ANN-EMC2 Einsteinium FUNDING THE FUTURE WITH THE FUTURE OF CURRENCY KMD-dPoW

please see my responses in bold italic.

Quote from: bobq on August 07, 2014, 09:53:16 AM

There's a few issues about PoW which are not clear to me, it would be nice if someone would answer these few questions that I have, since EMC2 is apparently going the way of PoW without any prior deep technical analysis.

1. In a PoW network, transactions are confirmed by peers, who get rewarded for that - this is why they mine. Which convenience have peers in a PoS network to keep their wallets all time open, so that they can confirm transactions? (I understand that for a PoS to work wallets don't need to run all the time, maybe I'm wrong)

PoS uses a system called Staking... you keep your wallet open and stake coins in order to get some revenue. Open wallets with staked coins are the only ones that can generate blocks, ie confirm transactions.

2. What happens to transactions in a little community as the Einsteinium community is at the moment, if only very few peer or even nobody have their wallets running? How would it be possible to confirm transactions? Wouldn't the system collapse in the absence of enough peers?

the rewards given via the staking process ensure that enough wallets are open to confirm all transactions and keep the network humming along.

3. If there are only few peers with an open wallet in a little PoS network like Einsteinium would be, wouldn't that allow some sort of 51% attack become possible for some with a big stake?

yes
In a PoS system 51% attacks can only be conducted by someone who has 51% of the staked coins. (not 51% of the nodes)
as the Mintpal Vericoin wallet hack which almost brought down mintpal and vericoin has proven, an attacker does not need to buy 51% of the coins to pose a real security risk... they need only buy, borrow or steal 30% for it to become a major threat to the network. This is because so many coins are being held on exchanges and thus are not being staked.

4. We are obviously unhappy with the fact that the Einsteinium community has not being growing as fast as we would like, but since most of EMC2 coins have not been created yet and by going PoS the only way to create coins would be to already have some, would this not EVEN MORE slow down the growth of our community? After all, in the absence of any large scale adoption and thus practical use of a coin people who like to mine that coin are probably still many more than people who like to buy it. And if the community does not grow, how do we expect the value of EMC2 to rise? I'm mentioning this in support of my preference of a time-limited mixed PoW/PoS system as to ensure a smoother and safer transition to PoS.

PoS systems by their nature have much slower adoption rates than PoW because you can't simply get some coins by mining. If you want coins then you have to pay, work or beg for them. Traditionally to try and offset this, major stake holders give away coins in order try to get a wider distribution. how this will work with EMC2 where the major stake holders are unknown is anyone's guess

Evrybody is invited to answer to these questions of mine, of course in the interest of us all.