ur decision ur bitcoins
im holding mine
Topic: I am selling half of my Bitcoin holdings because of Ghash - page 4. (Read 4328 times)
My god! People, what happens will happen! GHash is at what, 31% right now? Is it really still a threat? If there's a 51% attack, it happens! That's not going to change anything. But please follow the majority, and see were that gets ya. No ones holding you back, and I don't get why you had to publicly state this. Just do it.
Its about sending a message 
Given that 20% of the network is unknown 31% is still a threat. Bitcoin should be completely trustless
The attacker could only extend the chain 2 extra blocks per day over our honest chain. I was reading it would take several days worth of abusive hashing to reverse historical transactions thousands of blocks deep ( at 2 blocks per day), I think the miners in the attacking pool would notice something was wrong when they no longer are finding blocks for mulitple days straight.
https://blockchain.info/pools?timespan=24hrs - Ghash.io is below 35% currently
With that said, I still agree we need to do something so new miners can acquire coins. Mining is largely centralized and this proves it. I would sell coins because the price is spiking downward due to the mass coin auction of Silk Road Assets and newbie 51% attack fears.
http://www.coindesk.com/ghash-io-never-launch-51-attack/
https://blockchain.info/pools?timespan=24hrs - Ghash.io is below 35% currently
With that said, I still agree we need to do something so new miners can acquire coins. Mining is largely centralized and this proves it. I would sell coins because the price is spiking downward due to the mass coin auction of Silk Road Assets and newbie 51% attack fears.
http://www.coindesk.com/ghash-io-never-launch-51-attack/
My god! People, what happens will happen! GHash is at what, 31% right now? Is it really still a threat? If there's a 51% attack, it happens! That's not going to change anything. But please follow the majority, and see were that gets ya. No ones holding you back, and I don't get why you had to publicly state this. Just do it.
It's not a financial decision per-se, more of a matter of principle.
I agree though - after the US Marshal sale, Bitcoin should explode upward in July and throughout the summer. I wouldn't be surprised to see prices hit $2000 by August. Mass adoption is already occuring (Expedia, etc)
But, imagine what would happen if Ghash (or some other rogue operator or hacker who managed to gain control of Ghash) actually carried out a 51% attack. Remember what the MtGox crash did to the price? How would a 51% attack affect Bitcoin? It would be a total, absolute catastrophe and I think most people would lose faith in the currency at that point.
So I'm keeping half my Bitcoin holdings and exploring other cryptocurrencies which I think will be more viable in the future, ie those which are impervious to attack by a large mining pool. Of course, if the Ghash issue is eventually resolved, I would consider moving the remainder of funds back into BTC.
Only time will sell ... I urge Gavin Andresen and other core developers and the Bitcoin community as a whole to band together and solve the mining pool issue once and for all.
You could say then:I agree though - after the US Marshal sale, Bitcoin should explode upward in July and throughout the summer. I wouldn't be surprised to see prices hit $2000 by August. Mass adoption is already occuring (Expedia, etc)
But, imagine what would happen if Ghash (or some other rogue operator or hacker who managed to gain control of Ghash) actually carried out a 51% attack. Remember what the MtGox crash did to the price? How would a 51% attack affect Bitcoin? It would be a total, absolute catastrophe and I think most people would lose faith in the currency at that point.
So I'm keeping half my Bitcoin holdings and exploring other cryptocurrencies which I think will be more viable in the future, ie those which are impervious to attack by a large mining pool. Of course, if the Ghash issue is eventually resolved, I would consider moving the remainder of funds back into BTC.
Only time will sell ... I urge Gavin Andresen and other core developers and the Bitcoin community as a whole to band together and solve the mining pool issue once and for all.
It's not a financial decision per-se, more of a matter of principle.
I agree though - after the US Marshal sale, Bitcoin should explode upward in July and throughout the summer. I wouldn't be surprised to see prices hit $2000 by August. Mass adoption is already occuring (Expedia, etc)
But, imagine what would happen if Ghash (or some other rogue operator or hacker who managed to gain control of Ghash) actually carried out a 51% attack. Remember what the MtGox crash did to the price? How would a 51% attack affect Bitcoin? It would be a total, absolute catastrophe and I think most people would lose faith in the currency at that point.
So I'm keeping half my Bitcoin holdings and exploring other cryptocurrencies which I think will be more viable in the future, ie those which are impervious to attack by a large mining pool. Of course, if the Ghash issue is eventually resolved, I would consider moving the remainder of funds back into BTC.
Only time will sell ... I urge Gavin Andresen and other core developers and the Bitcoin community as a whole to band together and solve the mining pool issue once and for all.
I agree though - after the US Marshal sale, Bitcoin should explode upward in July and throughout the summer. I wouldn't be surprised to see prices hit $2000 by August. Mass adoption is already occuring (Expedia, etc)
But, imagine what would happen if Ghash (or some other rogue operator or hacker who managed to gain control of Ghash) actually carried out a 51% attack. Remember what the MtGox crash did to the price? How would a 51% attack affect Bitcoin? It would be a total, absolute catastrophe and I think most people would lose faith in the currency at that point.
So I'm keeping half my Bitcoin holdings and exploring other cryptocurrencies which I think will be more viable in the future, ie those which are impervious to attack by a large mining pool. Of course, if the Ghash issue is eventually resolved, I would consider moving the remainder of funds back into BTC.
Only time will sell ... I urge Gavin Andresen and other core developers and the Bitcoin community as a whole to band together and solve the mining pool issue once and for all.
It'd be funny when Morarity sells half his bitcoins....and then the price skyrockets to $2,000 per coin. Ouch.
But in all seriousness, I agree.
Alt coins are way better to buy than Bitcoin, I heard Shibecoin was nice.
But in all seriousness, I agree.
Alt coins are way better to buy than Bitcoin, I heard Shibecoin was nice.
I respect your decision, but I would wait and see if this July rally turns out to be true...
Unfortunately, I'm following in Peter Todd's footsteps. I'm a huge believer in decentralized cryptocurrency, not 'semi-decentralized' cryptocurrency. Bitcoin needs to be TRUSTLESS for it to function as a viable and reliable currency.
Ghash.io has succeeded in centralizing Bitcoin. Whether a 51% attack ever occurs is completely irrelevant; the POTENTIAL for such an attack makes Bitcoin extremely unreliable at this point.
Bitcoin core developers and the community need to come together to fix the Bitcoin protocol so that is no longer vulnerable to hijack by large mining pools. Until that happens, I can't fully trust Bitcoin as a value store, and neither should you.
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
Ghash.io has succeeded in centralizing Bitcoin. Whether a 51% attack ever occurs is completely irrelevant; the POTENTIAL for such an attack makes Bitcoin extremely unreliable at this point.
Bitcoin core developers and the community need to come together to fix the Bitcoin protocol so that is no longer vulnerable to hijack by large mining pools. Until that happens, I can't fully trust Bitcoin as a value store, and neither should you.
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
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