Topic: GHash.IO hashrate (Read 3729 times)

Quote from: ShakyhandsBTCer on June 14, 2014, 04:50:41 PM

Quote from: reg on June 15, 2014, 02:40:44 AM

Ok .. am I the only one who fails completely to see how this is such a big deal?

Please someone educate me.

It isn't, but you can't control mass hysteria (stupidity). It's like the malleability issue, everyone was completely hysteric about it when MtGox reported about it. Transaction malleability is still there but now you hear nobody about it (and it still isn't a big deal), this is just how mass psychology works. In a month from now Ghash will be back to 35-40% and everyone will be happy again, even though there is really no significant difference between a pool owning 51% of the hashrate or 30%.

This is true, ghash would likely never attempt a 51% attack.

The good news is that it does not matter as bitfury is moving several PH/s of capacity out of ghash

Again, it's not the question of would Ghash do it or not...
The point is, it's possible and people can get greedy. Plus, agencies and governments.

i don't see where greedy and destroying your own income comes together. I've heard it over and over. ghash aka people who are getting rich on bitcoin, will intentionally destroy bitcoin. because greed. what i never hear is how that conclusion was reached. where does greed involve you killing your income? i would define greed as a drive to keep your income going at all cost.

ShakyhandsBTCer

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It's Money 2.0| It’s gold for nerds | It's Bitcoin

Quote from: rudius on June 15, 2014, 02:07:52 AM

Quote from: ShakyhandsBTCer on June 14, 2014, 04:50:41 PM

Quote from: rudius on June 15, 2014, 02:07:52 AM

Ok .. am I the only one who fails completely to see how this is such a big deal?

Please someone educate me.

It isn't, but you can't control mass hysteria (stupidity). It's like the malleability issue, everyone was completely hysteric about it when MtGox reported about it. Transaction malleability is still there but now you hear nobody about it (and it still isn't a big deal), this is just how mass psychology works. In a month from now Ghash will be back to 35-40% and everyone will be happy again, even though there is really no significant difference between a pool owning 51% of the hashrate or 30%.

This is true, ghash would likely never attempt a 51% attack.

The good news is that it does not matter as bitfury is moving several PH/s of capacity out of ghash

Again, it's not the question of would Ghash do it or not...
The point is, it's possible and people can get greedy. Plus, agencies and governments.

Agreed. Not a concern for now, but it s a long term problem that need to be deal with if bitcoin want to stay.

no you are not the only one but there are a few who also think its not a major problem as so far as I know no one has yet lost a coin even on a double spend. however the potential is there to control the block chain by a political or financial organisation and this undermines a core principal of btc that must not be allowed to happen. I believe the majority of bitcoiners are very concerned that there seems no involvement by the core developers to prevent this possibility? so as i posted previously I remain concerned.

It is acknowledged to be a weakness of Bitcoin. It would be very difficult to "force" an entity not to commit a 51% attack nor to control a majority of the hashrate

freebit13

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I got Satoshi's avatar!

Merging pools to counter GHash would not be a good thing... it kinda goes against the decentralization thing bitcoin has going for it Wink

bananahunter67

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These guys are making nice money from their pool. Cheesy

reg

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Quote from: ShakyhandsBTCer on June 14, 2014, 04:50:41 PM

Ok .. am I the only one who fails completely to see how this is such a big deal?

Please someone educate me.

It isn't, but you can't control mass hysteria (stupidity). It's like the malleability issue, everyone was completely hysteric about it when MtGox reported about it. Transaction malleability is still there but now you hear nobody about it (and it still isn't a big deal), this is just how mass psychology works. In a month from now Ghash will be back to 35-40% and everyone will be happy again, even though there is really no significant difference between a pool owning 51% of the hashrate or 30%.

This is true, ghash would likely never attempt a 51% attack.

The good news is that it does not matter as bitfury is moving several PH/s of capacity out of ghash

Again, it's not the question of would Ghash do it or not...
The point is, it's possible and people can get greedy. Plus, agencies and governments.

Agreed. Not a concern for now, but it s a long term problem that need to be deal with if bitcoin want to stay.

no you are not the only one but there are a few who also think its not a major problem as so far as I know no one has yet lost a coin even on a double spend. however the potential is there to control the block chain by a political or financial organisation and this undermines a core principal of btc that must not be allowed to happen. I believe the majority of bitcoiners are very concerned that there seems no involvement by the core developers to prevent this possibility? so as i posted previously I remain concerned.

rudius

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Quote from: ShakyhandsBTCer on June 14, 2014, 04:50:41 PM

Quote from: ShakyhandsBTCer on June 14, 2014, 04:50:41 PM

Ok .. am I the only one who fails completely to see how this is such a big deal?

