The Asic Issue - Can BFL get 51%?

[Kazu]

Assuming these are real:
https://products.butterflylabs.com/homepage/50-gh-s-bitcoin-miner.html
https://products.butterflylabs.com/homepage/1500gh-bitcoin-miner.html

Assuming:
http://bitcoin.sipa.be/

Is right.

The first BFL rig needs less than 1600 (or ~ $4M) to be viable for a 51% attack. The second needs only about 5. That is ridiculous. It is quite believable right now that BFL simply doesn't ship, and keeps the rigs for themselves and essentially runs bitcoin until somebody can come up with something more efficient. What is going to be done about this?

[EuroTrash]

Assuming these are real:
https://products.butterflylabs.com/homepage/50-gh-s-bitcoin-miner.html
https://products.butterflylabs.com/homepage/1500gh-bitcoin-miner.html

Assuming:
http://bitcoin.sipa.be/

Is right.

The first BFL rig needs less than 1600 (or ~ $4M) to be viable for a 51% attack. The second needs only about 5. That is ridiculous. It is quite believable right now that BFL simply doesn't ship, and keeps the rigs for themselves and essentially runs bitcoin until somebody can come up with something more efficient. What is going to be done about this?

Search for smoothie, go read his signature.

[Kazu]

That sig has been there forever. Of course it could be a scam, everybody knows that. What matters is the 51% problem. We need to raise that total hashrate majorly.

[JimiQ84]

The 1500gh/s miner is something like Holy grail. It doesn't exist and won't exist in next 6 months.

[Kazu]

The 1500gh/s miner is something like Holy grail. It doesn't exist and won't exist in next 6 months.

I know, but in those 6 months a ridiculous increase of hashing power will need to happen. It will need to increase by a factor of 10.

[superduh]

Asicminer, avalon

[JimiQ84]

The 1500gh/s miner is something like Holy grail. It doesn't exist and won't exist in next 6 months.

I know, but in those 6 months a ridiculous increase of hashing power will need to happen. It will need to increase by a factor of 10.

It will. There are 2 batches of 600 Avalons on their way and some 250TH/s from Asicminer. Also, Avalon team sells chips, currently some 500 thousand 280MH/s chips has been sold. Those are awaited in 4 months.

[dg2010]

Yes this would be an issue if every other miner in the world stopped increasing the hash rate. Then it would take 6 months and $4m dollars. Then if they tried to control the network it would immediately become obvious and the value of bitcoin would drop like a stones.

This is of course if they ever produce such a unit.