it doesn't matter that ghash.io as a company has no benefit from and therefore no interest in a 51% attack. behind the company are people and you trust these strangers that they care about ghash.io's and bitcoin's future. it only needs one pissed ghash.io employee and bitcoin has a serious problem.
compare it to absolute poker's and ultimate bet's super user scandal back in 2007. the companies had no interest in cheating their customers. a few people inside the company had an interest and didn't care at all what their behaviour would mean for the companies or online poker.
Are you saying people don't play online poker anymore? Sure, MtGox cheated customers, but all it did was make other exchanges more responsible. If a pool cheated customers, people wouldn't use that pool anymore. The pool operators better watch their employees just like poker companies watch theirs. Of course there are other cryptographic solutions as well. They will sort out this issue eventually. |
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The OP has a legitimate point that BTC is supposed to be trustless, so large mining pools pose a major problem for bitcoin. I should not have to trust that GHash.IO will not double spend and damage the network in a "trustless" system.
It is trustless. In a fiat system there is financial incentive to cheat the system. That's why they attempt to regulate it. Bitcoin has no incentive to cheat. Creating even one false block will be the death of the mining pool. Even if they get away with several blocks by being very lucky, it will spook people away from trusting pools in the first place. |
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In greed we trust. Who is foolish enough to kill the golden goose?
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If you think GHash.io is big, wait til you see IBM, VISA, China, Iceland, etc mining.
LOL .... All these 51% threads are still better than "ASIC will KILL btc" threads.... dont you agree? Competition is healthy for business, and it's healthy for Bitcoin. There will be more competition as the base grows and things will average out. |
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If you think GHash.io is big, wait til you see IBM, VISA, China, Iceland, etc mining.
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How would you know which are SR coins?
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I could see East St Louis having a coin. It might help reduce crime a bit because gangsters don't blockchain.
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Which Bitcoin Client do you use and why ? If you use web wallets, please do mention which one is your choice and why ?
Me and my frinds are using bitchain.info. Anyone using much better please suggest. Thanks What is bitchain.info ?  ain.info is probably a dogecoin wallet. I dont think so ....I tried to open it in my browser. Nothing is coming !!! Though I checked the whois... it shows that the domain is booked. Doggone it! |
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Which Bitcoin Client do you use and why ? If you use web wallets, please do mention which one is your choice and why ?
Me and my frinds are using bitchain.info. Anyone using much better please suggest. Thanks What is bitchain.info ? ain.info is probably a dogecoin wallet. |
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"Bitcoin doesn't make the currencies, it makes them better."
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Craigslist is free. There are escrow services for bitcoin trades.
"Play more games."
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A neurologically implanted deterministic wallet/ID chip.
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Baseless FUD. Things must be going well.
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I agree with this. Sometimes I wish mods would step in and delete fud threads or posts like this. Look how long this has carried on for and the op is long gone.
Seems to me you are part of the problem. Don't like this thread? Easy, mark as read, ignore, move on, Period. I agree. People that post just to complain are part of the problem. The best thing to do is just ignore them and not even give advice. |
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When will people realize that buying mining is always a scam? If the mining produced more wealth than what you're giving them for it, they'd mine and you'd never see the ad.
You can Roi if you get a decent miner and don't play with pre-orders, especially if electric is low. For every person gaining real ROI from buying mining equipment, there are ten people getting fucked. Prospective buyers need to be aware of that, that's all I'm saying. You coin a phrase for that. Maybe "The Butterfly Labs Effect." |
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I'm not against new hypotheses, but TA is simply pattern seeking behavior with no utility. I have my own Bitcoin pseudoscience I call "Rule of Thirds and Superstitious Numbers." It's just as useful as TA. I just don't take it seriously.
Larry Williams. In 1987, he wins the World Championship in futures trading putting to use TA indicators which he developed himself, to turn $10K to $ 1 million within the space of a year. Someone should have told him that he could have have saved himself the bother of developing his own indicators and just plunked for the 'Rule of Thirds and Superstitious Numbers' method, as it just as good. I think I saw his infomercial. Thanks, but I'll stick to HODL. |
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And yes, in order to call it any science at all, you must be able to make some sorts of predictions. Otherwise, you have just another pseudoscience like astrology.
You might want to leave Popper back in the 50's, where he belongs  His paradigm is still beyond your grasp.  I'm not against new hypotheses, but TA is simply pattern seeking behavior with no utility. I have my own Bitcoin pseudoscience I call "Rule of Thirds and Superstitious Numbers." It's just as useful as TA. I just don't take it seriously. |
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I am saying that kinematics can be used to predict the future with certainty, but TA cannot. TA therefore is pseudoscience. Then you should use kinematics to predict future BTC prices. With certainty. But seriously, you've made 4 posts, but I still cannot understand which my statement, exactly, you are trying to refute? I didn't say you made a statement in my first post. My interpretation was that you were implying that TA is analogous to math and physics when clearly it is analogous to astrology. You then went on to state that you only meant to imply that TA is "descriptive" to markets analogously as kinematics is to physics. You really should have said that to begin with. However, it's still a bad analogy since kinematics is used to make predictions in astrophysics. TA on the other hand is only used to make historical observations and has no demonstrable predictive value. My refutation is that you made a bad analogy and followed it up with another bad analogy. If however, you compared TA to say "Transactional Analysis" or some other school of psychology, you might have a better analogy. I'm not implying that it would be of lesser value, just less empirical. I highlighted the parts of your text that are, IMO, are partly( brown) or completely( red) false. However, I wouldn't like to keep polluting this thread. If you really wish to discuss it further, it would be better to open a separate thread for it, although I cannot promise participation, because we, it seems, cannot agree on anything at all.  Thank you, no hard feelings. EDIT: As an illustration of one of brown points: Astrophysics Astrophysics (from Greek astron, ἄστρον "star", and physis, φύσις "nature") is the branch of astronomy that deals with the physics of the universe, especially with "the nature of the heavenly bodies, rather than their positions or motions in spacelol |
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