Quote
This would be a disastrous move for bitcoin as it undermines one of the expected truths of the blockchain.
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Topic: KanoPool kano.is lowest 0.9% fee 🐈 since 2014 - Worldwide - 2432 blocks - page 1301. (Read 5352420 times)
August 02, 2016, 07:53:42 PM
+1
August 02, 2016, 07:51:36 PM
Hey Kano -- I've noticed that a Core developer offered the suggestion of a retrace to recapture the stolen coin from Finex.
I'm assuming that they would need 51% of mining power approval -- 144 blocks (since the theft) = 1800 btc which, presumably, Finex would pay.
What are your thoughts on this as controller of a mining pool?
This would be a disastrous move for bitcoin as it undermines one of the expected truths of the blockchain. It is NOT the responsibility of the blockchain to fix one company's security issues or deal with scams and so on. The blockchain is not the police and should not be viewed as such. If we do it for bitfinex why not roll all the way back to before mtgox? No, this would make confidence reach an all time low in bitcoin. Just because some other shitcoin did this, doesn't mean bitcoin should. I'm assuming that they would need 51% of mining power approval -- 144 blocks (since the theft) = 1800 btc which, presumably, Finex would pay.
What are your thoughts on this as controller of a mining pool?
August 02, 2016, 07:41:36 PM
Hey Kano -- I've noticed that a Core developer offered the suggestion of a retrace to recapture the stolen coin from Finex.
I'm assuming that they would need 51% of mining power approval -- 144 blocks (since the theft) = 1800 btc which, presumably, Finex would pay.
What are your thoughts on this as controller of a mining pool?
p.s. I also was goxxxed...
I'm assuming that they would need 51% of mining power approval -- 144 blocks (since the theft) = 1800 btc which, presumably, Finex would pay.
What are your thoughts on this as controller of a mining pool?
p.s. I also was goxxxed...
August 02, 2016, 07:27:18 PM
When we reach the end if there is only no TX who will mine to sustain the network...... I don't see how they don't think thats a bad idea.
August 02, 2016, 07:21:33 PM
Is the drop today because of bitfinex getting hacked? I also noticed coinable if offline for supposedly maintenance.
I'm sure that is playing a big part of it. Also the bitcoin core had a closed door meeting on block size again. Supposedly once again nothing was accomplished.
They want that coz it means moving txn rewards away from miners to them (and centralisation to them)
I'm guessing sooner or later the pools will get together and do something about a small block size increase.
Garzik had a solution, but that was simply a scam to make the pools happy, he never intended on implementing it.
Bitcoin is mining - that's how it is by design.
No mining = no transactions.
More mining = more security.
If they want something else, go create a scam coin alt coin and play with that.
Sounds like the core team is trying to achieve what bitcoin in part was designed to get rid of? Centralization.
August 02, 2016, 07:13:28 PM
Is the drop today because of bitfinex getting hacked? I also noticed coinable if offline for supposedly maintenance.
I'm sure that is playing a big part of it. Also the bitcoin core had a closed door meeting on block size again. Supposedly once again nothing was accomplished.
They want that coz it means moving txn rewards away from miners to them (and centralisation to them)
I'm guessing sooner or later the pools will get together and do something about a small block size increase.
Garzik had a solution, but that was simply a scam to make the pools happy, he never intended on implementing it.
Bitcoin is mining - that's how it is by design.
No mining = no transactions.
More mining = more security.
If they want something else, go create a scam coin alt coin and play with that.
August 02, 2016, 07:08:09 PM
I think most of us on this board know better...we've sure discussed the crap out of it. I lost 1K BTC at Mt. Gox. Never again.
1K BTC, that sounds very painful.It was. Quite. Of course, that was back in "the day" when that much BTC basically got me a cup of coffee at the local joint. You could mine with a decent laptop (which was what I did for a while in the beginning...then a Radeon R9, then an S2, then the S3s, then the S7s...now, hopefully a couple of Avalons). Today...well, I wouldn't be living where I am (subsidized, a nice but small "hooch" in paradise, and 30A of service...) if I had that still, but I don't cry over it. I had to start over not because of Mt. Gox (although I know someone who did have to do that...they still haven't really recovered), but because of the market crash in '07, and a medical crisis. I lost everything. I'm quite OK now, and moving on. Retirement isn't so bad, even when it's sorta kinda forced on you.
Long before the final time MtGox took everyone's BTC and went belly up
I was about to say ... 1K BTC was like about $800,000 at the end
I only lost a bit over 10BTC in MtGox - $8k - trying to move some BTC -> $ over the month when it happened ... bad timing ... though it did mean the difference between moving and having to stay where I live ...
(my only other loss was 5BTC in weex - again moving some BTC -> $)
August 02, 2016, 07:00:40 PM
Is the drop today because of bitfinex getting hacked? I also noticed coinable if offline for supposedly maintenance.
