Re: [ANN][EMC2] Einsteinium | Funding the future with the future of currency
I urge you all to watch what is happening with vericoin before moving to PoS.
over the weekend mintpal was hacked 30% of vericoins (8M) were stolen.
the devs fearing 51% rolled back their blockchain in order to stop the theft.
this has created a huge controversy which can be seen in full detail on the vericoin thread (and the various a news articles)
they did this because if a thief gains 51% of a PoS coin they can have majority control of the coin forever because they can stake and very easily keep creating new coins.
this is not the same thing as a 51% PoW attack which only gives the attacker limited control while they hold 51% of the mining power.
PoS encourages hoarding and centralization of power more so than PoW...
the effects are amplified the smaller the coin.
I expect in the future we will see more PoS coins suffer from this vulnerability
over the weekend mintpal was hacked 30% of vericoins (8M) were stolen.
the devs fearing 51% rolled back their blockchain in order to stop the theft.
this has created a huge controversy which can be seen in full detail on the vericoin thread (and the various a news articles)
they did this because if a thief gains 51% of a PoS coin they can have majority control of the coin forever because they can stake and very easily keep creating new coins.
this is not the same thing as a 51% PoW attack which only gives the attacker limited control while they hold 51% of the mining power.
PoS encourages hoarding and centralization of power more so than PoW...
the effects are amplified the smaller the coin.
I expect in the future we will see more PoS coins suffer from this vulnerability
I understand but emc2 need to do something to survive and the majority of people speaking wish for PoS. Will it change the way Emc2 is seen in the CC sphere, i don't know. Algo switch or switching to PoS doesn't do a thing if nobody knows it exist. People need to use it and right now everything is just a big speculative bubble.
What help emc2 prevent the kind of events that happened to VRC is that a lot of coins are already out, so harder for someone to steal the coins and get 51%. The volume is spread on 3 exchanges so i don't think it could happen to this coin but we never know.
indeed the majority of people will only support an action which benefits themselves in the short term.. this is the problem that politicians in all democracies face when they make policy decisions. Its also why we have such a corrupt and broken fiat system.
this is why I gave up arguing the toss on this forum.. I only posted that statement because real world events have demonstrated very clearly how vulnerable PoS can be.
I would rather see the coin prosper and grow in the longer term but if people are willing to risk that for the sake of short term gains then I wont continue to waste my energy arguing... I'll just check in from time to time with a comment here and there.
ultimately if the majority of people get what the want and the price rises in the short term then people like myself who do not support PoS systems in any large way will have a chance to exit the system.
what happened to VRC IS very questionable. First of, you can ask yourself WHY and WHY ONLY VeriCoin? As I understand MP statement, there is suspicious that attack was pointed to LTC and BTC wallets too but they have better protection (speaking as a layman), and VRC HOT wallet has more coins that should have in time and so it happened.... MP was robed. BUT is it all that happened? Maybe there is some other scam in play, we do not know?
Just saying that PoS coins are not staked on exchanges except ones that are jointly agreed by the dev team and exchange (or am I wrong?). If majority of this community want PoS, it is OK to implement it, but there is need for major marketing activity after changes and much more... Anyhow PoS IS NOT the only solution.
Cheers
B.