I can see a parallel between Too Big To Fail (Goldman Sachs, JPMorgan etc) and the problem of pool centralization.
But let's be honest: GHash.io is as unlikely to kill BTC as Goldman Sachs is unlikely to kill money in the US. Doesn't mean they can't manipulate things if they wanted to, but it doesn't mean they can get totally away with it either.
Topic: Theory on Ghash situation. price manipulation. - page 2. (Read 2961 times)
Price manipulation? I doubt it. BTC's value went down, IMO, because this is a serious problem that is being ignored. Now folks are losing faith, including Peter Todd 
(And I don't mean faith in BTC's valuation, I mean faith in the project itself).
It would be nice to "rest easy" knowing that this was price manipulation and not indicative of Bitcoin's health. But I don't believe that's the case.
(And I don't mean faith in BTC's valuation, I mean faith in the project itself).It would be nice to "rest easy" knowing that this was price manipulation and not indicative of Bitcoin's health. But I don't believe that's the case.
For sure it could be price manipulation, but I think that anytime a company actively does something against teh Bitcoin community, it could be argued that it is price manipulation, IMO.
GH has repeatedly double spent to steal from gambling sites, they deserve to be shutdown. I don't believe their excuses that its random employees using their addresses to steal.
Is the move away from GHash.io to unknown (solo) really surprising, is it a big deal?
The thing is, there is no incentive for miners to move away from GHash.io and it is a systemic problem. But if GHash.io didn't play fair and starting being evil, I bet they would instantly lose much of their hashrate, since most of it is external (i.e. not cloud mining)
The thing is, there is no incentive for miners to move away from GHash.io and it is a systemic problem. But if GHash.io didn't play fair and starting being evil, I bet they would instantly lose much of their hashrate, since most of it is external (i.e. not cloud mining)
Really? Control of the mining power is no big deal, eh. What exactly would the consequences be of a hard fork to Bitcoin? How much faith would be lost in Bitcoin and its dev team? Would it maintain its top spot in crypto money land? GHash has already used its hashing power to attack a gambling site that accepted 0-confirm transactions. LukeJr, that piece of Jesus freak crap, has already used the Eligius pool to attack CoiledCoin. This problem needs to be solved once and for all so that no pool operator has the power to do anything to Bitcoin.
Simply concentrating the hash-power is evil:
How A Mining Monopoly Can Attack Bitcoin
How A Mining Monopoly Can Attack Bitcoin
26% of the hash rate is unknown and 32% is Ghash.IO. Their hash rate dropped the exact percentage that unknown increased. I'm sure happy that one evil actor doesn't have control of most of the mining power. I feel much better now.
https://blockchain.info/pools
https://blockchain.info/pools
Oh, this is just a coincidence.
Carry on and sleep well knowing our benevolent masters at Ghash.io have taken 20% of their hashing power off the racks and are letting them collect dust. Because we all know how trustworthy and rational they are. Right?
Is the move away from GHash.io to unknown (solo) really surprising, is it a big deal?
The thing is, there is no incentive for miners to move away from GHash.io and it is a systemic problem. But if GHash.io didn't play fair and starting being evil, I bet they would instantly lose much of their hashrate, since most of it is external (i.e. not cloud mining)
The thing is, there is no incentive for miners to move away from GHash.io and it is a systemic problem. But if GHash.io didn't play fair and starting being evil, I bet they would instantly lose much of their hashrate, since most of it is external (i.e. not cloud mining)
26% of the hash rate is unknown and 32% is Ghash.IO. Their hash rate dropped the exact percentage that unknown increased. I'm sure happy that one evil actor doesn't have control of most of the mining power. I feel much better now.
https://blockchain.info/pools
https://blockchain.info/pools
Your link does not exactly let you look at historical data.
The increase in "unknown" miners could be simply large operations moving to solo mining: even if they only find a block every few days.
I agree it is unlikely Ghash.io actually sold any hash-power.
I'm glad you put that last sentence in.
They have said, "Successful and innovative companies cannot be expected to limit their growth or competitiveness as a direct result of their success".
That sounds like a resounding "fuck you, we're winning, deal with it" to me.
26% of the hash rate is unknown and 32% is Ghash.IO. Their hash rate dropped the exact percentage that unknown increased. I'm sure happy that one evil actor doesn't have control of most of the mining power. I feel much better now.
https://blockchain.info/pools
https://blockchain.info/pools
Your link does not exactly let you look at historical data.
The increase in "unknown" miners could be simply large operations moving to solo mining: even if they only find a block every few days.
I agree it is unlikely Ghash.io actually sold any hash-power.
26% of the hash rate is unknown and 32% is Ghash.IO. Their hash rate dropped the exact percentage that unknown increased. I'm sure happy that one evil actor doesn't have control of most of the mining power. I feel much better now.
https://blockchain.info/pools
https://blockchain.info/pools
ghash really does not have any way to manage their hashrate over the short term.
If they had 48% one day and 51% the next their actual hashrate could have potentially gone down but had slightly better luck compared to the rest of the network. To say that their actions caused them to get 51% would really not be accurate.
If they had 48% one day and 51% the next their actual hashrate could have potentially gone down but had slightly better luck compared to the rest of the network. To say that their actions caused them to get 51% would really not be accurate.
They could do what BTC Guild did. No?
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ghash really does not have any way to manage their hashrate over the short term.
If they had 48% one day and 51% the next their actual hashrate could have potentially gone down but had slightly better luck compared to the rest of the network. To say that their actions caused them to get 51% would really not be accurate.
If they had 48% one day and 51% the next their actual hashrate could have potentially gone down but had slightly better luck compared to the rest of the network. To say that their actions caused them to get 51% would really not be accurate.
Looks like we have a new whipping boy. Complete with a mysterious secret plan. 
People buying coins when the price drops seems normal to me; doesn't mean its a conspiracy.
Though it could be.
Though it could be.
These are just wild rumors. You should remember that GHash had immediately issued a press release stating that they have no intention to launch a 51% attack, when the news first surfaced.
maybe ghash is buying while there is the 51% issue and prices are low then scale back hash rate after
its probable
its probable
pay back the 1 Million NXT you stole from the NXT community.
https://nxtforum.org/nxtventures/nxtautodac-all-of-bluemeanie%27s-automated-profit-making-blockchain-companies/60/
maybe ghash is buying while there is the 51% issue and prices are low then scale back hash rate after
its probable
its probable
"Insider trading" in bitcoin is a bit of a oxymoron...
maybe ghash is buying while there is the 51% issue and prices are low then scale back hash rate after
its probable
its probable
maybe ghash is buying while there is the 51% issue and prices are low then scale back hash rate after
its possible
its possible
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