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Author Topic: Who cares about the 45% Ghash.io have - will you care when they are at 51%?  (Read 4421 times)
BCwinning
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June 09, 2014, 12:17:11 PM
 #61

I disagree on how you are using the word micromanagement here. Managed yes micro'd no.
It's nothing more than adding another safeguard to preserve the currency.

Mechanisms to deal with large hashers that approach 51% are already in place.  When an entity reaches that point and they are deemed to not be trustworthy, that will cause the value to decrease.  When the value decreases then they no longer have an incentive to have that much hash power running and will stop.

Modifying the way Bitcoin works to prevent someone, you don't like, from reaching a certain percentage is what I would call micromanagement.  Once the precedent is set who is to say what that magic percentage that no one entity should be allowed to reach.  51% isn't the number that double spends are possible, that can be done with a much smaller percentage.
I say bullshit. The value didn't decreased before when it happened before. The pool operator took actions. Which they didn't have to do.
w/e You'll disagree to disagree.

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June 09, 2014, 12:39:57 PM
 #62

The value didn't decreased before when it happened before. The pool operator took actions. Which they didn't have to do.
w/e You'll disagree to disagree.

I'm assuming your talking about BTCGuild?  If so that is a reputable pool that cares about Bitcoin.  I'm not saying that Ghash isn't.  I'm just saying if an untrusted entity did get majority control the network bitcoin value would fall.  Then that entity would have to decide whether they wanted to continue to mine at a loss or not.


I'm just saying throttling entities to a certain percentage of blocks found would/could do more damage and defeat the purpose of Bitcoin.

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June 09, 2014, 03:45:04 PM
 #63

look all the other pools need to do is implement a secondary solo pool.  it takes away the edge of ghash


https://bitcointalk.org/index.php?topic=27062.msg7197340#msg7197340


https://bitcointalk.org/index.php?topic=645488.0


it would certainly dilute ghash.io if 5 big pools offered this option.  It would also allow for old 'useless' gear to still have a value

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