Bitcoin Forum

Myself, and many miners switched over to GHash.IO for the double mining reward promotion.

If you look at GHash's hashrates from less than 12 hours ago, you can see it was 500 MH/s total for the pool. As of right now it is over 33,000 MH/s. This is increasing very fast considering the promotion was just announced earlier today (around the time the hashrate started spiking up).

The entire Litecoin mining network is clocked at 168,000 MH/s. Being over 84,000 MH/s leaves it susceptible to 51% attack. Being at 33,000 / 84,000 required within a 12 hour span is insane.

Keep in mind this is the same service provider that became very close to 51% attacking Bitcoin back in January. There is still a little over 6 days in the promotion and I'm sure the miners will switch to GHash after hearing about it due to the scarce alt coin market.

I dont think anyone cares if they have 50 or 80 or even 90 % of the network when they pay double payouts :)

For me, as a pool op, its hard to compete with a pool which actually pays its miners 100% more than what they mine..

If someone which usually mines 10 LTC a day thats around 160 $, I'd have to pay him 160 $ A DAY for mining with me ?
Where comes this money from ??? 100 % fee a few days earlier ? :)

Mine where you like, I'd also mine there where someone pays me double rewards, I'm just not sure where the money comes from, but, as you see, who cares :)

They did this promotion out of the blue, which offers little time to speculate. The only plausible gain I can see is executing an attack on the blockchain.

Afterward successfully doing that, it's game over for LTC.

its a wandering scrypt mining farm - about 20 ghash, which has lately been on wafflepool

Do they actually pay double or was it just a false advertisement? It's very hard to believe.

20 Ghash in scrypt ?  ::)

That must be lots of GPU's... A pity they dont mine on https://www.ltcbox.net .. I'd really love to had them for a stress test in there..

I have been mining on it for almost exactly 12 hours and have just a little over 1 LTC with a 2.7 MH/s average.

I have just been sitting here watching the pool's hashrate go up. From .5 GH/s to 36 GH/s (22% network hashrate) within 12 hours.

i can't tell what kind of farm exactly (gpu/maybe asic). but i saw it growing on middlecoin from 180mhs to about 5Ghs and then switched over to waffle where it grew on and on..

If GPU, power costs and even power usage must be insane.. I'd really like to see that

then you should do a 2,5 times LTC Promo  ;D ;D ;D

I must be doing something wrong.. I'd really love to have so much money or LTC/BTC that I can gift it to someone mining with my pool, but I doubt this time will come :-/

Well.. we'll see how it goes out, it's really something to think about.

Hmm, I just threw some numbers in my brain concerning this..

so 1 LTC in 12h with 2.7MH/s.. Thats 10 LTC in 12h with 27MH/s and 100 LTC in 12h with 270MH/s and 1000 LTC in 12h with 27 GH/s

So if I understand correctly.. They have almost 40 GH/s now.. Thats roughly 1700 LTC in 12h or 3400 in 24h.

They do this promo for six more days which gives:

6 * 3400 LTC = 20.400 LTC

20.400 LTC * 16 $ = 326.400 $

So they spend 326.000 $ AS A PROMO ??? WTF ??!?! Are they cooperating with Coca-Cola or so ??


http://media3.giphy.com/media/feqkVgjJpYtjy/giphy.gif

That is why I am kind of wary. Yes, I am enjoying the mining profits, but I don't want the pool to get too large and devalue LTC.

It's a smart promotion, but I would assume 90%+ miners will leave afterwards leaving little pool fees generated to make up for the investment. However, if they wanted to quickly gather up as much hashrate as possible to perform a 51% attack, that is a whole different scenario. Then who knows what they have planned.

Like I said, this is the same pool service that almost reached 51% on BTC. Since it was climbing steadily, the community became aware and decentralized to other pools.

This pool just went 0-25% in 12 hours and they didn't even announce the promotion beforehand. This rapid increase towards 51% and the little time given to the community could allow them to execute the attack before any speculations are made.

but they haven't done anything like 51% in history before, did they? It's just speculation that they MIGHT be able to use it?

but I do also think, that many many miners on other LTC Pools will switch to try to benefit - even more when diff is rising again and the normal payout will be even lower than usual. ghash.io hasn't reached its spike yet.

I don't think anyone has, but I do know GHash was in the spotlight for a while with their BTC pool almost breaching 51% back in January.

I would consider going from 0-25% network hash rate within 12 hours is a dramatic spike. One more and it could be game over for LTC.

The fact they came this close before seems to me they just have a better plan this time.

I'm not completely sure. But I think they had something to do with satosji dice. And also greedy mining. Not mining transactions without fees

If you want something to laugh:

https://bitcointalk.org/index.php?topic=515201.0

:-)

Blinded by greed. If I held a lollipop in front of you and lured you into a white van, would you go? Consequences... who cares, as long as you get the lollipop, right? Do you think for a second they'll be able to pay every miner of that 33gh/s? If they made it 5000% instead of 200%, would you believe that too?

But lets assume for the best, and you do get your 200% profit for a few days. They end up having enough hash power to execute a 51% attack, making your 200% LTC actually be worth... zero.

