Bitcoin Forum

https://bitcointalk.org/index.php?topic=99497.4640 (https://bitcointalk.org/index.php?topic=99497.4640)


The current TOTAL NETWORK hash rate is only ~77 TH.

Is this not a huge 51% threat, or am I missing something? (besides BFL)

some will be directed for altcoins too

That's going to be the interesting part... how much of the ASIC hash wont actually end up towards BTC....

It really isn't.  ASICMINER plans on maintaining a percentage of the BTC network.  Any equipment they produce that will put them above that percentage is getting auctioned off/sold.  After spending all of this time/research in building a dedicated ASIC and running a farm, the last thing they'd want to do is render all of that effort & profit useless by shaking up the very currency they're invested in.

Not to mention Avalon batch 2 and 3.  And Avalon chip sales.

And surely BFL will start to deliver in quantity within the next 2-3 months...  After all, they've already "shipped".

If a group 51%'d the network, no one would really notice or care (assuming no malicious activity). The price wouldn't fall to its doom, and bitcoin wouldn't just close up shop. If it continued that way for months and months, maybe then people would lose some confidence, but it's not as alarming to the "other side" as most of us would believe.

The network has actually seen a couple of 51% moments in its history, and despite the panic on forums by a vocal minority, it had very little effect on price.

So, assuming that Avalon really will ship sooner or later, and BFL ever makes a product, regardless of what AM does or doesn't do, the problem will sort itself out.

In fact, what actually happened was that pool operators with 51% made enormous profits by increasing their fees to a point where they deterred people from mining there. Fun times, huh? :D

Uh, they designed an ASIC that can mine multiple chains?  Where is the proof of that?

You can mine every SHA-256 coin you want, because the ASICs are SHA2 specific. So you can mine everything that is based on this algorithm at the moment. The mining chips calculate, the software takes care of the other specifications.

News to me.  What alt-coins can ASIC's mine exactly, by name please.

That would certainly explain why their 300Mhs USB dohicky may be worth 2BTC.
Thanks,
Sam

http://coinchoose.com/

Every coin on that page that says "SHA-256" under Algo.

So people are currently mining Alt-Coins with their ASIC's?

I feel like I'm trying to ask the same thing over and over.  I'm just trying to nail down some objective truth that's all.
Thanks,
Sam

Yup. And altcoin people are not happy about it :D

OK, I had no idea.
Thanks for the info,
Sam