Notable Bitcoin philosopher Eric Voskuil answers the hypothetical, "how does Decred fail?"
Eric Voskuil is a Bitcoin philosopher, distributed systems expert, frequent speaker at major industry conferences and lead developer of libbitcoin, the oldest alternative full node implementation of Bitcoin. In his cryptoeconomics writings, Eric answers the hypothetical, "how does Decred fail?":
Overcoming censorship is not possible in a PoS system, as the censor has acquired majority stake and cannot be unseated. As such PoS systems are not censorship-resistant and the theory is therefore invalid.
https://github.com/libbitcoin/libbitcoin-system/wiki/Proof-of-Stake-Fallacy As for how this applies to the Decred system: the entities which collectively control the Decred ticket pool have the power to undo blocks assembled by PoW miners, or IOW they have the power to "censor". In Decred, the ticket pool can vote to undo blocks and destroy "misbehaving" PoW miners by stripping them of block rewards. It's absolutely the case PoS has power over PoW in Decred-land. Because it's theoretically possible for a censor to obtain the DCR sufficient for controlling the ticket pool, it follows Decred is fully capable of becoming no longer censorship resistant, if it ever was. This thought experiment is sort of along the same lines as the Zcash trusted setup, in that if you're relying on Decred to be censorship-resistant, then you must assume the ticket pool isn't surreptitiously controlled by a would-be censor. If it is, then this, ladies and gentlemen, is "how Decred fails".
Eric Voskuil: Axiom of Resistance - Can Bitcoin Resist State Control?
Axiom of Resistance - Eric Voskuil Basic Summary: Although it cannot be proven, Bitcoin relies on the assumption that it is possible for it to resist state control. Without this assumption, we would be talking about a system entirely different than bitcoin. Initial Thoughts: I expect that this first one will be uncontroversial. I have yet to meet a bitcoiner who thinks that bitcoin can or should be controlled by a state entity, though if there are indeed skeptics out there, I'd be interested in hearing the strongest arguments against it. The concept isn't really alien - it seems almost obvious, in a way, but I found it very clarifying to break down what is an intuitive concept into concise and precise language. I also thoght the final paragraph's comments on Paypal were interesting. It has almost become a cliche in the bitcoin community to tell someone to "just use paypal" as an expression of dismissal. The comments on Confinity (earlier version of paypal) led me to some interesting reading, as I didn't realize that it could be thought of as a failed attempt to achieve what Bitcoin is achieving these days. (This is part of a series of posts dedicated to discussing the Understanding Bitcoin series of short pieces written by Eric Voskuil and hosted at the libbitcoin github.)
Building on Bitcoin conference Lisbon, 3-4 July 2018 Eric Voskuil: Libbitcoin Slides : https://building-on-bitcoin.com/docs/slides/Eric_Voskuil_BoB_2018.pdf ... Eric will discuss the business model of Bitcoin mining, its zero-sum nature, pooling pressures, dedicated cost principle, and the efficiency paradox. Building on Bitcoin conference Lisbon, 3-4 July 2018 Tooling Panel with Lawrence Nahum, Nicolas Dorier and Eric Voskuil Transcript : http://diyhpl.us/wiki/tr... Libbitcoin maintainer Eric Voskuil explains his concept of Cryptodynamics, the forces that secure and define Bitcoin – specifically risk sharing, energy sinking, and power regulating. Sign in to like videos, comment, and subscribe. Sign in. Watch Queue Queue