Topic: We're not going anywhere, until the 51% question is answered - page 7. (Read 6401 times)
Would Satoshi not have envisaged this problem?
The 51% question *is* answered for those who care to understand its true ramifications
can you link me or summarize what you're implying?
https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power
Basically, someone with 51% can reverse a few transactions and prevent some people from spending money. If you see greater than 51%, its best not to send or recieve any bitcoin at the time. If your coins are buried more than six blocks deep, you should be fine.
Frankly, I would have to see one single entity control more than 51% of the hashrate for a lenghty period of time AND people complaining about their transactions being reversed or not getting included in a block for me to panic. I realize the possibility for a major problem is always there, but of course you could have just as bad or worse problems at any given time with fiat.
FYI, pool Ghash.io has mined 48% of the blocks in the last 24 hours. On Sunday, it was 45%. It starts to be hazardous.
There's nothing hazardous about that. Bunch of hysteria over a practical non-issue.
There are several pools that are better than them, just not as flashy
or as lucrative. I'll switch to a 0% fee pool that finds multiple block in a day in a heartbeat.Pick a pool and lets move.
There are several pools that are better than them, just not as flashy
FYI, pool Ghash.io has mined 48% of the blocks in the last 24 hours. On Sunday, it was 45%. It starts to be hazardous.
Than create a pool like ghash. Everyone complains about it but no one comes with a pool as good as ghash
What is so better with Ghash?
FYI, pool Ghash.io has mined 48% of the blocks in the last 24 hours. On Sunday, it was 45%. It starts to be hazardous.
Than create a pool like ghash. Everyone complains about it but no one comes with a pool as good as ghash
FYI, pool Ghash.io has mined 48% of the blocks in the last 24 hours. On Sunday, it was 45%. It starts to be hazardous.
The 51% attack question is already answered. Big corporations have no risk from accepting BTC since a place like Amazon would have an employee tasked with the job of monitoring hash rate and halting the acceptance of BTC payments should the hash be outside of what they're comfortable with. The bigger a business is, the less risk they have due to practices like this. I'm sure there would be 3rd party services that small business could pay small fees to as well to constantly monitor potential problems should they get involved in the BTC acceptance business.
The 51% question *is* answered for those who care to understand its true ramifications
can you link me or summarize what you're implying?
https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power
The 51% question *is* answered for those who care to understand its true ramifications
can you link me or summarize what you're implying?
I will admit, I sold some BTC when this came about. I figure the only way to solve it is go there (>51%), come back and learn from the experience. Even if there is no attack, private mining giants like ghash.io remind me that even with such a brilliant system as BTC, there are still humans involved. Truly free market will result in some entity writing/updating the blockchain, it worries me as an idealist...
YOU CAN'T FIX STUPID! It's a disease.
The 51% question *is* answered for those who care to understand its true ramifications
+1
No institutional investor is going to put millions of dollars into something that can be killed off by a few douchebags like Ghash.io. Think about it...
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