It's about time to turn off PoW mining

[smalltimer]

i can 51% the network after having held a significant amount of the coins with a cost of zero to name just one of many problems. That shit is for the trashcan. It couldn't be more blatant how you pump your shitcoin... and on top of it in the wrong section.
Jeeez. I am done here.

I have already addressed this issue in post #409.

Your first obstacle is obtaining 51%, your second obstacle is you will lose your 51% immediately after you try to attack. No one would be dumb enough to even attempt this, and this why this attack have never happened in reality in a PoS network. Though 51% attack has been repeatedly successfully done on PoW altcoins, how do you explain that?

you sell your 51% before you attack of course so you have nothing to loose. And you don't need 51% of the coins. 20% will be enough since you just need 51% of the coins staking at any given moment in time. All you need to do is broadcast the chain you created from the point on where you still had your coins. No big deal. Just profit.

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[achimsmile]

i can 51% the network after having held a significant amount of the coins with a cost of zero

I can attack bitcoin, just by owning 51% of all hashing power.

[kokojie]

i can 51% the network after having held a significant amount of the coins with a cost of zero to name just one of many problems. That shit is for the trashcan. It couldn't be more blatant how you pump your shitcoin... and on top of it in the wrong section.
Jeeez. I am done here.

I have already addressed this issue in post #409.

Your first obstacle is obtaining 51%, your second obstacle is you will lose your 51% immediately after you try to attack. No one would be dumb enough to even attempt this, and this why this attack have never happened in reality in a PoS network. Though 51% attack has been repeatedly successfully done on PoW altcoins, how do you explain that?

you sell your 51% before you attack of course so you have nothing to loose. And you don't need 51% of the coins. 20% will be enough since you just need 51% of the coins staking at any given moment in time.

I don't get it, how do you attack with your 51% stake if you sold it before the attack?

[devphp]

I don't get it, how do you attack with your 51% stake if you sold it before the attack?

You just can, trust him. He heard it somewhere

[smalltimer]

i can 51% the network after having held a significant amount of the coins with a cost of zero to name just one of many problems. That shit is for the trashcan. It couldn't be more blatant how you pump your shitcoin... and on top of it in the wrong section.
Jeeez. I am done here.

I have already addressed this issue in post #409.

Your first obstacle is obtaining 51%, your second obstacle is you will lose your 51% immediately after you try to attack. No one would be dumb enough to even attempt this, and this why this attack have never happened in reality in a PoS network. Though 51% attack has been repeatedly successfully done on PoW altcoins, how do you explain that?

you sell your 51% before you attack of course so you have nothing to loose. And you don't need 51% of the coins. 20% will be enough since you just need 51% of the coins staking at any given moment in time.

I don't get it, how do you attack with your 51% stake if you sold it before the attack?

you create a chain longer than the current chain from the block where you still had the coin in your wallet. Done.

[devphp]

you create a chain longer than the current chain from the block where you still had the coin in your wallet. Done.

See? Told ya, it's as easy as taking crap in the morning. Anyone and their mama can do it

[achimsmile]

i can 51% the network after having held a significant amount of the coins with a cost of zero to name just one of many problems. That shit is for the trashcan. It couldn't be more blatant how you pump your shitcoin... and on top of it in the wrong section.
Jeeez. I am done here.

I have already addressed this issue in post #409.

Your first obstacle is obtaining 51%, your second obstacle is you will lose your 51% immediately after you try to attack. No one would be dumb enough to even attempt this, and this why this attack have never happened in reality in a PoS network. Though 51% attack has been repeatedly successfully done on PoW altcoins, how do you explain that?

you sell your 51% before you attack of course so you have nothing to loose. And you don't need 51% of the coins. 20% will be enough since you just need 51% of the coins staking at any given moment in time.

I don't get it, how do you attack with your 51% stake if you sold it before the attack?

history attack. If he sold his 51% after block X, he can delete every block after X from his blockchain and pretend that he never sold the coins. The fork from before the selling will eventually become longer than all other chains.

