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They rebooted to load the forged chain :-)
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There is a very specific security threat when a single entity controls 50% of the networks hashing power.
50% isn't actually a hard limit. It is possible to do the same attack with 40% or even less, it will just succeed less often. Ok, so the risk is still there, and needs to be addressed. No firm limit, check. Either group action or voluntary responsibility will work. Ok. So who's it gonna be? the miners? tycho? Or the (some) miners setting up tycho for the chain? All it takes is pop-a-box. Or corruption... But we don't have any of that lolololololol |
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I didn't say anything the first time I saw your avatar, only in conjunction with your post. This negates your response.
Whatever you say. Not really worried about your opinion of me or my avatar. Anywho, just look at the graph that's been posted a number of times, bitcoinpool is relatively small. Large pool alternatives -- Slush, btcguild btcmine. All larger than bitcoinpool. I've used slush and am not a fan, I've used btcguild and it's basically a smaller deepbit with idle notification (but no PPS) and a lower (or 0) fee. I can't speak to btcmine, but I've heard good things about it.
The point though isn't just that there are alternatives to deepbit that are just as good as it (which there are), the point is that if you are concerned that your magical money fountain is going to dry up, then mining on deepbit makes as little sense as staying on a pool that requires your miners to restart every night. Maybe less sense.
Yes, there are alternatives. I do not disagree with you on this. As far as making less Bitcoin on deepbit, I apologize for not simply taking your word for it...I am of the school of "prove it". I will stay there a while and see how it goes. If that makes me an idiot in your book, I don't really care. If end up agreeing with you after some times passes, you can say you were right and I will go somewhere else. MY entire point was I just don't see the risk of one pool owning 50% of the mining share. The security threats exist regardless. I want a pool that is reliable and gives me good results. So far, this is the only one I have tried that does that. No, I haven't tried them all. |
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Nothing is going to happen once it reaches 50%.
And once it reaches that point we will all see.
Perhaps nothing will happen the first day. But IT IS A security RISK and that's a fact. You could play to try shooting yourself with one revolver and one bullet. And maybe the first time you won't die, but that doesn't mean it's not a risk. It does need to be pointed out that the magical threshold is not 50%+1. It is theoretically possible for an adversary corrupting 30% or 40% of the computation to eventually succeed trick the rest of the network into forking the block chain within several hours to days according to a study performed by a group of MIT students for the 6.857 Computer and Network Security class. I don't have their graphs/slides, but I can ask them for their data (and suspect they already haunt these forums).
That means it already is a security risk. Oh, wow! A security risk. I swear, some people. Some people = You. |
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We will see...someone pop the box and play make-a-chain.
Or, hopefully, a few will change those miner args and give it a break for a sec.
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I'd like to see deepbit take over more than half, so that people will stop complaining once they realize that Tycho is not going to do anything evil.
Sigh, people need to stop freaking out.
And...I'd like to see a giant comet hit your house, then see if you complain, or exist. It's not about Tycho and his intentions...its about the fundamentals plain and simple. Man...moment...machine. Let's hope some intervention happens... |
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Production lol. Checking on the business  |
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+1 to duncant and his service. I had a problem getting at a blinded token, and he worked with me and restored my btc. Looking forward to his progress.
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My noob self has to agree...the central "what happens if a pool/operator gets 51% and double spends" hasn't been touched in many of these replies.
Seems like a good test to see if you actually understand btc.
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It's called the FPGA/ASIC clusters already owned by big financial players/knowledge management/intelligence communities.
Do you even know what "ASIC" stands for?! Probably not, or you would know, why what you just said is completely stupid. About FPGAs: They are maybe good at MH/W performance, performance per chip wise they quite honestly seem to suck though. FPGAs are not exactly cheap, but they're quite powerful. An XC6SLX150 will get you ~200MH/s for ~20W. And if you build an FPGA cluster yourself, you'll end up with costs around 200-300$ per chip. Because they don't use much power you can reach very high density. Oh, and ASICs might actually be feasible once you reach quantities >10000. |
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"Military action" and "prosecution" isn't needed to ruin the project folks. Bitcoin is as strong as its users' collective computer power. In other words: NSA > Bitcoiners
+1 |
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It's called the FPGA/ASIC clusters already owned by big financial players/knowledge management/intelligence communities.
GPUs are made for head-smoking, not hashing.
After ASICs, they'll revive Edgar Cayce and have him divine hashes.
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Its that cluster that came online a few days ago. The owner's a smart cookie...seems to know what he's got.
GPU mining is sooo 2010 lol.
No different from when Bank of America or Barclays realizes what they can do with their trading beds.
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49% of $100M is $49M. 51% of 0 is 0.
Speed kills...greed kills.
That was a completely worthless analogy  . 0 is completely invalid, because simply put, you are not mining so it doesn't matter what the percentage fee is. I pointed out before, 3% is too high for you, then go somewhere else. However, Tycho has charged 3% all along and he is running the largest pool there is. You can't argue with facts. The market can take care of itself in matters such as this. Notice I didn't quote the percent as a proportion of the fee you refer to (or actually anything else). I'll make it simple for you, since analogies aren't your strong suit. My point serves to highlight what pool stands to gain and lose (and absolutely nothing to do with fees. Trust > fees at this point). Through whatever means, critical failure = violation of trust = corruption of concept = game over. Majority block/mining power is a known weakness. Known. His intentions to "serve his users" maybe be good, but... Maybe this cliche helps: The road to hell was paved with good intentions. In this case, it was also done by a road crew making 138 BTC/day with a pool script. Then again, if he (and we) doesn't do it, some bank's ASIC clusters eventually will. |
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49% of $100M is $49M. 51% of 0 is 0.
Speed kills...greed kills.
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Okk p33ps...I love the whole BTC thing, but I'm a nerd. I've seen questions of usefulness, and as a prospective solutions provider, I can't help myself but take a stab. While we can all get BTC, and trade BTC, using BTC is another story. Yeah we can get coffee, T-shirts, and cool hashz with our names in the middle, but what about real products.
Solution: BTC 4 Food.
I've got connections...and not just the internets that run to my computer. If I can get some of yall to pool together, I've got 4000 lbs of watermelon with your name on it. (and another 1m lbs if you need more).
2 conditions 2 meet:
1 - How many BTC you gonna offer? Your offer has to be reasonable.
2 - What is the farmer, the red blooded Nebraskan or hard working "opportunity seeker", gonna do with that BTC I give him for the watermelon? He needs to live...so someone's gonna have to sell him what he needs via BTC (place to live, growing supplies, luxuries, etc.). He doesn't need hosting, at least for now :-)
If you can meet these 2 conditions repeatedly, we have ourselves a deal.
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It's definitely an option...pm me when u r more ready.
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50K WoW Gold. Asking 40 BTC (negotiable)...located on Undermine/US
pm for more - Thanks!
Added quote for some1...bump. |
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50K WoW Gold. Asking 40 BTC (negotiable)...located on Undermine/US
pm for more - Thanks!
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