[CLOSING] GHash.IO mining pool official page

[os2sam]

CEX.IO & GHash.IO today host a roundtable ahead of Coinsummit London Conference

Attendees will include the Bitcoin Foundation and mining industry representatives. The aim to collectively discuss solutions to the Bitcoin 51% issue.

https://mobile.twitter.com/cex_io/status/486805822312562688/photo/1

You don't need any conference to figure out a "solution" to a problem you created.  All you need to do is sell your ASIC hardware instead of hording it and mining on it for yourself.  Simple.  You don't need to liquidate all of your hardware just enough to maintain a more reasonable percentage of the overall networks hash rate, around 10 to 15%.

Having half the network being your hardware under your control and is decreasing confidence in Bitcoin and will decrease your profits.  So selling off your hardware to a more reasonable level is not only good for the network and all Bitcoiner's, but is also good for you.  It's not brain surgery, just common sense.  No conference needed.

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[dropt]

You don't need any conference to figure out a "solution" to a problem you created.  All you need to do is sell your ASIC hardware instead of hording it and mining on it for yourself.  Simple.  You don't need to liquidate all of your hardware just enough to maintain a more reasonable percentage of the overall networks hash rate, around 10 to 15%.

INB4 "We tried, but no one's buying our hardware (at $10/GH)."

Having half the network being your hardware under your control and is decreasing confidence in Bitcoin and will decrease your profits.  So selling off your hardware to a more reasonable level is not only good for the network and all Bitcoiner's, but is also good for you.  It's not brain surgery, just common sense.  No conference needed.

Which is why I quite like BITMAIN's model.  They've got a fairly sizeable private farm, but they are also the market leader when it comes to sales priced appropriately for the market.  Even when Bitfury and Co. were selling to end-users their pricing was out there.

[SecureErase]

[quote author=os2sam link=topic=627111.msg7753340#msg7753340 date=1404916498

You don't need any conference to figure out a "solution" to a problem you created.  All you need to do is sell your ASIC hardware instead of hording it and mining on it for yourself.  Simple.  You don't need to liquidate all of your hardware just enough to maintain a more reasonable percentage of the overall networks hash rate, around 10 to 15%.

Having half the network being your hardware under your control and is decreasing confidence in Bitcoin and will decrease your profits.  So selling off your hardware to a more reasonable level is not only good for the network and all Bitcoiner's, but is also good for you.  It's not brain surgery, just common sense.  No conference needed.

[/quote]
You need to fact check a bit before making grand statements. Most of their mining power comes from independent miners. Their hardware is about 30% of their pool size let's say 20 Peta hash max or about 16% of the total hashing power of 120 Peta hash. Oh look it is already at your requested reasonable percentage level.
The Bitcoin protocol has a weakness with the 51% issue, having the market players discuss it as an industry is the way to find a long term solution.

[os2sam]

Their hardware is about 30% of their pool size let's say 20 Peta hash max or about 16% of the total hashing power of 120 Peta hash. Oh look it is already at your requested reasonable percentage level.

If only that were true that would be great.  It appears they are attempting to obscure their hashrate by solo mining with some of it.  Also many of their independent miners are using their cloud mining services which said miners have no control over that hashrate.

Your right in that I haven't really researched how much hash rate is really theirs on their hardware on the network.  But I have no idea how to realistically or accurately do that.  I, like most people, go by the pie chart on blockchain.info.

The Bitcoin protocol has a weakness with the 51% issue, having the market players discuss it as an industry is the way to find a long term solution.

It's not a weakness!  Its the nature of Bitcoin.  That is the way hashing entities "vote" to make changes.

Right now ghashio is approaching the power to "vote" with no input from others.  That makes allot of people nervous since they think any fork they do will be bad for everyone else, maybe it will maybe it won't, maybe ghasio will never attempt to create a hard fork.

[dropt]

You need to fact check a bit before making grand statements. Most of their mining power comes from independent miners. Their hardware is about 30% of their pool size let's say 20 Peta hash max or about 16% of the total hashing power of 120 Peta hash. Oh look it is already at your requested reasonable percentage level.
The Bitcoin protocol has a weakness with the 51% issue, having the market players discuss it as an industry is the way to find a long term solution.

Complains about lack of fact checking, fails to provide citations in retort.

