Topic: I am selling half of my Bitcoin holdings because of Ghash (Read 4328 times)
Reminds me of the sentence, "Too big to fail"
Guys I have decided to sell half of my Bitcoins too because of GHash.
Anybody wanna buy 0.7BTC for $1000?
It's a good offer
Anybody wanna buy 0.7BTC for $1000?
It's a good offer
what I have learned so far about Bitcoin: a system where no trust is necessary because there are algorithm (math).
so then be so consequent and remove trust out of the concept of Bitcoin.
at the moment trust in mining pools is necessary .
so then be so consequent and remove trust out of the concept of Bitcoin.
at the moment trust in mining pools is necessary .
It's because Bitcoin is mined by ASIC's, which are controlled by large ASIC farms, which are controlled by a few individuals.
Bitcoin would be much better if it was still GPU/CPU only.
Bitcoin would be much better if it was still GPU/CPU only.
the problem is not the asic farms, the problem is the asic companies who don't deliver to customers like they promise. Customers have been burned by asic manufacturers so often that almost no one dares ordering there anymore.
Makes me wonder if some/most big mining farms are connected to the manufacturers in some way.
Anyway the panic was for nothing (as usual, bitcoin society likes to panic over nothing), Ghash is back to 33% or so.
why do we keep seeing announcements that people are getting OUT, while big names are clearly going IN?
-bm
-bm
Because big names like centralization. They trust trust. They are used to trust. So, they have no problem with a centralized currency.
They actually want the only benefit of Cryptocurrency = cheap transfer of money from A to B
And, again, it's not just a financial decision, but an ideological one as well. I don't want to be fully invested in centralized decentralized currency!
+1
There you go. Looks like he sold them.
I agree that the 51% is a huge issue. Shame on Ghash!
Still.... If I cash out bitcoins, what should I buy.
Litecoin is going down day by day, even month by month.
NXT is going down and finding its new price after a big run.
Peercoin has consistently gone down for quite some time.
Darkcoin had a huge run and is going down and down.
Ripple hasn't gone up since I am not sure when.
And poor Doge hasn't done anything but go down and because of mining will just continue.
When a real alternative comes along, I will go into it big. Right now most of my non-bitcoin money is in NXT because I see them coming out with lots of new features of the months and coming year. But Peercoin, Darkcoin, Ripple, Litecoin, and Doge won't ever add a single other feature and so their prices will go down.
Well.... Litecoin is getting Asics, and while that doesn't give the coin itself a feature, it does change the network. I have heard arguments on both sides why this is good and/or bad though. If anything, it will make the price go cheaper as Asics will be sweeping up most of the coins on the easy so they can afford to sell on the cheap.
I agree that the 51% is a huge issue. Shame on Ghash!
Still.... If I cash out bitcoins, what should I buy.
Litecoin is going down day by day, even month by month.
NXT is going down and finding its new price after a big run.
Peercoin has consistently gone down for quite some time.
Darkcoin had a huge run and is going down and down.
Ripple hasn't gone up since I am not sure when.
And poor Doge hasn't done anything but go down and because of mining will just continue.
When a real alternative comes along, I will go into it big. Right now most of my non-bitcoin money is in NXT because I see them coming out with lots of new features of the months and coming year. But Peercoin, Darkcoin, Ripple, Litecoin, and Doge won't ever add a single other feature and so their prices will go down.
Well.... Litecoin is getting Asics, and while that doesn't give the coin itself a feature, it does change the network. I have heard arguments on both sides why this is good and/or bad though. If anything, it will make the price go cheaper as Asics will be sweeping up most of the coins on the easy so they can afford to sell on the cheap.
As promised in this post (1 day late), I have sold half of my Bitcoin.
This month I sold a total of 750mBTC. The first 250mBTC was unrelated to the mining concentration situation, but I am counting it because I have another 250mBTC that I can not access. For the remaining 500mBTC, I broke up my Bitcoin with a vanity 1Bitcoin address. That address has some sentimental value. I would sign a message with the private key, but multibit does not appear to let me import raw private keys. The sx tools I use do not appear to support arbitrary message signing.
