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Title: does the bitcoin community trust GHash ? Post by: falllling on June 17, 2014, 04:20:15 AM Ghash.io: We Will Never Launch a 51% Attack Against Bitcoin, Please just TRUST US
http://www.coindesk.com/ghash-io-never-launch-51-attack/ CEX.IO, the operating exchange for the largest bitcoin mining pool Ghash.io, has issued a new statement to address community concerns regarding the growing amount of the pool’s bitcoin network hashing power, Let's see what did the bitcoin community response: Quote BitRod We trusted Gox and look what happened. Why do I have a feeling the next bear market will have something to do with this. Quote Edward What a funny statement "We will NEVER launch a 51attack against Bitcoins", You guys are in it for the money. If I do you a offer of $100 million, you will launch that 51attack on Bitcoins, within a nanosecond. If the banks want they can just buy this company, heck it will even make them Bitcoins. If we don't kill this crap of ASIC mining we will find out soon, how it is to restart Bitcoins. People who think that the miners still got incentive not to act crazy, your just a bunch of idiots, it's all about the MONEY, whoever offers more will always WIN. Quote SikoSoft Even if that were the case, that isn't good enough. What if the system is compromised? What if some employee goes rogue? What if some government types swoop in to take advantage of the power and bring Bitcoin to its knees? Even if *they* might be noble, the fact remains that all that power is in one place, waiting for someone to exploit it. It doesn't matter how great of a group they might be. The fact remains they are endangering the stability of Bitcoin by accepting this. In fact, I'd go so far as to sya *anyone* mining on them is jeopardizing the stability of Bitcoin by mining on one of these whales. No fees mean jack shit when the coin crumbles to nothing. Think long term! Quote Martin Sip Hard to image that they would claim the opposite: "One day will attack bitcoin with all our powers. Quote Minors are Morons Hey Bitcoin! Let;'s all just TRUST THEM ......*face palm* Quote John Marcus So basically, just "trust us"? This, even though they were responsible for double-spends on a gambling site last year (by a supposedly 'rogue employee'). Who's to say another 'rogue employee' may do more damage? Quote SSgt Ruff Bitcoin's major advertised benefits is that the whole currency is decentralized, never relying on a single bank, payment processor, MTB, mining pool or organization. GH I/O is going to screw over the bitcoin community as a whole in a similar manner that MT GOX manipulated the price of BTC and loss/ stole alot of peoples money. Honestly it scares me as a miner knowning that companies like Cointerra have petahashes worth of mining farms now that at any giving time they could activate and mine for themselves. This is still a very volatile unregulated market people, and all it takes is a single mishap or mistake to discredit a system. Quote Jimmy Jordan I bet he was holding a Starbucks cup when he said it. Quote MichaelRWorthingon And Mt Gox said "We would never operate as a fractional reserve" Quote Jess this ceo needs to meet with a hunting accident. hes blatently ignoring the risk this poses. what if a hacker gains control or a govt?? they need to stay at 30%. realisticly, nobody should go over 20% so no two pools would reach 50%. i dont expect a company that has performed a double spend in the past to care as they clearly show they dont. Quote Marc C Attack isn't the only possible abuse when they have full control... Krogoth Alexander Marc C Any sort of abuse is viewed as an attack, although.. never trust a human. Quote Damian Mee No matter the declarations, once/if they reach 51%, they should be banned from the main network for couple of days. Ban => no profit => more cares to prevent it next time given Erik Matt Maybe some people can start do DDOS attack on them ? MichaelRWorthingon Erik Yes that would be great...asking them nicely to control their total % isn't working, so hopefully others will do whatever it takes to save bitcoin (and our investments in it). precaution-not-reaction BLOCK THEM OFF............NOW!! Quote FreeJack You'll forgive me if I don't care to put my faith in the benevolence of CEX.io in holding majority hashrate. It isn't about what you do or don't intend to do with it...it is the risks that it presents that you even HAVE the majority hashrate, to begin with. I don't know about anyone else, but I'm not ready to remove the "trustless and decentralized" bullet points from my Bitcoin pitch. etc... so in fact, we all know what the truth is, Does GHash coin worth $5xx? no, the huge crash is coming! Title: Re: does the bitcoin community trust GHash ? Post by: Gingermod on June 17, 2014, 04:24:13 AM No.
