GHash is at 48% WTF

[DooMAD]

What will happen when a group of miners gets 51% of the hash is that the community spotlight will be on them like the Eye of Sauron.   People will be watching every little move for the slightest hint of impropriety.  One wrong step and that pool's name will be less than mud for the rest of forever.  It's a self-regulating system.

[LiteCoinGuy]

So if I read correctly, you guys are saying its time to move to LTC hehe ?
i joke i joke

yes, you are the first person who understands it  

but we have to find a solution for this mining-problem or we will face it over and over again...

http://de.reddit.com/r/Bitcoin/comments/27ls92/people_need_to_realize_50_isnt_a_magic_line_it/

[softstorb]

Thre are  some big players who won't allow any group to hold this 51% hash rate.

[bryant.coleman]

Thre are  some big players who won't allow any group to hold this 51% hash rate.

Big Players? There are none. And it seems highly likely that GHash will clock 51% very soon, unless other pools manage to wean away at least some of the GHash miners. Why is GHash so attractive to miners?

[jambola2]

although 51%+ is a pivitol point. remember its not the fact that they have 51%, its the fact of if they will do anything nasty once they have 51%+

although id like to think they wouldnt shoot themselves in the foot by doing anything... thus nothing will change, there is that chance that the owner of Ghash is a complete knob and would do something.. so dont think of the 51%, think about if GHash CEO is a knob or not. and lets hope he is not.

with that said lets get all your miners on different pools to disburse the hash-power so we never have to find out if Ghash CEO will be a knob or not

So much paranoia on these forums, and so much forgetting about rational self-interest. What do you think happens to the fool who destroys the wealth of tens of thousands of hackers?

Nothing good.

Deepbit had controlling share in the network a couple of times and we survived. They won't do anything because it's in their best interest to play nice. Think about it a minute. They're holding a mass of btc profit from running a successful pool. They could continue making more money but instead they decide to make their holdings worthless by fucking with the network. Yeah, that makes sense. Calm down people, the sky isn't falling.

I sincerely doubt ghash.io would destroy their own business by manipulating the market after reaching 51% of hashing power. It is likely they already have safety measures put in place.

In a centralized system , we rely on trust of a central authority.
If cex.io reaches 51% , they obviously will not double spend.
But , this means that Bitcoin will no longer be decentralized as majority of transactions will have to rely on the central power.

51% is not bad because they will manipulate the market. They will not do that , to protect themselves , as stated by you all.
But , this will mark the change of Bitcoin to a centralized system , just like the Fiat that we have struggled to leave behind.

[Gyrsur]

interesting times! so let the price go down because the system ist too centralized. 

[jambola2]

interesting times! so let the price go down because the system ist too centralized. 

Nothing can ever literally destroy Bitcoin.
But , if Bitcoin takes too big a hit , LTC or some other alt-currency which is stronger against this kind of attacks may take over.

It will set back the cryptocurrency market back a couple years , but the new coin will be more resilient than BTC.

[eid]

I doubt they would do anything malicious as well. But that's not the point. The point is that Bitcoin is trustless, yet I have to trust them.

This is the only point which matters. All arguments about whether they would or not are pointless. I don't want to have to trust them (or anyone else I don't know).

[exocytosis]

I sincerely doubt ghash.io would destroy their own business by manipulating the market after reaching 51% of hashing power. It is likely they already have safety measures put in place.

And what if ghash.io (and/or other mining pools) is owned by The Fed, the NSA or another large entity that might like to destroy Bitcoin? What better way to do it than perform a 51 % attack, thus creating a lot of FUD in the media and making sure Joe Blow stays far away from Bitcoin? The mainstream adoption phase would never be reached.

From Reddit:

If a 51% can occur, all trust in bitcoin should be lost forever. An investment that relies on people begging random strangers on reddit not to ruin it every couple of weeks is not really something that seems like a great thing to pour actual money into, tbqh.

[onemorebtc]

btw GHash already did a double spent a while ago: https://bitcointalk.org/index.php?topic=327767.0

but it was just an employer....

[ashleysly]

GHash is a good company.
They don't want to double spend or miners would just leave them so that they lose profits.
I.e 100BTC a day from other people mining is the perfect revenue for maintaining a pool... Don't thing they would want to lose that for gaining an extra few BTC by double spending

[onemorebtc]

GHash is a good company.
They don't want to double spend or miners would just leave them so that they lose profits.
I.e 100BTC a day from other people mining is the perfect revenue for maintaining a pool... Don't thing they would want to lose that for gaining an extra few BTC by double spending

bitcoin is about trustless money.
if you trust ghash so much why dont you ask them to issue you some GHash-Money-Tokens and use a centralized system?

[exocytosis]

GHash is a good company.

 

[Gyrsur]

I.e 100BTC a day from other people mining is the perfect revenue for maintaining a pool... Don't thing they would want to lose that for gaining an extra few BTC by double spending

with 0% pool fee. how does it work?

[Cryptopher]

Could the pool/significant participants of the pool hold the network to ransom?

I don't see the benefit of a pool taking part in an attack on the network, unless the hidden agenda of the pool was always to get to this point. Either way you don't want to have to trust few in what is supposed to be a trustless network, right?

[jambola2]

Everytime I check on the blockchain hashrate distribution statistics , a paranoid part of me wonders if the 18% unknown is actually ghash.io covering up

[niothor]

Everytime I check on the blockchain hashrate distribution statistics , a paranoid part of me wonders if the 18% unknown is actually ghash.io covering up

And every time I see somebody asking this I feel like telling him , "of course they are " just to drive the paranoia further.

But really , it's the second time this year we have this debate and nothing changed and nothing happened from the last time.

Unless I see other pools offering a 0 fee and being as reliable as ghash the same time , nothing will change.

[solex]

Everytime I check on the blockchain hashrate distribution statistics , a paranoid part of me wonders if the 18% unknown is actually ghash.io covering up

And every time I see somebody asking this I feel like telling him , "of course they are " just to drive the paranoia further.

But really , it's the second time this year we have this debate and nothing changed and nothing happened from the last time.

Unless I see other pools offering a 0 fee and being as reliable as ghash the same time , nothing will change.

Unknown was always around 10%, and the increase from that is a couple of growing mining farms which blockchain.info doesn't know about.

People should use this site in order to know what the mining pool situation is really like (as much as can be determined!):

http://organofcorti.blogspot.com/

[BitCoinDream]

So if I read correctly, you guys are saying its time to move to LTC hehe ?
i joke i joke

yes, you are the first person who understands it  

but we have to find a solution for this mining-problem or we will face it over and over again...

http://de.reddit.com/r/Bitcoin/comments/27ls92/people_need_to_realize_50_isnt_a_magic_line_it/

So, who is the front runner in Litecoin mining at the moment ? As I can see from here, they are into Litecoin mining as well...

[newIndia]

Deepbit had controlling share in the network a couple of times and we survived. They won't do anything because it's in their best interest to play nice. Think about it a minute. They're holding a mass of btc profit from running a successful pool. They could continue making more money but instead they decide to make their holdings worthless by fucking with the network. Yeah, that makes sense. Calm down people, the sky isn't falling.

Their "mass of BTC profit" isn't from their pool.  Their pool costs them money, it makes them nothing.  It has, from day 1, made absolutely no economic sense for their pool to exist at all.  Their private farm is as large or larger than any other pool as is, so the argument of letting others join them to reduce their variance is moot.  They're too large for variance to make an impact on their monthly revenues.  They're paying to run servers for people for nothing, unless they're skimming from the top.

Who is this private firm behind that is paying for servers with no profit ...as u r saying ?