125 karma · joined March 6, 2015
[ my public key: https://keybase.io/dacox; my proof: https://keybase.io/dacox/sigs/KaGMMaVyowMM1tCFTS6uwLYZXy5yuW4AntMpDgHOeLs ]
Because these attacks exists, including Peercoin[3] and Blackcoin[4] proof of stake cryptocurrencies have "master" public keys that control the blockchain.
I wonder who would control that ;) This class of cryptocurrency is either insecure or centralized, however proof of stake (based on a PoW currency) is useful in some systems because gaining stake is costly, but it isn't workable for bootstrapping distributed consensus.
This would be an interesting though experiment. If they implemented proof of stake based on a proof of work currency, like Bitcoin, what would happen if the new currency took off and Bitcoin started to die? Now there's a threat model that requires unmotivated miners to still secure the network, both networks.This simultaneously implies that both Bitcoin and cash are not suitable for the mainstream economy. I think the opinion that cash should be given up would be fairly controversial, even today. Furthermore, a law abiding citizen will still pay taxes on their Bitcoin income - the same way they would for cash. Just because Bitcoin makes it harder to prove tax evasion doesn't mean we should eschew Bitcoin and cash. The technology exists regardless, governments will have to adapt.
> When you pay with Taler, your identity does not have to be revealed to the merchant. The bank, government and mint will also never learn how you spent your electronic money. However, you can prove that you paid in court if necessary.
This feature is offering nothing not already available, although it seems to imply that one could not prove payment with Bitcoin, which is false, as it is trivial.