Topic: It's already 48%, No one care about Ghash? - page 3. (Read 5183 times)
ghash is a colossal threat .. the community should NEVER allow a mining pool this kind of power. News of a 51% attack would DESTROY Bitcoin by undermining our confidence in it.
I am amazed by the numer of ignorant greedy newbs who say that they don't give a shit.
Please google "bitcoin 51% threat", learn about something before you start using it.
Please google "bitcoin 51% threat", learn about something before you start using it.
I care, mostly because this was inevitable but any attempt to discuss it was shouted down or ignored until now because that meant admitting true decentralisation is nonsense. I can only think of two options and both amount to centralisation.
1) Admitting the natural equilibrium of mining concentration is greater than 50% because greed beats sensibilities. Which means trusting that central entity.
2) Technicalities are changed by a small group to prevent the above. Which loops back to mean the same.
I’d like to know what other options there are?
1) Admitting the natural equilibrium of mining concentration is greater than 50% because greed beats sensibilities. Which means trusting that central entity.
2) Technicalities are changed by a small group to prevent the above. Which loops back to mean the same.
I’d like to know what other options there are?
BINGO!
Welcome to the centralized payment network "Bitcoin", owned and operated by GHash Inc.
http://s30.postimg.org/gwjph18i9/image.png
Welcome to the centralized payment network "Bitcoin", owned and operated by GHash Inc.
http://s30.postimg.org/gwjph18i9/image.png
That is BINGO:
http://puu.sh/9rEgO/0c2a6fb696.png
Since double spend affect only transactions, merchant could require more confirmation (like one business day) to make double spend almost impossible.
All the merchants using bitcoin payment processors are already protected. I think that a double spend attack could only affect someone small that deals with a probably volume of transactions. Everyone with a large volume of transactions towards them has gone through the proccess to protect their payments againsts 0 confirmation transactions. ANd besides that, it's not that of an easy proccess to do a double spending attack.
You do realize that THAT happens all the time.
"Double spends on this page may be unintentional. In the event that a double spend is maliciously crafted being listed on this page is no indication that it was successful or any merchant or user lost money as a result. "
Since double spend affect only transactions, merchant could require more confirmation (like one business day) to make double spend almost impossible
For hodlers, they could wait until P2Pool occupies more than 50% of hash power. In the following years, every bitcoin miner should switch to run P2Pool to make it stronger than 60% of the network hashing power and permanently dismiss this threat
The biggest problem for running P2Pool is its dedicated node requirement and not so user-friendly setup. But I think the migration will be the major improvement for bitcoin for the coming years
For hodlers, they could wait until P2Pool occupies more than 50% of hash power. In the following years, every bitcoin miner should switch to run P2Pool to make it stronger than 60% of the network hashing power and permanently dismiss this threat
The biggest problem for running P2Pool is its dedicated node requirement and not so user-friendly setup. But I think the migration will be the major improvement for bitcoin for the coming years
Well at least I can say that I have never mined on Ghash, BECAUSE they have always been the biggest pool. Since I care for bitcoin I haven't even looked at the incentives for mining there, and always mined on a smaller pool. At least for my part I am not responsible for this weak link or flaw in the bitcoin system.
So yeah I care.
NOSo yeah I care.
Not always... one and half year ago was BTCguild the biggest - at least they did something actively to reduce their size, I have much respect for that.
Why people keep saying this doenS't matter :facepalm.
They can get crazy, be bribed, or be hacked by someone that hates bitcoin, and everything will ruin. We should make effords to the point where no one could harm the network, no matter how this would be against their own interest. You know, sometimes people just goes nut, or get relaxed with digital security, and you know...
If they wanted to harm the network, they could buy lots of computers, let them off the net for a while, them connect all and start an atack. For me this is far from being "good".
Gbozo works in bank and earns millions. He sees some small change on his boss's desk and grabs it. Why? Maybe so he could prove he could do it. Genius!
Well, some mentally ill people do it, its called Kleptomania. And what if some bad guys from some black ops intelligence agency demanded you to take the "small change", or they would kill you and all your familly?
They can get crazy, be bribed, or be hacked by someone that hates bitcoin, and everything will ruin. We should make effords to the point where no one could harm the network, no matter how this would be against their own interest. You know, sometimes people just goes nut, or get relaxed with digital security, and you know...
It's okay now. GHash seems to have temp-fixed it. Stuck at 49% now. So far so good, but they should still split it all into smaller independent pools because this is just too much.
If they wanted to harm the network, they could buy lots of computers, let them off the net for a while, them connect all and start an atack. For me this is far from being "good".
Gbozo works in bank and earns millions. He sees some small change on his boss's desk and grabs it. Why? Maybe so he could prove he could do it. Genius!
Well, some mentally ill people do it, its called Kleptomania. And what if some bad guys from some black ops intelligence agency demanded you to take the "small change", or they would kill you and all your familly?
It's okay now. GHash seems to have temp-fixed it. Stuck at 49% now. So far so good, but they should still split it all into smaller independent pools because this is just too much.
Well at least I can say that I have never mined on Ghash, BECAUSE they have always been the biggest pool. Since I care for bitcoin I haven't even looked at the incentives for mining there, and always mined on a smaller pool. At least for my part I am not responsible for this weak link or flaw in the bitcoin system.
So yeah I care.
So yeah I care.
SELL SELL SELL (I need cheap bitcoin)
Sorry, that boat sailed away i'm afraid....wait for next FBI BTC movement..it will happen again and ppl will be running like crazy again.
SELL SELL SELL (I need cheap bitcoin)
bitcoin is doomed.
I already sold mine, and eposited into Australian bank where it will be safe for next few years....oh wait....
bitcoin is doomed.
You do realize that THAT happens all the time.
Yeah, but now they started paying attention.
You do realize that THAT happens all the time.
How can this be possible! 
50% now!
50% now!
Panic! Panic! Panic! SELL SELL SELL
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