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Author Topic: [2014-06-09] GHash Nears 51%, Apple’s Change of Heart, Facebook Approves a Dogec  (Read 653 times)
erono
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June 09, 2014, 03:09:57 AM
 #1

http://www.cryptocoinsnews.com/news/bitcoin-news-review-ghash-nears-51-apple-allows-bitcoin-apps/2014/06/09

But First, an Important PSA

At the time of this post, GHash.io controls 40% of the hashrate. The pool that’s “trusted by 180k users” is becoming dangerously big. If anyone controls over 50% of the network hashrate, he/she can likely successfully double spend his/her bitcoins, which would have a domino effect that could destroy Bitcoin. Bitcoin was designed to be decentralised, and it’s important to ensure that no entity gains too much control over the network. Please consider moving to a smaller pool or using P2Pool to avoid the threat of a 51% attack.
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bryant.coleman
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June 09, 2014, 05:32:33 AM
 #2

This is from the press release made by GHash, a few months ago:

GHash.IO does not have any intentions to execute a 51% attack… it could risk our investments in physical hardware and we see no benefit from having 51% stake in mining

The big question is, whether we can trust them or not?

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June 09, 2014, 08:19:58 AM
 #3

"Apple’s not the only company changing its stance on virtual currencies. Facebook’s app terms state that apps must go through Facebook Payments for any type of currency transaction. However, despite this restriction, Facebook has surprisingly approved its first cryptocurrency tipping app – The Doge Tipping App. The app’s developer also submitted a Multicoin Tipping App, which was also approved. This app supports Quark, Mintcoin, Reddcoin, and more."

Doge Tipping App:
Do you see BTC in the supported list? ("...and more" includes BTC?)
Could you imagine Facebook with DOGE plus other alts and no BTC?  Shocked

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June 09, 2014, 10:16:46 AM
 #4

Doge Tipping App:
Do you see BTC in the supported list? ("...and more" includes BTC?)
Could you imagine Facebook with DOGE plus other alts and no BTC?  Shocked

Ever since the Winkelwii went public about their Bitcoin investment, Mark Zuckerberg is trying to destroy the digital currency. Adoption of Doge might be a step towards that direction.

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June 09, 2014, 02:42:21 PM
 #5

Doge Tipping App:
Do you see BTC in the supported list? ("...and more" includes BTC?)
Could you imagine Facebook with DOGE plus other alts and no BTC?  Shocked

Ever since the Winkelwii went public about their Bitcoin investment, Mark Zuckerberg is trying to destroy the digital currency. Adoption of Doge might be a step towards that direction.
Mark Zuckerberg should know better than to stand between people and their dreams! Facebook is already seen as old hat by the next gen children, would not take much negative press for it to go the way of myspace.
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June 09, 2014, 03:16:51 PM
 #6

Mark Zuckerberg should know better than to stand between people and their dreams! Facebook is already seen as old hat by the next gen children, would not take much negative press for it to go the way of myspace.

Zuckerberg and his Dogecoin will fail completely in this battle. Dogecoin doesn't possess one of the major advantages which Bitcoin possess. It's supply is not limited, and therefore it is not guarded against inflation.

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June 09, 2014, 04:00:42 PM
 #7

Um, does participating in one pool over another provide superior benefits?

Couldn't the Ghash.io folks just chop their pool into two 20% pieces or better yet 10 4% pieces and avoid the wrath of the community?

Could two or more pools secretly collude to achieve 51%?
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June 09, 2014, 05:19:50 PM
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Couldn't the Ghash.io folks just chop their pool into two 20% pieces or better yet 10 4% pieces and avoid the wrath of the community?

Two different pools, each having 20% of the hash power and owned / controlled by the same user (s) is no different from having one single pool with 40% of the hash power.

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June 09, 2014, 06:06:04 PM
 #9

Um, does participating in one pool over another provide superior benefits?

Couldn't the Ghash.io folks just chop their pool into two 20% pieces or better yet 10 4% pieces and avoid the wrath of the community?

Could two or more pools secretly collude to achieve 51%?


There is a far simpler solution...
Start a pool with 0% fee and probably a lot of people will switch to it.

And they might have already hidden a lot of their hash power in the "unknown"  20% percentage.


