bitcoin proves people don't blindly follow short term interests

Riniaiokl

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Quote from: Robert Paulson on June 21, 2014, 12:34:50 PM

ghash's hash rate dropped from 51% to 36% (4 days average) simply because miners voluntarily switched to different pools to preserve bitcoin's decentralized nature.
even though it was in the best short term interest of each individual to stay at the biggest pool and get the best variance,
the miners didn't just blindly follow this destructive path which would eventually destroy them.

bitcoin is a great example of a free market fixing itself and a great proof that given free choice us humans are not dumb sheep willing to sacrifice our future for immediate gains.

It's all about rationality. People just understand that that risks of 51% are higher than short-term profit. People make rational desicions in 98% cases.

zimmah

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Quote from: franky1 on June 22, 2014, 08:55:43 PM

Quote from: BitCoinDream on June 21, 2014, 01:09:35 PM

But have u noticed that the unknown section has also increased in almost same % ? Does not it mean that people did not move, GHash has moved their power to the unknown...

unknown is not a single entity that has not come forward. its ots of separate entities, lots of private pools and people with server farms doing it solo style. so chill out on the apocalypse doomsday scares.

id prefer a chart of 100% unknown and seeing many different IP addresses making blocks rather then 50% of a known entity...

so be calm have a beer and chill

I don't mind pools but I'd like to see no pool having over 20%

That being said ghash is still the most user friendly pool with the most options, and thus popular.

franky1

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Quote from: BitCoinDream on June 21, 2014, 01:09:35 PM

But have u noticed that the unknown section has also increased in almost same % ? Does not it mean that people did not move, GHash has moved their power to the unknown...

unknown is not a single entity that has not come forward. its ots of separate entities, lots of private pools and people with server farms doing it solo style. so chill out on the apocalypse doomsday scares.

id prefer a chart of 100% unknown and seeing many different IP addresses making blocks rather then 50% of a known entity...

so be calm have a beer and chill

InwardContour

sr. member

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ghash's hashrate dropped because bitfuty pulled 1.5+ PH/s of mining from their pool.

They said that they did this to protect the integrity of the network.

Robert Paulson

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Quote from: BitCoinDream on June 21, 2014, 01:09:35 PM

Quote from: Robert Paulson on June 21, 2014, 12:34:50 PM

ghash's hash rate dropped from 51% to 36% (4 days average) simply because miners voluntarily switched to different pools to preserve bitcoin's decentralized nature.
even though it was in the best short term interest of each individual to stay at the biggest pool and get the best variance,
the miners didn't just blindly follow this destructive path which would eventually destroy them.

bitcoin is a great example of a free market fixing itself and a great proof that given free choice us humans are not dumb sheep willing to sacrifice our future for immediate gains.

But have u noticed that the unknown section has also increased in almost same % ? Does not it mean that people did not move, GHash has moved their power to the unknown...

https://blockchain.info/pools?timespan=4days

unknown + 2 unknown addresses have 14%, i think unknown had more when ghash had 51% (around 20 if i recall correctly).

Ilsk

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Maybe it's just cex that has moved some of the hash rate to keep people calm.

Este Nuno

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amarha

They still did a lot of damage by allowing Ghash to stay so high for so long.

It certainly wasn't an efficient response by the market by any stretch of the imagination.

Did any of the other pools lower their fees to compete for the refugee miners leaving Ghash? That would seem like the rational thing to do.

Malin Keshar

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the bitcoin faced a short term fall in price, and would start to fall more/not rise if the 51% problem keeps going on. It's more people looking at the big picture.

Quote from: BitCoinDream on June 21, 2014, 01:09:35 PM

Quote from: Robert Paulson on June 21, 2014, 12:34:50 PM

ghash's hash rate dropped from 51% to 36% (4 days average) simply because miners voluntarily switched to different pools to preserve bitcoin's decentralized nature.
even though it was in the best short term interest of each individual to stay at the biggest pool and get the best variance,
the miners didn't just blindly follow this destructive path which would eventually destroy them.

bitcoin is a great example of a free market fixing itself and a great proof that given free choice us humans are not dumb sheep willing to sacrifice our future for immediate gains.

But have u noticed that the unknown section has also increased in almost same % ? Does not it mean that people did not move, GHash has moved their power to the unknown...

Is possible for them to hide in the unknown(whatever that means) and still be able to 51% attack?

Meuh6879

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Quote from: Robert Paulson on June 21, 2014, 12:34:50 PM

ghash's hash rate dropped from 51% to 36% (4 days average) simply because miners voluntarily switched to different pools to preserve bitcoin's decentralized nature.

Ah Ah Ah ... you known the DDoS of Gash server ? Roll Eyes

Miner don't want loose BTC per day ... !

http://www.reddit.com/r/Bitcoin/comments/2854n4/cex_ghash_was_ddosed_last_night/

BitCoinDream

legendary

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The revolution will be digital

Quote from: Robert Paulson on June 21, 2014, 12:34:50 PM

ghash's hash rate dropped from 51% to 36% (4 days average) simply because miners voluntarily switched to different pools to preserve bitcoin's decentralized nature.
even though it was in the best short term interest of each individual to stay at the biggest pool and get the best variance,
the miners didn't just blindly follow this destructive path which would eventually destroy them.

bitcoin is a great example of a free market fixing itself and a great proof that given free choice us humans are not dumb sheep willing to sacrifice our future for immediate gains.

But have u noticed that the unknown section has also increased in almost same % ? Does not it mean that people did not move, GHash has moved their power to the unknown...

Nerazzura

sr. member

Activity: 378

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Quote from: Robert Paulson on June 21, 2014, 12:34:50 PM

ghash's hash rate dropped from 51% to 36% (4 days average) simply because miners voluntarily switched to different pools to preserve bitcoin's decentralized nature.
even though it was in the best short term interest of each individual to stay at the biggest pool and get the best variance,
the miners didn't just blindly follow this destructive path which would eventually destroy them.

bitcoin is a great example of a free market fixing itself and a great proof that given free choice us humans are not dumb sheep willing to sacrifice our future for immediate gains.

totally agree with you, man. most of them are tempted to chase big profits but only temporary. if they would be wise to run it we will be able to benefit for a longer time. hopefully this careless attitude quickly realized

Robert Paulson

sr. member

Activity: 448

Merit: 250

ghash's hash rate dropped from 51% to 36% (4 days average) simply because miners voluntarily switched to different pools to preserve bitcoin's decentralized nature.
even though it was in the best short term interest of each individual to stay at the biggest pool and get the best variance,
the miners didn't just blindly follow this destructive path which would eventually destroy them.

bitcoin is a great example of a free market fixing itself and a great proof that given free choice us humans are not dumb sheep willing to sacrifice our future for immediate gains.

Topic: bitcoin proves people don't blindly follow short term interests (Read 792 times)