Please someone educate me.

It isn't, but you can't control mass hysteria (stupidity). It's like the malleability issue, everyone was completely hysteric about it when MtGox reported about it. Transaction malleability is still there but now you hear nobody about it (and it still isn't a big deal), this is just how mass psychology works. In a month from now Ghash will be back to 35-40% and everyone will be happy again, even though there is really no significant difference between a pool owning 51% of the hashrate or 30%.

This is true, ghash would likely never attempt a 51% attack.

The good news is that it does not matter as bitfury is moving several PH/s of capacity out of ghash

Again, it's not the question of would Ghash do it or not...
The point is, it's possible and people can get greedy. Plus, agencies and governments.

Agreed. Not a concern for now, but it s a long term problem that need to be deal with if bitcoin want to stay.

Parazyd

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Activity: 812

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Space Lord

Ok .. am I the only one who fails completely to see how this is such a big deal?

Please someone educate me.

It isn't, but you can't control mass hysteria (stupidity). It's like the malleability issue, everyone was completely hysteric about it when MtGox reported about it. Transaction malleability is still there but now you hear nobody about it (and it still isn't a big deal), this is just how mass psychology works. In a month from now Ghash will be back to 35-40% and everyone will be happy again, even though there is really no significant difference between a pool owning 51% of the hashrate or 30%.

This is true, ghash would likely never attempt a 51% attack.

The good news is that it does not matter as bitfury is moving several PH/s of capacity out of ghash

Again, it's not the question of would Ghash do it or not...
The point is, it's possible and people can get greedy. Plus, agencies and governments.

ShakyhandsBTCer

sr. member

Activity: 448

Merit: 250

It's Money 2.0| It’s gold for nerds | It's Bitcoin

Quote from: MatTheCat on June 14, 2014, 02:40:54 PM

Ok .. am I the only one who fails completely to see how this is such a big deal?

Please someone educate me.

It isn't, but you can't control mass hysteria (stupidity). It's like the malleability issue, everyone was completely hysteric about it when MtGox reported about it. Transaction malleability is still there but now you hear nobody about it (and it still isn't a big deal), this is just how mass psychology works. In a month from now Ghash will be back to 35-40% and everyone will be happy again, even though there is really no significant difference between a pool owning 51% of the hashrate or 30%.

This is true, ghash would likely never attempt a 51% attack.

The good news is that it does not matter as bitfury is moving several PH/s of capacity out of ghash

bitcoinsrus

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Quote from: bitcoinsrus on June 14, 2014, 02:36:19 PM

If they do malicious things and double spend, cant people just put like a red flag on bitcoin usage so everyone else knows that bitcoin is not safe until the issue is resolved.

I will put my hands up and admit that I don't understand Bitcoin from a technical standpoint at all. But should any events occur where 'people just have to put up a red flag on Bitcoin usage because it is unsafe', then Bitcoin is finished.

I got that info from watching one of andreas youtube vids where someone asked him about the 51% ghash (in jan). He basically said the community would react to counter the attack. Yea the red flag thing I mentioned might not work (exactly like that).

MatTheCat

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Quote from: bitcoinsrus on June 14, 2014, 02:36:19 PM

If they do malicious things and double spend, cant people just put like a red flag on bitcoin usage so everyone else knows that bitcoin is not safe until the issue is resolved.

I will put my hands up and admit that I don't understand Bitcoin from a technical standpoint at all. But should any events occur where 'people just have to put up a red flag on Bitcoin usage because it is unsafe', then Bitcoin is finished.

bitcoinsrus

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Activity: 518

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I think that the 51% pool would have to do malicious things (that can only affect future blocks, not past blocks). Then everyone in the network would see these attacks. Other pools could join together to own a larger portion to counter(or the big 51% pools miners could go to another pool).

If they do malicious things and double spend, cant people just put like a red flag on bitcoin usage so everyone else knows that bitcoin is not safe until the issue is resolved.

What I think is that if there is a problem, it is very likely that it can be resolved one way or another.
And I do not think ghash has any malicious intent (they just want to get the probability of hitting more blocks in a row to make more $$)

Miz4r

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Ok .. am I the only one who fails completely to see how this is such a big deal?

Please someone educate me.

It isn't, but you can't control mass hysteria (stupidity). It's like the malleability issue, everyone was completely hysteric about it when MtGox reported about it. Transaction malleability is still there but now you hear nobody about it (and it still isn't a big deal), this is just how mass psychology works. In a month from now Ghash will be back to 35-40% and everyone will be happy again, even though there is really no significant difference between a pool owning 51% of the hashrate or 30%.

MatTheCat

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Activity: 840

Merit: 1000