As of the latest diff change.... WHERE DID ALL THE HASHRATE COME FROM?!?!?!

Minerjoe

sr. member

Activity: 406

Merit: 250

Quote from: ?? on ??

My guess is that it is either The Winklevoss Twins and/or Sir Richard Branson

Sir Richard has quietly sized control of the Bitcoin Foundation.

This story was scrubbed from the Internet but it has been archived.

https://web.archive.org/web/20141107172316/https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

Go long on BTC. I think the idea of 'Mine it at a loss today and make a killing tomorrow' has gone mainstream. Just drop the notion of its value in fiat. It is irrelevant to play this game successfully. Mine and buy and hold.

The ticker symbol will be changing to XBT and 1 million XBT = 1 BTC. They have hinted that only allowing two places of decimals will be as far as XBT can be expressed. So will that yield a higher value?

It is in the best interests of these mainstream forces/players to shake the weak hands out of bitcoin so I expect to see the price drop further. This may be the beginning.

http://www.bloomberg.com/news/videos/b/fb6301cc-dc8b-4810-8293-19fe2c700e41

https://www.google.ca/#q=sir+richard+branson+bitcoin

archived the archive https://web.archive.org/web/20141107172316/https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

That s a pretty big gamble you propose. Listening to the market is very important IMHO and curretnly things are going much slower then they should. That fund was supposed to be public already, I have no info about its ETA.

alh

legendary

Activity: 1846

Merit: 1052

Quote from: Biodom on March 27, 2015, 04:20:12 PM

Quote from: philipma1957 on March 27, 2015, 04:16:20 PM

Quote from: sidehack on March 27, 2015, 08:37:38 AM

The network is increasing its security at the risk of everyone's profitability. When only a few entities can afford to mine, they can easily form a cartel and we now have a central banking system for Bitcoin just like there really isn't supposed to be. Why 51% attack when you can just 100% attack?

yeah the big boys may fail to see why that 10 to 20% little guys for grease is needed to make the network last.

if so they will cook the only goose that is laying the golden eggs.

no need to squeeze the small guy out and it really kills the network's safety big time.

my thoughts exactly, so I canceled my long post.
Same in other parts of the economy.

hey, if home mining will become untenable, maybe we should just purchase nodes like the one below (especially if they drop the price to $50-99).
http://www.coindesk.com/first-plug-in-node-aims-to-boost-bitcoins-network-security/

While I am sure it isn't a Raspberry Pi, this device looks like it might be one of the "Pi clones", with the software already present. Maybe somebody else will recognize the port layout and such. If I was going to just burn a low amount of electricity, I might do it on a distributed computing project (e.g. Seti@Home).

Biodom

legendary

Activity: 3892

Merit: 4331

Quote from: philipma1957 on March 27, 2015, 04:16:20 PM

Quote from: sidehack on March 27, 2015, 08:37:38 AM

The network is increasing its security at the risk of everyone's profitability. When only a few entities can afford to mine, they can easily form a cartel and we now have a central banking system for Bitcoin just like there really isn't supposed to be. Why 51% attack when you can just 100% attack?

yeah the big boys may fail to see why that 10 to 20% little guys for grease is needed to make the network last.

if so they will cook the only goose that is laying the golden eggs.

no need to squeeze the small guy out and it really kills the network's safety big time.

my thoughts exactly, so I canceled my long post.
Same in other parts of the economy.

hey, if home mining will become untenable, maybe we should just purchase nodes like the one below (especially if they drop the price to $50-99).
http://www.coindesk.com/first-plug-in-node-aims-to-boost-bitcoins-network-security/

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

Quote from: sidehack on March 27, 2015, 08:37:38 AM

The network is increasing its security at the risk of everyone's profitability. When only a few entities can afford to mine, they can easily form a cartel and we now have a central banking system for Bitcoin just like there really isn't supposed to be. Why 51% attack when you can just 100% attack?

yeah the big boys may fail to see why that 10 to 20% little guys for grease is needed to make the network last.

if so they will cook the only goose that is laying the golden eggs.

no need to squeeze the small guy out and it really kills the network's safety big time.

@ road stress 4 players with 20% each is fine as long at the other 20% is dozens of middle to small pools filled with many miners.

5 players with 20% each will not work. just too tempting for 3 to attack the other 2.

RoadStress

legendary

Activity: 1904

Merit: 1007

Quote from: GenTarkin on March 27, 2015, 12:25:02 PM

Increasing security?!?!? are you that ignorant? A single entity could easily put in an order for all the new hashrate coming online and because all the ASIC suppliers dont give 2 shits about the health of BTC, of course they would sell to that entity. So, its just more opportunity for a agency / government to swoop in and build up over 50% network hashrate then easily attack it, undermining bitcoin.
It can happen at any fucking diff....

A single entity owning a lot of the total hashrate isn't necessarily a bad thing. Don't get me wrong. I am pro decentralization, but why would a single entity invest millions of dollars into something just to be a bad player and to make everyone lose faith which would result in a total loss for the entity.

