Topic: Who cares about the 45% Ghash.io have - will you care when they are at 51%? - page 3. (Read 4449 times)
June 07, 2014, 05:07:11 PM
As soon as you get rid of Bitcoin with its heavy legacy, your concerns will be gone and you can sleep well at night knowing that no evil entity can compromise the mining pools, disrupt network operation and/or force miners to anything. NXT is the future, it has fixed Bitcoin's faults, which will always come to haunt users of Bitcoin. Bitcoin is just an overpriced monster at this point, smart crypto money is moving into NXT. Ok, enough of this shameless promotion of NXT, you are all smart individuals, you can make your own informed decisions.
June 07, 2014, 04:59:38 PM
Ghas.io was closer to 51% than this, and they stopped accepting new miners to prevent 51% happening. And as saomeone else said before me, why would they destroy something that's making them shitload of money.
June 07, 2014, 04:42:30 PM
Ghash.io can have 100% for all I care because no one is stupid enough to destroy a money maker that they have such a large stake in for a silly double spend. They are making a small fortune every day. Besides that in a few short years mining will be so prohibitively expensive that only a small handful of businesses will be doing it anyway. Decentralization will die with mining first. The security of the network is destined to be centralized.
June 07, 2014, 04:08:37 PM
....looks like it's everthing normal for the most. 
June 07, 2014, 02:42:00 PM
We need a usable p2pool software so that everyone starts mining. It's the only way, we need decentralized mining. We need it easy to install & configure, clean and with intuitive gui.
You still need ASICs do mine now through. And you can't expect everyone to purchase chips and boards that become outdated in two months.
The mining part of bitcoin has definitely veered off course from it's original intention.
yes. And think about what will happen in 5 years. Maybe only 4 companys will control it and beginning only to accept transaction from ppl who have a registered adress giving them from their gov.
....as more I think about these stuff....o_0
That's actually a really interesting hypothetical. I've never heard or thought of something like that before.
What would happen if the government did go after mining pools in someway? Forcing them to reject certain transactions. It could start with terrorism, or drugs, and then lead to who knows what.
I guess the easy answer would be to have mining pools operating out of friendly countries, but who knows how many of those, if any, there will be.
I'm not paranoid, nor do I think this is necessarily likely, but it's something that does not seem outside the realm of possibility.
As soon we became support from ppl who are normaly against things like what bitcoin stand for, it could be a confirm.
June 07, 2014, 02:26:04 PM
We need a usable p2pool software so that everyone starts mining. It's the only way, we need decentralized mining. We need it easy to install & configure, clean and with intuitive gui.
You still need ASICs do mine now through. And you can't expect everyone to purchase chips and boards that become outdated in two months.
The mining part of bitcoin has definitely veered off course from it's original intention.
yes. And think about what will happen in 5 years. Maybe only 4 companys will control it and beginning only to accept transaction from ppl who have a registered adress giving them from their gov.
....as more I think about these stuff....o_0
That's actually a really interesting hypothetical. I've never heard or thought of something like that before.
What would happen if the government did go after mining pools in someway? Forcing them to reject certain transactions. It could start with terrorism, or drugs, and then lead to who knows what.
I guess the easy answer would be to have mining pools operating out of friendly countries, but who knows how many of those, if any, there will be.
I'm not paranoid, nor do I think this is necessarily likely, but it's something that does not seem outside the realm of possibility.
June 07, 2014, 01:54:31 PM
Here some other frighten things about double and possible double spends:
My coins were stolen in the middle of the night and I don't know how
http://www.reddit.com/r/Bitcoin/comments/27jsy3/my_coins_were_stolen_in_the_middle_of_the_night/
GHash.IO & double spending
http://www.reddit.com/r/Bitcoin/comments/279sex/ghashio_double_spending/
Selfish Mining: A 25% Attack Against the Bitcoin Network
http://bitcoinmagazine.com/7953/selfish-mining-a-25-attack-against-the-bitcoin-network/
My coins were stolen in the middle of the night and I don't know how
http://www.reddit.com/r/Bitcoin/comments/27jsy3/my_coins_were_stolen_in_the_middle_of_the_night/
GHash.IO & double spending
http://www.reddit.com/r/Bitcoin/comments/279sex/ghashio_double_spending/
Selfish Mining: A 25% Attack Against the Bitcoin Network
http://bitcoinmagazine.com/7953/selfish-mining-a-25-attack-against-the-bitcoin-network/
you cant spent coins from another person with a 51%.
the "funny" part is, that you also can do it with less % .....