I'm sure that is playing a big part of it. Also the bitcoin core had a closed door meeting on block size again. Supposedly once again nothing was accomplished.
August 02, 2016, 06:50:27 PM
Is the drop today because of bitfinex getting hacked? I also noticed coinbase if offline for supposedly maintenance.
August 02, 2016, 06:39:48 PM
Depends on which exchange you're looking at, I guess (re spot)...but it's around 500. I'm not worried at all. I'll have to buy some (I hope) tomorrow to pick up on a couple of A6s. The seller is really getting the better end of it, perhaps.
EDIT: I do, however, agree with Con that it's a bit early if you're doing it for ROI. I'm buying because I have to. Otherwise I'd just hold for now.
EDIT: I do, however, agree with Con that it's a bit early if you're doing it for ROI. I'm buying because I have to. Otherwise I'd just hold for now.
What i do not understand is a A6 is 3.5- 4th...at current price thats 79.00mo based at 527.00BTC electric based on 7cents @ 1.1kw is 56.25. Thats not much of a margin for error at this time.
With the price of btc today the S7 and A6 aren't profitable for most miners. If this continues watch the difficulty drop substantially.
EDIT: .09 cent power and higher are losing money
August 02, 2016, 06:37:06 PM
Well we did get a block amongst all the angst!
Cheers to hjry for cracking the latest!
Cheers to hjry for cracking the latest!
August 02, 2016, 06:29:13 PM
Depends on which exchange you're looking at, I guess (re spot)...but it's around 500. I'm not worried at all. I'll have to buy some (I hope) tomorrow to pick up on a couple of A6s. The seller is really getting the better end of it, perhaps.
EDIT: I do, however, agree with Con that it's a bit early if you're doing it for ROI. I'm buying because I have to. Otherwise I'd just hold for now.
EDIT: I do, however, agree with Con that it's a bit early if you're doing it for ROI. I'm buying because I have to. Otherwise I'd just hold for now.
What i do not understand is a A6 is 3.5- 4th...at current price thats 79.00mo based at 527.00BTC electric based on 7cents @ 1.1kw is 56.25. Thats not much of a margin for error at this time.
August 02, 2016, 06:13:36 PM
Depends on which exchange you're looking at, I guess (re spot)...but it's around 500. I'm not worried at all. I'll have to buy some (I hope) tomorrow to pick up on a couple of A6s. The seller is really getting the better end of it, perhaps.
EDIT: I do, however, agree with Con that it's a bit early if you're doing it for ROI. I'm buying because I have to. Otherwise I'd just hold for now.
EDIT: I do, however, agree with Con that it's a bit early if you're doing it for ROI. I'm buying because I have to. Otherwise I'd just hold for now.
August 02, 2016, 06:09:07 PM
I purchased some btc today.
Too early. Wait a bit more from the looks of it 
August 02, 2016, 06:07:36 PM
So what to do with the BTC while the Price drop?
Waiting?
Don't do anything with it. Why? Panic? Don't. Bitcoin is not for the faint of heart. It's like any other capital investment; it can lose relative value, or gain it. I hold BTC and don't spend it if I don't have to. It's worth 205% more now than it was several months ago, and that's a damn good ROI for any venue.
In the meantime...
Edit: 485.xx us
August 02, 2016, 06:07:13 PM
Well today is a full on sell off, maybe time to buy but not time to mine:(
August 02, 2016, 06:05:51 PM
I'm holding off on purchasing for "right now". Holding the coin that I still have.
Currently, Bitfinex has stated that they lost 119,756 Bitcoin (around $74,000,000 USD at the time of the hack). They are probably insolvent at this point.
I trade on the exchanges as a natural extension to mining. I won't get into my personal situation -- but it isn't good.
Currently, Bitfinex has stated that they lost 119,756 Bitcoin (around $74,000,000 USD at the time of the hack). They are probably insolvent at this point.
I trade on the exchanges as a natural extension to mining. I won't get into my personal situation -- but it isn't good.
August 02, 2016, 06:02:36 PM
So what to do with the BTC while the Price drop?
Waiting?
I purchased some btc today.
If you like playing the market, follow Phil and buy a little coin, set it aside until the price climbs back up, and sell it off. Otherwise, unless you run your miners on a tight budget that is dependent on btc market value, nothing to do but keep on mining. Enough of these hacks have happened that the market reaction can be predicted, generally, and I expect it will bounce back shortly.
August 02, 2016, 05:37:43 PM
I purchased some btc today.
August 02, 2016, 04:15:01 PM
So what to do with the BTC while the Price drop?
Waiting?
Don't do anything with it. Why? Panic? Don't. Bitcoin is not for the faint of heart. It's like any other capital investment; it can lose relative value, or gain it. I hold BTC and don't spend it if I don't have to. It's worth 205% more now than it was several months ago, and that's a damn good ROI for any venue.
In the meantime...
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