Bitcoin Forum

As title says!

Never have.

I don't remember people panicking as much with deepbit in 2011.

Imagine what some nasty scummy dirt bag filth rotten low gash scallywag news corp could do with this story if it was to happen!

I guess people are just scared of the value dropping.

Panic panic "my precious precious's"

come on bitminter,
a very nice pool
:)

Best regards,
ilpirata79

p.s. I am just an user, not the owner of that pool

dammit, I was just about to ask for a signed avatar...

 ;)

I use eligius. But we should all use p2pool tbh

We should.  Shame they won't fix the bugs that break p2pool for ASICs...

STFU with your selfish disinformation. All because the model of ASIC you own are the only ones that don't work on p2pool (which is down to the design of that hardware, nothing anyone can do to make them work). All other ASICs have been working there for a while now (~150-200 TH/s in the last few weeks).

great panic. much wow  ;D

How many of Ghash are Cex.io member?
For them won't be easy to change the pool...

did deepbit try to double spend on a dice game?

There were no dice games to double spend on at the time, but people are forgetting two things:

a) it is possible to double spend with less than 51% and for some reason...
b) ... it happens very, very rarely. Miners don't have the incentive to undermine peoples' trust in Bitcoin.

B = Don't care, I don't want someone to have the option.
A = I know, that is why I'm saying stop NOW rather than "wait until they get exactly 51% and then stop." Obviously I would like noone to have more than about 10%.

Miners can find out easily and will complain loudly, "I found a block, but my node doesn't even see it on the network! Something fishy must be going on with the pool!"

Someone please make a bitminter type client for p2pool

Really? If I make you a client you would mine p2pool?

If you're not being sarcastic....yes!

Do you think many other would? What type of hardware do you mine with? The "client" is just a guy over cgminer or bfgminer I can't remember which.

+1
stay away of this pool

I mine with a bfl. Plan to mine with a blackarrow or something in the future.

GHash sells the bitcoins directly to investors which is a big draw to people who want to mine fiat.

I'm using Bitminter and avoiding big pools because I like to spend in Bitcoins to help start a Bitcoin economy. If people only mine for fiat no Bitcoin economy will get off the ground.

I also use P2Pools as mybackups, they need no account and I love getting virgin unspent coins, but the main problem with it is that it's frequent micro payments. You need a lot of hashing power to get it to pay out over the 0.001BTC dust level per block.

BTW: www.p2pool.org is not the only option. Also check out http://p2pool.hostv.pl/ for a list of others.

I think you put too much faith in your typical hasher...

Should an attack come from centralization of the hashing power, it's damage will already be done before the miners can react. This is why a proactive approach is preferred (do not centralize the hashing power).

Wow!  That kind of thinking seems to be common.   With a fiat currency there is a vast amount of crimes and fraud.   Yet fiat currencies survive just fine.   Most likely Bitcoin would survive a 51% attack and whoever did it would be found out.   Then it would be a matter for the courts.   The fear is irrational.

However, if there were an attack it probably won't happen from a pool, it will probably come from a government that has vast resources compared to the Bitcoin network.   In that case there isn't anything that can be done to prevent it and all this running around and screaming about ghash.io is just a waste.

I would certainly try it. I'm still experimenting anyway. Started on Eligius, went to BTCguild while he's getting that fixed, was gonna try Bitminter next. Prolly still am. So far, I like Eligius the best, but time and experience will tell. Once I get more equipment, I'll probably mine more than one pool/method anyway. I have yet to try p2pool, so why not?

bump!! stay away pls !! eligious is far better !

That's because it's common sense. Bitcoin is only secure when no single entity has too much power.


Generally speaking, the crimes and fraud committed with fiat currency don't destabilize the entire currency. This point is irrelevant.


We don't know that. But why risk it?


Unlikely. There aren't any specific laws against a 51% attack, and the jurisdictional aspect of it is a nightmare. The ghash.io operator is (I think) in The Ukraine. Not much that a court anywhere else can do about that, and I doubt the courts in The Ukraine give a shit.


Frankly, I don't think you have any idea what you're talking about, and calling this fear irrational paints you as naive, at best.


Good point. We should all just sit on our hands and do nothing, then. Might as well give up now, and just stop trying.

 ::)

It isn't common sense, it is FUD.  With something like a 51% attack, of which there are many possible forms that have nothing to do with having a majority of the network, there would be a hard record left of exactly what happened.   That limits the scope of any such attack.  

If you don't what ghash.io to grow over 51% then the solution is to offer better alternatives.   The combination of cex.io/ghash.io is a winning concept.   Competition is the solution, not running around like a chicken with its head cutoff.  


