Topic: Ghash.io reached 45% (Read 3786 times)
The really strange thing is that each time Ghash decreases, unknown increases and vice versa...
Who exactly are the unknown miners? I have noticed they have grown from 15% to 25% recently.
https://blockchain.info/pools?timespan=24hrs
https://blockchain.info/pools?timespan=24hrs
Maybe they are p2pools?
I saw it, too. GHash and BTC Guild have now together less than 50%...
And solo miners?
I don't know. You have 4300 blocks every month. If you want to hit one block, you need 0.025% of the network hashrate. This is about 3750 Gh/s. 30GH/s cost about 1000$, so you need about 100 000$ of equipment.
-> it's possible, but unlikely. Maybe this are some private pools. 10 people invest each 10 grand and mine together.
Maybe Gex.io is solo mining? Ghash.io have only 28% now and uknown is bigger.
Who exactly are the unknown miners? I have noticed they have grown from 15% to 25% recently.
https://blockchain.info/pools?timespan=24hrs
https://blockchain.info/pools?timespan=24hrs
Maybe they are p2pools?
I saw it, too. GHash and BTC Guild have now together less than 50%...
And solo miners?
I don't know. You have 4300 blocks every month. If you want to hit one block, you need 0.025% of the network hashrate. This is about 3750 Gh/s. 30GH/s cost about 1000$, so you need about 100 000$ of equipment.
-> it's possible, but unlikely. Maybe this are some private pools. 10 people invest each 10 grand and mine together.
Who exactly are the unknown miners? I have noticed they have grown from 15% to 25% recently.
https://blockchain.info/pools?timespan=24hrs
https://blockchain.info/pools?timespan=24hrs
Maybe they are p2pools?
I saw it, too. GHash and BTC Guild have now together less than 50%...
And solo miners?
Everyone's concerned about double-spending. I'm more concerned about them changing the rules to something that nobody likes.
Ghash.io has considerable power right now over Bitcoin. During peak periods, Bitcoin has hit its 7 transactions per second limit. If Bitcoin transaction volume continues to grow, it's going to hit that limit regularly. The block size and transaction rate limit cannot be increased unless ghash.io wants it increased. All they have to do is refuse to confirm blocks beyond the current 250KB limit. Whenever the block chain has a big backlog of unconfirmed transactions, ghash.io is in charge of Bitcoin. They have the power now to effectively impose higher transaction fees, or favor some transactions over others. For example, Coinbase could cut a deal with ghash.io for "express transaction confirmation" - their transactions get processed first. That would be a win for Coinbase - their merchant shopping cart service needs fast confirmations.
The next big issue for Bitcoin may be "net neutrality".
Or even more damaging, an exclusive express transaction confirmation: "We ghash promise that no competitor of yours will be able to process quickly."
Who exactly are the unknown miners? I have noticed they have grown from 15% to 25% recently.
https://blockchain.info/pools?timespan=24hrs
https://blockchain.info/pools?timespan=24hrs
Maybe they are p2pools?
I saw it, too. GHash and BTC Guild have now together less than 50%...
Who exactly are the unknown miners? I have noticed they have grown from 15% to 25% recently.
https://blockchain.info/pools?timespan=24hrs
https://blockchain.info/pools?timespan=24hrs
Probably Ghash hiding their hashing power in unknown to not cause panic.
They can cause panic when they have their shorts ready
Who exactly are the unknown miners? I have noticed they have grown from 15% to 25% recently.
https://blockchain.info/pools?timespan=24hrs
https://blockchain.info/pools?timespan=24hrs
Probably Ghash hiding their hashing power in unknown to not cause panic.
They can cause panic when they have their shorts ready
Quote
/r/bitcoin
Do you know what, I just realized that I still have some computing cycles since
http://www.distributed.net/Main_Page
just let me review some notes on my ancient books lib...
I'm not familiar with the mining side of bitcoin and what the implications are, but it's a little disappointing that one group can already gain 51% so early and quickly... when I heard about the 51% attack I thought that group would need an incredible amount of resource to pull that off which made it very unlikely to happen... but it seems like it is more likely to happen than not. Do miners get benefits for being among the pool in the 51%+ group?
i wouldn't call 5 years in "early", and it has nearly happened before. the main problem is that miners currently (and probably forever) are incentivised to join pools for a more reliable mining income, which is simply one tendency towards centralisation, similar to the tendency towards centralised exchanges (goxopoly) in the earlier years. however, i'm confident that the community as it stands today is both knowledgeable and active enough to avoid the possible crisis scenarios by leaving the pool if you are involved, monitoring the blockchain for suspicious transactions, and promoting awareness through various well-trafficked outlets like /r/bitcoin and these forums. we've shown incredible decentralised cooperation in the past and the entire story of the bitcoin project continues to amaze me as a proof of concept of how dishonest or irresponsible actors can be neutralised in decentralised systems far better than in the centralised ones to which we are accustomed.
