Post
Topic
Board Altcoin Discussion
Re: PoS is far inferior to PoW - why are so many people advocating switching to PoS
by
achimsmile
on 12/11/2014, 07:00:49 UTC
https://download.wpsoftware.net/bitcoin/pos.pdf

That paper explains why Distributed Consensus from Proof of Stake is Impossible

This paper gets cited more than the bible around here Cheesy

Is it so credible because its a pdf?

I wonder why noone mentions the 2 huge flaws the paper has:

1. It throws all PoS implementations in one pot, while there are huge differences between them.(centralized checkpoints vs. decentralized ones, unlimited reorg vs. 720 block reorg limit etc. etc.)

2. It does not bother to mention how many calculations are needed to secretly build a valid longer chain with a small stake in a specific PoS system. This is like saying sha512 algo can be cracked, without calculating how many tries one needs to crack it...

I'm eagerly awaiting a revised version that calculates needed computing power to n@s-attack, let's say current version of Nxt.