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

[niothor]

The distribution of mining is a problem you cant deny that the majority of new hashing power is not coming from the average joe.

Why should it come from the average joe? Was bitcoin purpose the redistribution of wealth and I wasn't aware of it?

[TERA]

The distribution of mining is a problem you cant deny that the majority of new hashing power is not coming from the average joe.

Why should it come from the average joe? Was bitcoin purpose the redistribution of wealth and I wasn't aware of it?

To prevent centralization, weakness, 51% attack. It also implies more participants in the bitcoin project, leading to more awareness, more investors, and a more robust economy with more services and more paths for the flow of money to take.

[niothor]

So unknown + Ghash = more than 51%
Very healthy  

Ok , how about we dump to 2$ now because of that?
Seriously , too much bear in here

[dreamspark]

The distribution of mining is a problem you cant deny that the majority of new hashing power is not coming from the average joe.

Why should it come from the average joe? Was bitcoin purpose the redistribution of wealth and I wasn't aware of it?

Its worrying if you dont see how distributed mining is absolutely necessary for a number of reasons. Its not so bad when you can see pools mining blocks but what do you think everyone would start thinking if a huge amount of hashing power came online from an unknown source and was finding all the blocks?

[niothor]

So unknown + Ghash = more than 51%
Very healthy  

Ok , how about we dump to 2$ now because of that?
Seriously , too much bear in here

It doesn't bother you that undercover Ghash might be controlling more than 51% of the network?

Not at all really. Used to bother me then we had a full page of threads about it and I realized that it wasn't any reason to get that concerned.

[jonoiv]

What have I just seen in the Huobi 1 min chart !?

Looks like a hound with a nosebleed  

[niothor]

The distribution of mining is a problem you cant deny that the majority of new hashing power is not coming from the average joe.

Why should it come from the average joe? Was bitcoin purpose the redistribution of wealth and I wasn't aware of it?

Its worrying if you dont see how distributed mining is absolutely necessary for a number of reasons. Its not so bad when you can see pools mining blocks but what do you think everyone would start thinking if a huge amount of hashing power came online from an unknown source and was finding all the blocks?

So because people are panicking I should panic too?

So what is ghash is controlling 51%. If ghash had 20% , hashme 20% and extrahash 11% everybody would be happy without even thinking they might be the same company?

http://learncryptography.com/51-attack/
51% is soooo overrated

[dunchy]

Oh yeah , here we go again. Gpu mining for the people !!!!!

No. I never meant to elaborate on ethics and justice.

Just wanted to speculate about what is going on now and will be for a quite some time.

The dark side, "the infinite fiat whales", whoever-the-fuck they are, after $1000 spike understood what's going. And thanks to btc's asic prone PoW they are into conquering the money supply. Don't tell me you thought they are actually going to buy them from you for $10k ?


Until then. enjoy your $200 to $500 coins. They have plenty of time ...FUD season!

[dreamspark]

The distribution of mining is a problem you cant deny that the majority of new hashing power is not coming from the average joe.

Why should it come from the average joe? Was bitcoin purpose the redistribution of wealth and I wasn't aware of it?

Its worrying if you dont see how distributed mining is absolutely necessary for a number of reasons. Its not so bad when you can see pools mining blocks but what do you think everyone would start thinking if a huge amount of hashing power came online from an unknown source and was finding all the blocks?

So because people are panicking I should panic too?

So what is ghash is controlling 51%. If ghash had 20% , hashme 20% and extrahash 11% everybody would be happy without even thinking they might be the same company?

http://learncryptography.com/51-attack/
515 is soooo overrated

Im not panicking in the slightest just that its slightly concerning and not particularly healthy. 51% attack isnt the only thing that having the majority of the mining power would make possible. Also accepting changes to the source code by upgrading not upgrading is possible as well? Im also not talking about the current situation where a lot of the power is coming from visible sources, I'm talking more in the future where it could all be coming from unknown sources with no known sources finding any block. If Bitcoin got very valuable someone could cash in big time on locking up the mining power.

[sporket]

...
So because people are panicking I should panic too?
...

Well, people don't typically panic because things are just great, and heard animals that go against the heard don't tend to fare well, but feel free to rebel

[pjviitas]

The distribution of mining is a problem you cant deny that the majority of new hashing power is not coming from the average joe.

Why should it come from the average joe? Was bitcoin purpose the redistribution of wealth and I wasn't aware of it?

Its worrying if you dont see how distributed mining is absolutely necessary for a number of reasons. Its not so bad when you can see pools mining blocks but what do you think everyone would start thinking if a huge amount of hashing power came online from an unknown source and was finding all the blocks?

So because people are panicking I should panic too?

So what is ghash is controlling 51%. If ghash had 20% , hashme 20% and extrahash 11% everybody would be happy without even thinking they might be the same company?

http://learncryptography.com/51-attack/
51% is soooo overrated

Centralized mining facilities are weapons of crypto-currency mass destruction.

It's not a matter of if someone uses them...it's a matter of when.

[sporket]

"The rule of the bourgeois democrats cryptocurrency, from the very first, will carry within it the seeds of its own destruction." --Giant Neckbeard.

[ElectricMucus]

The distribution of mining is a problem you cant deny that the majority of new hashing power is not coming from the average joe.

Why should it come from the average joe? Was bitcoin purpose the redistribution of wealth and I wasn't aware of it?

To prevent centralization, weakness, 51% attack. It also implies more participants in the bitcoin project, leading to more awareness, more investors, and a more robust economy with more services and more paths for the flow of money to take.

There is only one flow it can take in the Bitcoin economy and that is from the sucker to the scammer.

[cbeast]

There is only one flow it can take in the Bitcoin economy and that is from the sucker to the scammer.

The best definition of free market capitalism, ever.

[ElectricMucus]

There is only one flow it can take in the Bitcoin economy and that is from the sucker to the scammer.

The best definition of free market capitalism, ever.

Perhaps.

e: the trick is to scam them first!

[ChartBuddy]

Explanation

[Erdogan]

Every transaction has a buyer and a seller.  Therefore at least one idiot is necessary for any trade to occur. 

There was a smiley, but anyway, no, both traders are better off, in their own mind, which is the only measure that matters.

Well he was responding to several posts from bulls calling anyone that sells (price of $414) an Idiot.   hence the smiley. 

Those posts were correct from the vewpoint of the buyer or hodler (but not correct from the viewpoint of the seller).

[hyphymikey]

"Unknown" is about to breach 40% of the network. Somebody is raking them in.

[chessnut]

Every transaction has a buyer and a seller.  Therefore at least one idiot is necessary for any trade to occur. 

There was a smiley, but anyway, no, both traders are better off, in their own mind, which is the only measure that matters.

Well he was responding to several posts from bulls calling anyone that sells (price of $414) an Idiot.   hence the smiley. 

actually we were just saying how successful traders require people to make mistakes to order to make money (panicking, bad judgement etc...idiots) not 100% true, but these trades are easy to see.

[jonoiv]

The bot's back !