You need to remember, CEX is the company behind this. They have become massive. $ 326,000 is nothing but advertising/marketing costs to them... there's no way pool operators can compete when companies this large get involved.

Also, in saying that, I highly doubt GHash/CEX will execute a 51% attack on LTC. It would destroy their reputation and they would end up losing millions, Bitcoin commodities are far more profitable in the long run than taking over the LTC network for a brief amount of time...

I was curious and decided to point some hash there.
So that's how they weasel out of the promised double rewards. More arbitrary bullshit ...

Mined there for some hours and didn't recieve the 2x reward at all...  >:(

They double the reward for LTC block, usually is 50 but they reward is 100.

I think you all might have missed the marketing garbage Ghash.IO posted over on litecointalk:

---

GHash.IO prevents 51% accumulation of the #Litecoin hashing power

March 13, 2014, GHash.IO mining pool launched an offer, according to which users get doubled rewards for #mining Litecoins. In one day GHash.IO became Litecoin mining pool #1. Unfortunately, we didn’t expect such a rush of Litecoin miners and are now forced to adjust the offer’s rules to prevent getting 51% of the Litecoin network.

Thus, from now on, the reward multiplier depends on the overall Litecoin pool speed at GHash.IO. If the speed varies between 0 and 40 GH/s, all Litecoin rewards will be doubled, as stated at the beginning of the offer. At the 40-60 Gh/s pool speed, the reward multiplier decreases to 1.25. Finally, if the pool reaches 60+ GH/s, GHash.IO will need to close the offer, since this rate is too critical for the double spending threat and the Litecoin currency in general.

We do our best to be a trustworthy pool and are not willing to destroy any cryptocurrency. Our actions coincide respectively.
Thank you for understanding!

---

I called them out on their crap, and they had the thread renamed and content removed, including my posts quoting theirs!  Which was:

---

Very sleazy.  Reduce/retract the bonus offer and paint yourself in a bright light for being a defender of the litecoin network.  You could have kept to your promise by suspending new miner registrations to prevent 51%, but instead you chose not to honor your offer.  Not good for future business in my opinion, but it is your own reputation at risk. 

Actions like this are engraved invitations to governments to interfere/intervene in virtual currencies.

Bait and switch.. They just did this to grab miners for their pool.  Shocking they back out of 2x rewards..

There's also a 0.001btc fee for withdraws. Minimum 0.01 btc withdrawal.

i also posted in their support forum, not deleted yet, but i'm sure they will remove this:

 tuner:

Dear ghash crew, you are nothing but scammers, if you promised 2x rewards for a week you should keep your word, it's not excuse about 51% attack. If you are so afraid of 51% attack its just what you need to do is not let new miners join in and thats all

lol sound like fun, you should give a link later, me i think they did the right thing. :P Wether it was planned or not.

They just changed the numbers again.

Pool fee is 0% ! Doubled rewards for LiteCoin mining ends in [5 days, 19 hours, 2 minutes, and 32 seconds]
To prevent getting 51% of the Litecoin network, the reward multiplier will be adjusted according to the pool speed. Current multiplier: x1.25.

Pool Speed   Reward multiplier
0 – 25 GH/s   x2
25 – 60 GH/s   x1.25
60+ GH/s   x1

Now i totally agree.

Wow.  You know, I don't quite understand the point in this promotion, especially if they keep changing the terms.  I think they'll just piss off more people than they'll actually gain honestly.

Yep, I signed up to their pool because of the promotion and would have likely continued mining with them sometimes when multipools weren't doing well, now I probably won't since this is beginning to smell quite bad.

Totally agree.  Seems illegal for any other company in a more regulated industry to do this.  Straight up misadvertising/bait and switch.
I am against government intervention/interference/controlling Crypto Currencies at all in principle, but with this kind of BS shenanigans it wouldn't be the worst if someone could hold them to their advertised word at least (can't believe GHashes actions have me thinking this way. Really shady GHash, really shady)

The first modification was legit imo. It could have passed as legitimate. If it reach 51% LTC would apparently die. So stopping the pool at 40gh, which is about 1/3rd of the total LTC hash power was good. At 60gh the bonus would become 0, so no further incentive to mine there, which would have been close but still under 50%.

They might have hoped that the growth would continue, but slowly past 40gh, as 125% is still worthwhile right now.

Instead, the big miners just limited themselves to leave it at 39gh, so they and everyone else would still get 2x.

Paying double on 39gh is expensive so they found a way to drop it back to 125%, maybe.

Of course now its dropping back so low that its 2x again, but whats going to happen, now?

  You know, I agree in the first modification as being necessary even to ensure that they weren't intentionally trying to break LTC, but the tiered system of bonuses should've been made clear beforehand, not one day in.


Too bad!  That's the promotion they ran, that's their cost of doing business.  They should honor their word and not try to weasel out because it's too expensive.  If they move the 25GH threshold again it will just prove that they don't care at all about their reputation in the mining community.  They can't just keep lowering the bar (but I think they might...).

Second all of this. 

I dont think they can afford to.

But if they do, that'd be nice of them so it would clear any doubt we may or not have.

