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Author Topic: Ghash.io reaching up to 47% hashrate (now down). Can it reach 51%?  (Read 1639 times)
newIndia
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June 08, 2014, 06:06:43 PM
 #21

I dont understand 1 simple thing. Why on earth Ghash.io/Cex.io will try for double spend ? Their wealth is standing on BTC... is not it ?

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June 08, 2014, 06:20:05 PM
 #22

The real danger is pool operator corruption not a single pool getting >50% hashing power.

Take gigahash and some other leading mining pool. Combine their hashing power and Bitcoin is done. DEAD. All hail to peercoin, you should start buying peercoins already (http://imgur.com/a/dG66c) as this coin is much more resistant to 51% attacks.

Someone controls the pool, right? That someone has a family to be tortured in order to bring down Bitcoin. If money won't corrupt the pool operator, there are other things that can be done.

Those who know history, might even look back to Molotov–Ribbentrop Pact which may very well happen in the context of leading pool operators.

1. Develop a 51% attack proof altcoin.
2. Bring down Bitcoin with the analogue of the Molotov–Ribbentrop Pact amongst pool operators.
3. Everyone switches to 51% attack proof coin.
4. Profit

I diversified to peercoin long time ago and been stake-mining for a year now.


akujin
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June 08, 2014, 06:24:10 PM
 #23

So china could use it to attack bitcoin?

I guess anybody could, but I don't think anybody would be able to
Why wouldn't they be able to? What if they seized the mining hardware then used it to attack? Or use their leet hackers to take over the mining pools?

BTC: 165rKPfGJ3ndrG1QziHR6ACnViP4EQHNK7
LTC: LMysGMFjmF9gR9RzStij74msXrDP1NqW8X
DOGE: DRZXGgcKN8kANwko3VycsBVVGqfy6XsSpM
Gyrsur
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June 08, 2014, 06:38:04 PM
 #24

*watch*
Raystonn
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June 08, 2014, 07:48:30 PM
 #25

Ghash.io is currently at 39% according to https://blockchain.info/pools.
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June 08, 2014, 08:47:11 PM
 #26

There's no problem in Ghash.io reaching the 51% of the total hashrate, they have no interest into breaking the bitcoin party.

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CEG5952
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Buy and sell bitcoins,


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June 08, 2014, 09:31:04 PM
 #27

There's no problem in Ghash.io reaching the 51% of the total hashrate, they have no interest into breaking the bitcoin party.

That's kind of messed up, though. If we want to protect the integrity of the network, it's in the interest of us all not to have one entity controlling so much of the network.

okthen
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June 08, 2014, 09:32:29 PM
 #28

There's no problem in Ghash.io reaching the 51% of the total hashrate, they have no interest into breaking the bitcoin party.

They won't. It would be completely counterproductive for them, lowering user trust.
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