To me the chain with the lower operational cost (all other things being equal) is better. And that chain is the one that is more efficient.
Amazing how people STILL, after 10 pages of the thread, are missing the point of
the article in the OP.
There is no "lower" operational costs regardless of the security model!
Security costs will always rise to the level of the rewards being
given, due to competition.
erm.. Actually no.. How do security costs rise in a pos system when rewards are tx fees? Did security costs rise for nxt when the asset exchange came out and transactional fees doubled or quadrupled and in turn rewards doubled or quadrupled? No they didn't so your theory that securty costs rise as rewards rise is wrong..
Because people will game the system -- they will create alternate chains to try to earn more fees.
Why WOULDN'T they, as long as there's money to be made?
well why haven't we seen any increase of multiple nxt forks or any at all for that matter during the period of increased reward? Why? You say why wouldn't they.. But yet no one has done that.. Pretty much of proves your statement wrong..
I would guess its because there's barely any rewards. What's the daily amount of fees being spent on NXT?
Also, most of the stake is centralized to a few big players anyway, so they don't need to compete.
And even if someone forged on multiple chains, only one is valid so they only get the fees from the valid chain because the rest won't be accepted. they won't earn any extra than if they only forge on the valid chain.. Your theory is pure tripe.
Yes, they only get fees on the valid chain, but they spend resources trying all the chains. That's the point. That's why resources spent will keep rising until its unprofitable.
Obviously it won't be both cases at the same time: There will either be high rewards and competition over them, or there will be little rewards and little competition.
As the article explains, if you don't have block rewards, you don't have much to worry about as far
the security costs rising, but then you have other problems relating to the issuance itself.