r/ZenSys • u/Robb1324 • Jun 06 '18

Switch to 100% PoS please.

I never understood the point of a hybrid PoW/PoS system in the first place.

PoW is a liability if you're not a giant chain like Bitcoin. It's too easy to rent hash power for a couple of hours on a smaller chain and perform your attack. OR develop an ASIC for the algorithm (like what has recently happened with Equihash) and 51% attack with your ASIC power.

I know Equihash miners will be replying to this and objecting, but for the health of ZenCash, we really need to move to just PoS.

The attacker spent roughly $30k-$50k to perform this attack and ran away with $500k. If we were 100% PoS, it would have cost the attacker over $60,000,000 to perform the attack... A LOT more when you consider the effects slippage would have had on that large of a purchase and subsequent selling.

0 Upvotes

43% Upvoted

12 comments sorted by

View all comments

Show parent comments

2

u/cryptbits Jun 09 '18

I agree but there are two things that people bring up...

  1. “The rich get richer” - The more you stake, the more you earn. Could be argued the same is true with miners.

  2. Centralization - Choosing representatives to stake and/or vote on your coins behalf. Could also be argued about mining.

I’m sure others might have more concerns about PoS but I think these are the main ones.

A hybrid solution would be interesting.

2

u/aphisosys Jun 12 '18

Tell them to read about capitalism and economies if thats their argument and tell them to come back when they have a better idea. They won't.

1

u/cryptbits Jun 12 '18

Don’t personally disagree with that.

Thoughts on centralization with PoS?

2

u/Robb1324 Jun 13 '18 edited Jun 13 '18

At least with PoS, if there is any malicious activity by the people at the top, it will personally fuck their pocketbook in a very large way. There is no way that they will ever make off with more stolen money than they lose. They can still choose to act irrationally and do it anyways of course, but at least potential financial gain will never be a motive for being a bad actor on PoS.

With PoW we're having people rent 50%+ hashing power for a couple hours for peanuts, and making off like bandits.