Re: [Megathread] The long-known PoW vs. PoS debate

This is why POW is superior than POS. This shows POS blockchains has a dangerous flaw, the validators are vulnerable to attacks like this. This is impossible to happen in POW blockchains.

I don't believe PoS was the issue here, but that it was simply a bug in their smart contract. However, the shocking part is them wanting to reimburse stolen funds.
This automatically shows they're able to print tokens if needed, which means they have total uncontested control over coin issuance and also shows their willingness to devalue all (bag)holders' portfolios due to a mistake in their own code. Why would anyone ever invest into this crap again after seeing what the team is willing and able to do just like that?

That is something that we can't control now. if the investors still trust on the company they will not leave.

Back to the topic, the hacker managed to gain access to 5 out 9 validator nodes and used that nodes to validate fake withdrawals to bridge resulted of draining the funds. Now, the reason why i see this is a dangerous flaw to POS blockchains is because POS uses majority vote system to validate a transaction block now if the hacker manages to get access to majority of validator nodes theoretically, this would bring the whole blockchain down theoretically. Of course the developers will ramp up the security of their cryptocurrencies but the recent hack shows this is possible.

First of all: 9 validator nodes? Honestly? Cheesy

And thinking people believe this stuff is decentralized.. 'DeFi' and 'blockchain' are meaningless with 9 nodes.

Okay, so if it was not a bug in the contract, it just falls under what BlackHatCoiner mentioned: it's easy to acquire (honestly or not) a majority in PoS systems compared to gaining 51%+ on a PoW system. Then it's indeed a great example of the uncontested superiority of PoW.

Quote from: pooya87 on Today at 04:29:38 AM

Quote from: n0nce on March 30, 2022, 04:52:03 PM

Why would anyone ever invest into this crap again after seeing what the team is willing and able to do just like that?

For the same reason a large number of people are investing in other shitcoins like ethereum that did exactly the same (roll back) and have full control of their chain due to serious centralization. They don't care about things like immutability as long as their bets on the price has a chance of giving them a profit.

That's a good point. I am not sure they do realize / know about this stuff being so insecure. Like, do they even realize that shitcoin security is way lower than Bitcoins? Would they still invest if they knew this? Probably they just don't care and only want the 'quick easy money', sigh.