[2014-01-09] Miners Boycot Ghash.io as the pool approaches 51% of hashrate

Thom

member

Activity: 112

Merit: 10

Be kind man, don't be mankind

Quote from: rammy2k2 on January 09, 2014, 08:08:21 AM

also, this is a alarm signal for pool owners, cut down your damn fees, lower them or erase them, so people can choose

Precisely. I don't even want to mine wih hardware at cex since i have hosted Ghs there and would rather spread my mining, but nobody else has the combo of pplns, good stats, 4-coin mergemining and no fee. Even a small fee for that would be fine. Instead, the best earn for my miners is at cex. (Which has had enough centralised hash power to horrify the network for ages now.)

rammy2k2

legendary

Activity: 1974

Merit: 1003

the power is in our hands people, switch or everything will go down ...
also, this is a alarm signal for pool owners, cut down your damn fees, lower them or erase them, so people can choose ; no wonder ghash has 40% now, when others have 7.5% for PPS ...

scyth3

sr. member

Activity: 490

Merit: 251

Why do so many people mine on ghash.io? Zero fees? http://eligius.st is an alternative zero fee pool. Disclaimer: I am not affiliated with ghash.io or eligius and don't mine bitcoins.

Akka

legendary

Activity: 1232

Merit: 1001

Quote from: empoweoqwj on January 09, 2014, 05:37:22 AM

Quote from: Barek on January 09, 2014, 05:21:26 AM

While the topic is important, you may want to read up on how double spending works.

Also 50% is not some magic number. It is quite possible to successfully double spend with less. After all, finding blocks is random.

Really? I was always told that 51% was the "magic number" for double spend. Anyone else confirm?

Basically it's "possible" with any amount of Hashing Power. The more you have, the more probable is a success of your attack. 51% (>50%) is just the point where your attack is guaranteed to work eventually (still could take a lot of time).

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: el_rlee on January 09, 2014, 06:06:10 AM

Even with a CPU there is the slim chance to mine 6 blocks in a row...

What are you talking about???

el_rlee

legendary

Activity: 1600

Merit: 1014

Even with a CPU there is the slim chance to mine 6 blocks in a row...

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

Quote from: empoweoqwj on January 09, 2014, 05:37:22 AM

Quote from: Barek on January 09, 2014, 05:21:26 AM

While the topic is important, you may want to read up on how double spending works.

Also 50% is not some magic number. It is quite possible to successfully double spend with less. After all, finding blocks is random.

Really? I was always told that 51% was the "magic number" for double spend. Anyone else confirm?

Yes this is true. I did see a spreadsheet once where someone worked out the percentage chances of executing a successful attack with say 40%, then 35% etc....
I can't find it now though.

This is why everyone should be using decentralised p2pool, not centralised pools. IMO centralised pools are a massive risk to the whole network.

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: Barek on January 09, 2014, 05:21:26 AM

While the topic is important, you may want to read up on how double spending works.

Also 50% is not some magic number. It is quite possible to successfully double spend with less. After all, finding blocks is random.

Really? I was always told that 51% was the "magic number" for double spend. Anyone else confirm?

Barek

full member

Activity: 168

Merit: 100

While the topic is important, you may want to read up on how double spending works.

Also 50% is not some magic number. It is quite possible to successfully double spend with less. After all, finding blocks is random.

BitcoinBoard

full member

Activity: 168

Merit: 100

http://bitcoinboard.net/miners-boycot-ghash-io-as-the-pool-approaches-51-of-network-hashrate/

Please switch your miner to an other pool if you mine at Ghash.io

Topic: [2014-01-09] Miners Boycot Ghash.io as the pool approaches 51% of hashrate (Read 1150 times)