[ANN] Blacknet BLN | Staking | Future of zApp & ZeFi

about security: could someone explain how we could be hacked ? (pos) I know ppl have to have wallets opened, but how many coins/ppl/whatever ?

Technically you need 51% of all blackcoins to perform a hack in terms of double spending etc. Theoretically the required amount of coins is smaller if an attacker is able to precompute the chain, but this is open research afaik.

20% is enough to do double-spending attacks from time to time (like once per month) with no direct costs.

20% of active stakes at the moment off course, less active stakes, less security, less interest make less actives stakers

http://www.reddit.com/r/Bitcoin/comments/22aw8c/most_altcoins_are_not_secure_enough_they_exist/

Well this comment was related to PeerCoin and the actual statement is:

Quote

20% is enough to do double-spending attacks from time to time (like once per month) with no direct costs.
I haven't done analysis on 51% attack on ppc, and I really doubt 20% will be enough.

I don't want to say that you are wrong, but want to stress that these topics are very hot (and interesting) and not completely understood yet [edit: by the larger audience, brains like rat4 surely have a better understanding].

Thats Right, what make me think its that is only 20% of active stakes.
On LOW REWARD POS, less people gonna be willing to active stake,

Its just that in crypto security came from miners, less rewards to miners make less relaltive security

I think that this can be a problem just like for Doge is (low early pow reward) that can be BC problem (using analogy)

But unlike in Doge in PoS there is no real work that has to be done, so basically there is no reason not to stake as long as you have a device running that is able to stake. When did you switch off your mobile phone last time?

Te reason not to stake is the LOW INTEREST!, the less that you get paid for doing something the less you are gonna do it. With a greater initial POS reward people will be more willing to stake their coins.

On android always stacking will mean It will also drain battery LIFE (Not desireable) so people will shut it down most of the time.

That's what I am saying. AFAIK the only difference between staking and not staking is the ability to broadcast a block to the network, which costs the energy in terms of the broadcasting operation and requires a small amount of the data volume.

I think these factors are negligible. And with no significant cost even a 1% interest rate is worth it, the only drawback is the limited availability of the actual balance.

This. Although the math may make sense in a 'laboratory environment' the simple fact is that there is no comparison between PoW and PoS as far as actual operation. If the BTC blockchain was secured by every open wallet, to the exclusion of PoW block creation... then the likelihood of a successful 'forgery' would drop to a value not even statistically viable.... as you would need to control not only the majority of the hashrate, but also a majority of the active addresses represented by the wallets themselves. This would basically have 1 chance of success and about a billion of failure... every time you tried it.

To some extent that's what you have with PoS... as the 'mining' is done by the wallet - with near 0 energy cost, and at a speed which is very fast... there's really no 'downside' to staking other than from a personal security standpoint (which to me is the real achilles heel of PoS in some ways). In other words - if you aren't afraid of having your wallet on a computer connected to the Internet - then there's no reason to not be staking your coins... as 1% is still pure profit!

In reality, the biggest mitigating factor to this 'problem' with PoS coins and BC in particular - is market cap. Right now (provided people were willing to sell that is) you could theoretically buy enough BC for about $1M USD... however, once you had that - it would be nearly impossible to capitalize on that resource... since doing it successfully would virtually guarantee that your invested holdings would lose their value the instant it was discovered. If the market cap reaches even $30M - wish is still far less than LTC - then it would require ~$7-10M for the requisite amount.

So essentially, the only applicable question is... do you believe there is already someone who invested tens of thousands of dollars or the equivalent value in BTC in BC... who actually wants to destroy BC in the near future (along with any real profit potential for themselves down the road). I agree that this world is a very weird place today, but I still think this is a non-issue for us.

EDIT: I should say, and that the person (should they exist) would rather destroy BC completely - along with their investment - rather than simply continue to see gains that no other vehicle current - especially in crypto currency land - is capable of. At that point you're talking about ideological terrorism at the exclusion of greed and self preservation. This does occur, but despite what Homeland Security might have us believe... it's still representative of less than .00001% of the population (and yes I made that up... it's probably a much smaller percentage even than that). Cheesy

Quite right. My own calculations on this topic were the same, for all intents and purposes. I think if the criminal in question had any sense of probabilities, he would take a different course anyway: He would invest the 1mil USD in powerball tickets in hopes of winning enough money to fund more effective terrorism. It is THIS scenario that I think we must be more concerned about.

Some people just want to watch the world burn.