This is fun and stuff, but you still have to have 51% at some point  

[kokojie]

i can 51% the network after having held a significant amount of the coins with a cost of zero to name just one of many problems. That shit is for the trashcan. It couldn't be more blatant how you pump your shitcoin... and on top of it in the wrong section.
Jeeez. I am done here.

I have already addressed this issue in post #409.

Your first obstacle is obtaining 51%, your second obstacle is you will lose your 51% immediately after you try to attack. No one would be dumb enough to even attempt this, and this why this attack have never happened in reality in a PoS network. Though 51% attack has been repeatedly successfully done on PoW altcoins, how do you explain that?

you sell your 51% before you attack of course so you have nothing to loose. And you don't need 51% of the coins. 20% will be enough since you just need 51% of the coins staking at any given moment in time.

I don't get it, how do you attack with your 51% stake if you sold it before the attack?

you create a chain longer than the current chain from the block where you still had the coin in your wallet. Done.

That would be a chicken and egg problem, you can't create a chain longer than the current chain, if you already sold your stake. Plus, how long do you think it would take to sell 51% stake in an eco-system? I believe it would take months. Again, no one would attempt this, it's impossible to pull off.

[smalltimer]

right. Buy 20% or 30% of the coins - will be enough and can be done.

Sell them at a profit, fork that shit and get your coins back, sell them again.

Just move the thread to altcoin so it gets lost with all the other crap. Keep holding pos-coins. Good luck.

[achimsmile]

right. Buy 20% or 30% of the coins - will be enough and can be done.

Sell them at a profit, fork that shit and get your coins back, sell them again.

As I said. Buy 51% of bitcoin hashing power. so easy, much wow.

[kokojie]

right. Buy 20% or 30% of the coins - will be enough and can be done.

Sell them at a profit, fork that shit and get your coins back, sell them again.

Just move the thread to altcoin so it gets lost with all the other crap. Keep holding pos-coins. Good luck.

Do you think it's easier to buy 20% or 30% of Bitcoin? or use money worth about 10% of Bitcoin marketcap to buy enough hardware to attack?

I never said PoS can't be attacked, just that PoW can be attacked easier.

and if this is true, then why the hell is Bitcoin spending $500M per year in PoW expense, if PoS is more secure and much cheaper.

[smalltimer]

a successful attack in pos is far more damaging to a coin than a successful attack in pow.
Once successfully forked you can scrap it.

[kokojie]

a successful attack in pos is far more damaging to a coin than a successful attack in pow.
Once successfully forked you can scrap it.

That's false, and again addressed in my post #409, an attack on PoW network is far more permanent. We have also witnessed many PoW altcoin developer giving up after being 51% attacked constantly.

[smalltimer]

false claim. Just bumping btsx in bitcoin-section. Done here. It's spam.

[Brangdon]

history attack. If he sold his 51% after block X, he can delete every block after X from his blockchain and pretend that he never sold the coins. The fork from before the selling will eventually become longer than all other chains.

This is fun and stuff, but you still have to have 51% at some point  

Nxt disallows block-chain re-organisations past 720 blocks, so you have to mount your attack within 12 hours of selling your coins. Selling 51% of NXT, or even 20% of NXT, within a 12-hour window would crash the price. You'd lose a fortune. This is not a cheap attack.

[inBitweTrust]

Nxt disallows block-chain re-organisations past 720 blocks, so you have to mount your attack within 12 hours of selling your coins. Selling 51% of NXT, or even 20% of NXT, within a 12-hour window would crash the price. You'd lose a fortune. This is not a cheap attack.

One could always negotiate a wholesale price with multiple private parties to sell off the Nxt without touching any exchange and crashing the market. These private parties would be ignorant to the fact that this offer was being made to many other members because the purchasing party would want to keep secret the wholesale purchase as to not draw attention to a possible large sale and thus instigators other traders to sell as well before they have a chance to do so.

