Do you even know what a 51% attack is? Do you know what can be done using it? Do you know what would happen if a pool tried to do it?
Let's do a mind experiment. Assume BTC guild, right now, has 60% of all the hashing power. Now explain to me exactly what they would do in order to pull off a "51% attack", exactly what they would accomplish by doing it and most importantly exactly why they would do it.
A 51% Attack doesn't have to be intentional, does it? If any pool had 60% of the hashing power, an attack would be forthcoming. The pool doesn't have to try to do it, it will, which is why the pools cap themselves. Blocks other miners solve would be orphaned left and right... The longest chain always win the conflict, right? That isn't to say it was done intentionally or with malice. But whoever has the upper hand would benefit from the block rewards and transactions fees of those resolved 'conflicts.' On the other hand, if a pool wanted to orchestrate an attack... well, I guess that's another topic. No, that's not how it works. There is no problem with a pool having more than 50% of the hash power as long as they don't abuse that power. Can you explain how it works, or how the pool can prevent from abusing that power? Can that power be abused - oh, hell yes! I'm not talking about the many things that a pool powerhouse has the ability to do.... But how can said pool prevent from NOT taking other miners' block rewards and transaction fees? This isn't intentional - As the authority on the network (so to speak), clients will believe the pool's hashed transaction block over any other. That means the pool will win all transaction conflicts, and get the rewards. I'll accept what you said that there's no problem with having more than 50% of the hashing power, but you've got to explain just a lil... after all, I'm still an infant in this world too. |
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Do you even know what a 51% attack is? Do you know what can be done using it? Do you know what would happen if a pool tried to do it?
Let's do a mind experiment. Assume BTC guild, right now, has 60% of all the hashing power. Now explain to me exactly what they would do in order to pull off a "51% attack", exactly what they would accomplish by doing it and most importantly exactly why they would do it.
Please don't talk down to people like that, it's not constructive, and given the nature of a lot of the conversations on this board, I don't think this was an invalid question. I'm relatively new to bitcoin, so some or all of this may be off, feel free to tell me where I've gone wrong, after all, I am trying to learn. You did good, hehe. |
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Do you even know what a 51% attack is? Do you know what can be done using it? Do you know what would happen if a pool tried to do it?
Let's do a mind experiment. Assume BTC guild, right now, has 60% of all the hashing power. Now explain to me exactly what they would do in order to pull off a "51% attack", exactly what they would accomplish by doing it and most importantly exactly why they would do it.
A 51% Attack doesn't have to be intentional, does it? If any pool had 60% of the hashing power, an attack would be forthcoming. The pool doesn't have to try to do it, it will, which is why the pools cap themselves. Blocks other miners solve would be orphaned left and right... The longest chain always win the conflict, right? That isn't to say it was done intentionally or with malice. But whoever has the upper hand would benefit from the block rewards and transactions fees of those resolved 'conflicts.' On the other hand, if a pool wanted to orchestrate an attack... well, I guess that's another topic. |
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No, because they are provably fair. If you think they are rigging bets there are things you can do to make it impossible for them to do so in the dark. Of course they can always steal from you once, but at least you'd have proof of it. Of all the accusations I've seen, I've only heard "20 in a row!!!" (statistically possible) and the like.
If you don't use those checks and balances to be sure you aren't being had, well that's on you. The table has always been against you loosing though, you've never had the chance, no matter how slight, of coming out ahead after many bets. Placing more bets just gives variance more of a chance to screw you, as it is supposed to.
Okay... so this was my epiphany; why are you trying to rain on my enlightenment? Here's my emoticon with X's for eyes and the tongue sticking out just for you: xx-P But on a serious note, what are the checks and balances? Changing the client seed that can be changed by a quick hiccup on the server side? I've done that just to check my proof and it wasn't what I entered. I understand losing and odds - I certainly don't expect to win 1/2 of the time even playing 50/50. But what I do expect is to be given the fair chance - the odds I pay for. Besides, the issue isn't the fact that I'm being had, the point is it's getting hard to find a casino where you won't be had. Perceived or real had. We wouldn't need those precautions if the 'had' don't exist, right? |
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You seem confused. The odds are the same as they ever were. You've always had the chance to walk away with less than what you started with, in fact it's probable that you will, statistically speaking.
