Announcing MyEtherWallet v3.24.00: Difficulty Bomb&Updating blockchain
Due to the complexity of the Bomb and the increased risk of hacking, we pushed a rather drastic update that implements a number of changes and improvements, including enhancement of efficiency and scalability of the blockchain, acceleration of transaction speed, and additional security in the form new formats private keys which will help protect users against hacking.
If you are using private key or UTC, then you need to go into the wallet and update manually, otherwise they risk being unprotected.
How do i update my Ethereum wallet?
1. Go to our website MyEtherWallet.com
2. Unlock your wallet using your Keystore File (UTC / JSON) or simply use your private key.
3. Click Unlock and wait for the update.
Please note that you need to manually update your wallet, failure to do so may result in funds being lost.
We are taking these measures to protect both you and our network from phishing and malicious attacks.
Thank you for your cooperation and understanding!
MyEtherWallet Security Team.
If you use other methods, then ignore this message.
Topic: Does Bitcoin have a Mining Monopoly problem? (Read 161 times)
As professional mining groups with specialized computer chips emerged. Bitcoin mining is gradually becoming centralized. News about how bigger and influential companies in the bitcoin economy by virtue of their sheer amount of processing power, or hash rate, are taking controls over the Bitcoin mining continue to widespread, making more undeniable. Just to clear on this topic, Help me understand whether the above topic is entirely true. And if it is true, what is the its implications.
Yes, you correctly argue that bitcoin mining has become a whole production. As far as I know in China there are 3 large firms in the hands of which all bitcoin mining is concentrated. There are certainly small companies, but I'm talking about large ones. And these 3 companies are friends with each other and not competitors. In the hands of these 3 companies there is a lot of valuable information that they can not give to law enforcement agencies, then the principle of decentralization will be violated. Quote
I would hate to see the Bitcoin network in a state where it is vulnerable, or it has a single point of failure. Let’s say Bitmain really is the villain. The worst thing that can happen is a fork and Bitcoin would continue without those two pools. This is unlikely, as Bitmain is one of the main contributors to the decentralized revolution. They’ve invested so much in their infrastructure and position, it is unlikely they are going to throw that away.
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Another point to consider is the amount of additional hashpower necessary to reach 51% of the hashing power. While the two pools came close, the 51% mark is still 4 million TH/s away. That’s an equivalent to 286,000 Antminer S9i’s. Either way, moves such as these do not go unnoticed, and Bitmain is too involved in Bitcoin for this to be a real risk
Source: https://www.crypto-news.net/truth-behind-the-news-bitcoins-supposed-51-attack/Here is an interesting article on 51% attacks with a large player like Bitmain in the network.
Obviously yes.. As much as bitcoin try to deny it... Bitcoin mining currently has a monopoly problem. Recent news have made it clear that Bitmain, one of the most influential company in the bitcoin economy holds virtually greater proportion of processing power, or hash rate. And hence is one of the sole determinant/ influences in the Bitcoin market.
As professional mining groups with specialized computer chips emerged. Bitcoin mining is gradually becoming centralized. News about how bigger and influential companies in the bitcoin economy by virtue of their sheer amount of processing power, or hash rate, are taking controls over the Bitcoin mining continue to widespread, making more undeniable. Just to clear on this topic, Help me understand whether the above topic is entirely true. And if it is true, what is the its implications.
It is True , the Chinese Miners have had over 51% for the past few years.
So Bitcoin is centralized, and you are totally dependent on the Chinese miners to maintain bitcoin, as they could 51% attack it at any time.
However doing so , destroys their business model unless they decide to kill bitcoin and move to bitcoin cash.
No different that using any other payment service that you have no control over.
As professional mining groups with specialized computer chips emerged. Bitcoin mining is gradually becoming centralized. News about how bigger and influential companies in the bitcoin economy by virtue of their sheer amount of processing power, or hash rate, are taking controls over the Bitcoin mining continue to widespread, making more undeniable. Just to clear on this topic, Help me understand whether the above topic is entirely true. And if it is true, what is the its implications.
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