In such scenario the outside attacker would have to take a minor loss but not anywhere near as much as you suggest.

[kodtycoon]

Nxt disallows block-chain re-organisations past 720 blocks, so you have to mount your attack within 12 hours of selling your coins. Selling 51% of NXT, or even 20% of NXT, within a 12-hour window would crash the price. You'd lose a fortune. This is not a cheap attack.

One could always negotiate a wholesale price with multiple private parties to sell off the Nxt without touching any exchange and crashing the market. These private parties would be ignorant to the fact that this offer was being made to many other members because the purchasing party would want to keep secret the wholesale purchase as to not draw attention to a possible large sale and thus instigators other traders to sell as well before they have a chance to do so.

ok you go and try and find private buyers of millions of dollars of a coin in less than 12hours.. Good luck with that.. You couldn't even sell 2m worth in 12 hours.. Probably not even 1m or even 500k dollars worth.. Your being out right stupid and picking at straws.. If you think what you just posted is possible in 12 hours then you are an idiot

[cbeast]

Nxt disallows block-chain re-organisations past 720 blocks, so you have to mount your attack within 12 hours of selling your coins. Selling 51% of NXT, or even 20% of NXT, within a 12-hour window would crash the price. You'd lose a fortune. This is not a cheap attack.

One could always negotiate a wholesale price with multiple private parties to sell off the Nxt without touching any exchange and crashing the market. These private parties would be ignorant to the fact that this offer was being made to many other members because the purchasing party would want to keep secret the wholesale purchase as to not draw attention to a possible large sale and thus instigators other traders to sell as well before they have a chance to do so.

ok you go and try and find private buyers of millions of dollars of a coin in less than 12hours.. Good luck with that.. You couldn't even sell 2m worth in 12 hours.. Probably not even 1m or even 500k dollars worth.. Your being out right stupid and picking at straws.. If you think what you just posted is possible in 12 hours then you are an idiot

It would be easy enough for an exchange to arrange dark pools.

[inBitweTrust]

ok you go and try and find private buyers of millions of dollars of a coin in less than 12hours.. Good luck with that.. You couldn't even sell 2m worth in 12 hours.. Probably not even 1m or even 500k dollars worth.. Your being out right stupid and picking at straws.. If you think what you just posted is possible in 12 hours then you are an idiot

You don't need to find these buyers within 12 hours. You can court buyers over any length of time and negotiate on a price over months. The sale just needs to happen in 12 hours.


With the example of NXT 8-12 individuals control a majority of the coins so there are many alternative forms of attacks that are technically profitable for any user wanting to take profits and burn the bridges when they leave.

There are many reasons why an early stakeholder may be motivated in attacking Nxt:

1) Disillusioned with community, personal disagreements, or lack of long term hope so wish to take profits and exit with a "bang" for emotional reasons
2) Stake holder who wishes to take profits now and than create his own fork or new PoS and thus wishes to show vulnerability in Nxt. The new PoS coin could attempt to address weaknesses within Nxt like initial distribution or the framework and promote DPoS or some other gimmick to attract disillusioned Nxt Users.
3) Government(s) wishing to attack Nxt
4) A nihilist with too much time on their hands and wishes to inflict "justice"
5) Jealous Bitcoin fanatic who wishes to discredit competing alts
ect...

Your being out right stupid and picking at straws..

If you aren't even considering these attack scenarios and consider them "picking at straws" than you are just another PoS fanboy who isn't serious about security like the rest of us.

[phillipsjk]

I think you have a reading comprehension problem. I'm suggesting to convert Bitcoin itself to PoS. I wasn't aware PoS was an altcoin. Your argument is laughable.

PoS Bitcoin will be an alt-coin as long as the majority of the nodes feel that PoW is adequate. It would take dramatic events to convince me that PoS is better than proof-of-work: mainly since PoS does not solve the initial distribution problem in a fair way.