Bitcoin Forum

Move your miners to other pools than ghash.io , or we will go downhill !
Ghash is abt to get 51% of the network!

More details here:
http://bitcoinboard.net/miners-boycot-ghash-io-as-the-pool-approaches-51-of-network-hashrate/

Why don't we just petition cex.io to split ghah.io into two separate pools?  Would that not solve the problem?

What problem would that solve exactly?

The only way that would solve the problem is if both pools were operated completely independently and didn't take orders from cex.io.

Right - but I don't think we are assuming that cex.io is a bad actor here... In fact, it doesn't seem to be in their best interest to damage the ecosystem.

...just like one would assume that all the hordes joining ghash.io would know better....

Fair, but there is a difference between assuming that the miners would know better and that cex.io will act in a way to preserve their own business. 

Good call - this is serious

Why lose profit today for potential profit tomorrow?

Because the discount rate is so low?   ;)

Because they have done it in the past https://bitcointalk.org/index.php?topic=327767.0

Even if their claim is legit, that the bad actor was a staff whose been fired... the only way to stop this from hapening is by not putting anyone in a position to be able to make this happen. If your pool gets > 30% switch to another pool before its too late... simple...

Id say yes... I used to mine there until a month or so ago... miners like larger pools cause of lower variance while unknowingly putting the whole network at risk...

its a pool where they run their cloud scam plus a relatively stable pool for private miners... with merged mining (not many pools do that i thinks)

there are tons of miners there, i was one of them too , people joining there because of the zero fees and merged mining. however, eligius offers the same, so i moved there, we have to protect the network

I remember the good ole' days where Deepbit was awesome and feasible.

It's really hard to jump pools in this market.

GHS prices have been going up lately. Maybe cex themselves are trying to regulate it? We all know they have been manipulating the prices. Why the sudden up trend after months of down trend? Difficulty going up, btc price going up, GHS price should be going DOWN, not up. Makes no sense.

Bitparking has merged mining and zero fees.  DGM payment method might scare people but payouts are better than any pool I have ever mined and I have mined most of the big ones at one time or another.  What's cool about DGM is even with pool luck variance, if it takes a long time for the pool to find a block, your payout is larger so the variance looks smaller than the pool luck would otherwise make it look.  So even though bitparking is a small pool you wouldn't know it so much from your payouts.  If anyone is looking to leave ghash.io check it out.

These guys (http://hackingdistributed.com/2013/11/04/bitcoin-is-broken/) say that a 25% pool is enough for an attack.

Were they proved wrong?

Those guys assume the 25% pool is extremely lucky during the attack...

I doubt miners are going to move from cexio/ghash for another reason including the 0% pool fee, for me it is the single reason for staying with cexio and that's the equipment being maintained by them, buying equipment is very expensive now and you don't see an ROI for a long time, by which time the difficulty is always increasing.

~Foyz

Prices on cexio may be manipulated, I don't know about that, don't know anything about its origins...

There is a valid reason why the gig price on cexio is going up in spite of the difficulty increase, and that is simple exchange economics, which has no baring on mining and its difficulty at all.

A commodity, be it the bitcoin itself or the gig being traded, is only worth the maximum someone is willing to pay for it.

~Foyz

The reason ghash.io is so popular is because it's a damn good pool. I don't even have any GHS on cex.io, but instead of everyone whining about cex.io, let's all make an initiative to match or beat ghash. That's all it takes. I mean, come on, cex has:

-Merged mining (NMC, IXC, DVC)
-0% fee.....
-amazing stats
-very even payouts


It's hard to match.

I agree, someone should create a better pool. The tie in with the GHS trading platform is a stroke of genius though and shouldn't be dismissed, and I would love to see a similar setup either state side or in the UK!!

It's definitely needed!!

~Foyz

+1 don't use BTCguild too. try other small pools.I use bitminter

I've been using the Eclipse Mining Consortium for a while now and have no complaints.

Are you saying that if you use equipment maintained by them, the difficulty rise wont affect you?

I dont understand on what basis do people buy GH/s on cex.io. 1 GH/s bought today at cex.io will make a total of ~0.01 BTC in its lifetime (assuming 30% difficulty jumps) and from mid may will actually start costing more in maintenance fee than it would mine.

I have a feeling that they artificially inflate prices to make people think that their GH/s is actually worth something. One day when people get better at math, it'll come crashing down. Hope you aren't still holding your GH/s on that day.

First of all, it depends in what way you take to profit using cexio\ghashio - I get the feeling a lot of people don't quite understand the concept.

There are 3 ways you do this.

1. Buy gig and sell gig, just as you would buy and sell coins on an exchange.
2. Buy gig and use that to mine.
3. Do both

With number 1. the price is determined by what someone is willing to pay for a gig, exactly the same as what influences the price of a bitcoin. It has nothing to do with mining or difficulty.

