Is Bitcoin about to be attacked?

[CornedBeefHash]

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[bittenbob]

As someone else mentioned in another it is more likely for them to attempt double spends by creating alternative block chains. I recently discovered that the pool I was mining for (ABCPool) was reselling their hashing power. On fundamentals alone I decided to leave the pool and go back to deepbit. I purposely went to deepbit because I think BIP 16 and BIP 17 need more testing before attempting to implement them. I wonder who ultimately is paying this 105-115% PPS and what their true motivations are. I suggest miners take a closer look at their pool to decide whether or not they support the actions of that pool.

[pirateat40]

They're monsters, just monsters.  Stay away, they bite!

[OneFixt]

As someone else mentioned in another it is more likely for them to attempt double spends by creating alternative block chains. I recently discovered that the pool I was mining for (ABCPool) was reselling their hashing power. On fundamentals alone I decided to leave the pool and go back to deepbit. I purposely went to deepbit because I think BIP 16 and BIP 17 need more testing before attempting to implement them. I wonder who ultimately is paying this 105-115% PPS and what their true motivations are. I suggest miners take a closer look at their pool to decide whether or not they support the actions of that pool.

Another possibility is that these pools are engaged in laundering stolen bitcoins.

Please consider using BitPenny.  It uses an open-source client and coinbase transactions to assure miners that their power is not resold or abused by the server, and that all coins are freshly generated.  We also believe that BIP 16 and 17 need more testing and are holding off on implementing either of them.

[Clipse]

Since my service is mentioned I would like to reply slightly tongue-in-cheek.

If you so strongly believe bitcoin can get taken over by 3 partially similar services offering something to miners above market rate then I would strongly suggest to sell all your bitcoins right away since such small operations at all being able to kill the whole economy doesnt show any strength in bitcoin.

ps. Ive been a member of this forum since end of April 2011, I would have hoped long standing(and active) members would get just a little bit better treatment from the community than all these fear mongering 

[Clipse]

Since my service is mentioned I would like to reply slightly tongue-in-cheek.

If you so strongly believe bitcoin can get taken over by 3 partially similar services offering something to miners above market rate then I would strongly suggest to sell all your bitcoins right away since such small operations at all being able to kill the whole economy doesnt show any strength in bitcoin.

ps. Ive been a member of this forum since end of April 2011, I would have hoped long standing(and active) members would get just a little bit better treatment from the community than all these fear mongering 

So you never plan on growing? Is that your business model.

If I can manage to grow to a supersize pool then I would, right now I know that its not within my experience to manage to high amount of users/traffic. As time goes by and I feel comfortable I would of course want to grow in size.

What does growing overtime have to do with the services you mentioned right now? Do you think the mentioned services would grow within a doomsday week to kill the bitcoin network? o_0

All of this takes time, months at a minimum to secure loyalty from users.

[djinfected]

Someone has GOT to explain to me how you can possibly get more bitcoins than you've worked for without someone conning someone.

[Clipse]

Since my service is mentioned I would like to reply slightly tongue-in-cheek.

If you so strongly believe bitcoin can get taken over by 3 partially similar services offering something to miners above market rate then I would strongly suggest to sell all your bitcoins right away since such small operations at all being able to kill the whole economy doesnt show any strength in bitcoin.

ps. Ive been a member of this forum since end of April 2011, I would have hoped long standing(and active) members would get just a little bit better treatment from the community than all these fear mongering  

So you never plan on growing? Is that your business model.

If I can manage to grow to a supersize pool then I would, right now I know that its not within my experience to manage to high amount of users/traffic. As time goes by and I feel comfortable I would of course want to grow in size.

What does growing overtime have to do with the services you mentioned right now? Do you think the mentioned services would grow within a doomsday week to kill the bitcoin network? o_0

All of this takes time, months at a minimum to secure loyalty from users.

No, certainly it can’t happen in a week. Anything you do would need to be a long term plan. How is it possible over the long term to offer more than break even percentages? How will you stay in business? What is your business model? Is this a humanitarian venture?  

Woah, who said I am going to offer the current rates for long period of time, I didnt make such claims anywhere in my threads. I would offer it until its not possible anymore, longterm I plan to expand a growing pool similar to what others offer however at the same time try to offer something different that would be appealing to longterm users.

My business model is to shameless respond to idiotic posts and of course it is humanitarian effort since it is meant to feed hungry kids on mars.

Someone has GOT to explain to me how you can possibly get more bitcoins than you've worked for without someone conning someone.

Explain it to me and keep it from being criminal, harmful or stupid and I'll throw 6 GHash/s at it right now.

Wouldnt you like to know how its done? Please elaborate on what you feel is criminal according to your moral compass of justice.

Someone has GOT to explain to me how you can possibly get more bitcoins than you've worked for without someone conning someone.

Explain it to me and keep it from being criminal, harmful or stupid and I'll throw 6 GHash/s at it right now.

I'll explain it for 10btc per person, with the agreement that the student does not pass the information to others.

Or, I will explain it to one person for 100btc.  Included will be examples of how I have gained a profit through the use of these pools in a legitimate fashion, without ethical compromise, violation of terms of service, or illegal actions.

Damn reeses beat me to it, I will explain it to you in 12 month steps at 5BTC a month

[ZodiacDragon84]

You could always throw your 6 G/hash towards www.bitminter.com Dr. Haribo is about as honest as theycome.

[ZodiacDragon84]

TL:DR seems to be the sentiment...

And yes, Bitminter is a Java based miner. I like it, because you dont have to install anything other than the Java, and a wallet if you really must  have your coins...lol

[ZodiacDragon84]

voltage clocked down too, and on the hardware compare page, you have more 5870s on various miners running in the mid 300, so my cards are not far off the average, plus they regularly hit 400+ for a few hours at a time everyday. I have confirmed this with CGminer, GUI miner, and diablos miner. I just prefer the Java miner.  

and just for reference
https://en.bitcoin.it/wiki/Mining_hardware_comparison

[ZodiacDragon84]

current stats on my 3 miners

[ZodiacDragon84]

voltage clocked down too, and on the hardware compare page, you have more 5870s on various miners running in the mid 300, so my cards are not far off the average, plus they regularly hit 400+ for a few hours at a time everyday. I have confirmed this with CGminer, GUI miner, and diablos miner. I just prefer the Java miner.  

and just for reference
https://en.bitcoin.it/wiki/Mining_hardware_comparison

That's not so bad then. I use a different concept for tweaking. It's simple - I want to be one step away from a house fire and crank every thing I can get out of a card. Both my 5870's are running at 434.2 constant.

I have a 2 month old that dont like the fans ramping up to uber fast, and ditto for the wife...Not a firefighter,so Imma not gonna mess with your method, no offense sir!

[ZodiacDragon84]

you can probably afford new equipment every three months! I am but a lowly garbage man with a wife and daughter, who thinks he can trade bitcoins when he finds some!  my cards gotta last a while yet!

[ZodiacDragon84]

Id crap bricks for a new house if that happened! Bad caps on mobo, or one of the bridges cooking off?

[ZodiacDragon84]

I'm the same. Love it. have you checked out Anubis for monitoring your cluster?

[ZodiacDragon84]

truer words have never been spoken. You get what you pay for.

[ZodiacDragon84]

well played sir. as it is, good night/morning from the central US (its midnight here)

[flower1024]

why dont you step up and implement smart-mining (just means that your miners decide on the block to build; bot you)?
i would happily join your pool if so... because there would be no risk in attacking bitcoin then...

[finway]

MONEY LAUNDERING
NO DOUBT