Author Topic: meanwhile, on the bitshares subreddit...  (Read 331 times)

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meanwhile, on the bitshares subreddit...
« on: June 28, 2014, 03:53:38 am »
somebody posted that article I wrote about DPOS on reddit. the second comment is:

" implementing a layer of technological democracy to offset the negative effects of centralization."

Democracy.... that is the 51% attack at its core and you are going to implement it in proof of stake too?

Let me spell it in clear text:

51% of the votes in any democratic vote always wins regardless if the winner is good or evil. Exactly the same as the 51% mining problem is now in bitcoin.

The whole point of Satoshi nakamoto was to attempt to secure bitcoin against the obvious flaw of democratic controlled currencies by making it decentralized.

How can a thing nakamoto tried to fight against be the solution? I'm confused.

predictable. anyone wanna swing over there and back me up?

here's the response I'm about to post:

It's still decentralized because each client has voting power. There's even an automated system for firing delegates who commit certain bad behaviours. In a 51% attack we don't get to choose who to trust, it just so happens to be whoever had enough money to gobble up the hash-power first.

This system preserves decentralization by taking control of the centralization that would have inevitably occurred in a proof of work scheme anyway.

Offline toast

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Re: meanwhile, on the bitshares subreddit...
« Reply #1 on: June 28, 2014, 03:56:52 am »
Yep, there we go getting in trouble for "democratic"... just avoid that word, it's inaccurate and I doubt the connotations are always going to be positive like BM expects
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Re: meanwhile, on the bitshares subreddit...
« Reply #2 on: June 28, 2014, 04:15:44 am »
I don't think anybody denied that the crypto-community would find it in bad taste. I pretty much expected that kind of a reaction.

but, I still agree with BM that it could be useful with grabbing non-crypto followers.

who, now that I think about it, wouldn't be reading that article to begin with...

but on the other hand, maybe it will bring attention to DPOS by stirring up controversy. no such thing as bad press.

hmm... I'm definitely still on the fence. I see both sides here.

Offline gamey

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Re: meanwhile, on the bitshares subreddit...
« Reply #3 on: June 28, 2014, 04:26:04 am »
I was using Democratic in some of the content I wrote.  Luckybit seemed to push it.  I like the idea but if it becomes an issue like this I could see changing it.

One thing you can point out that the money policy is not controlled by the Democratic votes, just who signs the blocks.  So the analogy is a false one.

There are other problems.  Miners have no interest in securing a network.  THey are an independent third party likely looking for a profit that isn't related to the coin.  I actually wrote a paper on this.  I need to edit it more etc, but if you continue down the logical conclusions it seems to me that POW is quite insecure.  (Just wait until block rewards start to drop and so there are fewer miners involved.)  That will make a 51% attack far easier than the cost of acquring 50% of a coin.
« Last Edit: June 28, 2014, 04:39:24 am by gamey »
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