Further warning if you signed up just for the promo, I accumulated a small number of litecoins and tried to withdrawal to make sure everything checks out, and I get the following warning:

So, dumb question. Whats a 51% attack and why would it kill a coin? I've heard about such things a few times but I really dont get it.

Thanks!

If one pool controls more then 50% of the network it can fake transaction because more then the half of the miners would validate the fake transaction. They could create any balance on there account they want. And the real value of the coin would drop to 0.

Meh we were going along well riding the line now someone added another .5G and it's down to 1.25 again.

Now they deleted my message and i cant post there anymore. Dont like the truth : (

Message:
At first you lower reward from 40-60 ghx - x1.25, now its 25-60ghx - 1.25x.
What next, 10-60ghx - x1.25 ?

Yeah, thats pretty shitty. I'm thinking about jumping ship and going back to the pool I came from.

Same here. The pool hash rate has been just over 25 GH for a while now. -_-

Well they are not dumb and already got what they wanted, a lot of new registrations...

They keep the rate at 25-26GH/s to avoid the double rewards, the thing with the 51% is just a stupid excuse! Or why did they lower their rate from 40 to 25GH/s?
There is no point in doing so since they almost need 70GH/s for 51%. For me it's a nothing more than a scam!

Please avoid using GHash.io and cex.io after the promotion ends!

That is almost completely wrong :)
Miners cannot fake transactions or alter the balances of accounts.
What they can do is selectively decide which transactions to process.
The main risk of a 51% attack is the ability to reverse transactions by double-spending.

https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power

Fuck these scammers. Back to Darkcoin and it's low power usage ...

Edit: I guess for some of you guys 1.25x LTC is a good deal, since the pool has been above 25 Gh/s for almost 8 hours.

23.70 Gh/s - value 62.5025, not 100, what a scammers

ITT: Entitled brats bitching about getting only 25% free bonus coins instead of 100%.

Ghash owes you nothing. Stop acting like entitled jackasses.

+1 instead of bitching please go somewhere else and stop crying about it :)

The issue for me, is also the lack of honesty that is becoming prevalent in this scene. People would understand if they said: "Sorry guys, we didn't predict the success of the campaign, we simply cannot afford 2x payout!". Instead they weasel out with feel-good bullshit, oh the protectors of the Litecoin network  ::)

That said, I don't give a crap either way. If I want ~1.25x LTC, I load balance between Wafflepool and Clevermining, but I rather be on Darkcoin or Max and have 2/3rd of the power consumption and -15ºC on my cards.

I used to somewhat care about that if it wasn't for the collective of this forum being.. well.. dumb.
There's a massive cry here calling GHash a scam over what objectively is just a promotion that grew much bigger than they were able to handle.

Yet obvious ponzi scams like PBMining get the benefit of the doubt.
I'm convinced the masses have forgot the meaning of scam and quite honestly deserve to lose their money in actual scams.

Yeah I would totally dump my Litecoins if I had any.

I don't even know what PBMining is, but regarding GHash yes it is a promotion. This promotion is to create long term loyalty to the pool, so it's for their best interest, they don't do this for you. So, I'm not sure why you say "Ghash owes you nothing...". Well, yeah, no shit they don't, but that isn't really the point.

If the promotion grew too big and they can't handle it, just be honest and say so.

Edit: oh, a profit pool is proxying into Ghash.io: https://bitcointalk.org/index.php?topic=433634.2420. What a charade.
Actually ghash is getting screwed, because obviously there's no loyalty here.

Looks like the wheels are coming off at Ghash.io's LTC pool:

http://i650.photobucket.com/albums/uu229/ericisback1/photo-4.jpg

Not sure what the heck is going on.  My workers are filling up the shifts, but the block payouts are MESSED up :)

It's broken. Support has been notified and they've escalated it up the chain.

It looks like GHash.io's litecoind (or equivalent) was desynced from the rest of the Litecoin network for a few hours. GHash.io was continually trying to solve block #531801 because, for whatever reason, it had not received the dozens of blocks which had been found by the network since that one.

The situation appears to have been resolved now, since a few minutes ago Ghash.io found block #531891.

just a reminder, don't forget to leave this pool, since promo is over, let them have their 'medicine' for lying and changing terms as they wanted.

PS, tried to withdraw mined litecoins from them, after 3 hours they haven't arrived yet..

I left the second day in. Pretty lame bait and switch move they pulled.  >:(

Haha, they lost 3/4 of their miners almost instantly after the promotion ended.

If they weren't so deceitful with the promotion to begin with I think a lot of people would have stayed, I know I would have. They had to know that doubling payouts was going to attract a lot of attention so they should have planned better.

I agree. Classic bait and switch. I probably would have stayed an exceptional amount of time if they didn't change the promotion's terms.

Not really.  Stil 1.25x is more than anywhere else...

looks like its over

Bump,
I was just reading this, because i'm not a miner can someone say if this 51% attack is still on there? or it's not an issue anymore?

Tnx

So it's not safe to stay in LTC anymore? Why do they let it become so high, if there is a 51% attack then lTC dies not?
(don't know exactly how 51% works)