Ninjastic
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Post
Topic
Board Altcoin Discussion
Re: PoS is far inferior to PoW - why are so many people advocating switching to PoS
by
page14
on 07/11/2014, 03:20:51 UTC
Quote from: kokojie on November 06, 2014, 02:17:03 PM
Quote from: Kimowa on November 06, 2014, 04:21:37 AM
Quote from: kokojie on November 06, 2014, 04:15:14 AM
If you reverse PoS and PoW in your post, then your post would be 100% accurate and correct Smiley
Doesn't it cost nothing to attack a PoS coin? While you must use actual resources to attempt to attack a PoW coin?

Nope, just the contrary. In a PoW system, once you own the hardware, it cost nearly nothing to attack any eco-system that uses the same algorithm. As shown by many PoW altcoins attacked to death.

In a PoS system, acquiring enough stake to attack will cost you astronomical amount of money, (you can't really hack the stake, since it's illegitimate stake and can be rolled back by community action). Then once you acquire the stake, you could only attack one particular PoS system (which you own a majority stake in, why would you attack it? it's illogical).

Therefore, ZERO PoS system has been actually attacked so far.

I'm not sure why people ignore the fact that tons of PoW altcoin has been attacked, and ZERO PoS altcoin attacked so far, and still have the audacity to claim PoS is less secure.
The problem with your logic is that you must purchase your mining hardware in advance of attempting to attack the network. You will also not be able to sell your hardware until your attack is complete.

With  PoS coin, on the other hand you can potentially sell your "investment" in the coin prior to your attack being discovered by the rest of the network, which would result in you having a zero net cost to an attacker