GHash is at 48% WTF

[QuestionAuthority]

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 ?

Don't worry about it, he's a pool operator spreading FUD about another pool operator. If Bitcoin stays the same, the reward keeps dropping, the difficulty keeps increasing and mining fees don't shoot through the roof (which no one will pay because Western Union will cut costs to compete) then you will end up trusting a few or possibly even just one business to control the Proof of Work system. The theory is that the business or businesses that control it will have a vested interest in preserving the system and keeping it safe. You will still end up with a centralized system whether you like it or not.

Read this: https://en.bitcoin.it/wiki/Proof_of_Stake

And this: https://en.bitcoin.it/wiki/Proof_of_burn

[1714621534]

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[1714621534]

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[ashleysly]

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?

Didn't realise that it was a 0% fee pool... How do they generate revenue?

And I thought bitcoin was updates to resist such attacks.

[Hunterbunter]

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?

Didn't realise that it was a 0% fee pool... How do they generate revenue?

And I thought bitcoin was updates to resist such attacks.

Revenue from withdrawals (0.001 btc I'm told), plus a cut from trading.

Shameless plug:

Blisterpool is paying 120% at the moment (http://blisterpool.com). Simple registration and connection; it's a p2pool backend with 10% fee, with the fee returned in devcoins, plus another 20% of the total throughput in devcoins sent to the devcoin address (if you get 0.9 btc to your bitcoin address, you'll get 0.3 btc worth of devcoins to your devcoin address pair). The fee is high just to ensure a default payout, because that's what triggers the devcoin payment.

It's running at a loss because I'm testing a devcoin client on there, and I need hashpower to find a block. If someone joins keep in mind it takes 3 days for p2pool to ramp up to full speed payouts, so commit to at least a week or two for max payouts.

[michele93]

in my opinion ghash io is a big problem for bitcoin community

[crazyearner]

48% big deal they got to 52% of the network at one stage but they make changes to allow it to spread their hash and reduced it. Shame would of loved to see a 51% attack happen and some transactions start reversing providing they where planning on doing this. I highly doubt they would do such a thing and their site to be honest is not at all that good for mining on. Last time I mined their I had like a 20% stale rejected yet anywhere else I goto mine is flawless and now stale or rejected..

[eleuthria]

but they make changes to allow it to spread their hash and reduced it.

This has never happened.  They have made no changes or any efforts to limit their speed.  The made a very poorly made post about their plans, which included such things as letting cloud miners pick a different pool, which is *EVEN WORSE* since that means their share of the network is unknowable.

[el_rlee]

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 knows what their business model is. I am certain it's not just pure altruism.
We can only hope it's marketing for fooling idiots into "buying hardware" on cex.io....

[taipo]

They're at 38% now so we can all go back to sleep.

[lg15x]

You all know the shit, why don't you guys buy peercoin?

[taipo]

How does buying peercoin fix the 51% issue?

[devphp]

You all know the shit, why don't you guys buy peercoin?

Last I heard, Peercoin is not being kept decentralized by design, since it can be easily raped by sha-256 ASICs. There are central checkpoint servers or something with Peercoin. Looks like Bitcoin is also heading that way.

[Gyrsur]

somehow interesting:

http://www.reddit.com/r/Bitcoin/comments/279sex/ghashio_double_spending/

[crazyearner]

but they make changes to allow it to spread their hash and reduced it.

This has never happened.  They have made no changes or any efforts to limit their speed.  The made a very poorly made post about their plans, which included such things as letting cloud miners pick a different pool, which is *EVEN WORSE* since that means their share of the network is unknowable.

Am sure was reading the updates somewhere that they implemented measures to stop 51% from happening as they went way over that at one point and made changes so it couldn't happen again. But am guessing they didnt change much if anything and just added more coins and maybe said use that to spread the load but if they wanted to proper do it then would split it to multipul pools of their own not causing a 51% network. In all it would probs take alot more than that to cause any damage. And whos to say if they get that far they will do anything bad with it. Then again their was previously the double speds with some casino sites and that did trace to them and then sorted that problem out. So who knows the future. If they do it then  sure go for it reverse transactions ill be happy to have my coins back.

[freedomno1]

So did it hit 50% yet or did some hash move
Even at 40% the risk it is around 50 50 on a six deep transaction
That said currently I see 33% of the network on Ghash so that is good news

[lg15x]

How does buying peercoin fix the 51% issue?

I mean Peercoin's innovation PoS, its capability can prevent 51% much more than PoW.

[zvs]

48%....shit. It's going to be real.

Do you have a screenshoot for me? I'd like to share it with twitter.

https://www.youtube.com/watch?v=lQmaEtUUPyE

[devphp]

47% at this moment:

https://blockchain.info/en/pools?timespan=24hrs

[taipo]

Still holding at 47% ( assuming that rate is relatively correct )

[Justin00]

What is the estimate until they get to 51% anyway ?

[onemorebtc]

What is the estimate until they get to 51% anyway ?

you can attack bitcoin even with 30%.
51% just guarantees a success (in an unlimited timeframe and with the assumption that no new hashrate is added)