Quote from: bobq on July 20, 2014, 12:54:04 PM

Quote from: djnocide on July 15, 2014, 03:44:43 PM

Quote from: Alphi on July 15, 2014, 01:43:47 PM

Quote from: djnocide on July 15, 2014, 01:31:48 PM

Quote from: Alphi on July 15, 2014, 01:23:26 PM

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

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.

As much as i want emc2 to survive and grow, i still believe that technicality changes won't do much since we need to be known. This change, it's true, is only for short term gain (i hope i'm wrong). We're supposed to be a science coin, why aren't we contacting science magazines, organizations, etc. to get them involved in the coin? They're the ones that will benefit from this coin.
I really hope the switch will help emc2 but after the switch we will probably see a pump then a dump, sadly. This coin was supposed to be one of a kind, now it will become one of many without nothing to differenciate it.

+1

Changing the fundamentals of a coin violates the first axiom of a cryptocurrency, the one which makes a cryptocurrency different (and more reliable) than fiat currencies. It should avoided unless absolutely necessary. We should focus instead on promoting the coin within the scientific community, as I've been repeating for months, this and only this would give the coin a value - anything else are just gambler's speculations. But except a few isolated voices, like the ones which I'm quoting, most of the community which writes on the thread seem not to get it, and hopes that value would appear by magic just by messing with the fundamentals.

Sadly a lot of people don't understand that following a hype don't bring much. Everybody want PoS but who brought any idea on how to help emc2 in any other way? Not a lot, we can clearly see what's happening, people that want to find a way for emc2 to get a pump. Nothing else, is it people looking for quick bucks? Maybe, will it loose it legitimacy? hope not. But without a team behind it and a team promoting it, not much will happen no matter how many changes we make to technical aspect of the coin. We shouldn't be suppose to rely on only one person to give update on the coin.

What's the plan after the switch to PoS. Any promotion, upgrade to the wallet or features that could bring attention? We know nothing and for the community it's not a good sign.

If the development team need members, we need to find people to fill those seats. Same for the promotion team, we can't stay here waiting for things to change, it won't happen.

So dev we need a good and detailed description of what need to be done to put that train back on track. After that we will be able to work as a community to bring back this coin where it was.