GHash.IO has dropped down to 33%,actually,the time of standing above 50% is very short.
no worry about the 51% attack.
no worry about the 51% attack.
No worry ....if u think Bitcoin is a bubble. But for us, who think Bitcoin is here for the long term to fight out the current monetary system, this is a weakness to be dealt with. DeepBit & GHash.IO are the 2 that have reached 51% till date, but no attack has taken place. DeepBit has gone to oblivion and probably one day GHash.IO will vanish too. But a new player will emerge and 51% will need to be addressed.
The biggest concern is that someone makes a service so efficient that everyone will flock to it
Gigahash was the closest by far by acting both as an exchange and a location for coins to be mined in addition offering different pool choices besides bitcoin and offering lower fees are a great combination.
That said it brings about the risk of an exchange and security crashing if everyone flocks to the network
A different approach such as Proof Of Stake acts as incentive to avoid a 50% attack but as Bitcoin is just proof of script we will always need to be concerned about a network hitting 51% concentration.
That and the decreasing number of full nodes as ASIC mining becomes centralized and the people who use full nodes to relay the block chain independently and decentralization of nodes starts to decrease.
These are concerns that I think Bitcoin has not addressed well and will need to find solutions to while we still have time to modify and adapt the system...
That or we will need to as a community one day accept a centralized mint in terms of hashrate and a few major nodes run by major mining companies that maintain the network due to the increasing size of the Blockchain and transactions.
The bolden part gives me the idea of how internet was initially designed and how it got under the control of ISPs.
