Quote from: Samurai on July 24, 2015, 06:31:39 PM

You said that developing a new wallet. While I see only one fork at a time.
You should to forget about a doomed system POW and should think to a more secure POW + POS.
Just look at the Diamond. This is a clear example of how the coin with the right technical solution is a success.

Recent attacks on the network of 90% total hash power (which would of killed "Diamond" btw), required that we address this issue before the release of the new wallet.

POW is not doomed at all.. on the contrary POS is doomed.

That is because POS is actually centralized, with majority of the "votes/hashpower" going to those who hold the most/oldest coins. In other words, whomever controls the most/oldest coins, controls the network.

It is a Ponzi scheme good for little more than giving people the illusion of same level of security at better energy efficiency, combining the two makes POW your point of failure anyways.

With POW you know some actual work needed to be done to print the "value", with POS its very similar to FIAT where those who own the oldest/most coins can "print" for themselves, a limited percentage of coins per day.

I suggest looking into the history of the alternative crypto-coins, I think you'll be very surprised. GoldCoin (GLD) is older than almost all of them.. I think we came out a little while after FeatherCoin did.

After we came out a series of scam coins (like Diamond) were released for pump and dump schemes. These coins were usually fatally flawed in some manner or another. I wouldn't trust it at all. In fact GoldCoin was once one of these coins in its inception, however we took the coin over from the original developer(and fixed it) who had intended to kill it. All you need to do is look at the "Diamond" logo to see that its a non-stock photo of a diamond with a copy pasted ring that's been hue adjusted to blue around it.

I don't think that Ponzi scheme of a POS system can by any means be considered the "right technical solution", even if it does "correct" itself afterwards.

Excellent POST !!  Mr Akumaburn!

I am new to this forum but I have been mining in my own small way for a while. That is the BEST "discussion" of POW/POS that I have seen in about two years!

Thank you and... ^Happy  GLD _Birthday!