Re: PoS is far inferior to PoW - why are so many people advocating switching to PoS
Mining costs are ramping up with a speed of lightning and reward for block finding is going down. At some point there is no way to enter this economy since there are "top miners" who will simply outmine you.
"Free Entry" does not mean "low capital requirements".http://yadayadayadaecon.com/concept/free-entry-and-exit/
I fail to understand why an attacker has to choose which chain to participate in.
The built-in fundamental premise of PoS is that the stakers will mostly behave themselves because they have a lot of stake. Ultimately, if they misbehave the "trustworthy" will roll it back to their preferred chain.The mechanism by which this roll back takes place in NXT is through trusted peer lists and a 720 block fork limit. (Not through formal "checkpoints" like I expected.)
So PoS does not achieve trust-free globally decentralized consensus, which is the entire point of the N@S criticism.
http://download.wpsoftware.net/bitcoin/pos.pdf
Though I think I'm preaching to the choir...
Serious research into POS can be found here >>> https://bitcointalk.org/index.php?topic=897488.0
You can even play with the models to check the findings yourself. I love that PDF btw, esp the bit at the end where they admit they have no rigorous analysis to back up their claims. Only intuition
Please consolidate comment on the above to the link >>> https://bitcointalk.org/index.php?topic=897488.0