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Author Topic: Does BTC Guild really have 40% of the hashing power?  (Read 1481 times)
joecascio
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April 08, 2013, 04:05:09 PM
 #1

This graph says BTC Guild has 40+% of the network hashing power. . If that's true, it's dangerously close to being able to mount a 51% attack. Am I reading this wrong? 

http://goo.gl/teqGn

Joe Cascio
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RaTTuS
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April 08, 2013, 04:10:04 PM
 #2

http://blockchain.info/pools
40 is not 51%
but get all your friends to move to another....

In the Beginning there was CPU , then GPU , then FPGA then ASIC, what next I hear to ask ....

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glub0x
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April 08, 2013, 04:20:44 PM
 #3

this is problematic

The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions

Satoshi Nakamoto : https://bitcoin.org/bitcoin.pdf
plasticAiredale
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April 08, 2013, 04:38:15 PM
 #4

Don't Panic!

see:
https://bitcointalk.org/index.php?topic=168108.0

Gimpeline
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April 08, 2013, 07:31:21 PM
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Sounds good. Just as big guilds in games often ruins the game, a too big pools might ruin Bitcoin
BTC Books
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April 08, 2013, 08:29:58 PM
 #6

It would be more correct to say that BTC Guild is the conduit for 40% of the network's hashing power.

That can change in a heartbeat - and has.  For example; back when Deepbit was flirting with 50%, for several months in 2011.  People (miners) keep an eye on it, you know.  And they switch pools when they get nervous - although I don't think getting nervous about the pool operators is really called for.

Once ASICs are in the hands of individual miners I think there will be a bit more solo mining, so it will be less of an issue.

Dankedan: price seems low, time to sell I think...
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