Someone without a clue posting utter crap as if it was fact?

On the spec sub forum?

NEVER

Think smaller. much smaller

Hari Seldon

be careful to avoid actually discussing any facts, and make sure to only use hyperbole, sensational language and speculation on this forum. its's what keeps it ticking!

patience. we need patience.

no because anyone smart enough to warrant trying it will already understand why its not worth it. but *just in case* there are stupid people in the world with more money than sense (i know). that thread gives some reassurance that its not the issue people think it is.

whats more telling is the way people seem to think this is a black an white issue.

Setting aside transaction manipulation, which is largely a non-issue given the nature and transparancy of the bitcoin protocol.

In terms of block reward hash rate doesn't guarantee anything. hash rate as the fuel to the fire that is block generation. block generation is what gives you the power to manipulate the chain.

Having 51% doesn't magically give you guaranteed control, just as 49% doesn't mean you can't possibly manipulate it.

The hash rate is a reflection of the probability you can solve the next block before anyone else. 51% is marginal, its basically still a coin flip, just like 49% is.

With 51% The chance you can solve two consecutive blocks is 0.51^2 = 26%
The chance you can get 6 blocks is 0.51^6 = 1.7%

Anyone with the most base understanding of how things work can see that with 51% of the hashrate you are going to average 75BTC per 6 blocks.

Over time you are averaging 12.5 BTC per block.

Or you can get 150BTC 1.7% of the time by trying to build your own 6 block longer chain before anyone else.

Over time you would average 0.43BTC per block.

To make it worthwhile, you would need to get your 6 block chain in 50% of the time or more. To guarantee that you need 89% of the hashing power (6th root of 0.5)

If you have 89% of hashing power though, you'd still be better of just hashing. because you would average 22BTC per block.

In a way its good that idiots with a lot of hashing power might try this, because in the long term it means their hashing power wouldn't count, and any remaing honest miners get a bigger piece of the pie

once again, pulling opinions out of my ass (but it keeps this thread near the top, hehe) id say there will be no concerted move into that range, if it does spike down, it will be short lived. No reversal, just a blip in a general uptrend.

I reckon you won't get a signal, because I reckon any down move is not a reversal but just a little dip. fwiw.

so... SUCCESS!

lmgtfy http://gavintech.blogspot.co.uk/2012/05/neutralizing-51-attack.html

Thats the smartest thing you have said so far, and yet still woefully lacking in insight.

Let me tell you how mining works. If you solve a block you get the block reward, that reward starts life in an address created by bitcoind that is added to your wallet. If you subsequently send coins to another address then a transaction is created with inputs that may include the coins in those addresses.

So in 2009 when you could solo mine with a guitar made from a shoebox and an elastic band, some guys would solve several blocks before breakfast.

And, in 2009 when 6000 bitcoin couldn't even buy you a pizza, some guys would transfer 6000 coins to some other address just because they could. Even *I* was shunting around 100's of coins in early 2011 just to see how it all worked.

You are clicking around blockchain.info and seeing some grand conspiracy because *YOU DONT KNOW WHAT IT MEANS* coins come from somewhere, they go somewhere, the solving of blocks is governed by the laws of probability, you cannot short circuit it. Millions have been spent researching hardware to try and get blocks faster. Thousands of man hours are invested in the technology. Your theory is up against all of that and your theory *isn't very good*.

Block 5035 is not special. Its just a block with 50 coins that were created when it was solved.

Those 50 coins were later used as one of the inputs in a transaction, back in the day when 6000 coins was worth basically nothing and nobody had any idea other than wild speculation that they would ever be worth anything.

That (and other transactions) would suck up coins from all of these 'virgin' addresses, and spit them out as an output to another address. Exactly how it is supposed to, and how it still works now.

You haven't uncovered a grand conspiracy, you don't have some special insight into a hidden code in the blockchain, you dont even seem to understand the most basic aspects of how the blockchain works.

So, once again I ask the rhetorical question:

Only a mere 0.1 ExaHash

It was in spec sub forum, where I spend about 83.4% of my time

wow this thread feels so cheap and scammy in its new home

plus i have to bookmark it now to even find it!!!

I'll accept that premise *only* exponential rises from here on in

I think these rises will be much longer and drawn out, bit more like other markets. Mostly though, long term, up.

I just don't see how those really regular patterns go the last three highs can continue? Maybe thats what 'they' want people to think though. I sure won't complain if they do.

The 51% question *is* answered for those who care to understand its true ramifications

So I just came across an old spreadsheet I used to track my orders on bitcoinica and calculate my zhoutong price...

These are the orders I had in on bitcoinica when it went bust with about $700 in it....



Granted they wouldn't all have filled in the end, but they were nervous times. I spent hours arguing with myself about whether I should buy more coins for more than $3 and how much I should hold back to buy on dips.

I was making a real play for the vladimir club hehe

Didn't turn out quite as I expected

I sell a small percentage 6 times per 10x increase... kinda like this

$1,394
$2,047
$3,004
$4,410
$6,472
$9,500

Then optimistically at...
$13,944
$20,467
$30,042
$44,095
$64,723
$95,000

Then theoretically at....
$139,441
$204,671
$300,416
$440,951
$647,227
$950,000

but morpheus meme probably precludes the last tranche.

I have inspected your chart, that suggests history repeats itself...

If something hasn't broken it can never break?

I see.