Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[KFR]

y, that really scary. 2 persons (leaders of pools) could destroy bitcoin, if they really want or are forced.

More scaremongering. 

"Leaders of pools" implies they control the miners pointing their hardware at the pool.  They don't.

[KFR]

p2pool is pretty neat and I used it a bit until all my equipment became obsolete. It has more variance than some people like though.

P2Pool is great.  Yup more variance but it's certainly the way to go - especially for anyone concerned about the sun exploding if some centralised pool touches 51%.

[KFR]

Most of the hashrate at GHash.io is external. If they play evil, they will massively lose hash power.

Bitcoin is heavily resilient, there's no need to worry all that much.

Precisely.

[ChartBuddy]

Explanation

[TwinWinNerD]

Most of the hashrate at GHash.io is external. If they play evil, they will massively lose hash power.

Bitcoin is heavily resilient, there's no need to worry all that much.

Precisely.

No it is not precise.

Quite the opposite. Someone calculated all the Ghash that is floating on the exchanges(was traded). Plus the normal poeple that just point their miners on the pool. MORE than half of the hashrate was unaccounted for, so Ghash is just farming away 1/5~ of the total network.

[tarmi]

wow, someone is dumping ltc hard for btc and cashing out at stamp.

[kryptopojken]

price at stamp=price at btc-e

haven't seen that in a while

[Dotto]

we are breaking the sixth support line in a row...

[hyphymikey]

I can't wait until this manipulator is done at Stamp. Keeping the price $10 lower than BFX and Huobi.

[KFR]

Most of the hashrate at GHash.io is external. If they play evil, they will massively lose hash power.

Bitcoin is heavily resilient, there's no need to worry all that much.

Precisely.

No it is not precise.

Quite the opposite. Someone calculated all the Ghash that is floating on the exchanges(was traded). Plus the normal poeple that just point their miners on the pool. MORE than half of the hashrate was unaccounted for, so Ghash is just farming away 1/5~ of the total network.

The point is that a malicious pool won't retain its full hashrate for very long.  51% should not be seen as a cataclysmic Bitcoin-ending event as it has often been portrayed.  Rather it should be seen as a redline indicator to miners using that pool that they should switch unless they really want to jeopardise most of their crypto investment.

It is massively in a pool owner's interests to ensure they don't risk the network by retaining more than 50% for any significant length of time.

I'm confident that in the fullness of time the protocol will be adapted to mitigate this threat however in the meantime, P2Pool.

[Chalkbot]

Most of the hashrate at GHash.io is external. If they play evil, they will massively lose hash power.

Bitcoin is heavily resilient, there's no need to worry all that much.

Precisely.

No it is not precise.

Quite the opposite. Someone calculated all the Ghash that is floating on the exchanges(was traded). Plus the normal poeple that just point their miners on the pool. MORE than half of the hashrate was unaccounted for, so Ghash is just farming away 1/5~ of the total network.

The point is that a malicious pool won't retain its full hashrate for very long.  51% should not be seen as a cataclysmic Bitcoin-ending event as it has often been portrayed.  Rather it should be seen as a redline indicator to miners using that pool that they should switch unless they really want to jeopardise most of their crypto investment.

It is massively in a pool owner's interests to ensure they don't risk the network by retaining more than 50% for any significant length of time.

I'm confident that in the fullness of time the protocol will be adapted to mitigate this threat however in the meantime, P2Pool.

I seem to recall that BTC Guild was in a similar position once, and they simply adjusted their fees up as their hashrate approached 50% to encourage users to find other pools. This seemed like a great solution to me, but maybe some miners felt taken by it.

[JorgeStolfi]

Since it is FUD time, why not:

I wonder how many people here know how this pic is related to bitcoin:
Bogart Pediatric 2009 Wine Aficionado Dinner
Here is another one (the URL is a spoiler):
Bogart Pediatric 2010 Wine Aficionado Dinner

There are several things to worry about re this person, but one in particular that may be relevant is that, before getting interested in bitcoin, that man went into the business of acquiring and selling virtual currencies and goods in internet games, and took over the entire market.

[ljudotina]

Since it is FUD time, why not:

I wonder how many people here know how this pic is related to bitcoin:
Bogart Pediatric 2009 Wine Aficionado Dinner
Here is another one (the URL is a spoiler):
Bogart Pediatric 2010 Wine Aficionado Dinner

There are several things to worry about re this person, but one in particular that may be relevant is that, before getting interested in bitcoin, that man went into the business of acquiring and selling virtual currencies and goods in internet games, and took over the entire market.

So basicly, he's good....really good?

[madmat]

Since it is FUD time, why not:
Blabla...

So funny. You usually don't care if it is fud time or not.

[Chalkbot]

Since it is FUD time, why not:

I wonder how many people here know how this pic is related to bitcoin:
Bogart Pediatric 2009 Wine Aficionado Dinner
Here is another one (the URL is a spoiler):
Bogart Pediatric 2010 Wine Aficionado Dinner

There are several things to worry about re this person, but one in particular that may be relevant is that, before getting interested in bitcoin, that man went into the business of acquiring and selling virtual currencies and goods in internet games, and took over the entire market.

Are you suggesting that he is going to buy all the bitcoin?

[KFR]

You still here prof? 

[Dotto]

Jorge, definitely added to my ignore list  

Your partners:

AnonyMint
MatTheCat
hamiltino
fonzie
JorgeStolfi
Sawadekub
Zapffe
Mervyn_Pumpkinhead
UglyTroll
RandomPedestrianN9
falllling

[wachtwoord]

Since it is FUD time, why not:

I wonder how many people here know how this pic is related to bitcoin:
Bogart Pediatric 2009 Wine Aficionado Dinner
Here is another one (the URL is a spoiler):
Bogart Pediatric 2010 Wine Aficionado Dinner

There are several things to worry about re this person, but one in particular that may be relevant is that, before getting interested in bitcoin, that man went into the business of acquiring and selling virtual currencies and goods in internet games, and took over the entire market.

Are you suggesting that he is going to buy all the bitcoin?

Every. Single. One.

[akujin]

Most of the hashrate at GHash.io is external. If they play evil, they will massively lose hash power.

Bitcoin is heavily resilient, there's no need to worry all that much.

Precisely.

No it is not precise.

Quite the opposite. Someone calculated all the Ghash that is floating on the exchanges(was traded). Plus the normal poeple that just point their miners on the pool. MORE than half of the hashrate was unaccounted for, so Ghash is just farming away 1/5~ of the total network.

The point is that a malicious pool won't retain its full hashrate for very long.  51% should not be seen as a cataclysmic Bitcoin-ending event as it has often been portrayed.  Rather it should be seen as a redline indicator to miners using that pool that they should switch unless they really want to jeopardise most of their crypto investment.

It is massively in a pool owner's interests to ensure they don't risk the network by retaining more than 50% for any significant length of time.

I'm confident that in the fullness of time the protocol will be adapted to mitigate this threat however in the meantime, P2Pool.

What if they get hacked?

[KFR]

What if they get hacked?

Same answer...

Can't tell if you're trolling.