Topic: **CEX.IO Bitcoin Exchange ** Buy Bitcoins with Cards in iOS / Android App*** - page 116. (Read 422328 times)

Is there anyone that can post and tell how much theyve made in cloud mining at cex.io? I am interested as I just got involved and if I pull out now I can profit. I am wondering if I wait will I start losing? Thanks!

Ok, Ok I can take a hint Cex.io they keep slowly raising the diff on my miners normally my 7 gh/s jally stays at solid 4 diff and my 22 gh/s usb miners stay at a nice 8/16 diff. Not anymore. atm jally is at 32 diff and usb miners are at 128 diff. Sure i can adjust them back down on the gash.io, but then later on it climbs back up. I think they want me to move my miners..

BTW where,when  and how are you going to allow users to use rented gh/s on other pools?

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+1, If you use BFL as your market price benchmark you won't get close to realistic projections. Trouble is there is no good benchmark at the moment. That's the reason GHs price on the market can be so much above expected mining profit.

Lol, BFL.

1G hash power cost 0.044 BTC, and I suppose this value should drop quickly following the difficulty rise. 1G hash power would take 100 days to mine 0.035 BTC at CURRENT difficulty, if difficulty rise 20% each adjustment, most possibly it will never mine more than 0.02 BTC

At mean time, 1GH cost 984/50=$19.68=0.02 BTC at BFL, it seems that their price is a good projection

True that is a possible issue - depending upon whether you believe CEX's official statement. Basically they've indicated that 45% of their hashing power comes from Bitfury miners which they own and the other 55% comes from independent miners (which I interpret to be individuals pointing their miner's to GHash.IO) meaning that in reality they themselves control enough miners to get to around 23% (just a rough approximation) which is significantly lower than the 51% people are so concerned about. Of course, if they are lying about their miners then it's up in the air.

Most eloquent statement I have read all day in this debacle. Let us hope it isn't too late to save bitcoin. :/

Whats up with ghash.io sending my at home miners 128 difficulty shares and I have it set to 32 difficulty. Im only hashing at 65GH/s. 

Like Technomage said this is not a solution to the problem. We will not know how much network share cex.io accumulates with them pointing their miners at other pools which is not better than current situation. If this goes on we would have to trust cex.io to keep bitcoin secure. Security of bitcoin lies on the decentralization of the network and not on a single entity, you shouldnt need to trust anybody in a decentralized network.

Please help improve decentralization of bitcoin network. If you want to reinvest your bitcoin, you will only lose money buying mining shares. I have shown this a few post back, you can calculate it yourself with the historical trade data.

Interesting statement. However may I remind everyone that it is not a solution that users of CEX.IO are allowed to point the datacenter mining power to other pools. The issue of pools is not the real issue here. Individual miners are not the issue either since they can easily point their hashpower elsewhere if there is a foul play. The hashpower that resides in the control of CEX.IO can be pointed by the operators of that service ultimately to anywhere, and that is the real issue. It can also be someone else than the operators, perhaps someone hijacks that hashing power.

The real problem here is not actually GHash.IO (although I highly dislike that pool due to the fact that they don't publish blocks higher than 250KB) but CEX.IO and the datacenter mining they do. The best long term solution to this is of course to get more competition for CEX.IO.

Bitcoin mining pool GHash.IO is preventing
accumulation of 51% of all hashing power
!
GHash.IO, the worlds largest and most powerful mining pool, has entered
2014 with overall hashing power of over 40%, making it the #1 pool
currently in the Bitcoin network.
!
The pool has gained significant hashing power due to the 0% pool fee,
merged mining of alt coins, excellent real-time data presentation as well as
quality 24/7/365 support service.
!
The hashing power of GHash.IO consists of:
•~45% BitFury ASIC based miners
•~55% independent miners
!
Although the increase of hash-power in the pool is considered to be a good
thing, reaching 51% of all hashing power is serious threat to the bitcoin
community. GHash.IO will take all necessary precautions to prevent
reaching 51% of all hashing power, in order to maintain stability of the
bitcoin network.
!
We have put a plan in place to see that 51% of all hashing power, will not be
maintained by Ghash.IO by executing the following actions:
 
•We will temporarily stop accepting new independent mining facilities to
the Ghash.IO pool.
•We will implement a feature, allowing CEX.IO users to mine bitcoins from
other pools. So when they purchase GH/s they can put it towards any pool
they choose.
!
We will not be implementing a pool fee, as we believe the pool has to
remain free.
!
GHash.IO does not have any intentions to execute a 51% attack, as it will do
serious damage to the Bitcoin community, of which we are part of. On the
contrary, our plans are to expand the bitcoin community as well as utilise
the hashing power to develop a greater bitcoin economic structure. If
something happened to Bitcoin as a whole it could risk our investments in
physical hardware, damage those who love Bitcoin and we see no benefit
from having 51% stake in mining. !
Our plans are to develop additional services, to help expand the use of
bitcoins. The services include, but not limited to:
!
•A bitcoin payment system, which utilises the extended features of the
bitcoin protocol. (https://en.bitcoin.it/wiki/
Bitcoin_Improvement_Proposals)
•An escrow service, which will help secure transactions between members
of the bitcoin community
•Micro-payments aggregation, which will enable users to receive small
amounts of Bitcoins from third parties.
•Instant bitcoin payments for merchants, which will increase the share of
Bitcoin e-commerce transactions in the global economy.
!
Non-standard transactions, such as mentioned above, can not be relayed to
the blockchain network, however they are still valid, and can be mined
using the hashing power accumulated on GHash.IO.
!
Feedback is more than welcome.
!
For additional information, please contact [email protected]
!
Media Contact: Jeffrey Smith

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Dear CEX.IO/Ghash.IO users.
Here is an official statement: https://ghash.io/ghashio_press_release.pdf

Price depreciation of hardware no matter who you buy or rent from.

If you buy hardware then you can't use it for anything else after mining.

If you rent the hardware then if depreciates in price on the exchange faster than any Nitcoin you can mine.

Both are losers.

Try Satoshi dice instead.

Maybe because they don't care about anything? Ghash, the pool, has demonstrated that unlike other major pools it will not create blocks larger than the default size, which is very short sighted selfishness. It has used hash power to do double spending. It has not cared about the pool getting closer to 50% hash power.

Bottom line: the boycott of Cex/Ghash is for a good reason.

why does Cex/Ghash not respond to all that 51% panic? It`s what worries me the most.

I just don't get why everybody is crying about how economically disadvantegous it is to buy GHs at CEX.io and at the same time are people buying hardware at much higher price per GHs like Antminer U1 here https://bitcointalksearch.org/topic/closed-386170 . Am I missing something?
Of course GHs price will go down with rising difficulty, but this has nothing with cex.

Just sharing this from other thread

Decide for yourself whether it is worth risking your hard earned bitcoin and bitcoin network security
Thanks JayBee66 for the historical data.

https://bitcointalksearch.org/topic/ghashio-and-double-spending-against-betcoin-dice-327767