[2014-01-09] Miners Boycot Ghash.io as the pool approaches 51% of hashrate

[BitcoinBoard]

http://bitcoinboard.net/miners-boycot-ghash-io-as-the-pool-approaches-51-of-network-hashrate/

Please switch your miner to an other pool if you mine at Ghash.io

[Barek]

While the topic is important, you may want to read up on how double spending works.

Also 50% is not some magic number. It is quite possible to successfully double spend with less. After all, finding blocks is random.

[empoweoqwj]

While the topic is important, you may want to read up on how double spending works.

Also 50% is not some magic number. It is quite possible to successfully double spend with less. After all, finding blocks is random.

Really? I was always told that 51% was the "magic number" for double spend. Anyone else confirm?

[Buffer Overflow]

While the topic is important, you may want to read up on how double spending works.

Also 50% is not some magic number. It is quite possible to successfully double spend with less. After all, finding blocks is random.

Really? I was always told that 51% was the "magic number" for double spend. Anyone else confirm?

Yes this is true. I did see a spreadsheet once where someone worked out the percentage chances of executing a successful attack with say 40%, then 35% etc....
I can't find it now though.

This is why everyone should be using decentralised p2pool, not centralised pools. IMO centralised pools are a massive risk to the whole network.

[el_rlee]

Even with a CPU there is the slim chance to mine 6 blocks in a row...

[empoweoqwj]

Even with a CPU there is the slim chance to mine 6 blocks in a row...

What are you talking about???

[Akka]

While the topic is important, you may want to read up on how double spending works.

Also 50% is not some magic number. It is quite possible to successfully double spend with less. After all, finding blocks is random.

Really? I was always told that 51% was the "magic number" for double spend. Anyone else confirm?

Basically it's "possible" with any amount of Hashing Power. The more you have, the more probable is a success of your attack. 51% (>50%) is just the point where your attack is guaranteed to work eventually (still could take a lot of time).

[scyth3]

Why do so many people mine on ghash.io? Zero fees? http://eligius.st is an alternative zero fee pool. Disclaimer: I am not affiliated with ghash.io or eligius and don't mine bitcoins.

[rammy2k2]

the power is in our hands people, switch or everything will go down ...
also, this is a alarm signal for pool owners, cut down your damn fees, lower them or erase them, so people can choose ; no wonder ghash has 40% now, when others have 7.5% for PPS ...

[Thom]

also, this is a alarm signal for pool owners, cut down your damn fees, lower them or erase them, so people can choose

Precisely. I don't even want to mine wih hardware at cex since i have hosted Ghs there and would rather spread my mining, but nobody else has the combo of pplns, good stats, 4-coin mergemining and no fee. Even a small fee for that would be fine. Instead, the best earn for my miners is at cex. (Which has had enough centralised hash power to horrify the network for ages now.)