Couldn't he be just be referring to a 1% total stake in the coin, meaning controlling 1% of the entire money supply? That's what it means to me when I read it. I think he is saying it's nearly impossible to attack a PoS coin by owning only 1% of it. You need to own much more than that.
Hi,
From what I understand an attack is about single individual controlling the block chain for a period of time. The goal is to control the block chain for a little more than the confirmation time of 4 blocks.
By controlling, I mean that according to the logic of the application, the attacker`s block will be chosen because his block waited more days and has more coins, etc.
When looking at the % of coins needed, you need to see the total amount of coins which spread over the 2 weeks because you can only use the coins for minting once per 2 weeks. If you have a single transaction of 1B coins which has minted 1 minute ago, it will not help to secure the network for the next 2 weeks. Also, using 51% or 1% of coins is not the correct measurement, you need to use transactions. You are minting transactions which has an age and coins to compute its weight. I feel that overweight transactions should be divided more than by half.
An attacker just need to look in the blockchain for the weakest moment withing 2 weeks and prepare his transaction to mint at that time (plus 2 weeks). By weakest moment, I mean consecutive minting blocks using low age and low coins. In fact, it appears that much less than 1% of coins would be needed because of overweight transactions, unevenly speared(over 2 weeks) transaction weight and because the attacker's target is only a few consecutive blocks ( out of the 40320 blocks - 2 weeks ).
P.S. This is my first post.
Regards,
Veg