Ghash.io reaching up to 47% hashrate (now down). Can it reach 51%? - page 2.

Wilhelm

legendary

Activity: 1652

Merit: 1265

Why would Ghash.io want to go past 51%? It's like comitting financial suicide.
Yes you can steal coins if you go past 51%, but BTC will go into instant panic sell and crash since the trust is gone.
If you only get 0.5% of all minted coins you're getting filthy rich already.... Cool

That said if they cross 51% or even 99% who says that they will abuse the system? I must say it would make me uneasy....

I also think many miners would shift to a different miningpool just to save bitcoin...

statoshi

newbie

Activity: 25

Merit: 66

If you think that 51% is some magic line that, if crossed, will suddenly cause the collapse of Bitcoin, perhaps you need to educate yourself regarding how mining works.

Birdy

sr. member

Activity: 364

Merit: 250

Quote from: Krabby on June 08, 2014, 06:47:17 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.

Krabby

sr. member

Activity: 644

Merit: 250

https://primedao.eth.link/#/

Why does everyone use Ghash?

wobber

legendary

Activity: 1064

Merit: 1001

These "guilds" are the biggest threat to bitcoin. The problem is you cannot really stop them.

pinksheep

full member

Activity: 196

Merit: 100

This 51% risk is the biggest obstacle to me buying more BTC. If I thought there was even the remotest possibility it could happen, I think I'd sell the coins I now have too Sad

Would love to hear from someone who really knows about it. And surely, if the governments wanted to put an end to BTC, they could organise it.

the_sunship

full member

Activity: 230

Merit: 100

When people say there is no incentive for them to be at 51%, I think of the numerous times humans have contributed to the extinction of a species, even though their livelihoods depended on keeping the species alive and thriving. I'm hoping history doesn't repeat itself here.

What can be done about this?

bitcoinsrus

hero member

Activity: 518

Merit: 500

http://www.reddit.com/r/Bitcoin/comments/27l8id/ghashio_at_47_hashrate_for_the_last_24_hours/

http://www.reddit.com/r/Bitcoin/comments/27lotn/people_dont_realize_how_serious_a_50_attack_is/

http://www.reddit.com/r/Bitcoin/comments/27ls92/people_need_to_realize_50_isnt_a_magic_line_it/

https://blockchain.info/pools

Ghash.io (from cex site) reached 47% in the last day. Now it is down to 39%. I assume people moved to a different pool. We all heard of the 51% attack.

Could something like this be initiated if it happens on Ghash.io (or if a bunch of people randomly switched to a majority pool)?

Is a 51% attack possible, is it preventable? and what does it mean for bitcoin? (similar thing happened to litecoin a few weeks ago @a big pool)

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