe the attack again.

Quote
Also I explained that just disrupting the network might bring financial return in some other way, such as raising the value of a competing currency or winning a war by shutting down transactions for periods of time.

Also with the power of banking of savings. If I can get other Decrit holders to deposit their Decrits in my bank, I can spend (invest) them interim, while they are not being spent by the owner. The SHs have to profitable and return on investment, else no one will be a SH.

Ok then. Now we need the computation of how much you will gain exactly.

I can't possibly estimate the limits of for example fractional reserve banking. Apparently runs into the $quadrillions, if you count bond derivatives.

Quote
I already explained why I don't need to control all of the SH to disrupt and attack.

Yes, for a limited period of time growing with the cost of the attack.

Yup. And that may be just enough to destroy trust in the system and/or leverage up other modes, such as getting others to pay you to not delay their transactions, i.e. cartelization.

It is hard for me to predict the clever ways attackers will leverage this security hole. Surely in more ways than we can enumerate.

Quote
I already explained how I might gain considerable resources.

Not really. You may be able to gain some resources, but how much they are, compared to the considerable cost of an attack, is an open question.

I can gain resources outside of the system, not just tx fees.

Plus I don't like have a currency that is subject to mischief of transaction delays by those who can steal Decrits by hacking other accounts, etc..

This is insecurity and at much less than 51%.

Quote
And you can't increase the deposit locking time too much, otherwise honest SHs will be disincentivized from participating.

Agreed. But let's assume that the locking time is much greater than the time of possible continuous control. You can't recycle your funds which are being unlocked to prolong the attack.

You are worried only about continuous control. I am not setting the bar that high. Intermittent outages is very bad for finance.