Thanks for sharing so Gigahash did reach 51%
Well there goes the hashrate
(Went back to 49%) But that is still more or less a 50% network rate right there
Topic: GHash.IO has 51% of the network now - page 2. (Read 4240 times)
You can't trust humans or human nature - that's the whole damn point of Bitcoin. We don't trust CENTRAL BANKS so why the hell would we trust GHASH.IO ??!!
they need to be SHUT DOWN AND DISMANTLED before they destroy Bitcoin.
they need to be SHUT DOWN AND DISMANTLED before they destroy Bitcoin.
No m8. It's not Ghas's fault. It's 1) miners fault for not moving hash power somewhere else, and b) bitcoin protocol that did not prevet that from hapening even tho it already happened before.
Bitcoin protocol needs to be changed so noone never can get that much power again. It can be done. You can limit amount of blocks one entity can get in a row, you can change many, many things to prevent people from getting all into one basket.
Question is...why devs didint already change it?
Whole point of Bitcoin is that you don't need to trust anyone, and devs say: "we wont change anything as we thing that community will fix itself" ie "trust into community".
Well...ain't that kinda contradictory. Dont trust anyone but trust community?
It wont work that way...you just cant trust people! If you could, we would not need BTC....fiat would be working w/o problems, bank wouldnt steal and print like crazy etc.
You can't trust humans or human nature - that's the whole damn point of Bitcoin. We don't trust CENTRAL BANKS so why the hell would we trust GHASH.IO ??!!
they need to be SHUT DOWN AND DISMANTLED before they destroy Bitcoin.
they need to be SHUT DOWN AND DISMANTLED before they destroy Bitcoin.
According to Coindesk article...Bitfury to be moving 1.5PH of it's hashing power away from ghash.io with possibility of moving more in the future depending on where they are at later.
reference: http://www.coindesk.com/bitfury-pulls-power-ghash-community-uproar/
reference: http://www.coindesk.com/bitfury-pulls-power-ghash-community-uproar/
Its a classic common resource problem: http://en.wikipedia.org/wiki/Tragedy_of_the_commons
"... individuals, acting independently and rationally according to each one's self-interest, behave contrary to the whole group's long-term best interests by depleting some common resource."
Historically, only 2 viable solutions exist:
1) An authority to regulate (% in this case)
2) Privatization
http://en.wikipedia.org/wiki/Tragedy_of_the_commons#Modern_solutions
Pick your poison..... but be quick about it.
"... individuals, acting independently and rationally according to each one's self-interest, behave contrary to the whole group's long-term best interests by depleting some common resource."
Historically, only 2 viable solutions exist:
1) An authority to regulate (% in this case)
2) Privatization
http://en.wikipedia.org/wiki/Tragedy_of_the_commons#Modern_solutions
Pick your poison..... but be quick about it.
sssh! you know alot of people here don't like to go on facts!
but yeah, nicely said mate.
but yeah, nicely said mate.
You DO know that chart isn't a representation of the total hashrate available, it's just the percentage of blocks found.
While it's CLOSE to 50%, it is NOT the actual hashrate.
https://blockchain.info/charts/hash-rate
This is the actual hashrate, currently at 93,507,419 GH/S, or 93.5 Petahash.
CEX.IO is reporting 40.13...
Lemme do the math for ya.
43.1%
Up there? Hell yeah... But is the sky falling? No. Not yet, but very close.
I've had enough FUD for one day. Please don't confuse your charts. While it's easy to scream "It's All CEX's Fault" and hit panic mode, it's consumers, not miners, on Ghash right now.
Consumers consume, Miners protect their resources.
While it's CLOSE to 50%, it is NOT the actual hashrate.
https://blockchain.info/charts/hash-rate
This is the actual hashrate, currently at 93,507,419 GH/S, or 93.5 Petahash.
CEX.IO is reporting 40.13...
Lemme do the math for ya.
43.1%
Up there? Hell yeah... But is the sky falling? No. Not yet, but very close.
I've had enough FUD for one day. Please don't confuse your charts. While it's easy to scream "It's All CEX's Fault" and hit panic mode, it's consumers, not miners, on Ghash right now.
Consumers consume, Miners protect their resources.