*Golf Clap*

[organofcorti]

You need to fact check a bit before making grand statements. Most of their mining power comes from independent miners. Their hardware is about 30% of their pool size let's say 20 Peta hash max or about 16% of the total hashing power of 120 Peta hash. Oh look it is already at your requested reasonable percentage level.
The Bitcoin protocol has a weakness with the 51% issue, having the market players discuss it as an industry is the way to find a long term solution.

You might becorrect. You might not be correct. We have no way of knowing, because GHash.IO is less transparent than many other pools.

[thatguy42]

The Bitcoin protocol has a weakness with the 51% issue, having the market players discuss it as an industry is the way to find a long term solution.

You might becorrect. You might not be correct. We have no way of knowing, because GHash.IO is less transparent than many other pools.

The problem is the sickness of greed. Sooner or later an entity will overtly or secretly gain 51% for greedy purposes.

Perhaps, after getting 2 blocks in a row, if the same entity gets a third block; that block is given to, a random mining entity, that has never gotten a block.
Could something like that decentralize enough ?

[SecureErase]

You need to fact check a bit before making grand statements. Most of their mining power comes from independent miners. Their hardware is about 30% of their pool size let's say 20 Peta hash max or about 16% of the total hashing power of 120 Peta hash. Oh look it is already at your requested reasonable percentage level.
The Bitcoin protocol has a weakness with the 51% issue, having the market players discuss it as an industry is the way to find a long term solution.

Complains about lack of fact checking, fails to provide citations in retort.

*Golf Clap*

Never heard of Google then "Given that 25% of Ghash.io’s hashing power (upwards of 10% of the total network hashrate) is from Cex.io".......sinks that putt lots of clapping. There are quotes out there to that effect.

[ernie-]

The Bitcoin protocol has a weakness with the 51% issue, having the market players discuss it as an industry is the way to find a long term solution.

You might becorrect. You might not be correct. We have no way of knowing, because GHash.IO is less transparent than many other pools.

The problem is the sickness of greed. Sooner or later an entity will overtly or secretly gain 51% for greedy purposes.

Perhaps, after getting 2 blocks in a row, if the same entity gets a third block; that block is given to, a random mining entity, that has never gotten a block.
Could something like that decentralize enough ?

Sound like nonsense to me, the chance of something like a double spend attack is almost identical for 49% vs 51% there is even a chance if you have only 10% of the net hash you can have a double spend attack, it's just not all that likely to succeed, but there still is a chance. Most of the time ghash.io runs well below 40% of the net hash, which is way off this psychological 51% that everyone seems to get so excited about.

There are doezen of coins out there where 1 pool has over 70-80% of the net hash and life goes on.

[dropt]

Never heard of Google then "Given that 25% of Ghash.io’s hashing power (upwards of 10% of the total network hashrate) is from Cex.io".......sinks that putt lots of clapping. There are quotes out there to that effect.

Oh, so now the onus is on me to prove your claims, got it.  The point was you got riled up for someone's unsubtantiated claims then presented your own unsubstantiated claims as the "real" values.

And now did you not only allegedly go to Google and find that information, you again failed to provide your citation.  Nice.  So 25% for CEX.IO is it?  Any more information as to how much of GHASH is Bitfury's conglomerate of private pools?  Or maybe it would be easier to find out what percentage of their HR is not physically held by Bitfury/CEX operations.  As for "quotes"...

The HR of GHASH.IO is 99% physically owned and controlled by the Bitfury/CEX conglomerates.

Now let's just sit back and wait for Google to index this post and then we can all use the above as proof that GHASH is only 1% miners and 99% one entitiy.

[organofcorti]

You need to fact check a bit before making grand statements. Most of their mining power comes from independent miners. Their hardware is about 30% of their pool size let's say 20 Peta hash max or about 16% of the total hashing power of 120 Peta hash. Oh look it is already at your requested reasonable percentage level.
The Bitcoin protocol has a weakness with the 51% issue, having the market players discuss it as an industry is the way to find a long term solution.

Complains about lack of fact checking, fails to provide citations in retort.

*Golf Clap*

Never heard of Google then "Given that 25% of Ghash.io’s hashing power (upwards of 10% of the total network hashrate) is from Cex.io".......sinks that putt lots of clapping. There are quotes out there to that effect.

Can you link to a post where this is claimed by someone from an executive position in GHash.IO?

[SecureErase]

Never heard of Google then "Given that 25% of Ghash.io’s hashing power (upwards of 10% of the total network hashrate) is from Cex.io".......sinks that putt lots of clapping. There are quotes out there to that effect.

