GHash.IO is standing at 51% - page 2.

Parazyd

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Space Lord

Quote from: BCwinning on June 14, 2014, 09:41:55 AM

wow they just dropped down to 24 ph/s
If that was all them from 24 to 44 ph/s that is a lot of power in one place.

They said Ghash is 45% their ASIC and 55% independent miners.

BCwinning

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wow they just dropped down to 24 ph/s
If that was all them from 24 to 44 ph/s that is a lot of power in one place.

BitCoinDream

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The revolution will be digital

Quote from: newuser01 on June 14, 2014, 08:42:31 AM

Quote from: BitCoinDream on June 14, 2014, 08:30:20 AM

Quote from: aeternum.in on June 14, 2014, 08:27:19 AM

Quote from: johnyj on June 14, 2014, 07:36:13 AM

Every miner including GHASH.IO should run distributed P2POOL and make it more than 70% of network hashing power to solve this problem permanently, I think that will be the major task for miners in the coming years

I also think that bitcoin foundation have the responsibility to advertise the use of P2POOL at large scale

Yeah, I don't quite get why they don't do this already......

Why will they ? It is free market buddy. Decentralization needs to be controlled at protocol level. U cant expect another human to act for your benefit, while doing business.

So you undestand this much.

Yet you think that there will somehow just appear a magical solution that will fix all the centralization problems with bitcoin?

It has been discussed for years and there is no easy fix - that's why people are looking into alternatives. And ontop of that it will just become more difficult to change anything with the bitcoin protocol the longer it goes.

Yes, I understand this and I also understand how an open source project works. Most of the shit coins are launched by people to make quick profit by pump & dump. After Bitcoin, there is only one true innovation in the crypto world, i.e. Ethereum.

Anyways, coming to the point, there are already 2 suggested solutions to counter 51%...

1. Getblocktemplate

2. Neutralizing a 51% attack by Gavin

BCwinning

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Quote from: BitCoinDream on June 14, 2014, 08:37:27 AM

Quote from: BCwinning on June 14, 2014, 08:32:33 AM

It amazes me they worry about "dust" ddos so they micromanage that but won't do anything
let alone address the issue of a pool taking over more than half the networks hashing.
At this rate the datacenters will become the new central banks.
BTC will be relegated to the history books.

PS: ghash isn't making the price decline, it was declining before this issue popped back up.
It might not be helping it get back into the 600's but w/e

Price is declining probably because the US is going to dump the Silk Road coins at some market in next few week + Dish n/w is dumping their earning to pay liabilities in FIAT.

p.s. Big traders know, even if GHash.IO reached 50%+, they wont do anything at least now to allow double spend.

agree
I don't think they would do anything like that but if they could capture over 60% they could indeed manipulate the market
their way.

newuser01

sr. member

Activity: 434

Merit: 250

Quote from: BitCoinDream on June 14, 2014, 08:30:20 AM

Quote from: aeternum.in on June 14, 2014, 08:27:19 AM

Quote from: johnyj on June 14, 2014, 07:36:13 AM

Every miner including GHASH.IO should run distributed P2POOL and make it more than 70% of network hashing power to solve this problem permanently, I think that will be the major task for miners in the coming years

I also think that bitcoin foundation have the responsibility to advertise the use of P2POOL at large scale

Yeah, I don't quite get why they don't do this already......

Why will they ? It is free market buddy. Decentralization needs to be controlled at protocol level. U cant expect another human to act for your benefit, while doing business.

So you undestand this much.

Yet you think that there will somehow just appear a magical solution that will fix all the centralization problems with bitcoin?

It has been discussed for years and there is no easy fix - that's why people are looking into alternatives. And ontop of that it will just become more difficult to change anything with the bitcoin protocol the longer it goes.

BitCoinDream

legendary

Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: BCwinning on June 14, 2014, 08:32:33 AM

It amazes me they worry about "dust" ddos so they micromanage that but won't do anything
let alone address the issue of a pool taking over more than half the networks hashing.
At this rate the datacenters will become the new central banks.
BTC will be relegated to the history books.

PS: ghash isn't making the price decline, it was declining before this issue popped back up.
It might not be helping it get back into the 600's but w/e

Price is declining probably because the US is going to dump the Silk Road coins at some market in next few week + Dish n/w is dumping their earning to pay liabilities in FIAT.

p.s. Big traders know, even if GHash.IO reached 50%+, they wont do anything at least now to allow double spend.

BCwinning

hero member

Activity: 770

Merit: 500

It amazes me they worry about "dust" ddos so they micromanage that but won't do anything
let alone address the issue of a pool taking over more than half the networks hashing.
At this rate the datacenters will become the new central banks.
BTC will be relegated to the history books.

PS: ghash isn't making the price decline, it was declining before this issue popped back up.
It might not be helping it get back into the 600's but w/e

BitCoinDream

legendary

Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: aeternum.in on June 14, 2014, 08:27:19 AM

Quote from: johnyj on June 14, 2014, 07:36:13 AM

Every miner including GHASH.IO should run distributed P2POOL and make it more than 70% of network hashing power to solve this problem permanently, I think that will be the major task for miners in the coming years

I also think that bitcoin foundation have the responsibility to advertise the use of P2POOL at large scale

Yeah, I don't quite get why they don't do this already......

Why will they ? It is free market buddy. Decentralization needs to be controlled at protocol level. U cant expect another human to act for your benefit, while doing business.

