OFFICIAL WARNING: wallets currently vulnerable to double-spending
press release: https://bitcoin.org/en/alert/2015-07-04-spv-mining
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This event demonstrates the strength of proof of stake. Six consecutive blocks were orphaned, and the cause of the problem is only an issue for proof of work blockchains.
Some Bitcoin mining pools were running SPV clients, which do not perform validations on transactions in order to save a tiny amount of time, which increases the chance that their block will be accepted instead of being orphaned. Of course, not validating transactions is a serious security problem.
SPV clients are unknown for proof of stake blockchains such as Nu. While it is possible to build a client that uses the stake to mint but omits validations, the incentive to do so isn’t really there like it is in highly competitive Bitcoin mining pools.
The interests of Bitcoin miners and Bitcoin holders are sometimes at odds as in this case. Proof of stake aligns the interests of minters and equity holders, because it requires that they be the same people.
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The current spam attack on Bitcoin is not economically feasible on Litecoin
https://www.reddit.com/r/Bitcoin/comments/3ci25k/the_current_spam_attack_on_bitcoin_is_not/
1 Like