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A comment on Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions. Parent comment

Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by ggg9990 on Wednesday May 23, 2018 @06:09PM (#17138824)
Interesting point. The cryptocurrency energy consumption problem will never be solved, since if it is, it will be economically feasible to attack. So cryptocurrency adoption in the mainstream will require massive electricity consumption.
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Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by gascan on Wednesday May 23, 2018 @06:22PM (#17138932)
You might even say it will ultimately require at least 51% of worldwide electricity production, to ensure no actor (including nation-states) can suddenly on-line additional capacity to seize control.

And then if that's true, one might dream of a power plant arms race, where two competing nations build additional power plants as fast as possible to prevent the other from gaining enough electrical capacity to attack the network...

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Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by sgt101 on Thursday May 24, 2018 @06:26AM (#17142652)
Alternatively one side opting out and using Fiat instead?

Oh...

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Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by auto on Wednesday May 23, 2018 @06:35PM (#17139053)
There's a great sci-fi plot here
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Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by 2bitencryption on Wednesday May 23, 2018 @06:36PM (#17139066)
...this is an intriguing start for a sci-fi novel.
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Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by bennofs on Wednesday May 23, 2018 @06:18PM (#17138904)
Only if it uses proof of work.
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Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by jsutton on Wednesday May 23, 2018 @06:24PM (#17138947)
Not necessarily, non-hashing consensus seems to be where most blockchain projects are going. So these would require a stake of assets or similar, instead of wasting computing cycles.
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Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by ufo on Wednesday May 23, 2018 @06:27PM (#17138982)
Creating a proof-of-stake algorithm that doesn't degenerate to proof-of-work and that doesn't require a central authority (checkpoints, etc) is still an open problem.
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Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by arez on Wednesday May 23, 2018 @06:33PM (#17139035)
I'm waiting for the cardano guys on this one, testnet with PoS will start soon and they don't make bullshit hype announcements ever
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Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by celticninja on Wednesday May 23, 2018 @06:28PM (#17138987)
Proof-of-Stake(POS) is still theoretical at this stage, there is no working solution or proof-of-concept. It is a nice(ish) idea to reduce the energy consumption of blockchains but isnt really a solution to decentralisation.
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Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by dlubarov on Wednesday May 23, 2018 @07:49PM (#17139568)
There are some working solutions now, like NEO, Dash, and NXT. Ethereum is sure to adopt it as well; a lot of details are TBD but there's little question that the community will adopt some form of PoS.

I'm not saying it's perfect -- there are some downsides like needing a cap on fork distance in order to prevent stake bleeding attacks [1] -- but it's certainly viable.

[1] https://eprint.iacr.org/2018/248.pdf

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Re:Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose M... by sudomake on Thursday May 24, 2018 @09:32AM (#17143779)
Yup, it anti-scales. If anything its scale resistant. Its a red queens race.
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