Topic: ~~Cloud Mining: computer warn against threat of crypto currency Bitcoin~~ (Read 778 times)

~~Cloud Mining: computer warn against threat of crypto currency Bitcoin~~


~~Two computer scientists at Cornell University to fear for the future of the virtual currency Bitcoin. According to their studies contributed a single actor several times at about half the computing power invested in Bitcoin. That is a great danger.~~

~~AD
Bitcoin be calculated Mining is called, "prospecting". For this you need proper computing power. Whoever does not have, can get help: Ghash.io for example is an anonymous service provider who rents the computing power of so-called Bitcoin Miner and makes them as the calculation of Bitcoin easier. Currently, to participate in Ghash claims to 180,000 Miner.~~

~~Now Ghash had, according to the two computer scientists about twelve hours regularly de facto the final say on crypto currency. That, and Emin Gün Sirer Ittay Eyal's blog "Hacking, Distributed" should be reason enough for a new version of Bitcoin and action against such mining mergers.~~

~~Mining mergers are dangerous for the currency~~

~~"Ghash had complete control about, which transactions in the block chain and which are credited Miner Bitcoin., You could keep all mining profits for themselves if they wanted to." The valuable Bitcoin database was controlled by a single organization, which it also had to muster a tremendous amount of energy.~~

~~Is operated CEX.io. the service of the Bitcoin Exchange "Nobody knows what Ghash ultimately ago," warn Elal and Sirer. Even supposing that Ghash have nothing but good in the sense that this development is absolutely harmful to Bitcoin as a currency whose decentralization is so important. That mining mergers are a danger for such novel means of payment, was already long known and solutions already proposed.~~

~~The promise was allegedly broken~~

~~The tech blog "Ars Technica" wrote Ittay Eyal, who willing put 51 percent of Bitcoin computing power, could control take place which Bitcoin transactions. He was "a monopolist can set any transaction costs or block transactions." That would contradict the basic idea of the virtual currency which was designed as a free system, independent of any control.~~

~~AD
That their collection of Bitcoin computing power is problematic, also know the operators of Ghash. In a statement, the organization said: "The additional Bitcoin computing power in the pool is a welcome development but to reach more than 51 percent of computing power, is a serious threat to the Bitcoin community." You'll avoid ever exceed this limit, it said. A promise that see Eyal and Sirer now disproved.~~

~~Bitcoin Association sees no danger~~

~~The central Bitcoin Wiki called "computing power" as a potential attack on the currency, but sees no real danger in it. The German Federal Association Bitcoin explained upon request, that he was "overly dramatic" for holding the warning of the two computer scientists. "While there is a 51 per cent Hashrate quite possible to attack the network and delete transactions. However, it is practically very unlikely for several reasons that it is implemented in reality."~~

~~Such an attack would be open recognizable and expensive - but above all, they would not be in the interest of miners involved. Therefore, the Federal Association of Bitcoin see at the present time no reason to doubt the integrity of the system.~~