Post
Topic
Board Development & Technical Discussion
Re: Majority is not Enough: Bitcoin Mining is Vulnerable
by
gmaxwell
on 09/11/2013, 16:35:41 UTC
I'd like to think that people will agree to proof of stake before surrendering bitcoin to government or corporate management, but you may be right. People are extremely stubborn and consensus is a damned hard thing to obtain.
Proof of stake has thus far proven unworkable.

The main problem with Proof of Stake appears to be that is that there is nothing at stake:  In PoW systems you burn energy to mine, and that mining is only worth while if the chain your mining on survives long term, so you are generally incentive mine the chain most likely to survive. In PoS the rational strategy is to mine all possible forks constantly, because doing so costs you nothing.

Last I checked the, headline, best known PoS altcoin has controlled centralized signatures being announced to lock in every block.  I think it would be awesome if PoS could be shown workable, and there was a time when I was very excited and hopeful about it... but its beginning to seem unsalvageable. You can keep pumping the idea until your ignore throbby burns the color of the sun, but that doesn't solve things.