WARNING: Potential 51% attack on Litecoin by GHash - page 2.

murraypaul

sr. member

Activity: 476

Merit: 250

Quote from: Defender666 on March 15, 2014, 01:55:38 AM

If one pool controls more then 50% of the network it can fake transaction because more then the half of the miners would validate the fake transaction. They could create any balance on there account they want. And the real value of the coin would drop to 0.

That is almost completely wrong

Miners cannot fake transactions or alter the balances of accounts.
What they can do is selectively decide which transactions to process.
The main risk of a 51% attack is the ability to reverse transactions by double-spending.

https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power

muhhkuh

member

Activity: 60

Merit: 10

Well they are not dumb and already got what they wanted, a lot of new registrations...

They keep the rate at 25-26GH/s to avoid the double rewards, the thing with the 51% is just a stupid excuse! Or why did they lower their rate from 40 to 25GH/s?
There is no point in doing so since they almost need 70GH/s for 51%. For me it's a nothing more than a scam!

Please avoid using GHash.io and cex.io after the promotion ends!

Kalizar

full member

Activity: 280

Merit: 100

Quote from: gamefixer on March 15, 2014, 04:02:02 AM

Quote from: Daanlt on March 15, 2014, 03:58:19 AM

Now they deleted my message and i cant post there anymore. Dont like the truth : (

Message:
At first you lower reward from 40-60 ghx - x1.25, now its 25-60ghx - 1.25x.
What next, 10-60ghx - x1.25 ?

Yeah, thats pretty shitty. I'm thinking about jumping ship and going back to the pool I came from.

Same here. The pool hash rate has been just over 25 GH for a while now. -_-

gamefixer

sr. member

Activity: 440

Merit: 250

Quote from: Daanlt on March 15, 2014, 03:58:19 AM

Now they deleted my message and i cant post there anymore. Dont like the truth : (

Message:
At first you lower reward from 40-60 ghx - x1.25, now its 25-60ghx - 1.25x.
What next, 10-60ghx - x1.25 ?

Yeah, thats pretty shitty. I'm thinking about jumping ship and going back to the pool I came from.

Daanlt

member

Activity: 93

Merit: 10

Now they deleted my message and i cant post there anymore. Dont like the truth : (

Message:
At first you lower reward from 40-60 ghx - x1.25, now its 25-60ghx - 1.25x.
What next, 10-60ghx - x1.25 ?

Trestle

member

Activity: 102

Merit: 10

Rockem Sockem

Meh we were going along well riding the line now someone added another .5G and it's down to 1.25 again.

Defender666

newbie

Activity: 15

Merit: 0

If one pool controls more then 50% of the network it can fake transaction because more then the half of the miners would validate the fake transaction. They could create any balance on there account they want. And the real value of the coin would drop to 0.

gamefixer

sr. member

Activity: 440

Merit: 250

So, dumb question. Whats a 51% attack and why would it kill a coin? I've heard about such things a few times but I really dont get it.

Thanks!

Number6

sr. member

Activity: 490

Merit: 254

Further warning if you signed up just for the promo, I accumulated a small number of litecoins and tried to withdrawal to make sure everything checks out, and I get the following warning:

Code:

New accounts are not allowed to withdraw funds in the first 48h

VirosaGITS

legendary

Activity: 1302

Merit: 1068

I dont think they can afford to.

But if they do, that'd be nice of them so it would clear any doubt we may or not have.

GBattaglia

hero member

Activity: 735

Merit: 501

Quote from: JaxonBTC on March 14, 2014, 05:10:49 PM

Quote from: VirosaGITS on March 14, 2014, 04:49:36 PM

The first modification was legit imo. It could have passed as legitimate. If it reach 51% LTC would apparently die. So stopping the pool at 40gh, which is about 1/3rd of the total LTC hash power was good. At 60gh the bonus would become 0, so no further incentive to mine there, which would have been close but still under 50%.

You know, I agree in the first modification as being necessary even to ensure that they weren't intentionally trying to break LTC, but the tiered system of bonuses should've been made clear beforehand, not one day in.

Quote from: VirosaGITS on March 14, 2014, 04:49:36 PM

Paying double on 39gh is expensive so they found a way to drop it back to 125%, maybe.

Of course now its dropping back so low that its 2x again, but whats going to happen, now?

Too bad! That's the promotion they ran, that's their cost of doing business. They should honor their word and not try to weasel out because it's too expensive. If they move the 25GH threshold again it will just prove that they don't care at all about their reputation in the mining community. They can't just keep lowering the bar (but I think they might...).

Second all of this.

JaxonBTC

newbie

Activity: 39

Merit: 0

Quote from: VirosaGITS on March 14, 2014, 04:49:36 PM

The first modification was legit imo. It could have passed as legitimate. If it reach 51% LTC would apparently die. So stopping the pool at 40gh, which is about 1/3rd of the total LTC hash power was good. At 60gh the bonus would become 0, so no further incentive to mine there, which would have been close but still under 50%.

You know, I agree in the first modification as being necessary even to ensure that they weren't intentionally trying to break LTC, but the tiered system of bonuses should've been made clear beforehand, not one day in.

Quote from: VirosaGITS on March 14, 2014, 04:49:36 PM

Paying double on 39gh is expensive so they found a way to drop it back to 125%, maybe.

Of course now its dropping back so low that its 2x again, but whats going to happen, now?