I am already ahead of my initial outlay, and I've only been doing this for 2 months now, but since this whole experience moves ever so fast, I am keeping a close eye on the profit drop per block on a daily basis.

~Foyz

Lets just assume they won't do 51% attack, problem solved :)

Sound like a plan?

https://ghash.io/ghashio_press_release.pdf (https://ghash.io/ghashio_press_release.pdf)

i wouldnt just sleep on that ...

Like I said, the reason people stay there is because it is quite convenient and as someone else pointed out, 0 fees.

I don't intend to sleep on it, as it would be silly to just take someones word for it, so I plan to move on if it doesn't fit my end goal anymore.

It's all well and good asking people to move from there. How about setting up a similar pool and exchange platform in direct competition, I'd be more than happy to help set it up? I have a web hosting company based in the UK and software development studio at my disposal.

With the success of cex.io it wouldn't be hard to get miners on board.

~Foyz

Wow! Where did this come from?
https://blockchain.info/pools?timespan=24hrs
Stopped mining btc a long time ago, when slush was like 20 to 30% of the pie.

Why the sudden growth?

EDIT: 0 fees? like - even no withdraw fees?

No, there is always a withdraw fee, that's the bitcoin network, not cex.io

The 0% fees is that they do not take percentage fee for you mining at their pool like other pools do, they do charge a very very small amount like 0.00000700 per block for upkeep though.

~Foyz

There no problem, 55% of what is reported as Ghash.io is not their hardware, but individual miners pointing their hardware to ghash. So they only have about 17% hashing power

For the same reason that people buy antminers etc etc is about the same amount per GHS

Does not matter whose hardware provides the hash. The problem is that a single entity controls the hashrate. By mining at a pool, the pool operator controls the hashrate. The miners would mine whatever work the pool sends them to.

Are you telling me 0.012 is "about the same amount" as 0.046 ?

In fact even the current antminer price is also way expensive in ROI terms...

Who believes in ROI?

Mining must be seen as an hobby unless btc prices skyrocket...



It's a smart move.

You don't kill a cash cow.

You can't compare the price of ghs per ghs of Antminer S1 180 ghs machine to the price you pay to buy a single ghs unit. You got it all wrong. If you want to compare 1 ghs to antminer you have to compare it to the Antminer U1 1.6 ghs USB stick, not to a 180 ghs machine. CEX is not for people that want to buy 200 ghs, unless you are great at trading, it's for people that want to buy a few from them without the hassle of equipment, software, reselling a physical product that its almost worthless in 3 months, etc. etc. It is also for people to point their miners at ghash..
and if you are smart, you can actually mine for free at cex...the price has not moved much in 3 weeks...that is 3 weeks of free mining as in Zero cost.
 :Dhttp://img819.imageshack.us/img819/346/6qvy.jpg

With the coming multi-million dollar Bitcoin mines, there will be a big offset soon enough.

Fixed that for you.

lol, do you have any evidence that they are a scam? oh you are very smart you probably buy directly from BFL. Or maybe you did your wiz math and just bought one of these?
https://bitcointalk.org/index.php?topic=429513.0;all
You are going to get great ROI.LOL

Buying pre-ordered hardware is a speculation on when(or even if) they ship...
Buying GH/s is a speculation of number of math challenged ppl still around when u wanna sell...

^ This is assuming u are not hobyist.

LOL, I would bet on there being plenty of what you call math challenged ppl still around or what I call normal people, after all, if people bought things just based on math and ROI the economy of every free country in the world would come to a screeching halt. It would be the end of free enterprise.

What about the 33% attack?

I couldn't find information about this in the forum.

Well, I think we've discovered the problem! If those people are what you call "normal", you're most probably one of "them". That makes you retarded, in my professional opinion.

In my opinion, that makes you a freak.  Only buying things with a positive ROI. I guess you don't own a car, nor a TV, neither do you go to the movies. Nice life.

Seriously? You're going to try to say that because other stuff doesn't ROI, GHs purchased on cex.io don't have to either? That's actually your angle here?

Okay, this should be fun:

Cars and televisions serve a specific utility purpose. What utility purpose, pray tell, do GHs shares on cex.io serve?

For me I trade them for profit and mine for free. All mined with free ghs.
http://img513.imageshack.us/img513/5217/n210.jpg

Congratulations! You've got BTC0.00024981 there. At the current exchange rate, that's in the neighborhood of 20 cents USD.

Truly remarkable.

that is just in 3 hours mining for free, did you expect me to post a mile long picture of all my mining Einstein?...how much did you pay for your miner and how much did you mine out of it?  LOL.

You're showing 20 cents over nine hours, actually.


Oooh, ouch.


How much electricity do you use watching your 53 cents per day accumulate?

Oh, BTW, what's the minimum withdrawal threshold from cex.io? And what's the transaction fee?

Yeah.

You still have not said how much your miner cost and how much you lost mining. LOL
PS.  You don't know how to read military time.

I think you should take a closer look at what you posted.