An agency / government can still do it no matter how centralized is the network. A 100M$ operation is still feasible for some agencies / governments so we can decentralize the shit out of the hashing power because there are some entities with endless cash reserves which can cause some troubles if they really want it. Having 3 USB sticks plugged in will not stop them while a bigger hashrate can make it really hard for them to cause havoc.

GenTarkin

legendary

Activity: 2450

Merit: 1002

Quote from: RoadStress on March 27, 2015, 02:52:17 AM

Quote from: GenTarkin on March 25, 2015, 11:46:08 AM

Im pissed & very confused lol!
I cant wait till sub $100 btc prices so all these megamines fucking go out of business.

I don't get you. You are pissed because the Bitcoin network is increasing its security at the cost of your profitability. But with no security your profitability would be 0 or negative.

Increasing security?!?!? are you that ignorant? A single entity could easily put in an order for all the new hashrate coming online and because all the ASIC suppliers dont give 2 shits about the health of BTC, of course they would sell to that entity. So, its just more opportunity for a agency / government to swoop in and build up over 50% network hashrate then easily attack it, undermining bitcoin.
It can happen at any fucking diff....

The only security or 'trustless' state that bitcoin will ever achieve is when the chance of a 51% attack is nil or never even possible. Till then u still have to trust the people involved in bitcoin, its not so 'trustless' like everyone touts.

But everyone just ignores that fact and pretends its not an issue... its a GIGANTIC issue that needs to be resolved before Bitcoin can ever become 'mainstream'

Anyways, yeah tangents I know but....fuck this community needs to wake the fuck up.

GenTarkin

legendary

Activity: 2450

Merit: 1002

Quote from: ?? on ??

Quote from: GenTarkin on March 25, 2015, 11:46:08 AM

Seriously the blocks have been flying since diff change, 10-12% increase projected & nonstop?! This isnt just variance, its outright slaughter.
I thought AM was fucking halted for the time being
Bitmain hasnt been doing anything or planned anything that I know of lately
spondoolies is sitting around twiddling there dicks

What 33PH just randomly came online?!

Im pissed & very confused lol!
I cant wait till sub $100 btc prices so all these megamines fucking go out of business.

Thats dumb, even for a noob let alone a Legendary.

Are you this stupid for thinking mega miners are killing bitcoins?

Also what makes you think someone must announce anything if they increase their mining capacity? For all we know, someone completely got new miners developed in house, no public sale no BS. This is exactly what bitcoin network is about.

Shame for your so called Legendary title.

ROFL.... dumb huh? ... I dont think so fool.
Yes megamines are killing bitcoin's price at least, cuz all they do is dump dump dump, putting insane downward pressure on the price. Megamines are in it for sheer profitability not the healthiness of the network. They dont give a fuck, they just want their fiat wealth, some of them become cloud services then run away w/ hardware backing that cloud service then rip off all their investors *points at AM*

The BTC community has become one of the least trustworthy communities Ive ever seen in my life, theres nothing but scum around these parts. Even the highly trusted AM has proven noone should be trusted when it comes to BTC.

The majority of my 'legendary' status comes from good ol GPU mining days, the way it should fucking be. Not this twisted generation of suppliers & miners who are out to just backstab each other.

EMIF

full member

Activity: 132

Merit: 100

Quote from: sidehack on March 27, 2015, 08:37:38 AM

The network is increasing its security at the risk of everyone's profitability. When only a few entities can afford to mine, they can easily form a cartel and we now have a central banking system for Bitcoin just like there really isn't supposed to be. Why 51% attack when you can just 100% attack?

They wont profit either. What is the purpose of 51% attack or (100%) if you lose all your investment. If you want to make an experiment or just hate some dev of altcoin; then there is a purpose making 51% attack to altcoin for you. Otherwise , its not meaningful except youre VISA or MASTERCARD

sidehack

legendary

Activity: 3374

Merit: 1859

Curmudgeonly hardware guy

The network is increasing its security at the risk of everyone's profitability. When only a few entities can afford to mine, they can easily form a cartel and we now have a central banking system for Bitcoin just like there really isn't supposed to be. Why 51% attack when you can just 100% attack?

RoadStress

legendary

Activity: 1904

Merit: 1007

Quote from: GenTarkin on March 25, 2015, 11:46:08 AM

Im pissed & very confused lol!
I cant wait till sub $100 btc prices so all these megamines fucking go out of business.