The odds have always been against you, and they still are. You know what house edge is right?
Of course I do, and I'm not confused but thanks for the offer. Hence my statement: "... (however so slight) that there’s a possibility that you could get it back... But perhaps I could've been more clear. More or less I'm referring to the abyss of your deposit address on some of those 'scam' gambling sites.... you know the ones where your coins just seem to disappear even though you're playing 50/50 and about to lose 20 times in a row? Yeah, those sites  I'm just giving my observation/opinion that some reputable sites (those who actually allow a few to win every now and again), seem to be tightening up quite a bit. Does that make better sense? |
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I had an epiphany.
Gone are the days you could drop a few coins in a casino with the prospect (however so slight) that there’s a possibility that you could get it back and more. Even the most reputable casinos seem to have taken a turn for the worst - if I didn’t know any better, I’d think I was playing at one of those fly-by-nights nowadays. But then again… part of their market strategy is to build trust, isn’t it?
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You must be using Mulitbit or a similar client that doesn't all you to set your own transaction fee.
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Several games later...  I think it's safe to say that I'm siding with everybody else. Evidently my luck didn't extend past game 1. Think I'm going to change my name to Unlucky Cris. |
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Aliens are multi-dimensional beings, as are we (we dream). Aliens are god, as are we (consciousness). We are aliens, all living beings are, we just don't fully know it yet.
Dank, the hell kind of spice you be smokin? :Gotta get me some of that, lol.  |
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We are currently compiling a list of reputable sites Great! I'm tired of losing my coins But maybe I'm just terribly unlucky. |
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Good luck Actually, you may have luck since the cost has dropped. I buy from Coin.mx, but haven't used their bank deposit option yet. |
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So I decided to give the Slots another chance; a fair chance (screw Dice - reserved for those who have strategy). Anyway, since coins went down a bit, I invested a little bit more for play, and I must say: Continuous roller-coaster... a fun ride indeed. Never in the same direction for too long. I'm not just writing this review because I walked away for more coins than I came to the table with (which hasn't happened in a long time!), but I could play this for hours! Now if only I could win the Jackpot |
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Sounds like an daring adventure that you get paid for I can't even lie... I would, but not for .10! And like everything else, there would have to be a set of rules to come with it, lol. Too bad there isn't a service that allows you to... you know, on further thought, I'll keep that one to myself. |
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Already paid for everything to start GPU mining - 10 GPUs, mind you... well, everything except my two motherboards and 4 PSUs - packages arriving from FedEx daily it seems. Well, circumstances have changed and now I have to send everything back. Where the fuck is a sugar daddy when you need one?
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Who says Coinbase is quickly becoming hated -- besides you, I mean?
Just search the forums... |
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I just checked my credit card statement and just like a couple of members in the post above, it says Kids Toys AZ. This however is not Arizona because I was charged an international transaction fee! To me it seems they're trying to pull a few sneaky ones to bypass a law or two. As there are no other alternatives (unless btcQuick now has them in stock), I'll continue to use them, but only for small transactions. But in the interim, I'm removing that tidbit from my signature! |
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Excellent investigation work!
I figured the photo was fake (usually they are), but you certainly brought a couple of new things to light. What I found strange was the fact that they make no mention that they're doing business as another exchange. So far I haven't had any issues, but of course, I'm only doing small transactions and their trade volume is pretty low compared to other exchanges. Who's to say that when they gain lots of trust from the bitcoin community that they don't run with everyone's coins; wouldn't be the first time it's happened. Couple the other options available to get coins (or the lack thereof) using this method with btcQuick being out of stock... well
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