PS: I caution any would-be followers that the sx tools are scray and typos can lead to unexpectedly large mining fees. While I do use vanity addresses, I never re-use them (mining being a possible exception). I actually cross out each address on the paper copy of my key-pairs (wallet if you will) as I use them.
This month I sold a total of 750mBTC. The first 250mBTC was unrelated to the mining concentration situation, but I am counting it because I have another 250mBTC that I can not access. For the remaining 500mBTC, I broke up my Bitcoin with a vanity 1Bitcoin address. That address has some sentimental value. I would sign a message with the private key, but multibit does not appear to let me import raw private keys. The sx tools I use do not appear to support arbitrary message signing.
PS: I caution any would-be followers that the sx tools are scray and typos can lead to unexpectedly large mining fees. While I do use vanity addresses, I never re-use them (mining being a possible exception). I actually cross out each address on the paper copy of my key-pairs (wallet if you will) as I use them.
The OP didnt sell shit.
Obvious way to try and make the bitcoin price drop down so he could buy in lower.
If he did "sell", I'm sure he had like .005 bitcoin anyway, so .00025 bitcoin sold. wow big deal.
Obvious way to try and make the bitcoin price drop down so he could buy in lower.
If he did "sell", I'm sure he had like .005 bitcoin anyway, so .00025 bitcoin sold. wow big deal.
good job jumping to a conclusion. how do you know he didn't sell the coins? you could be right, but you could also be wrong. no need for armchair detective work.. if you aren't actually doing any detective work.
This is all just a play by the OP, anyone who was serious wouldnt find the need to make a thread about it, look at the title: "I am selling half of my Bitcoin holdings because of Ghash", If he actually sold the coins, he would of changed the title also, and his original post.
I conclude he hasn't sold the coins, and if he has, it is a very very insignificant amount...
The OP didnt sell shit.
Obvious way to try and make the bitcoin price drop down so he could buy in lower.
If he did "sell", I'm sure he had like .005 bitcoin anyway, so .00025 bitcoin sold. wow big deal.
Obvious way to try and make the bitcoin price drop down so he could buy in lower.
If he did "sell", I'm sure he had like .005 bitcoin anyway, so .00025 bitcoin sold. wow big deal.
good job jumping to a conclusion. how do you know he didn't sell the coins? you could be right, but you could also be wrong. no need for armchair detective work.. if you aren't actually doing any detective work.
The OP didnt sell shit.
Obvious way to try and make the bitcoin price drop down so he could buy in lower.
If he did "sell", I'm sure he had like .005 bitcoin anyway, so .00025 bitcoin sold. wow big deal.
Obvious way to try and make the bitcoin price drop down so he could buy in lower.
If he did "sell", I'm sure he had like .005 bitcoin anyway, so .00025 bitcoin sold. wow big deal.
If you're fascinated with Proof-of-Work and are afraid of 51% attack, Myriadcoin is the coin for you.
If you're ok with Proof-of-Stake, nothing better than NXT right now.
If you're ok with Proof-of-Stake, nothing better than NXT right now.
Personally, I prefer to time the market for my exit, if I'm going to drop 50% of my holdings. We're primed for another push to $700s-$800s. Then I'd unload. 
I think Bitcoin is heading to $1000+ after the US Marshall sale.
Problem is, it's hard to estimate the 'real' price of Bitcoin, and it's hard to figure out when massive speculation is driving up the price beyond realistic levels. As we learned from the Gox fiasco, it is also very difficult to determine when price spikes are due to intentional manipulation by trading bots on large exchanges. Like MtGox, BitStamp AND BTC-E both have the power to manipulate the Bitcoin price due to shady trading activities ...
Yes, Litecoin is vulnerable too - the Coinotron Pool represents a major 51% threat on Litecoin.
NXT is an interesting crypto because it is NOT vulnerable to 51% attack since mining occurs within the user's wallets.
Most major cryptos are mined by ASIC hardware which ends up resulting in mining pool monopolies like Ghash, Coinotron, etc.
