There's no problem in Ghash.io reaching the 51% of the total hashrate, they have no interest into breaking the bitcoin party.
They won't. It would be completely counterproductive for them, lowering user trust.
Topic: Ghash.io reaching up to 47% hashrate (now down). Can it reach 51%? (Read 1788 times)
They won't. It would be completely counterproductive for them, lowering user trust.
June 08, 2014, 04:31:04 PM
There's no problem in Ghash.io reaching the 51% of the total hashrate, they have no interest into breaking the bitcoin party.
That's kind of messed up, though. If we want to protect the integrity of the network, it's in the interest of us all not to have one entity controlling so much of the network.
June 08, 2014, 03:47:11 PM
There's no problem in Ghash.io reaching the 51% of the total hashrate, they have no interest into breaking the bitcoin party.
June 08, 2014, 02:48:30 PM
Ghash.io is currently at 39% according to https://blockchain.info/pools.
June 08, 2014, 01:38:04 PM
*watch*
June 08, 2014, 01:24:10 PM
So china could use it to attack bitcoin?
I guess anybody could, but I don't think anybody would be able to
June 08, 2014, 01:20:05 PM
The real danger is pool operator corruption not a single pool getting >50% hashing power.
Take gigahash and some other leading mining pool. Combine their hashing power and Bitcoin is done. DEAD. All hail to peercoin, you should start buying peercoins already (http://imgur.com/a/dG66c) as this coin is much more resistant to 51% attacks.
Someone controls the pool, right? That someone has a family to be tortured in order to bring down Bitcoin. If money won't corrupt the pool operator, there are other things that can be done.
Those who know history, might even look back to Molotov–Ribbentrop Pact which may very well happen in the context of leading pool operators.
1. Develop a 51% attack proof altcoin.
2. Bring down Bitcoin with the analogue of the Molotov–Ribbentrop Pact amongst pool operators.
3. Everyone switches to 51% attack proof coin.
4. Profit
I diversified to peercoin long time ago and been stake-mining for a year now.
Take gigahash and some other leading mining pool. Combine their hashing power and Bitcoin is done. DEAD. All hail to peercoin, you should start buying peercoins already (http://imgur.com/a/dG66c) as this coin is much more resistant to 51% attacks.
Someone controls the pool, right? That someone has a family to be tortured in order to bring down Bitcoin. If money won't corrupt the pool operator, there are other things that can be done.
Those who know history, might even look back to Molotov–Ribbentrop Pact which may very well happen in the context of leading pool operators.
1. Develop a 51% attack proof altcoin.
2. Bring down Bitcoin with the analogue of the Molotov–Ribbentrop Pact amongst pool operators.
3. Everyone switches to 51% attack proof coin.
4. Profit
I diversified to peercoin long time ago and been stake-mining for a year now.
June 08, 2014, 01:06:43 PM
I dont understand 1 simple thing. Why on earth Ghash.io/Cex.io will try for double spend ? Their wealth is standing on BTC... is not it ?
June 08, 2014, 01:02:09 PM
Troll trader/FUD Spreader #1: "Damn, btc price hasn't budged in a few days. We need some new FUD panic. We need the price to fall to get cheaper coins!"
Troll trader/FUD Spreader #2: "Yeah, but what FUD? China ban again?"
Troll trader/FUD Spreader #1: "Nah, we tried that again a few days ago, didn't work. People just don't care anymore."
Troll trader/FUD Spreader #2: "Willy bot?"
Troll trader/FUD Spreader #1: "Nah. Old news, plus Gox is way dead."
Troll trader/FUD Spreader #2: "Bitstamp insolvency?"
Troll trader/FUD Spreader #1: "Won't work, people know they are pretty solid now."
Troll trader/FUD Spreader #2: "....hmmm..."
Troll trader/FUD Spreader #2: "Wait, I've got it!"
Troll trader/FUD Spreader #1: "What? What?"
Troll trader/FUD Spreader #2: "The 51% attack FUD! People haven't heard about that stuff in a while! Let's resurrect it, I'm sure it'll cause some panic again. We'll post like crazy on Reddit and other sites, and whip this back into a frenzy!"
Troll trader/FUD Spreader #1: "Perfect."
Troll trader/FUD Spreader #2: "Yeah, but what FUD? China ban again?"
Troll trader/FUD Spreader #1: "Nah, we tried that again a few days ago, didn't work. People just don't care anymore."
Troll trader/FUD Spreader #2: "Willy bot?"
Troll trader/FUD Spreader #1: "Nah. Old news, plus Gox is way dead."