--arepo
+1 well said.
edit - and see "anti-fragile"
Spoken like someone with no interest in Bitcoin beyond speculation. Bravo.
You must have missed the second sentence:I hope they get up over the magical 50% hump, let say 55% or higher. It will in no way damage the Bitcoin network but talk about a FUD storm of Biblical proportions!!!
1) You don't know whether it will or will not damage the Bitcoin network. You're just extrapolating based on historical data. But let's assume you're right for the sake of argument.
2) It's not just the network that is at stake, but the reputation of Bitcoin. The more crashes we have, the slower people are to adopt it as both a store of value and payment mechanism. That is why I made my comment. When Bitcoin crashes, both wealth and confidence is destroyed.
and BTW, is pretty much easy to un-link their ISP main cable, as autonomus system. so from 45 tey will drop to ___ dont know just loads of orfans ...
I read https://ghash.io/ghashio_press_release.pdf
But just in case..some contacts has been made in networking community (professionals from layer 3 below)
http://www.internetpulse.net/
http://www.cablemap.info/
Spoken like someone with no interest in Bitcoin beyond speculation. Bravo.
You must have missed the second sentence:I hope they get up over the magical 50% hump, let say 55% or higher. It will in no way damage the Bitcoin network but talk about a FUD storm of Biblical proportions!!!
1) You don't know whether it will or will not damage the Bitcoin network. You're just extrapolating based on historical data. But let's assume you're right for the sake of argument.
2) It's not just the network that is at stake, but the reputation of Bitcoin. The more crashes we have, the slower people are to adopt it as both a store of value and payment mechanism. That is why I made my comment. When Bitcoin crashes, both wealth and confidence is destroyed.
and BTW, is pretty much easy to un-link their ISP main cable, as autonomus system. so from 45 tey will drop to ___ dont know just loads of orfans ...
Spoken like someone with no interest in Bitcoin beyond speculation. Bravo.
You must have missed the second sentence:I hope they get up over the magical 50% hump, let say 55% or higher. It will in no way damage the Bitcoin network but talk about a FUD storm of Biblical proportions!!!
1) You don't know whether it will or will not damage the Bitcoin network. You're just extrapolating based on historical data. But let's assume you're right for the sake of argument.
2) It's not just the network that is at stake, but the reputation of Bitcoin. The more crashes we have, the slower people are to adopt it as both a store of value and payment mechanism. That is why I made my comment. When Bitcoin crashes, both wealth and confidence is destroyed.
Ghash.io has considerable power right now over Bitcoin. During peak periods, Bitcoin has hit its 7 transactions per second limit. If Bitcoin transaction volume continues to grow, it's going to hit that limit regularly. The block size and transaction rate limit cannot be increased unless ghash.io wants it increased. All they have to do is refuse to confirm blocks beyond the current 250KB limit.
Whenever the block chain has a big backlog of unconfirmed transactions, ghash.io is in charge of Bitcoin. They have the power now to effectively impose higher transaction fees, or favor some transactions over others. For example, Coinbase could cut a deal with ghash.io for "express transaction confirmation" - their transactions get processed first. That would be a win for Coinbase - their merchant shopping cart service needs fast confirmations.
Whenever the block chain has a big backlog of unconfirmed transactions, ghash.io is in charge of Bitcoin. They have the power now to effectively impose higher transaction fees, or favor some transactions over others. For example, Coinbase could cut a deal with ghash.io for "express transaction confirmation" - their transactions get processed first. That would be a win for Coinbase - their merchant shopping cart service needs fast confirmations.
Ultimately the miners answer to the holders and possible future holders. If the miners (attempt to) do something which the holders disagree with, they will quickly find themselves mining worthless coins. The economic majority holds the actual power.
The next big issue for Bitcoin may be "net neutrality".
I can agree with this.
Only 34% now.
Spoken like someone with no interest in Bitcoin beyond speculation. Bravo.
You must have missed the second sentence:I hope they get up over the magical 50% hump, let say 55% or higher. It will in no way damage the Bitcoin network but talk about a FUD storm of Biblical proportions!!!
Everyone's concerned about double-spending. I'm more concerned about them changing the rules to something that nobody likes.
