61197da925c1 (OP)
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Activity: 72
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November 26, 2012, 05:08:47 PM |
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What's stopping people from mining or owning the whole pie chart?
Is this legal? or allowed? Is there anything stopping that person?
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goodbc
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Activity: 105
Merit: 11
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November 26, 2012, 05:12:10 PM |
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Not enough electrical power maybe?
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Valalvax
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November 26, 2012, 05:12:48 PM |
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Nothing at all, except the hundreds of thousands of dollars it would take
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ingrownpocket
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Activity: 952
Merit: 1000
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November 26, 2012, 05:22:32 PM |
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Nothing at all, except the hundreds of thousands of dollars it would take
Or Euros, maybe. Just maybe. |
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SgtSpike
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Merit: 1005
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November 26, 2012, 05:27:46 PM |
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As long as at least one other person is mining, no single person or entity could own the whole pie chart, regardless of how much money is spent.
In order to acquire half of the pie chart, once ASICs are released, it would take $5M-$7.5M. To acquire 3/4 of the pie, $10M-$15M.
Of course, given that all of the ASIC companies do want to see Bitcoin continue to succeed, it is unlikely that any of them would sell enough ASICs to any single person or company to acquire this much of the pie. The person attempting to do this would need multiple purchases by multiple aliases from multiple ASIC vendors to actually achieve it.
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DannyHamilton
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Activity: 3472
Merit: 4801
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November 26, 2012, 07:51:35 PM |
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What's stopping people from mining or owning the whole pie chart?
Is this legal? or allowed? Is there anything stopping that person?
People seem to be making assumption about which pie chart you are asking about. I'm not as sure. Which pie chart are you concerned about someone owning? |
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SgtSpike
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Activity: 1400
Merit: 1005
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November 26, 2012, 08:22:15 PM |
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What's stopping people from mining or owning the whole pie chart?
Is this legal? or allowed? Is there anything stopping that person?
People seem to be making assumption about which pie chart you are asking about. I'm not as sure. Which pie chart are you concerned about someone owning? This is the only mining pie chart I know of. https://blockchain.info/pools |
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hashkey
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November 26, 2012, 08:35:33 PM |
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What's stopping people from mining or owning the whole pie chart?
Is this legal? or allowed? Is there anything stopping that person?
He must have thought that the Unknown portion in the pie is a hashrate from a single person  |
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Deafboy
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November 26, 2012, 09:18:42 PM |
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What's wrong with you, people. These days I see questions like "Is this legal?" all over here.
But not to be entirely off-topic, overtaking the network by you own hashrate is perfectly allowed and legal. Abusing it to double spend may not.
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Kazimir
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Activity: 1176
Merit: 1011
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November 27, 2012, 07:42:31 AM |
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"Legal" according to what country's law?
Bitcoin is not tied to any specific country, and as such not restricted by any law.
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jgarzik
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Activity: 1596
Merit: 1100
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November 27, 2012, 09:34:33 AM |
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Bitcoin is not tied to any specific country, and as such not restricted by any law.
Quite the opposite. Bitcoin use is bound by the laws of your local jurisdiction. |
Jeff Garzik, Bloq CEO, former bitcoin core dev team; opinions are my own.
Visit bloq.com / metronome.io
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Kazimir
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November 27, 2012, 10:17:15 AM |
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Quite the opposite. Bitcoin use is bound by the laws of your local jurisdiction. Yeah right, I'd like to see that in action  |
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SgtSpike
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Activity: 1400
Merit: 1005
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November 27, 2012, 04:28:33 PM |
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Quite the opposite. Bitcoin use is bound by the laws of your local jurisdiction. Yeah right, I'd like to see that in action He never said it would be easy to enforce, but he is correct. |
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Aahzman
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November 27, 2012, 04:48:32 PM |
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mmmmm pie.
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Gabi
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Activity: 1148
Merit: 1008
If you want to walk on water, get out of the boat
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November 27, 2012, 04:55:47 PM |
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In order to acquire half of the pie chart, once ASICs are released, it would take $5M-$7.5M. To acquire 3/4 of the pie, $10M-$15M. Wich is nothing for someone who can spend billions. |
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