Title: Re: does the bitcoin community trust GHash ? Post by: piramida on June 17, 2014, 05:18:59 AM /thread https://blockchain.info/pools?timespan=24hrs
the next question - does the bitcoin community trust Discus Fish - (answer still no). And no, crash is not coming. Title: Re: does the bitcoin community trust GHash ? Post by: Bit_Happy on June 17, 2014, 05:57:30 AM We should not be required to trust them.
Next week the HUGE RALLY will be clear to take off. :) Title: Re: does the bitcoin community trust GHash ? Post by: byronbb on June 17, 2014, 06:58:14 AM Relax they are back down to 32%.
Title: Re: does the bitcoin community trust GHash ? Post by: DrG on June 17, 2014, 07:55:15 AM Bitcoin doesn't want to rely on trust. If we're trusting them not to do something immoral we have messed up. Most of the public mining on there hasn't ever heard this interview. Some probably weren't even aware of the issue as they just set their miners and walk away.
Title: Re: does the bitcoin community trust GHash ? Post by: beetcoin on June 17, 2014, 08:48:00 AM i think these guys are just worried about expanding their business and making money. they don't seem to get what the point of bitcoin was in the first place.
Title: Re: does the bitcoin community trust GHash ? Post by: Glizlack on June 17, 2014, 10:05:22 AM i trust them as much as I trust anybody else with my money, VERY LITTLE. Its up to you to protect yourself!! I realize in this case there isn't much an individual can do but if your worried limit your exposure. Consider using an exchange that has stop loss orders. I am sure there are other good ways as well.
Steve Title: Re: does the bitcoin community trust GHash ? Post by: Jean Bax on June 17, 2014, 10:38:04 AM Relax they are back down to 32%. No. Every "relax" lead to a come back. Title: Re: does the bitcoin community trust GHash ? Post by: alexeft on June 17, 2014, 11:02:31 AM ............. Why should we have to trust anyone???? Short answer: NO!!!! :) Title: Re: does the bitcoin community trust GHash ? Post by: Hyena on June 17, 2014, 12:39:11 PM If only Bitcoin was originally created as Peercoin, we would have none of these discussions :( a part of me even wants all the PoW coins to crash and burn due to 51% issue because then Peercoin would get its chance to shine.
Title: Re: does the bitcoin community trust GHash ? Post by: spazzdla on June 17, 2014, 01:37:09 PM No... I trust no human nor should you.