Too bad! That's the promotion they ran, that's their cost of doing business. They should honor their word and not try to weasel out because it's too expensive. If they move the 25GH threshold again it will just prove that they don't care at all about their reputation in the mining community. They can't just keep lowering the bar (but I think they might...).

VirosaGITS

legendary

Activity: 1302

Merit: 1068

Quote from: JaxonBTC on March 14, 2014, 04:40:54 PM

Quote from: GBattaglia on March 14, 2014, 02:38:47 PM

Wow. You know, I don't quite understand the point in this promotion, especially if they keep changing the terms. I think they'll just piss off more people than they'll actually gain honestly.

Totally agree. Seems illegal for any other company in a more regulated industry to do this. Straight up misadvertising/bait and switch.

Quote from: comeonalready on March 14, 2014, 09:20:01 AM

Actions like this are engraved invitations to governments to interfere/intervene in virtual currencies.

I am against government intervention/interference/controlling Crypto Currencies at all in principle, but with this kind of BS shenanigans it wouldn't be the worst if someone could hold them to their advertised word at least (can't believe GHashes actions have me thinking this way. Really shady GHash, really shady)

The first modification was legit imo. It could have passed as legitimate. If it reach 51% LTC would apparently die. So stopping the pool at 40gh, which is about 1/3rd of the total LTC hash power was good. At 60gh the bonus would become 0, so no further incentive to mine there, which would have been close but still under 50%.

They might have hoped that the growth would continue, but slowly past 40gh, as 125% is still worthwhile right now.

Instead, the big miners just limited themselves to leave it at 39gh, so they and everyone else would still get 2x.

Paying double on 39gh is expensive so they found a way to drop it back to 125%, maybe.

Of course now its dropping back so low that its 2x again, but whats going to happen, now?

JaxonBTC

newbie

Activity: 39

Merit: 0

Quote from: GBattaglia on March 14, 2014, 02:38:47 PM

Wow. You know, I don't quite understand the point in this promotion, especially if they keep changing the terms. I think they'll just piss off more people than they'll actually gain honestly.

Totally agree. Seems illegal for any other company in a more regulated industry to do this. Straight up misadvertising/bait and switch.

Quote from: comeonalready on March 14, 2014, 09:20:01 AM

Actions like this are engraved invitations to governments to interfere/intervene in virtual currencies.

I am against government intervention/interference/controlling Crypto Currencies at all in principle, but with this kind of BS shenanigans it wouldn't be the worst if someone could hold them to their advertised word at least (can't believe GHashes actions have me thinking this way. Really shady GHash, really shady)

paul09

newbie

Activity: 56

Merit: 0

Quote from: GBattaglia on March 14, 2014, 02:38:47 PM

Wow. You know, I don't quite understand the point in this promotion, especially if they keep changing the terms. I think they'll just piss off more people than they'll actually gain honestly.

Yep, I signed up to their pool because of the promotion and would have likely continued mining with them sometimes when multipools weren't doing well, now I probably won't since this is beginning to smell quite bad.

GBattaglia

hero member

Activity: 735

Merit: 501

Wow. You know, I don't quite understand the point in this promotion, especially if they keep changing the terms. I think they'll just piss off more people than they'll actually gain honestly.

VirosaGITS

legendary

Activity: 1302

Merit: 1068

Quote from: Trestle on March 14, 2014, 02:04:51 PM

They just changed the numbers again.

Pool fee is 0% ! Doubled rewards for LiteCoin mining ends in [5 days, 19 hours, 2 minutes, and 32 seconds]
To prevent getting 51% of the Litecoin network, the reward multiplier will be adjusted according to the pool speed. Current multiplier: x1.25.

Pool Speed   Reward multiplier
0 – 25 GH/s   x2
25 – 60 GH/s   x1.25
60+ GH/s   x1

Now i totally agree.

Trestle

member

Activity: 102

Merit: 10

Rockem Sockem

They just changed the numbers again.

Pool fee is 0% ! Doubled rewards for LiteCoin mining ends in [5 days, 19 hours, 2 minutes, and 32 seconds]
To prevent getting 51% of the Litecoin network, the reward multiplier will be adjusted according to the pool speed. Current multiplier: x1.25.

Pool Speed   Reward multiplier
0 – 25 GH/s   x2
25 – 60 GH/s   x1.25
60+ GH/s   x1

VirosaGITS

legendary

Activity: 1302

Merit: 1068

Quote from: tuner on March 14, 2014, 10:20:17 AM

i also posted in their support forum, not deleted yet, but i'm sure they will remove this:

tuner:

Dear ghash crew, you are nothing but scammers, if you promised 2x rewards for a week you should keep your word, it's not excuse about 51% attack. If you are so afraid of 51% attack its just what you need to do is not let new miners join in and thats all

lol sound like fun, you should give a link later, me i think they did the right thing. Tongue

Wether it was planned or not.

tuner

member

Activity: 73

Merit: 10

i also posted in their support forum, not deleted yet, but i'm sure they will remove this:

tuner:

Dear ghash crew, you are nothing but scammers, if you promised 2x rewards for a week you should keep your word, it's not excuse about 51% attack. If you are so afraid of 51% attack its just what you need to do is not let new miners join in and thats all

Topic: WARNING: Potential 51% attack on Litecoin by GHash - page 2. (Read 4355 times)