Quote from: inBitweTrust on January 17, 2015, 02:50:00 PM

Quote from: valarmg on January 17, 2015, 02:30:47 PM

If there is no fundamental reasons why PoW is better than PoS, then PoS will win out due to lower cost (imho).

Yet despite Bitcoin being in a death spiral of capitulation both Bitshares and Nxt have lost far more against bitcoin in the last year. Perhaps there are other factors that are far more prescient than the mining costs to secure the network?

I wouldn't say far more. There are more forces at work than mining cost, certainly. Bitcoin is the big daddy of crypto and in a world of it's own in terms of price and network effect. But if you compare PoS coins versus non-bitcoin PoW coins over the last year, I'd expect PoS coins to come up on top.

Quote from: inBitweTrust on January 17, 2015, 02:50:00 PM

Quote from: valarmg on January 17, 2015, 02:33:53 PM

You understand that long range attacks have proven impossible in simulations. So if a bank buys a large chunk of coins and waits the required number of confirmations, then the previous owner cannot launch any attacks. Or am I misunderstanding your premise?

There are many different variants of PoS, and some of them are indeed susceptible to long range attacks. Stop generalizing.

Well, I agree that some PoS algorithms are most likely much worse than PoW. I'm more interested in the potential of PoS, how secure it could be if best practices are followed. PoS is still growing up, Bitcoin is much further ahead in terms of protocol security.

(Edited to remove something I was wrong about.)

valarmg

Posts

Merits