How is it irrelevant?  It is exactly the same issue!   Learn some history, crime has destabilized currencies in the past, generally when carried out by governments.  That is the primary problem is counterfeiting which is basically the same as a double spend.  Most crimes don't destabilize a current currency and bitcoin would be the same.   The Bitcoin network would survive because the blockchain would forked with changes in place to address the issue.  


Because you can't prevent it by the methods you are using.   The only sure prevention is competition and growing Bitcoin.  This kind of fear mongering doesn't help and only hurts Bitcoin.


Maybe, maybe not.  Cex.io is operating out of London, but I have like you don't know where all the owners are for sure.   Anyway you are automatically assuming that Cex.io is a criminal organization.   It is just more likely they came up with a killer concept and are cleaning up because of it.   If you don't like it, offer something better!


Frankly, I don't think you have any idea what you're talking about, and creating this irrational fear paints you as naive, at best.

Wow!  Something we both basically agree on.   See there is some common ground.  

---------------------------------------

The solution is simple to understand, may be harder to implement.  Offer people better choices!   Competition is what will spread the distribution of miners out.   Self policing isn't a real solution.  

I will only stop mining if you do! :D

Welcome to my ignore, you stupid fuckwit.

I of course do not mine there.

Do you think that I, the creator of the thread "stop mining at ghash.io you FUCKTARDS" would...mine at gash.io?

I use eligius :)

In what world does calling people names get them to do what you want?

IMHO At the very least it grabs your attention.  ;)

6.05PH/s of hashrate are still mining at ghash now, despite their terrible reliability, the 8/77 block reject rate last week, and their currently 5/100 reject rate right now

They should be mining 2.3 blocks/hour but in the middle of this all they had the following run, with 2 rejected blocks

I wonder if anyone has stopped mining there just because of this thread and no other reason. ???

I doubt that. These greedy a#holes mining at ghash don't care if someone calls them fucktards.

1. Ghash is more than unstrustworthy. I trust BFL more than I do ghash.
2. There is much more at stake now.

do you earn in progress with continuous errors if the error persists inappropriate

lol.

Why the reject rate is that high recently?
I didn't recall such bad situation previously in ghash.io...

x/post - 5% again


email conversation with Organofcorti


So when looking at the luck of a pool that does not pay for orphans, stale/orphaned/rejected blocks will negatively impact earnings but these rejects are still counted in the luck calculation making it artificially high

http://www.reddit.com/r/Bitcoin/comments/1vu7z0/ghash_8_rejected_blocks/

As of right now, ghash has 5% block reject rate

This is all pure speculation, tin foil hat stuff, but...

CEX.IO LTD (UK Company No. 08757996)
SUITE 319-3
32 Threadneedle Street
London
EC2R 8AY

​Bank of England,
Threadneedle St              
London
EC2R 8AH
​    ​    ​
I find it odd that nobody has been able to create a Bitcoin exchange in the United Kingdom since Bitcoins inception (because banks close their account) yet one manages to open up right next to the central bank of England, in the City of London (Where all the other "old money" banks are located)!

The (Secret) City of London http://www.youtube.com/watch?v=LrObZ_HZZUc for those who have never heard of it.

Both USA and UK use ESFs (Exchange Stabilization Funds) to manage currency prices in the market.
Could this be the reason the Bitcoin price has become so stable of late?  ;)

They're not based in London. 32 Threadneedle Street happens to be the address of a "virtual office" service, and they are located at 32 Threadneedle specifically to give the illusion of gravitas to businesses that lack it.

See here: http://www.beoffices.com/our-products/virtual-offices/virtual-office-locations/london-city/threadneedle-street

From the virtual office service's website:


Yeah.

Registering your office in the middle of banking central (City of London) show a complete lack what Bitcoin stands for... creating an unbanked money system!

Oh, I don't know. It appeals to my smartassery. What bigger middle finger than a non government currency being administered, in part, at the apex of modern fantasy money shenanigans?

Lots of downtime yesterday. It would appear the reports of compensation are coming from CEX customers only

Ghash pool miners there received no rewards from blocks
283692
283697
283701
283703
283705
283713
283716
283717
283718

Correction, these block rewards were subsequently paid out correctly, they were paid later and in reverse sequence.

I already updated the reddited thread to remove the comment about missing block rewards but forgot to do so here. Ghash is such a big pool, they mine so many blocks that you feel like a loser mining with anybody else, but their reliability is terrible. Rejected/orphaned block should be at worst 1%

Ghash are 6% right now, and are typically 2-4%
http://www.reddit.com/r/Bitcoin/comments/1vu7z0/ghash_8_rejected_blocks/

Mine on http://infinti-pool.("tk")(remove (" and") forums doesn't like my domain) its only a 0.01% fee.

Dont be afraid of the domain name its legit.

CEX.IO really should allow you to pick you pool to mine on.
 

