Sideways on 600-610... This will be a long week.
Ghash.io hashrate went up again. Greedy bastards. I don't see why it's so hard for them to just create two more pools and split up.
and not to destroy the value of the single thing that their entire business relies upon.
This is not a valid argument in my opinion.
If Ghash.io was runned by JPMorgan, or any other "enemy of bitcoin" then they would very much like to destroy bitcoin.
That said, they are probably already owned and bought by JPMorgan or one of the other banksters.
You've quoted me in a way that makes it look like I'm saying something that I wasn't trying to say!
What you might not realise is that an enemy of bitcoin does not contribute to its network positively.
It's a balancing act.
How do you make sure that your cryptocurrency doesn't get ruined?
You make sure it is as powerful as possible.
GHash makes it almost twice as difficult to 51% attack bitcoin. And in doing this, they have invested a lot and have more to lose than anybody by attacking it themselves.
THINK.
Yes they can be coerced, and their own power can be used against them by a government/private entity (same thing), but so what? We watch as our network power halves for a few hours, notice something funny is up, see Ghash dump a new blockchain on us of greater length than the current chain, and OMGOMGOMGOMG! A few blocks are fucked up! Maybe some double spends, a bunch of unconfirmed transactions. It happens - maybe - but no one is shipping you your $10k dollar order after only waiting for 3 confirmations. Bitcoins worst feasible scenario is this.
This?!?(Others such as encryption suddenly being not a thing that the universe allows for in the way we think leaves us with more problems than just BTC failing.)
Compare that with fiat?
Bitcoin beyond wins.
edit: speeling mistaeks
You'll go nuts.