June 07, 2014, 01:50:54 PM
Here some other frighten things about double and possible double spends:
My coins were stolen in the middle of the night and I don't know how
http://www.reddit.com/r/Bitcoin/comments/27jsy3/my_coins_were_stolen_in_the_middle_of_the_night/
GHash.IO & double spending
http://www.reddit.com/r/Bitcoin/comments/279sex/ghashio_double_spending/
Selfish Mining: A 25% Attack Against the Bitcoin Network
http://bitcoinmagazine.com/7953/selfish-mining-a-25-attack-against-the-bitcoin-network/
My coins were stolen in the middle of the night and I don't know how
http://www.reddit.com/r/Bitcoin/comments/27jsy3/my_coins_were_stolen_in_the_middle_of_the_night/
GHash.IO & double spending
http://www.reddit.com/r/Bitcoin/comments/279sex/ghashio_double_spending/
Selfish Mining: A 25% Attack Against the Bitcoin Network
http://bitcoinmagazine.com/7953/selfish-mining-a-25-attack-against-the-bitcoin-network/
you cant spent coins from another person with a 51%.
June 07, 2014, 01:47:05 PM
We need a usable p2pool software so that everyone starts mining. It's the only way, we need decentralized mining. We need it easy to install & configure, clean and with intuitive gui.
You still need ASICs do mine now through. And you can't expect everyone to purchase chips and boards that become outdated in two months.
The mining part of bitcoin has definitely veered off course from it's original intention.
yes. And think about what will happen in 5 years. Maybe only 4 companys will control it and beginning only to accept transaction from ppl who have a registered adress giving them from their gov.
....as more I think about these stuff....o_0
June 07, 2014, 01:44:39 PM
I believe the problem lies in many areas.
More hashing power = more blocks solved = more money. Everyone is mining for money
The pools that have decent hashing power where you can still make money but it averages out longer
have shitty fees so people don't want to mine there.
The ones that keep mining there do it for various reasons from loyalty to laziness to explore different pool options.
The pools that have what I consider excellent terms have no hashing power yet and you might as well be solo mining.
P2Ppools are good but might as well solo mining if you don't have much hashing power and have higher than 30 ms latency to the pool.
Ghash took it to the next level by selling could mining and exchanging currencies as well as multipool profit.
So any new pools or existing pools need to step their game up I believe.
Some pools haven't updated their site since they opened as a pool years ago.
When you make creative criticisms people tell you to go start your own pool.
It's a circle jerk imnsho
More hashing power = more blocks solved = more money. Everyone is mining for money
The pools that have decent hashing power where you can still make money but it averages out longer
have shitty fees so people don't want to mine there.
The ones that keep mining there do it for various reasons from loyalty to laziness to explore different pool options.
The pools that have what I consider excellent terms have no hashing power yet and you might as well be solo mining.
P2Ppools are good but might as well solo mining if you don't have much hashing power and have higher than 30 ms latency to the pool.
Ghash took it to the next level by selling could mining and exchanging currencies as well as multipool profit.
So any new pools or existing pools need to step their game up I believe.
Some pools haven't updated their site since they opened as a pool years ago.
When you make creative criticisms people tell you to go start your own pool.
It's a circle jerk imnsho
one of the best comments I read!
June 07, 2014, 01:43:16 PM
We need a usable p2pool software so that everyone starts mining. It's the only way, we need decentralized mining. We need it easy to install & configure, clean and with intuitive gui.
You still need ASICs do mine now through. And you can't expect everyone to purchase chips and boards that become outdated in two months.
The mining part of bitcoin has definitely veered off course from it's original intention.
June 07, 2014, 01:34:47 PM
I believe the problem lies in many areas.
More hashing power = more blocks solved = more money. Everyone is mining for money
The pools that have decent hashing power where you can still make money but it averages out longer
have shitty fees so people don't want to mine there.
The ones that keep mining there do it for various reasons from loyalty to laziness to explore different pool options.
The pools that have what I consider excellent terms have no hashing power yet and you might as well be solo mining.
P2Ppools are good but might as well solo mining if you don't have much hashing power and have higher than 30 ms latency to the pool.
Ghash took it to the next level by selling could mining and exchanging currencies as well as multipool profit.
So any new pools or existing pools need to step their game up I believe.
Some pools haven't updated their site since they opened as a pool years ago.
When you make creative criticisms people tell you to go start your own pool.
It's a circle jerk imnsho
More hashing power = more blocks solved = more money. Everyone is mining for money
The pools that have decent hashing power where you can still make money but it averages out longer
have shitty fees so people don't want to mine there.
The ones that keep mining there do it for various reasons from loyalty to laziness to explore different pool options.
The pools that have what I consider excellent terms have no hashing power yet and you might as well be solo mining.
P2Ppools are good but might as well solo mining if you don't have much hashing power and have higher than 30 ms latency to the pool.