Oh, so now the onus is on me to prove your claims, got it.  The point was you got riled up for someone's unsubtantiated claims then presented your own unsubstantiated claims as the "real" values.

And now did you not only allegedly go to Google and find that information, you again failed to provide your citation.  Nice.  So 25% for CEX.IO is it?  Any more information as to how much of GHASH is Bitfury's conglomerate of private pools?  Or maybe it would be easier to find out what percentage of their HR is not physically held by Bitfury/CEX operations.  As for "quotes"...

The HR of GHASH.IO is 99% physically owned and controlled by the Bitfury/CEX conglomerates.

Now let's just sit back and wait for Google to index this post and then we can all use the above as proof that GHASH is only 1% miners and 99% one entitiy.

Ha ha, OK I do see the irony in me refuting unsubstantiated claims with my own unsubstantiated claim Although your quote shows zero results in Google.

CCN: What percentage of ghash.io’s hashing power is from cex.io? What percentage from other miners?

Jeffrey Smith: The hashing power of CEX.IO constitutes 25 percent of GHash.IO total hash rate. The rest are independent miners.

http://www.cryptocoinsnews.com/news/bitcoin-mining-pool-ghash-io-is-unapologetic-risk-theoretical-51-attack/2014/06/12

[organofcorti]

Jeffrey Smith: The hashing power of CEX.IO constitutes 25 percent of GHash.IO total hash rate. The rest are independent miners.

http://www.cryptocoinsnews.com/news/bitcoin-mining-pool-ghash-io-is-unapologetic-risk-theoretical-51-attack/2014/06/12

Well if that's correct I don't see why they're so much against providing an API that would allow everyone to monitor the situation instead waiting for Jeffrey Smith to make a statement. Plenty of pools do it.

[PatMan]

Jeffrey Smith: The hashing power of CEX.IO constitutes 25 percent of GHash.IO total hash rate. The rest are independent miners.

http://www.cryptocoinsnews.com/news/bitcoin-mining-pool-ghash-io-is-unapologetic-risk-theoretical-51-attack/2014/06/12

Well if that's correct I don't see why they're so much against providing an API that would allow everyone to monitor the situation instead waiting for Jeffrey Smith to make a statement. Plenty of pools do it.

Absolutely. Although we all know the reason why they're against it.

[Bitsaurus]

In an industry where pool ops getting love/respect from the community for their transparency and communication ghash.io has decided to go the other way and try to hide what's going on behind the curtain.  Come on ghash.io, release your API

[ernie-]

In an industry where pool ops getting love/respect from the community for their transparency and communication ghash.io has decided to go the other way and try to hide what's going on behind the curtain.  Come on ghash.io, release your API

What's so important about an API? What are you trying to achieve with it? I run trade bots con cex.io API without any problems.



I see the market for GHS has collapsed today, any ideas what happened?

[Bitcoinbikers]

Do GHash.io do cloud mining? and is it worth it?

[ALToids]

In an industry where pool ops getting love/respect from the community for their transparency and communication ghash.io has decided to go the other way and try to hide what's going on behind the curtain.  Come on ghash.io, release your API

What's so important about an API? What are you trying to achieve with it? I run trade bots con cex.io API without any problems.



I see the market for GHS has collapsed today, any ideas what happened?

Perhaps the puppeteer who was playing the strings to keep the price elevated decided it was time to take his profit?  I mean with the maintenance, trading fees, withdrawal fee, and exorbitant cost cex GHs were probably the most overpriced junk out there.

[ernie-]

Perhaps the puppeteer who was playing the strings to keep the price elevated decided it was time to take his profit?  I mean with the maintenance, trading fees, withdrawal fee, and exorbitant cost cex GHs were probably the most overpriced junk out there.

So in other words you have no idea.

I thought it might have been the diff increase.

 

[ALToids]

Perhaps the puppeteer who was playing the strings to keep the price elevated decided it was time to take his profit?  I mean with the maintenance, trading fees, withdrawal fee, and exorbitant cost cex GHs were probably the most overpriced junk out there.

So in other words you have no idea.

I thought it might have been the diff increase.

So in other words you can't understand basic economics.  Price volatility at CEX depends on demand not on logic (if it depended on logic nobody would lose money there).

Here, I'll give you Occam's razor - the price was overinflated and a large holder decided to dump his assets.