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General Discussion / Re: Transactions as Proof-of-Stake & The End of Mining
« on: December 01, 2013, 08:13:28 pm »
So the basic idea is that the more coin-days destroyed in a given block, the lower the difficulty. But even if someone had enough computing power to find blocks that only destroyed a few coin-days, their chain would still be rejected, because proof of stake is used as the primary judge of chain size, not proof of work. Therefore, the fastest growing chain will be the one that includes the most transactions, which keeps the network healthy. The only flaw I can find is the possibility of somebody finding a way to factor public keys to derive the private keys, but I think we can all agree that if this happens, we have much bigger problems to deal with.