Beans

hero member

Activity: 518

Merit: 500

When will miners figure out they are losing profits by mining at Ghash. Seems pretty obvious it's effecting the btc price.

aeternum.in

newbie

Activity: 48

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Quote from: johnyj on June 14, 2014, 07:36:13 AM

Every miner including GHASH.IO should run distributed P2POOL and make it more than 70% of network hashing power to solve this problem permanently, I think that will be the major task for miners in the coming years

I also think that bitcoin foundation have the responsibility to advertise the use of P2POOL at large scale

Yeah, I don't quite get why they don't do this already......

BitCoinDream

legendary

Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: Mr Tea on June 14, 2014, 08:21:34 AM

Has anything bad happened with this? I've been out of the loop for a week or so. I read a 51% attack could be pretty devastating.

GHash.IO achieved 51% of the total n/w hash power, as u'll find in the first page of this thread, but they did not attack the n/w. They simply switched off some their machines to show good faith to the community and no attack took place. Now, will we trust them or not is an altogether different question.

newuser01

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Activity: 434

Merit: 250

Quote from: BitCoinDream on June 14, 2014, 08:16:35 AM

Quote from: newuser01 on June 14, 2014, 08:06:48 AM

This is the solution to centralized mining:

https://bitcointalk.org/index.php?topic=483515.4920

Join us and create a decentralized cryptocurrency instead of one that will be controlled by a few big corporations. Myriad is still before the first halving so it's definitely not too late!

Dont try to lure people to some Shitcoin. People discussing 51% are not newbie and are well aware the shitcoin's pump & dump schemes. At every problem of bitcoin, u people jump in to encash the opportunity, but u failed, fail and will continue to fail to dethrone the undisputed king of crypto currency.

The truth is that there is no fix to bitcoin that will solve this problem, as seen in this thread and the other 1000 that also take up this issue.

I believe bitcoin will be the leader either way, but it will eventually be controlled by a few people meaning it will not decentralized - like it or not, that's the truth.

Quote from: BCwinning on June 14, 2014, 08:22:14 AM

Quote from: Mr Tea on June 14, 2014, 08:21:34 AM

Has anything bad happened with this? I've been out of the loop for a week or so. I read a 51% attack could be pretty devastating.

just fud which in itself can be bad.

Exactly like this..

Nothing will be done to solve the issue because the people who decide don't want to 'fix' it (nothing is broken in their pov)

Even one the bitcoin devs can see where this is going..
https://bitcointalksearch.org/topic/bitcoin-dev-sells-50-of-his-bitcoin-due-to-51-threat-651056

I don't understand how people cannot take this seriously.. having more than 50% is a disaster, anything even close to 40% is bad.

BCwinning

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Activity: 770

Merit: 500

Quote from: Mr Tea on June 14, 2014, 08:21:34 AM

Has anything bad happened with this? I've been out of the loop for a week or so. I read a 51% attack could be pretty devastating.

just fud which in itself can be bad.

Mr Tea

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Activity: 270

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Has anything bad happened with this? I've been out of the loop for a week or so. I read a 51% attack could be pretty devastating.

BCwinning

hero member

Activity: 770

Merit: 500

Bouncing from 42 to 38 and back it appears like they are hopping or someone with some big hashing is.

Lauda

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Terminated.

Quote from: newuser01 on June 14, 2014, 08:06:48 AM

This is the solution to centralized mining:

https://bitcointalk.org/index.php?topic=483515.4920

Join us and create a decentralized cryptocurrency instead of one that will be controlled by a few big corporations. Myriad is still before the first halving so it's definitely not too late!

No this is not a solution. This is an alternative coin. I'll rather stick with Bitcoin.
Try suggesting something that can be implemented into Bitcoin. Wink

BitCoinDream

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Activity: 2394

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The revolution will be digital

Quote from: newuser01 on June 14, 2014, 08:06:48 AM

This is the solution to centralized mining:

https://bitcointalk.org/index.php?topic=483515.4920

Join us and create a decentralized cryptocurrency instead of one that will be controlled by a few big corporations. Myriad is still before the first halving so it's definitely not too late!

Dont try to lure people to some Shitcoin. People discussing 51% are not newbie and are well aware the shitcoin's pump & dump schemes. At every problem of bitcoin, u people jump in to encash the opportunity, but u failed, fail and will continue to fail to dethrone the undisputed king of crypto currency.

newuser01

sr. member

Activity: 434

Merit: 250

This is the solution to centralized mining:

https://bitcointalksearch.org/topic/annxmy-myriad-multi-algo-fair-secure-483515

Join us and create a decentralized cryptocurrency instead of one that will be controlled by a few big corporations. Myriad is still before the first halving so it's definitely not too late!

johnyj

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Beyond Imagination

Every miner including GHASH.IO should run distributed P2POOL and make it more than 70% of network hashing power to solve this problem permanently, I think that will be the major task for miners in the coming years

I also think that bitcoin foundation have the responsibility to advertise the use of P2POOL at large scale

Swordsoffreedom

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Leading Crypto Sports Betting & Casino Platform

Quote from: Lauda on June 14, 2014, 03:27:48 AM

I'm still surprised that they are holding this much hashrate. What are the miners thinking? If a 51% happens, all their trouble will be worth nothing.

I would like to say miners aren't stupid but perhaps they are all greedy and want to use a 0% pool that reveals the most blocks
That said it is a problem and I guess the miners think ignorance is bliss

Topic: GHash.IO is standing at 51% - page 2. (Read 5482 times)