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Economy / Speculation / Major flaw of Bitcoin found
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on: November 05, 2013, 02:20:02 AM
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http://www.sciencedaily.com/releases/2013/11/131104112234.htmBut post-doctoral fellow Ittay Eyal and Prof. Emin Gün Sirer have discovered that the conventional wisdom is wrong. In a paper that was released on ArXiv today, they describe a mining strategy they call Selfish-Mine, which allows a group of colluding miners, known as a mining pool, to earn more than its fair share of compensation. Moreover, large mining pools can use this strategy to increase their revenue even more, at the expense of honest miners. The implications of this result are devastating for the system, say Eyal and Sirer. Once a selfish mining pool forms, other miners will want to join that pool to increase their revenue. This process could lead to a takeover, where the selfish miners become a majority, control the global Bitcoin ledger, and the decentralized nature of the currency collapses.
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16
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Economy / Service Discussion / Re: Can you withdraw US cash from MTGox now?
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on: October 27, 2013, 01:27:59 PM
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No. 10 weeks wasn't long enough for me to get my dollars.
I withdrew on August 18. After 10 weeks I cancelled my withdrawal via the support page. Two days later I had the dollars back in my account. I bought bitcoins and withdrew the bitcoins. I received the bitcoins in about 30 seconds.
I am less fortunate than you. I requested a USD withdraw on 30th June, waited for 3 months, finally gave up and canceled my withdrawal. As if MtGox had not troubled me enough already, they decided to give me one last(and big) trouble, my bitcoin withdrawal was stuck for some unknown reasons, not appearing on blockchain after a few hours, contacted their noob support who refused to offer any help, just gave canned replies and asked me to wait indefinitely. Finally after 36 hours, my transaction appeared on the blockchain and I am done with MtGox finally, I feel much more happy after that, I literally feel that I am enjoying a new life wtih no more muthafuckers to piss me off every day in every possible way.
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19
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Economy / Speculation / Re: Don't worry
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on: October 24, 2013, 08:39:52 AM
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yea, whales trying hard to increase his holding of bitcoins. They got to buyback at some point or else they will hold the bags of useless MtGox USD credit.
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