Updadet tread is here https://bitcointalk.org/index.php?topic=674029.0;topicseenProof of Stake coins have many issues here are some:
PoS is not backed by anything other than the belief there are worth anything and there will be an
endless supply of PoS coins because one created today does not have a significant advantage over on created tomorrow, next week, next month.......
What currently is happening is new coins are created with PoW, mined for a week until a fixed number is reached and then change to PoS and then you can claim your stake at buying xyz coin. The only advantage a coin released today has over on made sometime in the future is; somebody already bought into it. The advantage quickly disappears if the new coin has a better catch phrase a flashier webpage or bigger marketing capital....
There is no end in sight for stake claimed coins and all promising x % return if you know a bit of programming you will have your very one coin too and everyone can buy into your claim based coin completely deluding the marked.
Its a barrel without bottom and once it clicks by the herd run for the hills if you own a stake.
With a PoS the richer get richer. The most significant flaw of any proof-of-stake system and any system that diminishes coin rewards, is it can't distribute currency from the hoarders to the users of the currency, thus it will end up with the hoarders (the banksters) accumulating all the coin and the currency usage dying.
This is because the wealthy spend a much lower % of their net worth than the masses do.
PoS is a technological dead end. Once the coin is released the only thing to do is "claim your stake" no research, no new capital outside the buy in, no evolving industry...
PoS can NEVER remain decentralized. Satoshi's Proof-of-Work is the only known solution to the Byzantine General's Problem (was a known unsolved problem since at least the 1970s).
PoS is forbidden under Sharia law as it is interest paying
To 51% PoS is dead easy:
You start buying
aggressively or "willy" style until you have 51% of a PoS coin, and then sell off your coins so that you no longer have 51%, but your history of having once owned 51% makes it possible to attack the network at
any time in the future at next to no cost only some computing resources (and thus electricity costs, etc.).
As you once had a 51% stake, you can build a better blockchain than the other 49% can, starting from the point where you owned 51%. You develop this blockchain in secret, after you have sold off your coins (and profiting from it); and then release your secret blockchain to the world, and nodes will pick it up because it carries more stake than the 49% blockchain. Now not only do you have your profit from the original sales of the coin, you have your 51% back (to the extent that it's worth anything). Not all coins need to be in one address, in fact, doing so would prevent the attack in most PoS implementations.
Unlike bitcoin where everyone can see if anyone comes dangerously close to 51, in PoS its all hidden an attack can happen incognito.
There is no way of knowing if any PoS chain is already "dead", as it could have been attacked any-time in the past.
And then there's is also the possible social 51% attack
..........
But then there's the social 51% attack where a tiny majority hold a massive percentage of the currency. When this occurs the market is open to extensive manipulation for the benefit of the few, as with real world economics (the 1%).
NXT is a good example of the social 51% attack, the top 33 accounts hold 51% between them. The top 50 accounts hold 61.2%. I'm quite sure the top 1% of accounts (400 ish) hold almost everything, with the other 99% playing with spare change.
Source PoW is a promise x amount of energy has been used is backed by energy. There is no better backing than energy because everyone needs it, wants it and i will never have any problem selling it. To create a PoW coin you need x amount of energy and you can not cheat. The best you can hope for is to have a more efficient miner. Because the energy has been spent, the coin has a base value (many other things on top) and is a kind of a
storage medium of it which you can exchange. Sending a bitcoin is like sending a proof-en work done.
(The same apply's for gold digging it up, storing..... difference is it is awkward to exchange)
Edit:
The past 2 days i had a look at nxt and came to the conclusion that:
NXT is a ticking time bomb. NXT will always be at the mercy of the btctalk alias "BCNext" and his friends. The original 71 buy-in aliases just got some nxt depending on the proportion of bitcoins they sent.
https://bitcointalk.org/index.php?topic=303898.msg3253189#msg3253189As you can see he received a total of 22 btc. Since it was capped to 1 bitcoin and the biggest amount of nxt received from the buy in is 50 000 000 nxt (top two accounts) it can easy be worked out how much the others got.
http://87.230.14.1/nxt/nxt.cgi?action=30&switch=1What will never be know how many alias out of the 71 accounts "BCNext" did create and then sent to himself and his mates. You have to strongly assume that he and his friends have the majority of the coins.The second post is already talking about police and the 3rd post is quoting a post which is missing, hmm oozes confidence . It seems some posts have been deleted.
96% percent of the market it seems is in china (bter)
https://coinmarketcap.com/volume.html#nxtCrypto is all about trust, any bank is 1000 times more trusting than "BCNext" and his friends all with hidden alias on btctalk
Greed is a bitch.[/i]
i feel like reading these articles against POS are politically charged to combat the growing crypto-community acceptance and demand for POS coins. all of them are "theoretical". added to that let me explain my understanding.
if you were to attack a POS coin by buying aggressively, wouldnt this mean you would be forced to buy a gigantic amount of coins, thus pumping the market to ridiculous high price point allow ALL early investors to cashout at a grand profit along the way? seems a win to me. further more.. the person attempting to attack the pos coin in this manner would then have 51% the POS network leading to unhappiness with new investors thus the coin interest will drop along with price meaning.. they wasted all their money making everyone else rich while gaining NO ROI for themselves? seems like an excercise in futility and so i believe that this attack style is currently useless yet provides a total win-win situation for all who arent attempting to attack the coin(miners and investors). price would be pumped much higher and the average exit point would also be much higher.. leading to stability at a higher price. this is a positive in my book.. no?