If others like yourself want to ignore those flaws , it is your choice.
Please let me also refer to some of your points from the other thread as it seems you pointed out all of these flaws.
First of all it’s a bunch of unsubstantiated claims. Please at least show some proof that what you’re saying is indeed correct, because it feels like you say these are facts.
“Diamond is a hybrid coin POW & POW , so they say it is more secure than either.
Wrong: It is twice as vulnerable, it can be attacked by a 51% POW attack or 1 of the new 5% Doublespend Attacks. “
Right, so Bitcoin can be attacked by 51%, shock and horror!
We have already been attacked like that many times before, when some bunch of Bitcointalk trolls put us on their list of scamcoins to eradicate. They tried until finally gave up. How disappointed they must have been. 80% of PoW hashrate was in attackers hands and the only thing that was holding the network together was PoS.
Please show me the other way, because the one I know and experienced is completely different. Has any similar attack been successfully carried out anywhere else?
Reasons , POS will not protect a coin if it has under a few billion coins,
But yet they push it being rare as adding value, it is a danger to POS security.
Where did you get his from? Why would coin number had anything to do with security risk in PoS. Imagine a situation where I have 1 coin worth 1$ and 1000 coins worth $1, which one is worth more?
The only good recipe I see for healthy PoS is high market capitalisation making any attack expensive. I have noticed DarkCoin core devs also see this as a good strategy for their master nodes implementation.
Yes, big banks, governments and other evil forces could easily take us down, but in reality it’s not going to happen. The immediate threat would be people who would have done it for fun or if I World Wide Crypto War broke out.
Security is not a thing you do once and forget about. It’s constant process of adaptation, that’s why no one here claims that what we have now will be enough forever.
Transition at 1 million block will be just fine.
The group stake feature they added weakens the POS even more since it lowers the number of blocks securing the network.
I refer you to excellent post made by Mister1k
https://bitcointalk.org/index.php?topic=580725.msg10618640#msg10618640where he explains the benefits for the network security:
'''Benefits of smaller blocks:'''
* Enhances network security (more hash rate devoted to PoS)One might risk saying that not using coin control is more 'moral' than using grouping, but even without that particular tool it's possible to manage your piles, but harder and less accurate.
Coin control is non issue, it can only help. If there are people who 'abuse' it (by whose judgement), tough - there's nothing we can do about it.
There will be people who need it, and people who don't.
If coin control means making the user happy, then good.
Does it pose existential threat to the network? Very doubtful.
There are some zealots that defend the coin without thinking even when thinking about it would help make things better.
This is not true. We are aware of security risks and have plans of further improvements.
I could refer to many instances where we acknowledged input from community
(
https://bitcointalk.org/index.php?topic=580725.msg10395349#msg10395349)
but won’t do it as I fear it might be just a waste of time.
You also seem to have ignored my arguments when I presented them before (like
https://bitcointalk.org/index.php?topic=580725.msg10599523#msg10599523).
Which makes me believe you are very devoted to your opinions.
The cloudmining that is supposed to skyrocket the price will fail, since all mining has been losing money.
The Reactor is a weak attempt at securing the coin , just places a lot in 1 spot to be stolen.
No, not true. Cloudmining was never meant to skyrocket the price! From day one it was about going with our ethos of providing a stable value coin. It is the first pillar of stability mechanism. Reactor can be seen as an extension of that.
Please check this chart (
http://www.cryptocoincharts.info/pair/dmd/btc/cryptsy/6-months) starting from October how value developed. It was all thanks to Cloud Mining.
Your fears are way overblown, you can’t even compare it to hacking the exchange as the Reactor is just some node somewhere you have no IP to.
None of these things are impossible to do, but paranoia often does more harm than good. In every murder case there is a motive for committing the crime .. I just can’t see how 70k is good enough incentive to make the effort. Someone with these skills would much better rob some bitcoin store.
Also opens DMD to a DDOS on the Reactor , hit the reactor with a DDOS attack , and your network will be stunned and if a few other things are done , a fork could be triggered so the reactor is on 1 fork and the rest of you on another.
As said earlier, what do you want to DDOS if you don’t know the IP of your target?
Even if the Reactor was taken down by some kick ass Anonymous ops, the network would not be ‘stunned’, because the Reactor is just an ordinary wallet not connected in any special way with the rest. If they transferred funds elsewhere they would have to gather coin age from the beginning which would give us time to implement contingency measures.
