bitcoin is not standing still it's being further developed upon
wow, that's something new  |
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If 99% of all PoS coins shut down and went home the only thing that would happen is people would stop losing money buying the pump-and-dump shitcoin-of-the-day from the Altcoin Announcments forum.
The greatly increased scam potential alone that has resulted in almost all new shitcoins being PoS coins should be enough to scare away most careful investors. But if you want to bet on trying to find that 1% of PoS coins that are not outright scams and on PoS being sound enough to actually work despite warnings from nearly all competent analysts, go right ahead. And I really do mean this. Being willing to go up against the prevailing wisdom of experts is a great thing and important to progress. Just know that the odds are very much against you.
Definition of a scam: something you haven't profited from and don't hope to  |
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My understanding is that PoS has attack vectors that are not present in PoW, giving the attacker a cheaper way to totally control/destroy the network.
Can you elaborate? I have observed exchange price action and noticed that when 1% of NXT is purchased at market price, this drives the price up 25%. If that is extrapolated to 51%, the funding would have to be in billions of USD, not to mention there is no single place where that amount of coins can be purchased. At the same time there are calculations that buying up hardware to control 51% of Bitcoin hashrate only requires $500 mln. |
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AnonyMint seems abosolutely convinced that PoS cannot work.
If he says so, it has to be true. PoS should shut down all operations within 24 hours and go home. |
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Too bad then, I guess there won't be a completed whitepaper any time soon. They are still writing code and have scheduled features that will take another year or more before NXT is anywhere close to complete, the whitepaper will always be incomplete and in draft mode.
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I recently tried to lay to rest some concerns I have about the technical underpinnings of the PoS system as used in NXT. See this thread on the NXT forum: https://nxtforum.org/general/forging-questions/Needless to say, my concerns have not been laid to rest. Furthermore, I have to say that the lack of technical expertise in the NXT community is somewhat worrying. You'll just have to search Bitcointalk original NXT thread (the one that's over 1000 pages long) for answers, developers are busy coding new features like crazy, no time to answer everyone's questions |
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There are no central checkpoints in NXT, only rolling checkpoints, and all txs deeper than 720 blocks are irreversible. When TF is implemented, all txs deeper than 10 blocks will be irreversible.
If you start your own fork, who will join you? By the way, you can start your own fork in Bitcoin too just as easily, but who will join you? This is just FUD you're spreading.
EDIT: don't take Peercoin for example, NXT's implementation of PoS has nothing to do with Peercoin's implementation.
To make an analogy: both apples and oranges are fruits, but they are very different.
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All of you please suggest me ? I want to buy 1 million nxt but all exchanges have less volume with different prices.I want to spend 0.00007 btc per nxt.
Coles
Try to slowly buy at bter, the volume will come. They have enabled withdrawals now, although at a 3% fee. |
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quoting your opinion proves nothing.
Same can be said about PoW crowd opinion we just saw 45M NXT bought for a measly 200BTC. just goes to show you how badly the hacker wanted BTC instead of NXT. yet he still hold 8M NXT to screw around the NXT network. can one short NXT yet?
trying to physically buy up a crapload of asic mining equipment, build a secret datacenter equivalent to all the current mines out there, channel enough water and electricity to such a secret facility, hire the manpower and construction machinery to build out said center, hire the expertise to implement such hardware is NXT to impossible at this point. we see asic chip makers pushing the 14nm chip frontier while Intel is still on 28nm. and yet the boogeyman gubmint is supposed to be the bleeding edge? no, i'll take the private, open source sector anytime.
Hacker was under pressure and had to settle for less money. Nobody argues that BTC is more liquid and easier to get away with, however hacker said that he believes in NXT and had no intention to sell it quickly I don't believe you can short NXT, there is an asset at NXT Asset exchange that someone created that can be used to short but with very large limitations and in small amounts, it's more of a scientific interest to that asset issuer, not any meaningful tool. The process to buy 51% of NXT would be even more cumbersome than what you just described. There is simply no place where you could find that much NXT supply to begin with. |
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As the recent hack has proven if the hacker would have been malicious nxt would be dead at next to no cost at all.
Someone already said that, you guys keep repeating the same things over and over. of course it's quite possible if Bter didn't do it, the price of all NXT on the market would be 0.
It would stay depressed at 4-5k satoshi for 2-3 months if he chose to sell in equal portions (1m each day), that's how long it would take for the market to absorb 50M volume. If he chose to sell all in one go, it would go to 100-200 satoshi for a few hours, buying 50m NXTs at 500 satoshi takes only 250 Bitcoins, that's about daily volume of NXT trading. So all the 50m would be quickly bought within 1 day, that's rough calculations, give or take a few hours. Gradual selling over 2-3 months would hurt more because it'd be more prolonged bleeding, but not dramatic either. Hacker can't control NXT network with 5% of the coins. The only thing he could do is what is quoted above. |
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It was sarcasm |
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Definition of a scam: something you haven't profited from or don't hope to.
Everything else is not a scam.
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The easiest path to attack bitcoin under the current PoW system is actually easier then building many asics or even getting a few swat teams to take over the pools. It's simple. Start two or three pools and pay slightly more then all the other pools. Since government has the printing press they can subsidize the extra bitcoins in such pools essentially forever and in an unlimited fashion. Most miners would have a clear economic incentive to join those pools and likely will. And just like that they would control the majority of the hash rate. They might already control that since no one knows who runs ghash.io and/or discuss fish? That's tinfoil hat obviously and PoS would not be immune to that either since again with an unlimited printing press 51% of any PoS currency can simply be bought up.
It will take at least two orders of magnitude ($500 mln vs $50 bln) more funds to "simply buy up" 51% of an established PoS crypto like NXT than buying up hashrate or subsidizing Bitcoin pools. Buying up 1% (10 mln) of available supply of NXT drives price 25% higher each time. Before there is a chance this could happen, Transparent Forging becomes implemented, then buying up 90+% of the coin supply will simply be impossible as in never. Now tell me which is more secure. |
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Can you please provide a linkie to what auxPoW is about? Thank you.
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Will it die? yes
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any exchange can have too much of the current supply and then do what they please with it or get hacked.
You mean Mt.Gox?  Everything is happening faster in NXT. It had its 'Mt.Gox' moment in its first year, which took Bitcoin a few years. Hopefully people learn from their mistakes and don't keep coins at exchanges. These hacks will give boost to trade on multigateway. At least users on bter haven't lost all the coins like on Mt.Gox and should be able to get the bulk of their stored coins back. |
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OK, who will you pay (a drink) in the following situation?
A. hard working sweaty roadman (with a bit of a potbelly)
B. blonde long-legged DD stunner (standing alongside with hands in her pockets)
(right, just what I expected)
haha, that's a good one, just like I said  I am going to pay the one whose product has more utility value and more useful functions. I don't care what they did to create the product, I care about the properties of product.
But a brunette for me please, long-legged DD is fine though |
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