Ninjastic
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Board Altcoin Discussion
Re: PoS is far inferior to PoW - why are so many people advocating switching to PoS
by
drkman
on 14/11/2014, 05:31:27 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.
kokojie nails it on the head.  A POW 51% attacker WILL attack a coin to steal and double spend  destroying the coins value and move on to another coin to attack, steal from and destroy.  But this will practically never happen to a POS coin because the attacker would be attacking his own money that he already owns and would be destroying the value of his own wealth in the process.

Add in the fact that POW is so obscenely wasteful for zero benefit when compared to POS and one begins to realize the evolutionary advantage of POS mining vs POW mining and why more and more Bitcoin devotees have been seeing the benefits of POS.