@ AussieHash

what you say (e.g. "Ghash pool miners there received no rewards from blocks ") is not correct.

http://awesomescreenshot.com/0b12amhdf6

All my mining is payed absolute correctly by them! (and with the bonus of NO FEES!)
And after 3 month bitcoining i would say that cex.io is an absolute fair business partner, what i can't say from others!

just my 2 cents...

I have updated the post above.
Ghash is a fantastic value proposition - 40% of blocks mined, merged mining, low variance - 100% profit.
Vs bitminter 1% fee, lots of variance
Vs btcguild 3% fee, 25% network hashrate

BTCGuild's rolling 3month luck is 103% +/- 0.9% and they pay out orphans/rejected blocks

If ghash has say 100% luck and 3% rejected blocks you would be worse off than BTCGuild (which has 1% orphans/rejects but these are paid to miners). Ghash also probably only has 95% uptime, and are hopable. Their work shifts are only 6 minutes (vs 50-120min on other pools) - so if they have a pool or CEX hosted interruption, you won't mine many blocks, but when the hashrate recovers the others can earn back in to 100% earnings very quickly

humble newbie here will be staying on cex/ghash for the time being anyway.. i may play the lotto and solo mine or occasionally mine in slush's pool with some antminers or something but id say the bulk of my mining will be on cex/ghash. the trading BTC to GHS and back and forth is also a bonus. i got into bitcoins only like a week ago and im finding it fairly easy there.. also fairly easy to sell high and buy low 99% of the time providing you keep a level head and dont panic buy/sell :)

will be interesting to see what happens when the new TOS roll out.. plenty of speculation in the trollbox on the trade page.

Ghash just mined 11 if the past 15 blocks in a row (including 6 consecutive blocks)

Apparently the blind leading the blind.

No, ghash is really a good pool...

I really don't like it...

https://i.imgur.com/by0E9jv.png

+1

Guys,Eligius. Guis,pls.

accualy is 51% attack.

Yep, keep joining the biggest pool until they can screw with the blockchain then kiss the value of your Bitcoins goodbye!  :-*

I keep saying we need to weigh the protocol in favor of the smallest pools by giving them the bulk of the transaction fees to balance the network. Nobody is going to want to mine on a pool with high variance unless there is an incentive to do so.

It is shocking that someone could be around for so long and not understand how unlikely or little impact a 51% attach would be.   Almost nothing compared to the damage MtGox has already done!

If you want to balance the pools for more fairness, maybe you have a point.   But the pools can balance themselves by offering better service.

P2Pools is clearly not a great solution either.   Every tried to send something out of a wallet that you been getting P2Pools mining awards from?  Ugh!   

check out this new bitcoin pool i think it's got a lot of potential.. it's really not so much about a 51% attack but a lot more to do with balancing the overall hashrate between bitcoin pools.
https://bitcointalk.org/index.php?topic=472122.0

I don't understand why people is so afraid of 51%. Its not like Ghash would want their business to die..

It's happening right now. When a pool can put down 6 blocks in a row it means you cannot trust a transaction isn't a double spend until you have 6+ confirmations. Now imagine they colluded with the next biggest pool, that would become transactions 12+ transactions! Once the trust in the transaction system is broken Bitcoin will become worthless.


Dude did you miss the part where I posted their address was on the same street as the Bank of England in the City of London where all the other old money banks are located? Who has the most to gain from seeing Bitcoin destroyed, oh yeah, the banks!

I hate to add to the conspiracy, but I do love a good conspiracy theory ;D

They charge no fees for trading and have 0% fees on their pool. The maintenance fee is not high enough to be the sole source of income. What is their financial motivation to provide this service? Crashing Bitcoin value and then relaunching the Bitcoin concept as a government/banking backed system would potentially be very profitable. I don't see where crashing the value of Bitcoin hurts them at all.

They own a lot of the hashing power on their own pool. That's direct profit. They are part of the same group as CEX, who's per share (~4 USD/GH) is outrageously expensive. If they reinvested 90 percent into hardware to keep up with/expand the network, they would still be profiting handsomely.

On it's surface, you have an interesting argument, but it don't hold up.

As to them being in London's financial district... They aren't. It's just an office. They are, IIRC, a Russian company.

I don't mine with them, as they were difficult to set up for me, and Eligius is not. And frankly, Wizkid provides better customer service.

I can believe that, didn't they strangely appeared around the same time 50BTC disappeared/got hacked?  ;)

I haven't really followed that tale, so I don't know. I do know that ghash and CEX were always linked, and that they built a huge farm based on bitfury chips. This was all out in the open. The way they are structured lends no "conspiracy" to their feeless structure.

What if any relationship they bear to 50BTC I have no idea.