Title: Re: does the bitcoin community trust GHash ? Post by: JimboToronto on June 17, 2014, 05:25:44 PM No... I trust no human nor should you. Indeed. Trusting human nature is another story though. Just as it did a several months ago when BTC Guild threatened 51%, and 3 years ago when Deepbit did, human greed took over and miners voluntarily moved to other pools to protect their assets. This isn't even the first time with Ghash. http://www.coindesk.com/bitcoin-miners-ditch-ghash-io-pool-51-attack/ Once again they're back to 31%. No sweat. Title: Re: does the bitcoin community trust GHash ? Post by: scarsbergholden on June 17, 2014, 05:26:59 PM "Please just TRUST US"
Sounds about right. This is a huge problem. Trustless currency that is dependent on the goodwill of a centralized entity? Yeah, perfect. ::) Title: Re: does the bitcoin community trust GHash ? Post by: Krabby on June 17, 2014, 05:51:11 PM We should not have to trust anybody, this is bitcoin
Title: Re: does the bitcoin community trust GHash ? Post by: LiteCoinUser84 on June 17, 2014, 05:56:49 PM "Please just TRUST US" Sounds about right. This is a huge problem. Trustless currency that is dependent on the goodwill of a centralized entity? Yeah, perfect. ::) Summed up perfectly. Not only is it a huge problem theoretically speaking, this problem is on our doorstep right now and yet nothing changes.. Title: Re: does the bitcoin community trust GHash ? Post by: JimboToronto on June 17, 2014, 06:29:56 PM This is a huge problem. Trustless currency that is dependent on the goodwill of a centralized entity? The only centralized entity Bitcoin depends on is human greed. No problem. P.S. You do realize the OP is a troll and this whole thread is a lame attempt at FUD, don't you? Title: Re: does the bitcoin community trust GHash ? Post by: beetcoin on June 17, 2014, 06:33:49 PM Relax they are back down to 32%. No. Every "relax" lead to a come back. yeah this is what i was gonna say. always be paranoid when a company has that much potential to control what happens to your assets. i'm always on edge when it comes to something like this. the moment you relax is the moment someone can get aggressive. Title: Re: does the bitcoin community trust GHash ? Post by: Argwai96 on June 17, 2014, 07:15:12 PM Apparently, from the looks of things, the bitcoin community DOES trust GHash. And that is a big, big mistake. We'll probably wait for a massive double spend attack to do anything about it....
Title: Re: does the bitcoin community trust GHash ? Post by: beetcoin on June 17, 2014, 07:25:50 PM Apparently, from the looks of things, the bitcoin community DOES trust GHash. And that is a big, big mistake. We'll probably wait for a massive double spend attack to do anything about it.... i don't know where you got that.. so many people are up in arms, to the point where ghash.io had to address the issue. Title: Re: does the bitcoin community trust GHash ? Post by: amitrwt on June 17, 2014, 07:35:09 PM I got a really bad feeling about this incident..! this should be cleared once for all , some kinda actions should be taken or we don't know maybe after a year or two this would turn a real pain in the a*s.
Title: Re: does the bitcoin community trust GHash ? Post by: Argwai96 on June 17, 2014, 07:57:59 PM Apparently, from the looks of things, the bitcoin community DOES trust GHash. And that is a big, big mistake. We'll probably wait for a massive double spend attack to do anything about it.... i don't know where you got that.. so many people are up in arms, to the point where ghash.io had to address the issue. Address it, how? By saying, "We never have and never will participate in any 51% attack or double spend against bitcoin." Okay...... So many people up in arms? What matters are miners literally doing something about it. Title: Re: does the bitcoin community trust GHash ? Post by: beaconpcguru on June 18, 2014, 01:11:09 AM No. Bitcoin is to be trustless and none should be needed aside from protocol security of which they (or any other entity with that much power) have excessive control over (51% related attack is aside from all the sheisty things they can and more than likely already do such as block favoritism.) Aside from that they stole in the past and will do so again in the future
Title: Re: does the bitcoin community trust GHash ? Post by: Arghhh on June 18, 2014, 02:47:30 AM Trusting GHash not to double-spend is like trusting your government not to print more money ;)
Title: Re: does the bitcoin community trust GHash ? Post by: zimmah on June 18, 2014, 07:29:46 AM Even though I think it's not good for a pool to have that much power a pool is still made up from many individuals, not a single person. Individual miners will leave the pool before they can really do much harm, which will leave the pool much weaker should they decide to go rogue.
Still, I'd much rather see a better spread in pools. The problem is though that ghash just offers the best package deal so most miners will logically join ghash, and until a competing pool comes up I can't blame them. Title: Re: does the bitcoin community trust GHash ? Post by: alexeft on June 18, 2014, 12:30:55 PM Is there a program to read the blockchain and see how many bitcoins are in it?
I mean, we could instantly know if there are any doublespends in it first hand! Title: Re: does the bitcoin community trust GHash ? Post by: falllling on June 19, 2014, 10:31:48 AM GHash is currently 44% ... What the fuck people >:( |