Topic: We're not going anywhere, until the 51% question is answered - page 5. (Read 6401 times)
How does the pools' hashrate get monitored? Is it based on the data that the pool provide? What if let's say pool1 have 40% hashing power then pool2 have 11% then they combined their hashing power for a brief period of time? Will it get monitored?
GHash generated 7 of 12 blocks since 0:00 UTC today. It means 58%.
I guess they better start double spending then!! I mean, this would be the time. Right? Right.
The attack is about having >50% of the hashrate, not necessarily the generated blocks. Block generation is completely random. It's very possible for 1 person to generate 100 blocks in a minute. Very improbable, but completely possible. It's the hashrate that's important.
Educate yourselves via one of the most knowledgable and prominent voices in bitcoin, Andreas Antonopolous:
http://www.youtube.com/watch?v=bTPQKyAq-DM#t=2942
http://www.youtube.com/watch?v=bTPQKyAq-DM#t=2942
THANK YOU. So tired of the fud about this.
Me too. Glad you took the time to watch that section. The whole video is great from start to finish if you have a couple hours to set aside.
GHash generated 7 of 12 blocks since 0:00 UTC today. It means 58%.
I guess they better start double spending then!! I mean, this would be the time. Right? Right.
Educate yourselves via one of the most knowledgable and prominent voices in bitcoin, Andreas Antonopolous:
http://www.youtube.com/watch?v=bTPQKyAq-DM#t=2942
http://www.youtube.com/watch?v=bTPQKyAq-DM#t=2942
THANK YOU. So tired of the fud about this.
GHash generated 7 of 12 blocks since 0:00 UTC today. It means 58%.
For those who believe news controls the markets, that's good enough news as any to attribute as the reason behind the recent price drop.
Educate yourselves via one of the most knowledgable and prominent voices in bitcoin, Andreas Antonopolous:
http://www.youtube.com/watch?v=bTPQKyAq-DM#t=2942
http://www.youtube.com/watch?v=bTPQKyAq-DM#t=2942
THANK YOU. So tired of the fud about this.
GHash generated 7 of 12 blocks since 0:00 UTC today. It means 58%.
Just a quick note: This attack is possible with anything greater than 50%. 51% is not required.
No because within 10 minutes Ghash.IO would lose at least 5% hashing power due to panic ending the 'attack'
The problem is that miners won't care about US sanctions against Russia, or about Ukrainian people hating Russians.
Miners even won't notice that some transactions are not being included into blocks.
There are a lot of threats in this kind of situation, whatever Andreas says.
And no one does anything real to prevent this centralization in the future.
The system should not rely on people's responsibility. The system should be designed to work even if everyone is too stupid to change anything on his computer.
Pretty sure you're trolling us now. Have fun with that.
No because within 10 minutes Ghash.IO would lose at least 5% hashing power due to panic ending the 'attack'
The problem is that miners won't care about US sanctions against Russia, or about Ukrainian people hating Russians.
Miners even won't notice that some transactions are not being included into blocks.
There are a lot of threats in this kind of situation, whatever Andreas says.
And no one does anything real to prevent this centralization in the future.
The system should not rely on people's responsibility. The system should be designed to work even if everyone is too stupid to change anything on his computer.
Educate yourselves via one of the most knowledgable and prominent voices in bitcoin, Andreas Antonopolous:
http://www.youtube.com/watch?v=bTPQKyAq-DM#t=2942
http://www.youtube.com/watch?v=bTPQKyAq-DM#t=2942
(wouldn't do major damage to the system)
The system will become the same as visa/mastercard/paypal. Isn't that a major damage?
No, because it will not become the same as visa etc. IF this becomes a problem, it will resolve itself quickly. If one central authority owned enough HARDWARE to execute a 51% attack then it would be slightly more disturbing, as they could have solely malicious intent. Their is no profitable model for catastrophe in the current situation. In fact, there is no model for catastrophe in the current situation. Miners will move if a REAL problem arises, but it almost definitely won't.
Because that's not what an individual with 51% mining power could do. Educate yourself.
Will Ghash.IO be able, for example, to block all transactions from Russian IPs because of US sanctions?
Simply not include thos txs into blocks.
No because within 10 minutes Ghash.IO would lose at least 5% hashing power due to panic ending the 'attack'
Because that's not what an individual with 51% mining power could do. Educate yourself.
Will Ghash.IO be able, for example, to block all transactions from Russian IPs because of US sanctions? Or because the owner of GHash is from Ukraine.
Simply not include those txs into blocks.
No, it wouldn't.
I don't see why the centralized payment system "Bitcoin" (owned by GHash inc.) wouldn't be the same as Visa.
Because that's not what an individual with 51% mining power could do. Educate yourself.
No, it wouldn't.
I don't see why the centralized payment system "Bitcoin" (owned by GHash inc.) wouldn't be the same as Visa.
(wouldn't do major damage to the system)
The system will become the same as visa/mastercard/paypal. Isn't that a major damage?
No, it wouldn't. Stop trolling. As previously mentioned the effects wouldn't even last long.
(wouldn't do major damage to the system)
The system will become the same as visa/mastercard/paypal. Isn't that a major damage?
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