I don't get you. You are pissed because the Bitcoin network is increasing its security at the cost of your profitability. But with no security your profitability would be 0 or negative.

adaseb

legendary

Activity: 3808

Merit: 1723

Quote

349450 (Main Chain)   2015-03-27 05:56:14   AntPool   00000000000000000c37db6c35bc709e17911b65a2ea78a7ba2ef305a4706afa
349449 (Main Chain)   2015-03-27 05:55:11   BW.COM   0000000000000000147a01de38ddcb804387786be124f7153a40fb73d5fc0cdc
349448 (Main Chain)   2015-03-27 05:48:05   BW.COM   00000000000000000ffb73bda2d8c749263a6a8568ada783bd43a83d709b080a
349447 (Main Chain)   2015-03-27 05:47:34   AntPool   00000000000000000467ed3a1aea73fbbde4e9af2ed09e1d56a83047239e7e5e
349446 (Main Chain)   2015-03-27 05:41:57   AntPool   00000000000000000f7efa4fd6b4342ff07b0f652d262f09f62f3fb6df06dca6
349445 (Main Chain)   2015-03-27 05:36:51   BTC Guild   000000000000000008000267976e5664ace5bd8ff934149cde06d18e851c0330
349444 (Main Chain)   2015-03-27 05:34:07   F2Pool   0000000000000000139bc6ff6513b658e055eac090951378f31555a7cb72fa7a
349443 (Main Chain)   2015-03-27 05:27:29   F2Pool   000000000000000000a02fc219f20169f605c58bc55faadd5fcb5aab0094f3e9
349442 (Main Chain)   2015-03-27 05:36:53   46.254.252.25   00000000000000000e35532548e48e95a50a4ee954be57f45a9479f4e378cd77
349441 (Main Chain)   2015-03-27 05:21:14   Eligius   0000000000000000083d176dd48e0eea81eac98bb30e611c02a8098e6bc2e467
349440 (Main Chain)   2015-03-27 05:11:50   78.157.205.6   000000000000000006405db60966ade6f9877b8c4876e036390951e7ec852c37
349439 (Main Chain)   2015-03-27 05:13:51   MegaBigPower   000000000000000010c946d4b70d61073881a1527090f9caa2015ff8986ad63a
349438 (Main Chain)   2015-03-27 05:09:14   AntPool   0000000000000000101e56ad7f357f1c0abcc102926fe4bae35cef8b5d1ad918
349437 (Main Chain)   2015-03-27 05:00:51   KnCMiner   000000000000000011d96a5aca2fe4b832f6c8379e1163d127f31fb22c234416

Like I posted in the other thread. There are 14 solved blocks here when there should of been 6.

Mining is finished....

zombie007

full member

Activity: 214

Merit: 100

Wow DAT 49,160,394,362 (+5.23%) diff change in 1 day.

Minerjoe

sr. member

Activity: 406

Merit: 250

I also keep telling myself that the diff cant jump that much as it used to before due to enormous base we have. However, I keep getting surprised how much of new hash can be turned on every two weeks. I really hope this is due to luck.

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

Quote from: desertfox470 on March 26, 2015, 01:57:10 PM

I don't think that it is one farm, or all bitmain. I can't imagine 33ph being produced and sold.

10th units using about 2400 watts.

would mean 100 of them = 1 ph

3300 of them = 33 ph

not impossible or even very hard to think bitfury did this, their older gear was 6th and 4000 watts IIRC

If they are smart they turned it all off with 1 day left on last diff adjustment we tanked last time. say 10 ph vanished. They now put the 33ph in new gear up.

desertfox470

sr. member

Activity: 542

Merit: 251

I don't think that it is one farm, or all bitmain. I can't imagine 33ph being produced and sold.

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

Bitfury or knc. When they dominate the efficiency war, they will be able to sell the hash rate by cloud based service

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: davecoin on March 26, 2015, 11:09:31 AM

Correct, I would assume only 5 ph from Bitmain.

Upgrading all of their S2 units (assuming they have 4000 units) is less than a petahash.
Sales from S5 for hosting (assuming 2000 units) is going to 2.3 ph.
Retail and bulk sales probably don't add up to 1600 units, (June batch reservation qty), which is only 1.85 ph.

Possibilities:
Bitfury opened a new datacenter
21, inc is burning in new gear before launching retail sales next month
Sfards is already mining and wanted to gauge market demand with an announcement on bitcointalk

tinfoil hat: BE300 and friedcat are alive somewhere Tongue

I am hoping no one has new chip yet. I would like a few more months before it.

Either way I guess who ever it is has been quite.

davecoin

hero member

Activity: 816

Merit: 1000

Correct, I would assume only 5 ph from Bitmain.

Upgrading all of their S2 units (assuming they have 4000 units) is less than a petahash.
Sales from S5 for hosting (assuming 2000 units) is going to 2.3 ph.
Retail and bulk sales probably don't add up to 1600 units, (June batch reservation qty), which is only 1.85 ph.

Possibilities:
Bitfury opened a new datacenter
21, inc is burning in new gear before launching retail sales next month
Sfards is already mining and wanted to gauge market demand with an announcement on bitcointalk

tinfoil hat: BE300 and friedcat are alive somewhere Tongue

adaseb

legendary

Activity: 3808

Merit: 1723

So if the hashrate increased by 33Ph/s that means that Bitmain must of sold 30,000 of those S5 miners?

I don't think they produced that many units.

Puppet

legendary

Activity: 980

Merit: 1040

Bitfury's 28nm chips where initially supposed to hit around new year. They where delayed by a few months, and thats probably what you are seeing now. If true, brace yourselves.

Topic: As of the latest diff change.... WHERE DID ALL THE HASHRATE COME FROM?!?!?! (Read 2365 times)