Troll trader/FUD Spreader #2: "Bitstamp insolvency?"
Troll trader/FUD Spreader #1: "Won't work, people know they are pretty solid now."
Troll trader/FUD Spreader #2: "....hmmm..."
Troll trader/FUD Spreader #2: "Wait, I've got it!"
Troll trader/FUD Spreader #1: "What? What?"
Troll trader/FUD Spreader #2: "The 51% attack FUD! People haven't heard about that stuff in a while! Let's resurrect it, I'm sure it'll cause some panic again. We'll post like crazy on Reddit and other sites, and whip this back into a frenzy!"
Troll trader/FUD Spreader #1: "Perfect."
+ MF'ing 1
June 08, 2014, 12:29:40 PM
Leave it to Reddit to get all bent out of shape and paranoid over this. I'm not particularly worried about a 51% attack. But I also think.... why aren't miners switching pools yet? Didn't this same thing happen a few months ago?
June 08, 2014, 12:09:22 PM
Until 2-3 days ago, the total hashrate went up to 98-99 Peta Hash. Since then, it has calmed down to 86-87 PHs. Cex/ghash responded by ramping up to 41-42 PHs and is currently sitting at 39 PHs. It's a little bit disconcerting because they had been hashing at around 35% for a long time and to see them ramp up to 45% of the total will cause many miners to move to other pools like bitcguild and eligius.
Cex/Ghash had promised that they would never go to 51%; however, they have not kept other promises, such as allowing cloud miners to mine at other than ghash.io pool.
As others have said above, it boggles my mind why anyone would buy GHs at cex, it's overpriced and you are charged outrageous fees and you are giving your hard earned money to crooks, swindlers and inside manipulators at cex. There must be lots of feeble minded people around the world.
Cex/Ghash had promised that they would never go to 51%; however, they have not kept other promises, such as allowing cloud miners to mine at other than ghash.io pool.
As others have said above, it boggles my mind why anyone would buy GHs at cex, it's overpriced and you are charged outrageous fees and you are giving your hard earned money to crooks, swindlers and inside manipulators at cex. There must be lots of feeble minded people around the world.
June 08, 2014, 11:49:28 AM
So china could use it to attack bitcoin?
I guess anybody could, but I don't think anybody would be able to
June 08, 2014, 11:31:40 AM
I wouldn't be particularly worried about a 51% attack. Even if someone had control of 51% of the mining power, it would not be in their benefit to try to manipulate the block chain. As soon as anyone discovered that the attack had taken place the value of bitcoin would permanently drop to zero. Bitcoin would no longer be non-centralized and nobody would want to use it due to the major security flaw. I don't think anyone will ever control 51% of mining power though without like quantum computing or something.
So china could use it to attack bitcoin? June 08, 2014, 11:22:35 AM
I wouldn't be particularly worried about a 51% attack. Even if someone had control of 51% of the mining power, it would not be in their benefit to try to manipulate the block chain. As soon as anyone discovered that the attack had taken place the value of bitcoin would permanently drop to zero. Bitcoin would no longer be non-centralized and nobody would want to use it due to the major security flaw. I don't think anyone will ever control 51% of mining power though without like quantum computing or something.
June 08, 2014, 11:13:32 AM
Why does everyone use Ghash?
Probably because it's the easiest and/or most profitable to use.
Or because people just don't know better alternatives.
Easiest? NO.
P2Pool is the easiest because you don't have to register any account. Why the hell people still use centralized mining if everyone could just switch to p2p mining.
June 08, 2014, 10:41:54 AM
What most people fail to realize is that 51% does not mean BTC will suddenly drop off the face of the internet, nor will ghash be able to freely take coins as if a big button appeared for them as they crossed it.
They've also stated several times that they do not want to cross that line, as even if they did break bitcoin and give themselves a huge amount, who will buy it? Inflation such as that caused by a successful 51% attack does not cause a steady price - it would crash the moment they crossed the line, meaning they would get nothing out of it and the bitcoin community would be crippled, not something ghash wants considering they make most of their money from people trading btc!
They've also stated several times that they do not want to cross that line, as even if they did break bitcoin and give themselves a huge amount, who will buy it? Inflation such as that caused by a successful 51% attack does not cause a steady price - it would crash the moment they crossed the line, meaning they would get nothing out of it and the bitcoin community would be crippled, not something ghash wants considering they make most of their money from people trading btc!
