1PCT is the largest threat to Cardano. DO NOT delegate to pools with little to no pledge that also control a large stake. Proof of stake systems break down if you give control of your stake to somebody who has no stake of their own in the network. ie Binance, Coinbase, 1PCT
Thanks breakfastburrito
I’m interested to see more comments on this from people with more experience/knowledge than myself, obviously we should all be concerned about a potential Sybil attack.
The more de-centralised the stronger the network, personally i only delegate to pools with a minimum of least 50K-100K, i appreciate that may appear unfair to some people, as not everyone has the ability to hold that amount of ADA for a pledge, although i feel it is only fair as i want to know the pool operator has plenty of ‘skin in the game’.
As i understand it by having to place a reasonable amount of pledge, it would prevent someone just setting up loads of pools and leaving us open to a Sybil attack with very little financial investment in Cardano ?
Sourced from here: https://adapools.org/groups/1pct-7
Wait, why is binance on there? Are we validating that there are no automatic staking mechanisms in play on exchanges holding funds?
I think concerns of control are valid. The right pie should look on the right as it does on the left.
Apparently 1PCT is working alongside IOHK in regards to this issue.
There’s no evidence to support your claim. 1PCT actually dropped their total pledge by about half while opening twice as many pools. It would seem IOHK cared enough to have their chief scientist write a blog warning against 1PCT. They used the numbers of 1PCT as an example…
IOHK’s response to the current stake of Sybil threat - which is still very high.
If Binance and 1PCT colluded they could successfully attack the network at almost 0 cost.
It is URGENT that everybody who has coins on Binance remove them immediately. Everybody delegating to 1PCT should change to a different pool immediately.
