Question for those with more experience with blockchains than me. Sorry if we already covered this and I missed it.
Observation: Last night, Gf7wGAwJGDLfoHcNCRLKZqpk2EQU5ixA6c mined blocks 113,242 to 113,254 (13 blocks) in a little under 6 minutes. grabbing 13,000 NLG with what I assume was a lot of hashing power. Gf7 then stops mining NLG. As a result of so many blocks getting solved so quickly, the network difficulty jumps significantly and only 1 block (113258) gets mined for almost 2 hours. You see this pattern consistently.. Gf7 solving a lot of blocks in a few minutes with a lot of hashing power, then departing, only to come back later when the network difficulty is low again.
Opinion: If Gf7 is a miner only looking to dump NLG as soon as he/she gets it, I don't blame them for doing what the're doing.. seems most profitable this way.. jumping from alt-coin to alt-coin with a lot of hashing power.. but this type of behavior doesn't really seem fair to the rest of the mining network and their profitability, who get stuck mining at much higher difficulty for a long period of time because Gf7 mined so many blocks so quickly. It's also obviously not good for the network with long periods of time without confirmations.
Questions: From a merchant point of view, do the point of sales tools they use get affected by not having confirmations in the network for a long period of time? I assuming there is nothing that can be done about this type of behavior.. Anyone have a problem with this? Or is this to be expected and there is nothing that can be done about this until the network difficulty is so high, this type of quick hitting isn't possible anymore?
Kimoto Gravity Well making large percentage difficulty changes as a result of the high hashpower quick hits:
2014-09-07 03:09:53 Difficulty Retarget - Kimoto Gravity Well
2014-09-07 03:09:53 PastRateAdjustmentRatio = 1.31683
2014-09-07 04:23:16 Difficulty Retarget - Kimoto Gravity Well
2014-09-07 04:23:16 PastRateAdjustmentRatio = 0.865962
Again, sorry of this has already been covered.. All the best --Mark
Hi Mark,
I will try answer your questions as best I can. So these wild swings in hash normally occur when we have a wide trade margin in a short space of time.
eg. Highest bid 1100 and Lowest sell 1400. Someone will take out the 1400 sell order and a minute later someone will sell at 1100, this also occurs when the price is decreasing slowly, miners start switching off, we have a reversal in price to the upside and surge in hash power.
With above being said once those long block times have been resolved the next blocks get resolved really quickly to create some sort of balance.
Regarding litebit I think they do have a set time that they will credit a buyers account and same with litepaid. The times I have spent through litepaid its been quick.
Having miners like Gf7 is kinda necessary as he will provide NLG supply to the exchanges where I know a lot of our other miners are hording. Also the surge from that miner could potentially offset a 51% attack. To conclude I believe the NLG network will continue to grow as we as a community and team prove our worth to the rest of the crypto followers and as we introduce more Dutch people into Cryptos.
I bet most of us would of settled for a price of 500 at the end of december with GH/s above 5. I am personally extremely pleased with where we are today and the best is still to come!
Sorry but I don't agree with this statement. A coin can easily do without these miners because they only destabilise the system by causing very short and very long blocktimes. There is also no connection between manipulating the protocol to gain a few extra coins and hording. This guy can also be hording you don't know.
I don't understand how a surge from such miner can initiate a 51% attack.
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