Bitcoin Dev Sells 50% of his Bitcoin due to 51% threat. - page 5.

reg

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Quote from: jonald_fyookball on June 13, 2014, 01:34:43 PM

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!.

bitcoiner49er

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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.

devphp

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Quote from: SirChiko on June 13, 2014, 01:36:22 PM

Quote from: devphp on June 13, 2014, 01:04:34 PM

Quote from: bitgold on June 13, 2014, 12:28:36 PM

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.

SirChiko

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Quote from: devphp on June 13, 2014, 01:04:34 PM

Quote from: bitgold on June 13, 2014, 12:28:36 PM

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.

jonald_fyookball

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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.

whtchocla7e

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Worlds Simplest Cryptocurrency Wallet

Quote from: BitCoinDream on June 13, 2014, 01:32:07 PM

Quote from: whtchocla7e on June 13, 2014, 01:27:17 PM

Quote from: humanitee on June 13, 2014, 01:26:07 PM

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.

BitCoinDream

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The revolution will be digital

Quote from: whtchocla7e on June 13, 2014, 01:27:17 PM

Quote from: humanitee on June 13, 2014, 01:26:07 PM

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.

humanitee

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Quote from: whtchocla7e on June 13, 2014, 01:27:17 PM

Quote from: humanitee on June 13, 2014, 01:26:07 PM

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.

whtchocla7e

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Quote from: humanitee on June 13, 2014, 01:26:07 PM

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?

humanitee

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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.

devphp

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Quote from: bitgold on June 13, 2014, 01:20:34 PM

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.

Este Nuno

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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)

bitgold

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Quote from: devphp on June 13, 2014, 01:17:07 PM

Quote from: bitgold on June 13, 2014, 01:13:07 PM

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

devphp

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Quote from: bitgold on June 13, 2014, 01:13:07 PM

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.

CEG5952

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Buy and sell bitcoins,

Quote from: Beliathon on June 13, 2014, 11:39:41 AM

Quote from: blatchcorn on June 13, 2014, 10:51:41 AM

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.

bitgold

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Quote from: devphp on June 13, 2014, 01:04:34 PM

Quote from: bitgold on June 13, 2014, 12:28:36 PM

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

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Quote from: BurtW on June 13, 2014, 10:38:24 AM

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.

devphp

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Quote from: bitgold on June 13, 2014, 12:28:36 PM

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.

BitCoinDream

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The revolution will be digital

Quote from: bitgold on June 13, 2014, 12:28:36 PM

I wonder what will make him sell another 50% next time.

When he is kicked out of the dev team.

bitgold

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I wonder what will make him sell another 50% next time.

Topic: Bitcoin Dev Sells 50% of his Bitcoin due to 51% threat. - page 5. (Read 6774 times)