WARNING: Potential 51% attack on Litecoin by GHash - page 4.

Evilish

hero member

Activity: 882

Merit: 563

Bitcoin to the moon!

Quote from: ocminer on March 14, 2014, 04:21:47 AM

I dont think anyone cares if they have 50 or 80 or even 90 % of the network when they pay double payouts

For me, as a pool op, its hard to compete with a pool which actually pays its miners 100% more than what they mine..

If someone which usually mines 10 LTC a day thats around 160 $, I'd have to pay him 160 $ A DAY for mining with me ?
Where comes this money from Huh

100 % fee a few days earlier ?

Mine where you like, I'd also mine there where someone pays me double rewards, I'm just not sure where the money comes from, but, as you see, who cares

Do they actually pay double or was it just a false advertisement? It's very hard to believe.

bigblind

sr. member

Activity: 378

Merit: 252

its a wandering scrypt mining farm - about 20 ghash, which has lately been on wafflepool

Kalizar

full member

Activity: 280

Merit: 100

Quote from: ocminer on March 14, 2014, 04:21:47 AM

I dont think anyone cares if they have 50 or 80 or even 90 % of the network when they pay double payouts

For me, as a pool op, its hard to compete with a pool which actually pays its miners 100% more than what they mine..

If someone which usually mines 10 LTC a day thats around 160 $, I'd have to pay him 160 $ A DAY for mining with me ?
Where comes this money from Huh

100 % fee a few days earlier ?

Mine where you like, I'd also mine there where someone pays me double rewards, I'm just not sure where the money comes from, but, as you see, who cares

They did this promotion out of the blue, which offers little time to speculate. The only plausible gain I can see is executing an attack on the blockchain.

Afterward successfully doing that, it's game over for LTC.

ocminer

legendary

Activity: 2688

Merit: 1240

I dont think anyone cares if they have 50 or 80 or even 90 % of the network when they pay double payouts

For me, as a pool op, its hard to compete with a pool which actually pays its miners 100% more than what they mine..

If someone which usually mines 10 LTC a day thats around 160 $, I'd have to pay him 160 $ A DAY for mining with me ?
Where comes this money from Huh

100 % fee a few days earlier ?

Mine where you like, I'd also mine there where someone pays me double rewards, I'm just not sure where the money comes from, but, as you see, who cares

Kalizar

full member

Activity: 280

Merit: 100

Myself, and many miners switched over to GHash.IO for the double mining reward promotion.

If you look at GHash's hashrates from less than 12 hours ago, you can see it was 500 MH/s total for the pool. As of right now it is over 33,000 MH/s. This is increasing very fast considering the promotion was just announced earlier today (around the time the hashrate started spiking up).

The entire Litecoin mining network is clocked at 168,000 MH/s. Being over 84,000 MH/s leaves it susceptible to 51% attack. Being at 33,000 / 84,000 required within a 12 hour span is insane.

Keep in mind this is the same service provider that became very close to 51% attacking Bitcoin back in January. There is still a little over 6 days in the promotion and I'm sure the miners will switch to GHash after hearing about it due to the scarce alt coin market.

Topic: WARNING: Potential 51% attack on Litecoin by GHash - page 4. (Read 4355 times)