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Topic: Bitcoin Dev Sells 50% of his Bitcoin due to 51% threat. - page 5. (Read 6798 times)

reg
sr. member
Activity: 463
Merit: 250
miners are morons for joining a pool that already has +40% or not switching pools.

you cant fix stupid.
miners are not morons-they are maximising profits in their own interests. Also I think most are not altruistic so would stay with a pool even if there are competing pools (a bit like staying with your bank even if others are equally good/bad). In a previous comment btc was not the problem the market was. Basically correct but previous performance ( good handling of the update fork) is no assurance that another fork will be equally well handled and it makes a lot of people nervous-including me!.
sr. member
Activity: 457
Merit: 250
So get off Ghash people.

Here's a 4 day tabulation from [urlhttps://blockchain.info/pools?timespan=4days]Blockchain[/url].


Relayed By    Count Percent
GHash.IO    265  44%
Discus Fish    67   11%
BTC Guild    58  10%
Eligius    46   8%
Slush    21   4%

Discus Fish is 3 blocks ahead (67 x 4 = 268)
BTC Guild is 11 blocks behind (58 x 4.4 = 255.2)
Eligius is 13 blocks behind (58 x 5.5 = 253)
Slush is 34 blocks behind (21 x 11 = 231)

Aside from Slush, the other top 3 pools are basically "even" or ahead with Ghash in terms of mining revenue vs hashrate. Again, this in ONLY 4 days of data. I would speculate that a 30 day window would show even closer results.

sr. member
Activity: 336
Merit: 260
I wonder what will make him sell another 50% next time.


I told him to put at least half of his fiat into NXT, since NXT cannot be practically 51%-attacked. He hasn't replied yet, probably thinking about it.
Probably ignoring you and counting it as spam.

That's fine. He will join when he's ready, like many others. There is no hurry and no competition for NXT anywhere on the horizon.
legendary
Activity: 966
Merit: 1000
I wonder what will make him sell another 50% next time.


I told him to put at least half of his fiat into NXT, since NXT cannot be practically 51%-attacked. He hasn't replied yet, probably thinking about it.
Probably ignoring you and counting it as spam.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
miners are morons for joining a pool that already has +40% or not switching pools.

you cant fix stupid.
full member
Activity: 392
Merit: 116
Worlds Simplest Cryptocurrency Wallet
I would like to extend a hefty "Fuck you" to Peter Todd.

This is a market failure plain and simple, not a Bitcoin failure.

Then why does Bitcoin allow such a market condition in the first place?

Because Bitcoin is a decentralized free market product. GHash.io was not here at the beginning. They come up to here with their credentials. Its the job of the competitors to fight with them. Bitcoin has nothing to do with that.

Except for allowing GHash to do what it's doing right now.

Agree on the rest though.
legendary
Activity: 2394
Merit: 1216
The revolution will be digital
I would like to extend a hefty "Fuck you" to Peter Todd.

This is a market failure plain and simple, not a Bitcoin failure.

Then why does Bitcoin allow such a market condition in the first place?

Because Bitcoin is a decentralized free market product. GHash.io was not here at the beginning. They come up to here with their credentials. Its the job of the competitors to fight with them. Bitcoin has nothing to do with that.
hero member
Activity: 1302
Merit: 502
I would like to extend a hefty "Fuck you" to Peter Todd.

This is a market failure plain and simple, not a Bitcoin failure.

Then why does Bitcoin allow such a market condition in the first place?

Because it's a young, fledgling technology.
full member
Activity: 392
Merit: 116
Worlds Simplest Cryptocurrency Wallet
I would like to extend a hefty "Fuck you" to Peter Todd.

This is a market failure plain and simple, not a Bitcoin failure.

Then why does Bitcoin allow such a market condition in the first place?
hero member
Activity: 1302
Merit: 502
I would like to extend a hefty "Fuck you" to Peter Todd.

This is a market failure plain and simple, not a Bitcoin failure. This will be resolved in due time, sans hard fork.
sr. member
Activity: 336
Merit: 260
Yes, all is relative, but I am sure he'll find something else to complain about NXT.

That's a problem when people become too smart  Wink

So he's going to implement his tree chain on NXT?    Grin

NXT could use his coding skills for sure, whatever he would like to implement on it. Since it's extendable and can plug services on top of it, opportunities for software engineers are limitless.
legendary
Activity: 826
Merit: 1002
amarha
I'm pretty sure that the bitcoin dev team(and almost certainly the mining community) are extremely resistant to change and might just be straight up inflexible. I can't imagine a situation where the current bitcoin devs would push forward with any major protocol change. And I think it makes it reasonably likely that an altcoin with totally new technology will eventually surpas bitcoin. (note: I own no altcoins)
sr. member
Activity: 353
Merit: 250
But he claimed on LTB that NXT is not truly a decentralized currency. So as a purist like him, I doubt it.

He might change his opinion now that he started doubting Bitcoin. It's who put most efforts into achieving decentralization is more decentralized. All is relative.

Yes, all is relative, but I am sure he'll find something else to complain about NXT.

That's a problem when people become too smart  Wink

So he's going to implement his tree chain on NXT?    Grin
sr. member
Activity: 336
Merit: 260
But he claimed on LTB that NXT is not truly a decentralized currency. So as a purist like him, I doubt it.

He might change his opinion now that he started doubting Bitcoin. It's who put most efforts into achieving decentralization is more decentralized. All is relative.
hero member
Activity: 658
Merit: 500
Buy and sell bitcoins,
He has a very valid point that the incentives in place are not strong enough to prevent a 51% threat
People who think GHASH.io is a legitimate threat to Bitcoin fail to understand the organic nature of this network.

The "organic nature" of the network? Could you elaborate on what you mean? Centralized mining is always a problem and a threat. And a pool doesn't need 51% to be a threat either, it just increases the probability of successful double spending.
sr. member
Activity: 353
Merit: 250
I wonder what will make him sell another 50% next time.


I told him to put at least half of his fiat into NXT, since NXT cannot be practically 51%-attacked. He hasn't replied yet, probably thinking about it.

But he claimed on LTB that NXT is not truly a decentralized currency. So as a purist like him, I doubt it.
reg
sr. member
Activity: 463
Merit: 250
If I were you I would not base anything on that guy's post.  He is just a guy, on the internet, with an opinion, which happens to be wrong.

I tried to be as gentle as possible.
it should be explained why the op is wrong for another guy on the internet with an opinion!. I happen to think the op has a good point and proposal but would like to hear the exact argument against rather than a superior dismissive.  My perspective on btc from the beginning was to precisely avoid political interferences as well as financial ones in a single persons autonomy over these factors. I have read the technical arguments that seem to minimise the effect of a 51% attack as well as means to overcome it -but political decisions override technical  ability in the current systems and I would not want it to be so in the btc sphere? thoughts.
sr. member
Activity: 336
Merit: 260
I wonder what will make him sell another 50% next time.


I told him to put at least half of his fiat into NXT, since NXT cannot be practically 51%-attacked. He hasn't replied yet, probably thinking about it.
legendary
Activity: 2394
Merit: 1216
The revolution will be digital
I wonder what will make him sell another 50% next time.


When he is kicked out of the dev team.
sr. member
Activity: 353
Merit: 250
I wonder what will make him sell another 50% next time.
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