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So we have arguments from authority and strong beliefs.
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i just dont think any pos system offers the same security as pow does.
What makes you think this? |
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The thing is that while PoS systems may be working in practice on a small scale right now, the security experts are all claiming that poS really does not provide distributed consensus and one can see this for themselves.
Sources? |
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Yah srsly, if it's about using and promoting PoS crypto, take your money and fuck off into one.
If it's about a money grab so bitcoins market cap serves your personal agenda, well... keep plugging.
If you think BTC/POW is secure in its position, why do you think talking about POS will have any effect on anything? |
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 My favourite bit was the detail. |
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This BTC exchange supports multisig (from 3 servers) >>> http://multigateway.org/The coin assets are backed up by the coins deposited in MGW[Multigateway], stored by the three MGW servers in multiple multisignature accounts for every supported coin.
In a multisignature account, the same address has several associated private keys or signatures. This means the servers have to agree, each of them providing their signature, in order to process the coin transactions – similar way to a joint bank account. The use of multisignature accounts and independent servers is what makes MGW more secure than any traditional centralized exchange account. Bitcoin, Litecoin, BitcoinDark, Doge, Blackcoin, Viacoin and Nxt are currently supported (others listed on the site above). There are plans to offer asset to asset trading in the future (i.e. BTC to LTC). Support can be found here, if required >>> https://nxtforum.org/nxtservices-releases/multigateway-user-support-thread/ |
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Private key for minting = Online account (and its passphrase)
Sending key = Offline account (and its passphrase).
Offline transaction is prepared offline using the passphrase once a month (roughly) for the leasing. Prepared transaction is broadcast on the network. No exposure of offline key (passphrase) to the network.
How is it different? Is this live in Peercoin or still being discussed?
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Which one am I supposed to download? 1.4.5 or 1.4.6? On the main NXT website at Nxt.org, the download link is for 1.4.5. The OP also says 1.4.5. But when I look at the announcement on the NXT forum at Nxtforum.org, it says "HARD FORK AT BLOCK 330,000 - Update to the latest Nxt Client 1.4.6". Is 1.4.6 an unstable version still in development? I don't usually like to download alpha or beta versions due to the risk of bugs. Also my laptop running XP has 1 GB of RAM and running the NXT client along with multiple tabs open on Firefox is very slow. I am thinking of switching to a light client like Mofowallet (I don't use online wallets as my main wallet for security reasons) but I don't want to lose out on the forging benefits.  EDIT: Wait, does Mofowallet support forging without running a full node? How is this possible?  If you download the installer (known as NxtWallet) from... https://nxtforum.org/alternative-clients/(windows-mac-linux)-nxtwallet/msg146179/#msg146179...you can update to 1.4.6 from within the client. If downloading the NRS client (the original one with the black window with all the code in it), download 1.4.6 directly from... https://nxtforum.org/nrs-releases/nrs-v1-4-6/... or the link at the top of nxtforum.org. 1.4.6 is a full release (not alpha of beta) but that doesn't guarantee no bugs  Try mofowallet, it is lightweight so no blockchain to download. It is unknown to me so I don't know much about it. |
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Pos is probally going to happen sooner or later to BTC. The head wind of mining is an issue. Further PeerCoin has just implemented cold minting, which mean your coins can not be stolen even if they get the private key for minting (which would be the only one exposed to a hack). Your sending key is kept of line if you wish.
Same is already possible in Nxt. You can lease your forging power from your offline wallet to your online wallet, the private keys of your stash can completely remain on an offline machine. True, this has been implemented in Nxt since April 2014. When minting on n-chains at once (aka multibranch Forging), n grows exponentially with time. To keep signing each new branch attempting to get a better chain, POS will then tend towards becoming POW. So allowing multibranch forging is a positive for properly implemented POS. Research papers available for anyone interested... |
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Security and environmentalism.
no, I am not overly concerned with environmentalism, and don't believe there is much threat from consuming electricity. Yup, if sucking juice is much threat, enviro-extremists need to start firebombing all those assholes with plug-in hybrids. Fact is, anything that you turn on and off, especially at specific times of the day, sponsors fossil fuel power plants, because those are the ones that can most respond to sudden load increases and drops, utilities commonly have to fire up and idle gas and coal plants for such events as earth hour, and superbowl commercial breaks, so they can rev them up to full power the instant all the sheeple do the same thing at once, like turn the lights back on or make popcorn/hot drink. The corollary of that is that anything that provides a steady constant load sponsors clean, efficient generation. Oddly enough, the sources that like just to put out a steady stream of power are things like hydroelectric projects, which oddly enough are the very cheapest sources of electricity, which oddly enough seem to be attracting bitcoin mining facilities to places like Washington State and Quebec where they have a lot of that stuff. I think he is serious... |
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Security and environmentalism.
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POW is fine. The energy required to maintain the Bitcoin network is fairly trivial and energy is a competed market. If Bitcoin disappeared, electricity producers would compensate for any decrease in demand by lowering prices to a level that spurs people to keep their lights on a bit longer.
There would be no net benefit to the environment if Bitcoin disappeared tomorrow. It might actually harm the environment since more people would use bank notes produced from felled trees rather than electricity produced from Nuclear sources.
Agreed. the benefit to introducing any POS element would be security, not environmentalism. So you would be happy if you could have both? |
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Nxt one-click simple installers, anyone got any feedback? You can upgrade to the latest version (currently 1.4.6) from within the client when you are up and running.
Deleted links.
It may be a good idea to not download wallets from links on a forum  That's how a lot of Opalcoins were stolen recently. Very true. It happened in Nxts early days too. I have linked to Wesley's original posts on nxtforum. Could you delete the links you quoted too?  |
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