A 51% attack cannot create more coins other than the normal block reward, thus it cannot cause an increase in the inflation rate. https://www.youtube.com/watch?v=bTPQKyAq-DM&feature=youtu.be&t=48m56s
June 08, 2014, 09:34:16 AM
I thought 51% attack is just a waste of time like somebody told me long time ago? 
https://bitcointalksearch.org/topic/spin-offs-bootstrap-an-altcoin-with-a-btc-blockchain-based-initial-distribution-563972
I'm too lazy to read everything written there.. LOL 
I wouldn't get too cocky if I were you guys...
I've just finished watching this https://www.youtube.com/watch?v=bi2thGzzNSs and I realized that their government could easily initiate a 51% attack
Once bitcoin start hurting their economy, I wouldn't be surprised if they do something like that.
So basically, right now, they are like a cat playing with a cockroach..
I conclude that bitcoin still has a few more years left to live... unless you piss this cat reaally hard
A 51% attack just became a costly waste of time the idea president here renders it useless.I've just finished watching this https://www.youtube.com/watch?v=bi2thGzzNSs and I realized that their government could easily initiate a 51% attack
Once bitcoin start hurting their economy, I wouldn't be surprised if they do something like that.
So basically, right now, they are like a cat playing with a cockroach..
I conclude that bitcoin still has a few more years left to live... unless you piss this cat reaally hard
https://bitcointalksearch.org/topic/spin-offs-bootstrap-an-altcoin-with-a-btc-blockchain-based-initial-distribution-563972
June 08, 2014, 09:17:41 AM
What most people fail to realize is that 51% does not mean BTC will suddenly drop off the face of the internet, nor will ghash be able to freely take coins as if a big button appeared for them as they crossed it.
They've also stated several times that they do not want to cross that line, as even if they did break bitcoin and give themselves a huge amount, who will buy it? Inflation such as that caused by a successful 51% attack does not cause a steady price - it would crash the moment they crossed the line, meaning they would get nothing out of it and the bitcoin community would be crippled, not something ghash wants considering they make most of their money from people trading btc!
They've also stated several times that they do not want to cross that line, as even if they did break bitcoin and give themselves a huge amount, who will buy it? Inflation such as that caused by a successful 51% attack does not cause a steady price - it would crash the moment they crossed the line, meaning they would get nothing out of it and the bitcoin community would be crippled, not something ghash wants considering they make most of their money from people trading btc!
June 08, 2014, 09:09:30 AM
Troll trader/FUD Spreader #1: "Damn, btc price hasn't budged in a few days. We need some new FUD panic. We need the price to fall to get cheaper coins!"
Troll trader/FUD Spreader #2: "Yeah, but what FUD? China ban again?"
Troll trader/FUD Spreader #1: "Nah, we tried that again a few days ago, didn't work. People just don't care anymore."
Troll trader/FUD Spreader #2: "Willy bot?"
Troll trader/FUD Spreader #1: "Nah. Old news, plus Gox is way dead."
Troll trader/FUD Spreader #2: "Bitstamp insolvency?"
Troll trader/FUD Spreader #1: "Won't work, people know they are pretty solid now."
Troll trader/FUD Spreader #2: "....hmmm..."
Troll trader/FUD Spreader #2: "Wait, I've got it!"
Troll trader/FUD Spreader #1: "What? What?"
Troll trader/FUD Spreader #2: "The 51% attack FUD! People haven't heard about that stuff in a while! Let's resurrect it, I'm sure it'll cause some panic again. We'll post like crazy on Reddit and other sites, and whip this back into a frenzy!"
Troll trader/FUD Spreader #1: "Perfect."
Troll trader/FUD Spreader #2: "Yeah, but what FUD? China ban again?"
Troll trader/FUD Spreader #1: "Nah, we tried that again a few days ago, didn't work. People just don't care anymore."
Troll trader/FUD Spreader #2: "Willy bot?"
Troll trader/FUD Spreader #1: "Nah. Old news, plus Gox is way dead."
Troll trader/FUD Spreader #2: "Bitstamp insolvency?"
Troll trader/FUD Spreader #1: "Won't work, people know they are pretty solid now."
Troll trader/FUD Spreader #2: "....hmmm..."
Troll trader/FUD Spreader #2: "Wait, I've got it!"
Troll trader/FUD Spreader #1: "What? What?"
Troll trader/FUD Spreader #2: "The 51% attack FUD! People haven't heard about that stuff in a while! Let's resurrect it, I'm sure it'll cause some panic again. We'll post like crazy on Reddit and other sites, and whip this back into a frenzy!"
Troll trader/FUD Spreader #1: "Perfect."
June 08, 2014, 08:35:29 AM
Why does everyone use Ghash?
because people, most of them, are stupid. buying cloud hashing contracts is the reason.
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