Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 27133. (Read 26711453 times)

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

It can be argued all ways.

Nice to see the 1w MACD in the yellow... FINALLY!!!!1

You really think it'll be like that? Maybe later, but definitely not when they start. Expect surprises.

I agree. Typical wall street slang. They will soon come. You will notice it also on the price.

Not on my chart. It is green when the last price noted in the period is higher than the first price noted. You need to stare more at the intervals. Remember, you have no lectures. I am probably being far too helpful here.

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.

I have reverted to trading pump & dump cryptcoin as there is no action in btc ATM

i was  scalping 20 yaun on okcoin per retraction but there is no joy in any of that

Cryptcoin has been going well 4 trades in the last 36 hours with a total of 36 points on a 2 btc small lot

Huh? The two pools may communicate one with the other and they could organize a 51% attack without you even knowing it.

Explanation

Just to make a further point, loads of blocks on the legit chain from GHash means that they are NOT using A LOT of their potential hashing power to make a fake chain. It is more concerning when their hashrate suddenly DROPS because they still have the power, and could be using it (in theory) to make a fake chain of greater length than the main chain full of double spends etc. Every time I see a legit block from GHash I can be fairly certain that must be using their mining power for the most obvious reason, to generate bitcoin.

This would be more dangerous, not less. The fact that they (hopefully) have NOT done this implies that maybe....just MAYBE what they want to do is *gasp* mine as many bitcoins as possible, and not to destroy the value of the single thing that their entire business relies upon.

Stop worrying about 51% attacks people.

One may happen one day, at which point we will have to find a solution. If we find one now, all the better, but until then:

Fear of the problem is worse than the problem itself.

Always.

How to Disincentivize Large Bitcoin Mining Pools

http://hackingdistributed.com/2014/06/18/how-to-disincentivize-large-bitcoin-mining-pools/

44% now. Are these people fucking serious!?

It gives people a sense of safety. The same thing you're talking about happens when they switch from Ghash to Unknown. There's no difference.

Splitting a pool into 2-3 pools is no solution. If there is a small set of pools that together have a majority, they can form a cartel.  If they were split from the same parent pool, their owners are probably the same people, or former partners who are likely to cooperate.

Wall Street will come. Not sure when though. There will be a lot of pumps and dumps due to Wall Street people trading Bitcoin. I don't like that, I prefer it ggoing up steady as it does now.

not much action in the past 2 weeks.. seems like it wants a reason to turn bullish, but nothing comes.

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.

43% now: https://blockchain.info/pools?timespan=24hrs

I guarantee a drop is coming because of this.