ghash.io more likely to fork bitcoin than create a double spent 51% attack

stuartcharles

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Quote from: Nagle on January 10, 2014, 03:37:39 PM

Ghash.io has provided some hints about their plans in their press release. They want to add some additional features to Bitcoin:

Our plans are to develop additional services, to help expand the use of
bitcoins. The services include, but not limited to

A bitcoin payment system, which utilises the extended features of the bitcoin protocol. (https://en.bitcoin.it/wiki/Bitcoin_Improvement_Proposals)
An escrow service, which will help secure transactions between members of the bitcoin community
Micro-payments aggregation, which will enable users to receive small amounts of Bitcoins from third parties.
Instant bitcoin payments for merchants, which will increase the share of Bitcoin e-commerce transactions in the global economy

Non-standard transactions, such as mentioned above, can not be relayed to the blockchain network, however they are still valid, and can be mined using the hashing power accumulated on GHash.IO.

Ghash.io is now in a position to force changes in the Bitcoin system, and they've announced their initial agenda.

All seems positive, i hope they work with the bitcoin developers and dont try to go it alone. When you read it like that its kind of an ultimatum. We wont go to 51% but we want additional services?

Nagle

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Ghash.io has provided some hints about their plans in their press release. They want to add some additional features to Bitcoin:

Our plans are to develop additional services, to help expand the use of
bitcoins. The services include, but not limited to

A bitcoin payment system, which utilises the extended features of the bitcoin protocol. (https://en.bitcoin.it/wiki/Bitcoin_Improvement_Proposals)
An escrow service, which will help secure transactions between members of the bitcoin community
Micro-payments aggregation, which will enable users to receive small amounts of Bitcoins from third parties.
Instant bitcoin payments for merchants, which will increase the share of Bitcoin e-commerce transactions in the global economy

Non-standard transactions, such as mentioned above, can not be relayed to the blockchain network, however they are still valid, and can be mined using the hashing power accumulated on GHash.IO.

Ghash.io is now in a position to force changes in the Bitcoin system, and they've announced their initial agenda.

Notanon

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Quote from: BitCoinNutJob on January 10, 2014, 08:30:52 AM

its worrying they get so big, freaking PPC might take over we cant let that happen

Peercoin to the moon! Grin

stuartcharles

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Quote from: Kouye on January 10, 2014, 02:10:36 PM

Quote from: stuartcharles on January 10, 2014, 12:05:25 PM

All im saying is we are all praying that Gavin and satoshi are working quietly somewhere on a hard fork to solve these problems.

If Ghash.io does not like the new hardfork, they could probably create a small mess by sticking to their rules, while keeping the longest blockchain.
This is probably more of an issue than them creating a new hardfork.

Yes its a possibility, but if Gavin and crew have any sense (which clearly they do) they will meet with the heads of the largest mining pools to get backing before trying to implement the new fork. It would be nice to think that the code is already written and they are negotiating the features and specifics right now.

Kouye

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Cuddling, censored, unicorn-shaped troll.

Quote from: stuartcharles on January 10, 2014, 12:05:25 PM

All im saying is we are all praying that Gavin and satoshi are working quietly somewhere on a hard fork to solve these problems.

If Ghash.io does not like the new hardfork, they could probably create a small mess by sticking to their rules, while keeping the longest blockchain.
This is probably more of an issue than them creating a new hardfork.

stuartcharles

newbie

Activity: 51

Merit: 0

Quote from: teukon on January 10, 2014, 08:21:38 AM

It would have to be a lot better to overcome the disadvantage of being centralised. I'd sell my ghash.io-coins as soon as I could find a buyer to increase my bitcoin holding.

If it solved conformation times, block chain bloat, tps and centralisation. Then we would all be happy, no? so long as it was marketed well. With those problems solved there would be no limit to scale and therefore no limit to the value of bitcoin.

All im saying is we are all praying that Gavin and satoshi are working quietly somewhere on a hard fork to solve these problems. But it might not be Gavin and team or even Satoshi that solve it. it might be done through the feared 51% attack.

If these problems are not sorted out soon it wont take too many Zynga's and overstock.com's coming on board to cripple bitcoin.

boinc

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Yes, it's time to buy some NVC PPC and LTC.

BitCoinNutJob

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its worrying they get so big, freaking PPC might take over we cant let that happen

teukon

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Merit: 1011

It would have to be a lot better to overcome the disadvantage of being centralised. I'd sell my ghash.io-coins as soon as I could find a buyer to increase my bitcoin holding.

stuartcharles

newbie

Activity: 51

Merit: 0

Ive read about the problems of a pool having 51% of mining power but as they have most to loose by damaging the system.
Isnt it moor likely that they get frustrated by development not progressing in the direction they would like or at the speed they would like. Then creating a fork (which would have to be better as they have most to loose) as the fork is better it is accepted?

Maybe a miner with 51% isnt all bad, they certainly dont want to damage the system but they could put pressure for the much needed changes for bitcoin to scale?

Love to know your thoughts, Im no expert so maybe what i am saying isnt even possible but please comment.

Topic: ghash.io more likely to fork bitcoin than create a double spent 51% attack (Read 1129 times)