I want to know how secure is PoSV?
Help yourself, check out the whitepaper for more information about it.
This is a good question.
The Wikipedia article about Proof-of-stake and especially PoSV states that there is the possibility of 51% attacks.
Reddcoin’s ‘Proof of Stake Velocity’ (PoSV) claims to encourage velocity i.e. movement of money between people, rather than hoarding. These changes were done with little thought given to security, the changes made make it easier to achieve 51% attacks. By over emphasizing giving priority to new transferred coins, the system makes very easy to continually stage attacks with little consequence.
ReddcoinRocks It seems to me that PoSV would be more secure than vanilla PoS because it’s harder to save up large amounts of coinage over time to use in attacks. I could be wrong though.
GrayPhoenix That’s how I understand it after some research. Hope laudney can give us a statement regarding this wiki article. If the wikipedia article is wrong this should be corrected.
// EDIT: Interesting though that this statement was added 10 days ago (by someone from the BlackCoin community?)
ReddcoinRocks Thanks for clearing up questions !
ReddcoinRocks PoSV makes it extremely difficult for anyone to accumulate enough coinage to launch 51% attack. The guy who edited the wiki has no idea how PoSV works and probably did it out of malice. Is there anyonenhere who can revert the change?
laudney anyone should be able to do it! Just register and edit, although it may have to go through review I guess.
laudney Reddcoin Can you put some from the dev team please retrieve this Alert note in the beginning of this page http://agroff.github.io/posv/ ? So we can put this link in the Reddcoin wiki page.
I wasn’t expecting this repugnation from others crypto comunities towards us even our small wiki page was deleted. Is case to say “what a nice Sun in da beach!” http://en.wikipedia.org/wiki/Reddcoin
Well… at least we know how they are gong to come at us when the time comes
YouCanDoAnything I know that they don’t like any altcoin project but reddcoin receives a lot of bad reputation and after seeing stated that the Algo is the reason why reddcoin is unsecure. I almost loose my mind.