I can't believe all these idiots who mine with ghash.io, they don't realize they are ACTUALLY hurting themselves by giving one entity a 51% stake in BTC. I believe there was some entity that actually allowed itself to double spend in the past, and it might have been GHash. I'm not sure who it was though, someone correct me.
Btc fail!
No, miners fail. They would not let 1-2% away for good of hole network. They will screw us all, and themselfs in process, by doing this shit. It's not up to ghash, it's up to miners.
So, ghash.io acts as a benevolent dictator -- one who knows the penalty for abusing that privilege is instant decapitation.
This is certainly how it should work. But the lack of people actually moving away from GHash.IO as they near (or have already reached) 51% makes me doubt whether they'd actually be "decapitated" by abusing their position.
Btc fail! whats next you ask. seriously guys considor NXT we mean business check payexpo updates from this week
Miners, if you care about your own self interest and the source of your money, leave ghash. Keep being greedy, but do it intelligently, otherwise the dumb ghash greed will destroy you!
So, ghash.io acts as a benevolent dictator -- one who knows the penalty for abusing that privilege is instant decapitation.
This is certainly how it should work. But the lack of people actually moving away from GHash.IO as they near (or have already reached) 51% makes me doubt whether they'd actually be "decapitated" by abusing their position.
So, ghash.io acts as a benevolent dictator -- one who knows the penalty for abusing that privilege is instant decapitation.
Here we go, 1 more thread....directly under older one...that's how Bitcointalk members roll. I expect 5 new threads in next half hour...all one under another. Let the best thread wins!
I thought the same! Not such a big deal to spread screenshots in different threads. Somebody just want to rise his own activity due to shard headline...
Here we go, 1 more thread....directly under older one...that's how Bitcointalk members roll. I expect 5 new threads in next half hour...all one under another. Let the best thread wins!
Why would they do this? I've got a theory: to pick up some cheap BTC. Actually nice way to manipulate the markets. They have to be considered a hostile entity now. Imagine the same with floating fees.
the number of double spends within the last 500,000 transactions actually went down. Just because someone has a lot of hashingpower does not mean the instantly use to double spend. https://blockchain.info/double-spends
I would advice everyone holding GH/s @ cex.io and using GHash.io as a pool to switch anyway. Just in Case.
Why would they do this? I've got a theory: to pick up some cheap BTC. Actually nice way to manipulate the markets. They have to be considered a hostile entity now. Imagine the same with floating fees.
It was not a surprise for me.
Being Solid in the market and knowing what they are doing, plus cloud miming and trading of cex.io, for sure they will eat the market more and more.
Being Solid in the market and knowing what they are doing, plus cloud miming and trading of cex.io, for sure they will eat the market more and more.
You DO know that chart isn't a representation of the total hashrate available, it's just the percentage of blocks found.
While it's CLOSE to 50%, it is NOT the actual hashrate.
https://blockchain.info/charts/hash-rate
This is the actual hashrate, currently at 93,507,419 GH/S, or 93.5 Petahash.
CEX.IO is reporting 40.13...
Lemme do the math for ya.
43.1%
Up there? Hell yeah... But is the sky falling? No. Not yet, but very close.
I've had enough FUD for one day. Please don't confuse your charts. While it's easy to scream "It's All CEX's Fault" and hit panic mode, it's consumers, not miners, on Ghash right now.
Consumers consume, Miners protect their resources.
While it's CLOSE to 50%, it is NOT the actual hashrate.
https://blockchain.info/charts/hash-rate
This is the actual hashrate, currently at 93,507,419 GH/S, or 93.5 Petahash.
CEX.IO is reporting 40.13...
Lemme do the math for ya.
43.1%
Up there? Hell yeah... But is the sky falling? No. Not yet, but very close.
I've had enough FUD for one day. Please don't confuse your charts. While it's easy to scream "It's All CEX's Fault" and hit panic mode, it's consumers, not miners, on Ghash right now.
Consumers consume, Miners protect their resources.
To me it shows 50% still: https://blockchain.info/pools?timespan=24hrs
BTW, FRIDAY THE 13th FELLAS!!!!!
BTW, FRIDAY THE 13th FELLAS!!!!!
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