As of the latest diff change.... WHERE DID ALL THE HASHRATE COME FROM?!?!?!

[GenTarkin]

Im pissed & very confused lol!
I cant wait till sub $100 btc prices so all these megamines fucking go out of business.

I don't get you. You are pissed because the Bitcoin network is increasing its security at the cost of your profitability. But with no security your profitability would be 0 or negative.

Increasing security?!?!? are you that ignorant? A single entity could easily put in an order for all the new hashrate coming online and because all the ASIC suppliers dont give 2 shits about the health of BTC, of course they would sell to that entity. So, its just more opportunity for a agency / government to swoop in and build up over 50% network hashrate then easily attack it, undermining bitcoin.
It can happen at any fucking diff....

The only security or 'trustless' state that bitcoin will ever achieve is when the chance of a 51% attack is nil or never even possible. Till then u still have to trust the people involved in bitcoin, its not so 'trustless' like everyone touts.

But everyone just ignores that fact and pretends its not an issue... its a GIGANTIC issue that needs to be resolved before Bitcoin can ever become 'mainstream'

Anyways, yeah tangents I know but....fuck this community needs to wake the fuck up.

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[RoadStress]

Increasing security?!?!? are you that ignorant? A single entity could easily put in an order for all the new hashrate coming online and because all the ASIC suppliers dont give 2 shits about the health of BTC, of course they would sell to that entity. So, its just more opportunity for a agency / government to swoop in and build up over 50% network hashrate then easily attack it, undermining bitcoin.
It can happen at any fucking diff....

A single entity owning a lot of the total hashrate isn't necessarily a bad thing. Don't get me wrong. I am pro decentralization, but why would a single entity invest millions of dollars into something just to be a bad player and to make everyone lose faith which would result in a total loss for the entity.

An agency / government can still do it no matter how centralized is the network. A 100M$ operation is still feasible for some agencies / governments so we can decentralize the shit out of the hashing power because there are some entities with endless cash reserves which can cause some troubles if they really want it. Having 3 USB sticks plugged in will not stop them while a bigger hashrate can make it really hard for them to cause havoc.

[philipma1957]

The network is increasing its security at the risk of everyone's profitability. When only a few entities can afford to mine, they can easily form a cartel and we now have a central banking system for Bitcoin just like there really isn't supposed to be. Why 51% attack when you can just 100% attack?

yeah the big boys may fail to see why that 10 to 20% little guys for grease is needed to make the network last.

if so they will cook the only goose that is laying the golden eggs.

no need to squeeze the small guy out and it really kills the network's safety big time.

@ road stress 4 players with 20% each is fine as long at the other 20% is dozens of middle to small pools filled with many miners.

5 players with 20% each will not work. just too tempting for 3 to attack the other 2.

[Biodom]

The network is increasing its security at the risk of everyone's profitability. When only a few entities can afford to mine, they can easily form a cartel and we now have a central banking system for Bitcoin just like there really isn't supposed to be. Why 51% attack when you can just 100% attack?

yeah the big boys may fail to see why that 10 to 20% little guys for grease is needed to make the network last.

if so they will cook the only goose that is laying the golden eggs.

no need to squeeze the small guy out and it really kills the network's safety big time.

my thoughts exactly, so I canceled my long post.
Same in other parts of the economy.

hey, if home mining will become untenable, maybe we should just purchase nodes like the one below (especially if they drop the price to $50-99).
http://www.coindesk.com/first-plug-in-node-aims-to-boost-bitcoins-network-security/

[alh]

The network is increasing its security at the risk of everyone's profitability. When only a few entities can afford to mine, they can easily form a cartel and we now have a central banking system for Bitcoin just like there really isn't supposed to be. Why 51% attack when you can just 100% attack?

yeah the big boys may fail to see why that 10 to 20% little guys for grease is needed to make the network last.

if so they will cook the only goose that is laying the golden eggs.

no need to squeeze the small guy out and it really kills the network's safety big time.

my thoughts exactly, so I canceled my long post.
Same in other parts of the economy.

hey, if home mining will become untenable, maybe we should just purchase nodes like the one below (especially if they drop the price to $50-99).
http://www.coindesk.com/first-plug-in-node-aims-to-boost-bitcoins-network-security/

While I am sure it isn't a Raspberry Pi, this device looks like it might be one of the "Pi clones", with the software already present. Maybe somebody else will recognize the port layout and such. If I was going to just burn a low amount of electricity, I might do it on a distributed computing project (e.g. Seti@Home).

[Minerjoe]

My guess is that it is either The Winklevoss Twins and/or Sir Richard Branson

Sir Richard has quietly sized control of the Bitcoin Foundation.

This story was scrubbed from the Internet but it has been archived.

https://web.archive.org/web/20141107172316/https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

Go long on BTC. I think the idea of 'Mine it at a loss today and make a killing tomorrow' has gone mainstream. Just drop the notion of its value in fiat. It is irrelevant to play this game successfully. Mine and buy and hold.

The ticker symbol will be changing to XBT and 1 million XBT = 1 BTC. They have hinted that only allowing two places of decimals will be as far as XBT can be expressed. So will that yield a higher value?

It is in the best interests of these mainstream forces/players to shake the weak hands out of bitcoin so I expect to see the price drop further. This may be the beginning.

http://www.bloomberg.com/news/videos/b/fb6301cc-dc8b-4810-8293-19fe2c700e41

https://www.google.ca/#q=sir+richard+branson+bitcoin





archived the archive https://web.archive.org/web/20141107172316/https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

That s a pretty big gamble you propose. Listening to the market is very important IMHO and curretnly things are going much slower then they should. That fund was supposed to be public already, I have no info about its ETA.