50%

[Serge]

You have to be insane having vested interest and control of large share of contributed hashing power to plan an attack on growing revenue stream.

[MCWey8]

its actually at 49% right now ..

I am a n00b CPU Miner without enough MHash/s to make a difference.

So what happens now

[tehcodez]

We wait for someone to discover Tycho's rouge blocks.

[str4wm4n]

mommy im scared 

[kiwiasian]

Guys, chill out. Even if it surpasses 50% Tycho is not going to do anything evil.

[Serge]

We wait for someone to discover Tycho's rouge blocks.

And if that happens, we will go back (in time) and start over right before insertion of such rouge blocks.

[tehcodez]

We wait for someone to discover Tycho's rouge blocks.

And if that happens, we will go back (in time) and start over right before insertion of such rouge blocks.

Yeah...thats it, just fork it right after he inserted the blocks on that restart a couple of hours ago, and tell anyone after to blow off.

And of course, Tycho would never screw the pooch here. Not one person who ever had control lost it...

[KnuttyD]

Guys, chill out. Even if it surpasses 50% Tycho is not going to do anything evil.

Im sure he wouldent, kiwiasian. Or should I say... TYCHO! 

[Serge]

We wait for someone to discover Tycho's rouge blocks.

And if that happens, we will go back (in time) and start over right before insertion of such rouge blocks.

Yeah...thats it, just fork it right after he inserted the blocks on that restart a couple of hours ago, and tell anyone after to blow off.

And of course, Tycho would never screw the pooch here. Not one person who ever had control lost it...

please explain why would Tycho or any other pool owner want to fork a good healthy feeding cow (aka revenue stream)?

[rainsford]

Guys, chill out. Even if it surpasses 50% Tycho is not going to do anything evil.

I believe he probably wouldn't, since by all accounts it looks like cares about the success of his pool, the miners involved in it, and Bitcoin as a whole.

But there's also the democratic factor.  Even if he has 50% of the hash generation, that's only as long as the miners in deepbit are willing to GIVE him 50% of the hash power.  Anything "weird" happening in deepbit or any other pool, and it's very easy for a huge percentage of the miners to go somewhere else.

[doomy]

Frankly, I'm more concerned about the prospect of a large foreign power with limitless resources throwing hash generation into the fray.

He who controls the spice controls the universe  

[tehcodez]

Because he has, or develops, any one of uncountable delusions of how a majority pool can be used. (or someone related to him/can access the pool/can pop his crap)

As I posted over on another thread( dealing with this topic only 15% of people (or less)) get....

The road to hell is paved with good intentions.

Trust is everything in this game, unfortunately most of the players are unfamiliar with that concept, and freely give in to nonsense (in RL, see tea party voters).

...accidents/mistakes/someone finding where he lives/someone ddos another pool/random craziness happens.

[rainsford]

Because he has, or develops, any one of uncountable delusions of how a majority pool can be used. (or someone related to him/can access the pool/can pop his crap)

As I posted over on another thread( dealing with this topic only 15% of people (or less)) get....

The road to hell is paved with good intentions.

Trust is everything in this game, unfortunately most of the players are unfamiliar with that concept, and freely give in to nonsense (in RL, see tea party voters).

...accidents/mistakes/someone finding where he lives/someone ddos another pool/random craziness happens.

I'm really not so sure.  People don't really have any reason to pledge allegiance to any particular pool long term, nor is there the real life problem of making a choice (voting) and then being stuck with it for years.

I mine with BTCGuild because I like their website.  A day from now I could decide I like someone else and mine in their pool.  A day later I could switch back.  There is hardly any cost in doing so, for me or any other miner, so any power a pool operator has is extremely temporary and entirely contingent on keeping their miners happy.  That makes a pool operator doing bad things seem at least fairly unlikely.

[KnuttyD]

Hey, guess what they just hit.

50%.

[tripper22]

Guys, chill out. Even if it surpasses 50% Tycho is not going to do anything evil.

That's not the point. Too much power is in one pool. What if some sort of government agency takes control of his pool? Currencies are all about confidence. No confidence, no currency.

Miner greed puts the network at risk because people want to see many tiny payments rather than wait for larger ones and pay 3% for the privilege.

Do miners really want to take the risk so they can see 0.01 or 0.02 BTC a block?  Or wait a little longer for 0.07 a block? You know what I mean.

[PabloW]

If tycho starts to do shit, people will move to another pools, whats the problem?
He may be greedy, i dont know, but well its his pool. I already mobed to a zero fee pool, if you care about this why dont you do the same?

[tehcodez]

I'm really not so sure.  People don't really have any reason to pledge allegiance to any particular pool long term, nor is there the real life problem of making a choice (voting) and then being stuck with it for years.

I mine with BTCGuild because I like their website.  A day from now I could decide I like someone else and mine in their pool.  A day later I could switch back.  There is hardly any cost in doing so, for me or any other miner, so any power a pool operator has is extremely temporary and entirely contingent on keeping their miners happy.  That makes a pool operator doing bad things seem at least fairly unlikely.

Wrong.

Its a fundamental issue in trust...investor confidence. Once the trust is broken, it won't be restored.

Sooo that means, when a broken chain is discovered (and when can lag), how does the joe-investor who just dropped $100k on btc recover?

He sells...

[KnuttyD]

If tycho starts to do shit, people will move to another pools, whats the problem?
He may be greedy, i dont know, but well its his pool. I already mobed to a zero fee pool, if you care about this why dont you do the same?

If Tycho does shit, then its too late. All he needs is ONE forged block to screw the entire system, then the block chain is forked and you cant do shit.
Also, fee will/has been restored.

[tehcodez]

If tycho starts to do shit, people will move to another pools, whats the problem?
He may be greedy, i dont know, but well its his pool. I already mobed to a zero fee pool, if you care about this why dont you do the same?

If Tycho does shit, then its too late. All he needs is ONE forged block to screw the entire system, then the block chain is forked and you cant do shit.
Also, fee will/has been restored.

[IlbiStarz]

Mommy, I'm scared!