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 that only gives the attacker limited control while they hold 51% of the mining power which in a healthy coin ecosystem is continually growing and supported by new miners.
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 that only gives the attacker limited control while they hold 51% of the mining power which in a healthy coin ecosystem is continually growing and supported by new miners.
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
If that is true, then the biggest threads are the exchanges since they hold big amounts of coins.
No, the biggest problem is the posibility of a roll-back. Not only vericoin, but every coin. No retailer will ever accept a coin from where a transaction can be rolled back.
No serious investor will ever touch any coin now they know that their investment can be rolled back to block#1.
Now cryptocoins become a gamble, so all we can hope for that gamblers will risk their money.
All of this, thanks to MintPal.... their security is not how it should be. They should be the ones that should pay the theft. Now we know about the possibility of a roll back....it's a bad movie...
agree with you mate
