Quote from: Come-from-Beyond on February 13, 2014, 05:41:06 AM

Quote from: AnonyMint on February 13, 2014, 01:41:19 AM

I have already explained upthread that Proof-of-Stake is not secure because essentially you must trust those with the largest stake (and it can't distribute new coin out to the people through mining in a competitive manner).

It seems to me that the creator of Nxt fixed PoS by adding Transparent Mining. He also invented another "mining" algo that doesn't use "coin-days".

You see they tried to solve it by invoking trust and reputation "knowing who all the miners are", but I already explained upthread that is just another low entropy (i.e. low security) result:

Quote from: AnonyMint on February 08, 2014, 09:17:25 PM

I strongly posit proof-of-stake will be proven insecure. It lacks the expanding entropy of proof-of-work.

Trust via reputation (i.e. social capital) or stake (i.e. capital share) inherently degrades to centralization and low entropy outcomes.

Only Satoshi's Proof-of-Work can solve the entropy security issue and remain decentralized. Period. I have thought about this deeply.