Ghash.io has considerable power right now over Bitcoin. During peak periods, Bitcoin has hit its 7 transactions per second limit. If Bitcoin transaction volume continues to grow, it's going to hit that limit regularly. The block size and transaction rate limit cannot be increased unless ghash.io wants it increased. All they have to do is refuse to confirm blocks beyond the current 250KB limit. Whenever the block chain has a big backlog of unconfirmed transactions, ghash.io is in charge of Bitcoin. They have the power now to effectively impose higher transaction fees, or favor some transactions over others. For example, Coinbase could cut a deal with ghash.io for "express transaction confirmation" - their transactions get processed first. That would be a win for Coinbase - their merchant shopping cart service needs fast confirmations.
The next big issue for Bitcoin may be "net neutrality".
I hope they get up over the magical 50% hump, let say 55% or higher. It will in no way damage the Bitcoin network but talk about a FUD storm of Biblical proportions!!!
PANIC blood in the streets selling worldwide, everyone screaming 51% 51% 51% at the top of their lungs - none of them with the foggiest idea what a "51% attack" even means or what can or cannot be done by such an attack.
It would be a thing of BEAUTY. I can see the possibility of a dip into the double digits as the lazy fucking media circle jerk around the story, referencing each other's "research" repeating the "BITCOIN IS DOOMED OMG SKY IS FALLING" story 24/7 all over the web and video.
I can't wait, moving cash into the exchanges and getting ready to buy.
You can do your part by posting as many threads as you can warning everyone of the horrible dangers that a single pool controlling over half of the hashing represents. Make sure your post contains no actual facts or technical detail otherwise CNN will not be able to use your post and quote you!
PANIC blood in the streets selling worldwide, everyone screaming 51% 51% 51% at the top of their lungs - none of them with the foggiest idea what a "51% attack" even means or what can or cannot be done by such an attack.
It would be a thing of BEAUTY. I can see the possibility of a dip into the double digits as the lazy fucking media circle jerk around the story, referencing each other's "research" repeating the "BITCOIN IS DOOMED OMG SKY IS FALLING" story 24/7 all over the web and video.
I can't wait, moving cash into the exchanges and getting ready to buy.
You can do your part by posting as many threads as you can warning everyone of the horrible dangers that a single pool controlling over half of the hashing represents. Make sure your post contains no actual facts or technical detail otherwise CNN will not be able to use your post and quote you!
Spoken like someone with no interest in Bitcoin beyond speculation. Bravo.
I hope they get up over the magical 50% hump, let say 55% or higher. It will in no way damage the Bitcoin network but talk about a FUD storm of Biblical proportions!!!
PANIC blood in the streets selling worldwide, everyone screaming 51% 51% 51% at the top of their lungs - none of them with the foggiest idea what a "51% attack" even means or what can or cannot be done by such an attack.
It would be a thing of BEAUTY. I can see the possibility of a dip into the double digits as the lazy fucking media circle jerk around the story, referencing each other's "research" repeating the "BITCOIN IS DOOMED OMG SKY IS FALLING" story 24/7 all over the web and video.
I can't wait, moving cash into the exchanges and getting ready to buy.
You can do your part by posting as many threads as you can warning everyone of the horrible dangers that a single pool controlling over half of the hashing represents. Make sure your post contains no actual facts or technical detail otherwise CNN will not be able to use your post and quote you!
PANIC blood in the streets selling worldwide, everyone screaming 51% 51% 51% at the top of their lungs - none of them with the foggiest idea what a "51% attack" even means or what can or cannot be done by such an attack.
It would be a thing of BEAUTY. I can see the possibility of a dip into the double digits as the lazy fucking media circle jerk around the story, referencing each other's "research" repeating the "BITCOIN IS DOOMED OMG SKY IS FALLING" story 24/7 all over the web and video.
I can't wait, moving cash into the exchanges and getting ready to buy.
You can do your part by posting as many threads as you can warning everyone of the horrible dangers that a single pool controlling over half of the hashing represents. Make sure your post contains no actual facts or technical detail otherwise CNN will not be able to use your post and quote you!
Since they're already getting close to 51% (let's face it 45% is pretty dang close), I would like to see them implement the feature of choosing your pool. If you purchase Gigahashes, and you really own them, you would think this would be an available option...
Just curious when they plan on allowing users to choose their own pool? When they reach 50.9% of hashing power?
Just curious when they plan on allowing users to choose their own pool? When they reach 50.9% of hashing power?
Don't know, but if I were them, I'd probably try and hurry up the process ASAP.
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