Ghash took it to the next level by selling could mining and exchanging currencies as well as multipool profit.
So any new pools or existing pools need to step their game up I believe.
Some pools haven't updated their site since they opened as a pool years ago.
When you make creative criticisms people tell you to go start your own pool.
It's a circle jerk imnsho
June 07, 2014, 01:22:15 PM
Here some other frighten things about double and possible double spends:
My coins were stolen in the middle of the night and I don't know how
http://www.reddit.com/r/Bitcoin/comments/27jsy3/my_coins_were_stolen_in_the_middle_of_the_night/
GHash.IO & double spending
http://www.reddit.com/r/Bitcoin/comments/279sex/ghashio_double_spending/
Selfish Mining: A 25% Attack Against the Bitcoin Network
http://bitcoinmagazine.com/7953/selfish-mining-a-25-attack-against-the-bitcoin-network/
My coins were stolen in the middle of the night and I don't know how
http://www.reddit.com/r/Bitcoin/comments/27jsy3/my_coins_were_stolen_in_the_middle_of_the_night/
GHash.IO & double spending
http://www.reddit.com/r/Bitcoin/comments/279sex/ghashio_double_spending/
Selfish Mining: A 25% Attack Against the Bitcoin Network
http://bitcoinmagazine.com/7953/selfish-mining-a-25-attack-against-the-bitcoin-network/
June 07, 2014, 01:15:40 PM
I'm really surprised more people aren't talking about this or doing something about it.
What do you suggest we do?
Typically, there has been a dominant mining group since the mining pool concept was created. Many of us have tried (failed) to point out that the centralization of hash rate is undesirable, yet we continue to see it.
I expect a 51% attack at some point in Bitcoin's future. It won't kill Bitcoin, only set it back while hopefully bringing more attention to working towards better decentralization practices.
It may however weaken Bitcoin enough for another innovative cryptocurrency to jump it. Presumably one which is more resilient to 51% attacks.
Perhaps the miners will switch back to the latest blockchain state right before the first double spends.
All spends after the fork are then lost or people should charge back the BTC or send the item back they bought or pay again, or something.
Does it makes sense what I say?
June 07, 2014, 01:01:54 PM
I'm really surprised more people aren't talking about this or doing something about it.
What do you suggest we do?
Typically, there has been a dominant mining group since the mining pool concept was created. Many of us have tried (failed) to point out that the centralization of hash rate is undesirable, yet we continue to see it.
I expect a 51% attack at some point in Bitcoin's future. It won't kill Bitcoin, only set it back while hopefully bringing more attention to working towards better decentralization practices.
It may however weaken Bitcoin enough for another innovative cryptocurrency to jump it. Presumably one which is more resilient to 51% attacks.
June 07, 2014, 12:58:50 PM
Who cares about the 45% Ghash.io have - will you care when they are at 51%?
Nearly nobody is discussing about that time Ghash.io hit that high level against.
Why? Isn't it a problem? ( remember 7th Janurary what happend to the price and what Ghash.io tolds us on 9th ....)
This has already happened before and people did talk about it. Ghash basically just pointed their miners away and did it by themselves. They lowered it/turned off some miners or something but it was resolved in good faith a few times before in other places too.
June 07, 2014, 12:58:12 PM
We need it easy to install & configure, clean and with intuitive gui.
No we don't.
The miners are already ran by the biggest nerds.
There is probably a big disadvantage for p2pool which we don't know yet.
I also think there will be a 66,6% attack which will move the miners to p2pool finally.
It will be the silk road event which brought us to stratospheric heights last time.
June 07, 2014, 12:54:24 PM
We need a usable p2pool software so that everyone starts mining. It's the only way, we need decentralized mining. We need it easy to install & configure, clean and with intuitive gui.
June 07, 2014, 12:50:14 PM
June 07, 2014, 12:48:09 PM
Who cares about the 45% Ghash.io have - will you care when they are at 51%?
Nearly nobody is discussing about that time Ghash.io hit that high level against.
Why? Isn't it a problem? ( remember 7th Janurary what happend to the price and what Ghash.io tolds us on 9th ....)
I do think it's an issue and to be honest I'm not particularly impressed with Ghash's response, or lack there of.
Especially when you compare it to the quick and effective response of BTC Guild when they were in the 40% bracket.
Some people have speculated that Ghash has mining power that totals above 50% already but their mining it off pool in order to avoid attention. I'm not saying that's true, but if they did end up with over 50% of the hashing power that would seem like it would be the most rational thing to do economically speaking(if and only if the public had no knowledge of it happening).
>50% attacks are real and should be taken seriously by the community. Even the threat of one is enough to seriously harm bitcoin in the eyes of the public. I don't even want to imagine what sort spin these modern media companies would put on it.
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