Topic: WARNING: Potential 51% attack on Litecoin by GHash - page 3. (Read 4350 times)

There's also a 0.001btc fee for withdraws. Minimum 0.01 btc withdrawal.

Bait and switch.. They just did this to grab miners for their pool.  Shocking they back out of 2x rewards..

I think you all might have missed the marketing garbage Ghash.IO posted over on litecointalk:

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GHash.IO prevents 51% accumulation of the #Litecoin hashing power

March 13, 2014, GHash.IO mining pool launched an offer, according to which users get doubled rewards for #mining Litecoins. In one day GHash.IO became Litecoin mining pool #1. Unfortunately, we didn’t expect such a rush of Litecoin miners and are now forced to adjust the offer’s rules to prevent getting 51% of the Litecoin network.

Thus, from now on, the reward multiplier depends on the overall Litecoin pool speed at GHash.IO. If the speed varies between 0 and 40 GH/s, all Litecoin rewards will be doubled, as stated at the beginning of the offer. At the 40-60 Gh/s pool speed, the reward multiplier decreases to 1.25. Finally, if the pool reaches 60+ GH/s, GHash.IO will need to close the offer, since this rate is too critical for the double spending threat and the Litecoin currency in general.

We do our best to be a trustworthy pool and are not willing to destroy any cryptocurrency. Our actions coincide respectively.
Thank you for understanding!

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I called them out on their crap, and they had the thread renamed and content removed, including my posts quoting theirs!  Which was:

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Very sleazy.  Reduce/retract the bonus offer and paint yourself in a bright light for being a defender of the litecoin network.  You could have kept to your promise by suspending new miner registrations to prevent 51%, but instead you chose not to honor your offer.  Not good for future business in my opinion, but it is your own reputation at risk. 

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

They double the reward for LTC block, usually is 50 but they reward is 100.

Mined there for some hours and didn't recieve the 2x reward at all... 

I was curious and decided to point some hash there.
So that's how they weasel out of the promised double rewards. More arbitrary bullshit ...

You need to remember, CEX is the company behind this. They have become massive. $ 326,000 is nothing but advertising/marketing costs to them... there's no way pool operators can compete when companies this large get involved.

Also, in saying that, I highly doubt GHash/CEX will execute a 51% attack on LTC. It would destroy their reputation and they would end up losing millions, Bitcoin commodities are far more profitable in the long run than taking over the LTC network for a brief amount of time...

Blinded by greed. If I held a lollipop in front of you and lured you into a white van, would you go? Consequences... who cares, as long as you get the lollipop, right? Do you think for a second they'll be able to pay every miner of that 33gh/s? If they made it 5000% instead of 200%, would you believe that too?

But lets assume for the best, and you do get your 200% profit for a few days. They end up having enough hash power to execute a 51% attack, making your 200% LTC actually be worth... zero.

If you want something to laugh:

https://bitcointalksearch.org/topic/pool-ltcboxnet-looking-for-a-700000-sponsor-for-the-next-14d-get-famous-515201

:-)

I'm not completely sure. But I think they had something to do with satosji dice. And also greedy mining. Not mining transactions without fees

I don't think anyone has, but I do know GHash was in the spotlight for a while with their BTC pool almost breaching 51% back in January.

I would consider going from 0-25% network hash rate within 12 hours is a dramatic spike. One more and it could be game over for LTC.

The fact they came this close before seems to me they just have a better plan this time.

but they haven't done anything like 51% in history before, did they? It's just speculation that they MIGHT be able to use it?

but I do also think, that many many miners on other LTC Pools will switch to try to benefit - even more when diff is rising again and the normal payout will be even lower than usual. ghash.io hasn't reached its spike yet.

That is why I am kind of wary. Yes, I am enjoying the mining profits, but I don't want the pool to get too large and devalue LTC.

It's a smart promotion, but I would assume 90%+ miners will leave afterwards leaving little pool fees generated to make up for the investment. However, if they wanted to quickly gather up as much hashrate as possible to perform a 51% attack, that is a whole different scenario. Then who knows what they have planned.

Like I said, this is the same pool service that almost reached 51% on BTC. Since it was climbing steadily, the community became aware and decentralized to other pools.

This pool just went 0-25% in 12 hours and they didn't even announce the promotion beforehand. This rapid increase towards 51% and the little time given to the community could allow them to execute the attack before any speculations are made.

Hmm, I just threw some numbers in my brain concerning this..

so 1 LTC in 12h with 2.7MH/s.. Thats 10 LTC in 12h with 27MH/s and 100 LTC in 12h with 270MH/s and 1000 LTC in 12h with 27 GH/s

So if I understand correctly.. They have almost 40 GH/s now.. Thats roughly 1700 LTC in 12h or 3400 in 24h.

They do this promo for six more days which gives:

6 * 3400 LTC = 20.400 LTC

20.400 LTC * 16 $ = 326.400 $

So they spend 326.000 $ AS A PROMO WTF ??!?! Are they cooperating with Coca-Cola or so ??

I must be doing something wrong.. I'd really love to have so much money or LTC/BTC that I can gift it to someone mining with my pool, but I doubt this time will come :-/

Well.. we'll see how it goes out, it's really something to think about.

then you should do a 2,5 times LTC Promo 

If GPU, power costs and even power usage must be insane.. I'd really like to see that

i can't tell what kind of farm exactly (gpu/maybe asic). but i saw it growing on middlecoin from 180mhs to about 5Ghs and then switched over to waffle where it grew on and on..

I have been mining on it for almost exactly 12 hours and have just a little over 1 LTC with a 2.7 MH/s average.

I have just been sitting here watching the pool's hashrate go up. From .5 GH/s to 36 GH/s (22% network hashrate) within 12 hours.

20 Ghash in scrypt ? 

That must be lots of GPU's... A pity they dont mine on https://www.ltcbox.net .. I'd really love to had them for a stress test in there..