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Author Topic: GHash is at 48% WTF  (Read 6658 times)
CTL_ALT_DEL
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June 16, 2014, 11:36:41 PM
 #101

... Once people realize that the Achilles heel in bitcoin is real, they'll permanently mark it with a negative stigma.

The people for whom this is true stigmatize crypto-currency already; a 51% attack on BTC would not change many opinions, pro or con.

Wow, I feel much better now. I can't wait for the pool operators to become the dirty dozen and begin "imposing solutions" on Bitcoin. Time to go all in. o_O

The total computing power of the NSA and its Five Eyes friends could take BTC down at will, the total BTC market cap is about 25% of Exxon's annual take and you guys are worried about GHash hitting 51%.    Huh Huh 






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June 16, 2014, 11:39:48 PM
 #102

Ghash is currently at 32%. This out be so reassuring for some people here if Unknown wouldn't have hit 29%.

This could indicate a few different things. One could be that a few of the large farms on ghash have gone solo, or another pool has started up with a large breakaway group of miners from ghash, or that ghash has somehow reconstructed its inhouse farms to not be connected to the pool or to stop reporting as being from ghash.

Support the two platforms essential to protecting the identities of whistleblowers. Both accept bitcoin donations.
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June 16, 2014, 11:39:54 PM
 #103

... Once people realize that the Achilles heel in bitcoin is real, they'll permanently mark it with a negative stigma.

The people for whom this is true stigmatize crypto-currency already; a 51% attack on BTC would not change many opinions, pro or con.

Wow, I feel much better now. I can't wait for the pool operators to become the dirty dozen and begin "imposing solutions" on Bitcoin. Time to go all in. o_O

The total computing power of the NSA and its Five Eyes friends could take BTC down at will, the total BTC market cap is about 25% of Exxon's annual take and you guys are worried about GHash hitting 51%.    Huh Huh  


I didn't realize Exxon was mining now.

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June 16, 2014, 11:47:46 PM
 #104


The total computing power of the NSA and its Five Eyes friends could take BTC down at will, the total BTC market cap is about 25% of Exxon's annual take and you guys are worried about GHash hitting 51%.    Huh Huh 

Do you have some numbers about the hashpower the nsa has or you're just posting to let others you have heard a few conspiracy theories ?
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June 17, 2014, 12:50:36 AM
 #105

I didn't realize Exxon was mining now.

Given the disparity in capitalization, they simply could buy up all available BTC and not even dent their annual bonuses in the process.  A couple of years on, BTC would be toast.

Do you have some numbers about the hashpower the nsa has or you're just posting to let others you have heard a few conspiracy theories ?

An IBM Blue Genie/Q can clock 20 peta-FLOPS and consumes 6 MW of power.  The new NSA Datacenter in Utah, one of many such around the world, draws 65 MW of power from the grid. 

Do the math.
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June 17, 2014, 01:00:02 AM
 #106

I didn't realize Exxon was mining now.

Given the disparity in capitalization, they simply could buy up all available BTC and not even dent their annual bonuses in the process.  A couple of years on, BTC would be toast.

Do you have some numbers about the hashpower the nsa has or you're just posting to let others you have heard a few conspiracy theories ?

An IBM Blue Genie/Q can clock 20 peta-FLOPS and consumes 6 MW of power.  The new NSA Datacenter in Utah, one of many such around the world, draws 65 MW of power from the grid.  

Do the math.

Current network hashrate is equivalent of 1189529.29 Petaflops.
That's 60 000 of your Blue Genie computers.

You do the math newbie Smiley
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June 17, 2014, 01:11:22 AM
 #107

I didn't realize Exxon was mining now.

Given the disparity in capitalization, they simply could buy up all available BTC and not even dent their annual bonuses in the process.  A couple of years on, BTC would be toast.

Do you have some numbers about the hashpower the nsa has or you're just posting to let others you have heard a few conspiracy theories ?

An IBM Blue Genie/Q can clock 20 peta-FLOPS and consumes 6 MW of power.  The new NSA Datacenter in Utah, one of many such around the world, draws 65 MW of power from the grid.  

Do the math.

Current network hashrate is equivalent of 1189529.29 Petaflops.
That's 60 000 of your Blue Genie computers.

You do the math newbie Smiley


How are you converting intops to flops?

Bitcoin network and pool analysis 12QxPHEuxDrs7mCyGSx1iVSozTwtquDB3r
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June 17, 2014, 01:19:01 AM
 #108

How are you converting intops to flops?

I was just quoting http://bitcoinwatch.com/


This is exactly how bitcoinwatch estimates FLOPS.  I am not saying it is an acurate way to do the estimate, all I am saying is this is how they do it for what it is worth and for comparison to your other methods.  Many here among us question the valididty of this estimation method.

The page simply uses the following assumptions/estimates:

    1 INTOP = 2 FLOP
    1 hash = 6.35K INTOP
    1 hash = 12.7K FLOP

So the hashrate in TeraFLOP/s is simply 12.7 times the hashrate in Gigahashes/s.

As an example:  11,558.55 Gigahashs/s * 12.7 TeraFLOP/Gigahash = 146,794 TeraFLOP/s = 146 PetaFLOP/s

Of course , the bitcoin network probably isn't really capable of 1 flops right now but....
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June 17, 2014, 02:13:47 AM
 #109

Current network hashrate is equivalent of 1189529.29 Petaflops.
That's 60 000 of your Blue Genie computers.

