Topic: GHash is at 48% WTF - page 2. (Read 7052 times)

Wow, I feel much better now. I can't wait for the pool operators to become the dirty dozen and begin "imposing solutions" on Bitcoin. Time to go all in. o_O

We STRONGLY agree that no Bitcoin user should fully trust a single entity that they will not harm and manipulate users’ funds and assets, and we will soon present a valid solution to the “Achilles heel “ problem of Bitcoin, and will start an open dialogue with other pool owners to impose this solution.

seriously i dont understand why 51% or more makes a difference. can someone explain please. ty

An attacker that controls more than 50% of the network's computing power can, for the time that he is in control, exclude and modify the ordering of transactions. This allows him to:

Reverse transactions that he sends while he's in control. This has the potential to double-spend transactions that previously had already been seen in the block chain.
Prevent some or all transactions from gaining any confirmations
Prevent some or all other miners from mining any valid blocks

The attacker can't:

Reverse other people's transactions
Prevent transactions from being sent at all (they'll show as 0/unconfirmed)
Change the number of coins generated per block
Create coins out of thin air
Send coins that never belonged to him
With less than 50%, the same kind of attacks are possible, but with less than 100% rate of success. For example, someone with only 40% of the network computing power can overcome a 6-deep confirmed transaction with a 50% success rate.

It's much more difficult to change historical blocks, and it becomes exponentially more difficult the further back you go. As above, changing historical blocks only allows you to exclude and change the ordering of transactions. It's impossible to change blocks created before the last checkpoint.

Since this attack doesn't permit all that much power over the network, it is expected that no one will attempt it. A profit-seeking person will always gain more by just following the rules, and even someone trying to destroy the system will probably find other attacks more attractive. However, if this attack is successfully executed, it will be difficult or impossible to "untangle" the mess created -- any changes the attacker makes might become permanent.

This is fucking serious people get off GHash the consequences for 51% are huge. It could be detrimental for bitcoin going forward. Once people realize that the Achilles heel in bitcoin is real, they'll permanently mark it with a negative stigma.

You are correct but the opposite is true as well. Having 51% does not guarantee an attack, it only makes it possible.

i still think they should stop accepting other pool-blocks and build only their chain.
its in their interest: it would result in a lower diff

i am very intersted in the outcome. tradegy-of-the-commons vs bitcoin-doomsday

you can attack bitcoin even with 30%.
51% just guarantees a success (in an unlimited timeframe and with the assumption that no new hashrate is added)

What is the estimate until they get to 51% anyway ?