Post
Topic
Board Altcoin Discussion
Re: rpietila Altcoin Observer
by
superresistant
on 05/07/2014, 15:13:19 UTC
PoS put to rest:
A big text for nothing.
The only argument is :
Quote
there will be times where two nodes disagree
and it's wrong. Or at least not even debated.
Disagree what ? He talks like nodes have their own will.
Disagree by working on different chains for some amount of time.
Forking ? As if PoW cannot fork ?
There is no work (mining) in PoS. You don't compete on wasting resources, that's the goal.
And that's the problem
The goal of a PoW-based system is to make it more expensive to amass 51% of the hash rate in order to be able to control the outcome of a fork.  (After all, what is a fork but a disagreement about which transactions to include and who should get paid for the block?).
A PoS-system is aptly named, because it rewards amassing that 51%.
The PoS boosters handwave and claim that doing so would devalue the coins owned by the 51% attacker, but that really just means the attacker would need to be more subtle.
It's a deeply flawed idea in pursuit of a good, but I believe impossible, goal -- decentralized, untrusted consensus without waste.

That's the flaw of PoW : pool get to own over 51% of the network without doing any mining, just by owning a strong node.


Could a PoS miner "rent" coins from a hoarder to simulate that he has the required stake, without actually having it?

No.

What type of subtle attacks are possible?

You cannot do a 51% attack on PoS.