You do the math newbie Smiley

The actual hashing power of the BTC network is 1039.79 peta-FLOPS.

source: http://www.coindesk.com/bitcoin-network-out-muscles-top-500-supercomputers/

Using a benchmark of aprox 200 peta-FLOPS per 65MW datacenter, three such facilities could launch a 51% attack on the BTC network.

Math Done  Smiley
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June 17, 2014, 02:24:22 AM
 #110

Current network hashrate is equivalent of 1189529.29 Petaflops.
That's 60 000 of your Blue Genie computers.

You do the math newbie Smiley

The actual hashing power of the BTC network is 1039.79 peta-FLOPS.

source: http://www.coindesk.com/bitcoin-network-out-muscles-top-500-supercomputers/

Using a benchmark of aprox 200 peta-FLOPS per 65MW datacenter, three such facilities could launch a 51% attack on the BTC network.

Math Done  Smiley

article : Published on May 13, 2013

We're in 2014 right now:

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June 17, 2014, 02:26:28 AM
 #111


Support the two platforms essential to protecting the identities of whistleblowers. Both accept bitcoin donations.
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http://goo.gl/sZg2RN  - SecureDrop: whistleblower submission system
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June 17, 2014, 02:31:49 AM
 #112

http://fuk.io/cexio-ghashio-jeffrey-smith-interview-exclusive/
INTERVIEW UPDATED WITH 51% ATTACK QUESTION

Quote
We STRONGLY agree that no Bitcoin user should fully trust a single entity that they will not harm and manipulate users’ funds and assets, and we will soon present a valid solution to the “Achilles heel “ problem of Bitcoin, and will start an open dialogue with other pool owners to impose this solution.

Wow, I feel much better now. I can't wait for the pool operators to become the dirty dozen and begin "imposing solutions" on Bitcoin. Time to go all in. o_O


Even worse:

Quote
We would also like to state that stopping sign ups and other actions of this type would only be a temporary solution, and there would be no guarantees that later on some other pool would get the percentage close to 51%, and their intentions would not be so true and assuring as ours.

We don't care for a temporary solution , let's all think a few years about another one.


Yeah, I know. That whole article did anything but reassure me. What it actually did was convince me that they are going to do whatever they want to do and their isn't a damn thing any of us can do about it and they know it.

Sorry was best i could get from them Smiley

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June 17, 2014, 03:06:44 AM
 #113

Current network hashrate is equivalent of 1189529.29 Petaflops.
That's 60 000 of your Blue Genie computers.

You do the math newbie Smiley

The actual hashing power of the BTC network is 1039.79 peta-FLOPS.

source: http://www.coindesk.com/bitcoin-network-out-muscles-top-500-supercomputers/

Using a benchmark of aprox 200 peta-FLOPS per 65MW datacenter, three such facilities could launch a 51% attack on the BTC network.

Math Done  Smiley

That's a fairly outdated article, also the Utah Data Center is all disk drives, several YottaBytes worth... no processing power, that's at Oak Ridge, TN in the Titan super computer there. 20 PetaFLOPS

https://www.olcf.ornl.gov/computing-resources/titan-cray-xk7/



Current network statistic....

Quote
Network Hashrate
PetaFLOPS
1190956.57

I guess your name actually says it all "CTL_ALT_DEL" *poof*  Shocked


Edit: currently it would take 59547.8285 Titan's to equal the hashing power of the network.
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June 17, 2014, 04:24:12 AM
 #114

Feels like sharing an outdated article from last year that predicted this
One point for the Altcoins XD
Proof of Stake

http://arstechnica.com/business/2013/05/wary-of-bitcoin-a-guide-to-some-other-cryptocurrencies/2/
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June 17, 2014, 04:27:50 AM
 #115

Would a moderator please merge all of these GHash threads? It's redundant and difficult to follow the discussion with so many threads all discussing the exact same topic.
Wish I could but there's no merge function. On the other hand I was considering closing some but this is important enough an issue to allow lots of discussion unabated.

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June 17, 2014, 02:44:42 PM
 #116


article : Published on May 13, 2013

We're in 2014 right now:



I guess your name actually says it all "CTL_ALT_DEL" *poof*  Shocked


Wow!  So much vitriol over this, its hard to believe. ...

Somebody asked me to support a statement I made RE: the NSA could take down BTC if it wanted to.

In response I did an off the cuff estimate of NSA's computing power.  I used MW consumption for an NSA facility recently in the news, an article on BTC hashing power and peta-FLOPS/MW  for the Blue Gene Sequoia.

Yes, the article I used was from 2013, newest I could find in a quick Internet search;
Yes, the hashing power of the BTC network is substantially higher now;
Yes, the Titan outperforms the Sequoia, which was 2013's top supercomputer;

I suppose I could look at it from another direction but really, I have better things to do than try to guess the computing power of a darknet like NSA. 

Peace Out, Be Well, etc. and please do not hesitate flame me in future for being a newbie.  I take a mind over matter approach to that sort of thing.....  Grin
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June 17, 2014, 06:08:36 PM
 #117

I guess your name actually says it all "CTL_ALT_DEL" *poof*  Shocked
Wow!  So much vitriol over this, its hard to believe. ...

To be fair I'lll say I just couldn't resist, I'm an ex-Windows guy...so it wasn't you, just your name...  Grin
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