Hashpower.com - Buy and Lease Mining Shares

[wknight]

Thinking of trying this, does anyone have a WeExchange invite they can PM me?

Sent a PM with invite

[1713459545]

1713459545

[wknight]

Please do not sell hash power like this.

Services like Hashpower and GPUmax are fundamentally bad for Bitcoin. They decrease the security of the network and increase the risk of double spends. They are inherently against the basic design of Bitcoin which is that by mining, miners express their support for a particular chain. By selling your hash power to anonymous miners who may or may not be doing things you would agree with, you make it radically easier to mount an attack on the network.

If the owners of hashpower.com were here, I would ask them to shut their service down. But as they aren't, I will ask you to boycott it instead.

Never forget that mining is voting. It is not just a way to make a quick buck. If you sell your shares you are selling your votes.

Man, we should boycott pools under the same premise. I don't want them controlling my.. hehe.. "votes"...


YAWN.. go somewhere else with your propaganda

[AmDD]

Thinking of trying this, does anyone have a WeExchange invite they can PM me?

Sent a PM with invite

Thank ya! 

[Mike Hearn]

Man, we should boycott pools under the same premise. I don't want them controlling my.. hehe.. "votes"...

Have you even ever read Satoshis paper? Why don't you do that now.

http://bitcoin.org/bitcoin.pdf

From the conclusion:

Nodes can leave  and  rejoin  the  network  at  will,  accepting  the  proof-of-work  chain  as  proof  of  what happened while they were gone.  They vote with their CPU power, expressing their acceptance of valid blocks by working on extending them and rejecting invalid blocks by refusing to work on them.  Any needed rules and incentives can be enforced with this consensus mechanism.

Satoshi explicitly stated that doing a proof of work is voting.

And yes, centralized pools are also a problem which p2pool was designed to solve - but at least you know who you are selling to, and you can judge their reputation. With hashpower.com you don't have any idea where your shares end up.

So I will say it again. Do not use hashpower or similar services. It undermines the security of the system we all use. If you don't understand what you're doing by mining you should not be doing it.

[JWU42]

Hashpower is far more transparent than GPUmax.  You see where the hashes are going and the total power.

Right now at 250 Gh/s it is ~ 1% of the total network.  Your claims are rather alarmist...

[streblo]

+1

Hashpower is far more transparent than GPUmax.  You see where the hashes are going and the total power.

Right now at 250 Gh/s it is ~ 1% of the total network.  Your claims are rather alarmist...

Hash/vote leasing is categorically bad no matter the power.

[DutchBrat]

I like pointing someone elses 250 Ghash at OzCoin

Especially since I only have 315 Mhash at my own disposal

I really dont see where things can go wrong here.... But that may be just me

[Mike Hearn]

Hashpower is far more transparent than GPUmax.  You see where the hashes are going and the total power.

All Hashpower needs is a username. How do you know what is being done with your hash power? In particular, you don't have any way to know that the buyer isn't simply executing a Finney double spend attack against a merchant who is trying to accept unconfirmed transactions.

Right now at 250 Gh/s it is ~ 1% of the total network.  Your claims are rather alarmist...

If somebody managed to buy 1% of the votes in the an election, would people shrug and say "no big deal"? Of course not. They would freak out because somebody was using their money to undermine democracy. There's no level of vote buying where you can just shrug it off and say "well 5% is bad, but 1% is ok".

Don't sell shares. Use them to mine against a Bitcoin node that has behaviour you agree with. Which probably means "is following the default Bitcoin ruleset", possibly with a different fee policy. But you definitely don't want to find yourself mining on a side chain that is trying to double spend against legitimate merchants.

[wknight]

Dont like it.. dont use it.. simple as that.

[Coin.Karma]

Looking for We exchange Invite...

[hashking]

I tried to setup some leases on this website and it seems near impossible.  You can't send bitcoins directly to fund your account.  You have to get a we-exchange account and that is by invite only.  They do recommend to go to an irc room to get a we-exchange account invite but then state don't be to demanding.  Not a very user friendly service.

[wknight]

Invites sent out to both of you guys.

[hashking]

I did receive an invite.  Will try it out soon.  Thanks wknight.

[Intention]

I had gotten my invite from Graet all I did was send him a pm asking for one.  Though I do intend to use not only for Hashpower but I'm waiting a little for the Canadian market to pick up before trying it out.

So far I'm happy with the service and it's on par with Gpumax.  I don't really see the sensationalizing, alarmist talk about these services.  I've pointed my BFL Single crunching away at 800mhash/s and honestly as a miner I do not in any way shape or form care where my hashes go.  On this site you are limited to what mining pools you can set your worker to so it isn't like I'm selling off my power for some nefarious purpose.  I've mined on most of these pools at some point in the past and just switch around on a whim.  Why not bitch and complain about abcpool? Isn't that the same idea? Or what about people who purchase shares just off of the forum? Why aren't you giving gigavps shit?

Don't get me wrong, I support Bitcoin but I also go where the money is.

[twoglovedanny]

Trying this out...

[runlinux]

Is something going on? My miners are unable to connect.

Got my first btc worth of work out of weexchange this morning!

[PsychoticBoy]

Just connect your miner to http://hashpower.com:80 with the obtained username/password
Use a compatible mining pool and all will just work fine 


Greetz

[scrybe]

Cool idea, but I'm not on WeExchange yet. 

Anyone have a code handy?

One question though, there is no mention of how quickly the leased shares will be delivered. Will it be over 1 hour? 1 week? the next 10 difficulty changes?

[scrybe]

Cool idea, but I'm not on WeExchange yet.  

Anyone have a code handy?

One question though, there is no mention of how quickly the leased shares will be delivered. Will it be over 1 hour? 1 week? the next 10 difficulty changes?

Got one on IRC #hashpower, thanks Ukto!

It looks like the execution is ASAP based on capacity. I'm assuming that means that the more shares that are available the faster you are going to complete yours.

[twoglovedanny]

this is great!