In my opinion, Bitcoin needs to undergo some major changes at the protocol level to mitigate the threat posted by 51%. This is not the first or last time we'll be facing such a potential calamity. If Bitcoin can't overcome this threat, I think we need to investigate mass exodus from Bitcoin into some other more stable and truly decentralized crypto - like NXT.
Disclaimer: I am not particularly knowledgeable about NXT and I don't advocate it right now. I simply like the idea that it can't be attacked by 51%.
NXT is an interesting crypto because it is NOT vulnerable to 51% attack since mining occurs within the user's wallets.
Most major cryptos are mined by ASIC hardware which ends up resulting in mining pool monopolies like Ghash, Coinotron, etc.
In my opinion, Bitcoin needs to undergo some major changes at the protocol level to mitigate the threat posted by 51%. This is not the first or last time we'll be facing such a potential calamity. If Bitcoin can't overcome this threat, I think we need to investigate mass exodus from Bitcoin into some other more stable and truly decentralized crypto - like NXT.
Disclaimer: I am not particularly knowledgeable about NXT and I don't advocate it right now. I simply like the idea that it can't be attacked by 51%.
I'm converting half of my Bitcoin to gold temporarily, and investigating other altcoins which could one day replace Bitcoin. Cryptocurrency needs to be invulnerable to 51% attacks, or the entire theme of decentralization becomes a mockery.
Dr. Michael Moriarty
yeah, like Litecoin, good job Dr.
Stupid question: Is Litecoin vulnerable to a 51% attack? Sorry stupid question but I haven't studied much on Litecoin.
If it's not, this would be its opportunity to really take off. Now that BTC price is going up, it seems that Ghash is also getting more hash rate - it wouldn't surprise me if they are purposely doing this to control the btc price.
ive actually been giving this some thought as well. even though i'm only sitting on a couple of coins personally all this talk of ghash.io 51% attack (intentional or not) has me a bit worried
Gavin has said he has some code sitting aside for this when it becomes a critical issue, so to brush it off is stupid otherwise he wouldn't care at all.
I agree with your point OP except you shouldn't just sell them into fiat. Why don't you hedge your bet by making a major purchase with half of your Bitcoin. That way you can make the statement you want, eliminate some of the risk of holding too much of a high risk investment and help the community at the same time. What Bitcoin needs badly is greater velocity of circulation. You would be doing a great favor for the community.
Didn't he say he was going BTC -> gold and holding gold as a stopgap measure? Or did I misunderstand.
And what type of purchase do you have in mind?
I would try to live on it if I could. I know I'm getting rid of half so why not pay for everything in your life with it and benefit Bitcoin in the process. If you were right you only lost half of your Bitcoins. If you were wrong it wouldn't matter because you helped the economy grow. Almost a win-win.
That's a pretty good idea. Buy everything you need off Amazon via gift cards ect. Book any travel on Expedia. Things like that are good and help support the companies that have stepped up to accept btc.
Exactly! Make the companies that support Bitcoin proud of their decision, help Bitcoin, hedge your investment, stand up for your principles, bla, bla, bla.
I agree with your point OP except you shouldn't just sell them into fiat. Why don't you hedge your bet by making a major purchase with half of your Bitcoin. That way you can make the statement you want, eliminate some of the risk of holding too much of a high risk investment and help the community at the same time. What Bitcoin needs badly is greater velocity of circulation. You would be doing a great favor for the community.
Didn't he say he was going BTC -> gold and holding gold as a stopgap measure? Or did I misunderstand.
And what type of purchase do you have in mind?
I would try to live on it if I could. I know I'm getting rid of half so why not pay for everything in your life with it and benefit Bitcoin in the process. If you were right you only lost half of your Bitcoins. If you were wrong it wouldn't matter because you helped the economy grow. Almost a win-win.
That's a pretty good idea. Buy everything you need off Amazon via gift cards ect. Book any travel on Expedia. Things like that are good and help support the companies that have stepped up to accept btc.
Personally, I prefer to time the market for my exit, if I'm going to drop 50% of my holdings. We're primed for another push to $700s-$800s. Then I'd unload.
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