Quote from: achimsmile on December 29, 2014, 10:40:01 AM

Quote from: johnyj on December 26, 2014, 06:59:48 PM

POS=no production cost=no value

If I can produce a coin without any cost, why should I pay any thing valuable to exchange it??? I will just go ahead to mine it

Fiat money can have value without production cost, because there is a law to force its circulation, and the cost to make that law can be a war, which costs millions of times more energy than POW mining

You make a common mistake here.

PoS has a production cost. To invent a working PoS system, you need to do brainwork. To generate a PoS block, you need to do CPU cycles (and you need to have stake of course).

But that doesn't matter, because production cost != value

The amount of CPU power necessary to generate a PoS block is nominal at most. A single very old computer would be able to handle creating every single block of a PoS coin.

If it does not cost anything to produce a PoS coin then it does not cost anything to attack the network. As a result any PoS coin can be attacked for free