Deepbit nearly at 50%! Change Pool now!

[coinotron]

Try www.coinotron.com

[1714892895]

1714892895

[1714892895]

1714892895

[1714892895]

1714892895

[Test Bank Guy]

Would Slush's be a good alternative?

[DullJack]

Any pool is a good alternative when Deepbit is hovering within 2-5% of taking the majority. You guys don't have to stop mining deepbit altogether but if a majority of miners point just 1 or 2 cards somewhere else, you will help Bitcoin maintain its integrity as a whole and also help a smaller pool get onto their feet. Double awesome!

[Stiletto]

Eh, I won't act like a know a lot so I'll ask.
Would it be bad for a pool to exceed 50%?

when a pool owns over 50% they can in theory do everything bitcoin doesnt want them to

like:

freeze accounts, reverse transactions (by delay effectivly)

and introduce bogus blocks since they are the ones who varify them

And if they're doing incredibly well as a result of retaining such a large membership in their pool, why would they risk that by engaging in the types of shenanigans you're talking about?

[labestiol]

True but what if someone hack deepbit ? By being popular they also become a target

[Kanti]

I switched from BTCG to DB due to the DDOS (why are botnets so bad anyways?) and so far it seems my payouts aren't nearly as high as when I was with BTCG.  Sure my uptime is better, but whats the point of being connected 100% of the time when being connected at <24/7 yields more profits (in my case anyways). 

[AnnihilaT]

I switched from BTCG to DB due to the DDOS (why are botnets so bad anyways?) and so far it seems my payouts aren't nearly as high as when I was with BTCG.  Sure my uptime is better, but whats the point of being connected 100% of the time when being connected at <24/7 yields more profits (in my case anyways). 

There was also just a difficulty increase.  This may be why you see less earnings.  Just one other option to consider.

[Kanti]

If only the value of BTC went up along with the difficulty    Mining is still profitable for me but if the value gets left behind as difficulty takes off...  It's a depressing thought that one day I may have to hang up my hard hat...

[SgtSpike]

I switched from BTCG to DB due to the DDOS (why are botnets so bad anyways?) and so far it seems my payouts aren't nearly as high as when I was with BTCG.  Sure my uptime is better, but whats the point of being connected 100% of the time when being connected at <24/7 yields more profits (in my case anyways). 

There was also just a difficulty increase.  This may be why you see less earnings.  Just one other option to consider.

Necromuch?

[Kanti]

There's a rather large difference between my avg. Mhash on the webUI for deepbit compared to my GUIMiner stats.  difficulty increase or not, I find a 33% discrepancy to be rather peculiar to say the least.  With BTCGuild, all my stats were spot on. 

[Opsamk]

Im getting more bitcoin using PPS instead of proportional.

[AnnihilaT]

There's a rather large difference between my avg. Mhash on the webUI for deepbit compared to my GUIMiner stats.  difficulty increase or not, I find a 33% discrepancy to be rather peculiar to say the least.  With BTCGuild, all my stats were spot on. 

Well if you arent happy and looking for other options, see my sig

[deepceleron]

That's amazing, a pool owner gets 1.5% of all bitcoins minted...and people still keep signing up...

[kroongh]

I switched from BTCG to DB due to the DDOS (why are botnets so bad anyways?)

Because the owners of the computers in the botnet never agreed to others using their computers?

[AnnihilaT]

That's amazing, a pool owner gets 1.5% of all bitcoins minted...and people still keep signing up...

Depends on the pool.  deepbit takes 3%,  other take none.   It ranges anywhere from nothing to 3%.  I think its amazing that people stay at deepbit when they have the highest fees.   I guess its the instant payout option.   Only thing i can figure.

[deepceleron]

I know their fee is 3%. Of the block solve prize of 50BTC plus transaction fees, they pay miners 48.5BTC. I was pointing out deepbit's profits: if deepbit is 50% of the network hashing, and solves 50% of the blocks, and keeps 1.5BTC each + ~.1 transaction fees,  they are solving about 75 blocks a day, that's about 120BTC profit -> $1,800 a day that deepbit makes.

The point of this thread is that bitcoin is designed so that no one entity has enough computer power to be able forge a sequence of blocks on the bitcoin network. This is to protect against attacks by malevolent actors. It was not anticipated that the users themselves would pool up and give a single party control over the majority of hash power.

The chart at http://www.bitcoinwatch.com/ had deepbit as more than 50% of the hash power seconds ago, but deepbit just disappeared and appears to be down.

[Auspician]

I don't think most people understand the danger of a single pool controlling 50% of all Bitcoin mining.  Since after 6 confirmations a transaction is verified, all it would take would be to submit fraudulent transactions and succeed in attaining 6 blocks in a row to make them permanent, vastly undermining confidence in the network and Bitcoin.

At 50%, there is a 1.5% chance every hour that were deepbit compromised it could falsify transactions and make them stick.  Were deepbit only at 20%, there would instead be a 0.0064% chance.  Ideally, no pool should be more than 10% of the total networks hashing power, giving instead a 0.0001% chance of defrauding the network.

To put this another way, if a pool with 10% of the network hashing power was compromised it would take an average of 19 years to defraud the network with false transactions.  A pool with 20% of the network hashing power would take only an average of 108 days.  A pool with 50% of the network hashing power could break the network in an average of a mere 11 hours.  While it is absurdly unlikely that a pool would remain compromised for years or even months, a pool could easily be compromised for a day or two before anyone would notice - longer if the hacker was very skilled or backed with powerful funding (such as by a government).

It should be readily apparent the danger of letting a single pool control such a high percentage of the mining market.  We all need to do our part to diversify the network by hashing with smaller pools until no single pool controls more than 20% of the network's hashing power.  

I recommend Triple Mining (58Ghash/s, 0.5% network hashing power) for its unique features and friendly community if you're looking for a smaller pool that rewards its members.  If interested, check out the link in my sig.  If not, find a smaller pool that suits your tastes and focus your hashing power there.  If you don't, there is a good possibility that in less time than anyone thinks the value of a BTC could be zero.

[jwzguy]

 If you don't, there is a good possibility that in less time than anyone thinks the value of a BTC could be zero.

No, there isn't. But thanks for shilling your pool so I know which ones never to go to.

[Auspician]

 If you don't, there is a good possibility that in less time than anyone thinks the value of a BTC could be zero.

No, there isn't. But thanks for shilling your pool so I know which ones never to go to.

No need for the hostility . . .  If you disagree with my workup in the previous post, I'd welcome your feedback. 

[jwzguy]

No need to have thousands of threads on the exact same topic, either. And yet, here is another one.

Do "PANIC! Deepbit is too big!" threads and "BTC will never succeed" threads make up over 50% of this board yet?

I am on Slush's pool until BTCGuild is back online. I will never join any pool whose owner attacks another pool for being too successful.

Have a nice day.