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June 09, 2014, 06:18:25 PM
 #10

And they might have already hidden a lot of their hash power in the "unknown"  20% percentage.
Could they be hiding hash power in Discus Fish?
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June 09, 2014, 06:20:10 PM
 #11

Couldn't the Ghash.io folks just chop their pool into two 20% pieces or better yet 10 4% pieces and avoid the wrath of the community?
Two different pools, each having 20% of the hash power and owned / controlled by the same user (s) is no different from having one single pool with 40% of the hash power.
How do we know that Ghash.io and Discus Fish are not controlled be the same user(s)?
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June 09, 2014, 06:23:20 PM
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Can there be a proof of non-collusion?
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June 09, 2014, 06:26:48 PM
 #13

Can there be a proof of non-collusion?
I suppose we could start by trying to prove collusion http://guide.iacrc.org/elements-of-proof-of-collusive-practices/.
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June 09, 2014, 06:30:16 PM
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How do we know that Ghash.io and Discus Fish are not controlled be the same user(s)?

Chances are very low. GHash guys are mostly from the United States, while most of the Discus Fish miners are from the mainland China. They charge a 3% fee, which is more than what GHash charges.

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June 09, 2014, 06:41:18 PM
 #15

How do we know that Ghash.io and Discus Fish are not controlled be the same user(s)?
Chances are very low. GHash guys are mostly from the United States, while most of the Discus Fish miners are from the mainland China. They charge a 3% fee, which is more than what GHash charges.
Although the chances are low and I don't actually suspect them of this, how would we prove it one way or the other?

Why in the world does anyone stick with Discus Fish?  Why don't they switch to GHash and save on the fees?
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June 09, 2014, 06:45:49 PM
 #16

Mark Zuckerberg should know better than to stand between people and their dreams! Facebook is already seen as old hat by the next gen children, would not take much negative press for it to go the way of myspace.

Zuckerberg and his Dogecoin will fail completely in this battle. Dogecoin doesn't possess one of the major advantages which Bitcoin possess. It's supply is not limited, and therefore it is not guarded against inflation.

I "like" Dogecoin simply as a silly, fun joke and to think Zuck is using it against BTC is almost hilarious.
"It's supply is not limited..."
A pre-defined amount of inflation is 'limited' as long as they never again change the target numbers now that the chaotic earliest days are over. A huge supply will come in handy if DOGE spreads through FB the way it is in Reddit.   .....LOL?  Grin

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June 10, 2014, 02:17:35 AM
 #17

Mark Zuckerberg should know better than to stand between people and their dreams! Facebook is already seen as old hat by the next gen children, would not take much negative press for it to go the way of myspace.

Zuckerberg and his Dogecoin will fail completely in this battle. Dogecoin doesn't possess one of the major advantages which Bitcoin possess. It's supply is not limited, and therefore it is not guarded against inflation.

I "like" Dogecoin simply as a silly, fun joke and to think Zuck is using it against BTC is almost hilarious.
"It's supply is not limited..."
A pre-defined amount of inflation is 'limited' as long as they never again change the target numbers now that the chaotic earliest days are over. A huge supply will come in handy if DOGE spreads through FB the way it is in Reddit.   .....LOL?  Grin

Hopefully it pumps one more time so I can dump.  Grin

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June 10, 2014, 04:37:12 AM
 #18

Although the chances are low and I don't actually suspect them of this, how would we prove it one way or the other?
Why in the world does anyone stick with Discus Fish?  Why don't they switch to GHash and save on the fees?

I don't know for sure. The owner of Discus Fish remains anonymous, although it is known that he is a resident of mainland China. And Chinese miners might be sticking with Discus Fish, since they offer added anonymity.

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freedomno1
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June 10, 2014, 05:01:26 AM
 #19

Doge Tipping App:
Do you see BTC in the supported list? ("...and more" includes BTC?)
Could you imagine Facebook with DOGE plus other alts and no BTC?  Shocked

Ever since the Winkelwii went public about their Bitcoin investment, Mark Zuckerberg is trying to destroy the digital currency. Adoption of Doge might be a step towards that direction.

Zuckerberg holds a grudge, that said I guess he had no issues with anything the Winkelwii are not holding right now
As for the Citibank report they need to learn more and I agree with the opinion below.
What Citibank wants would turn bitcoin into everything Satoshi disliked about modern financial systems. It’s clear that the general public still doesn’t entirely understand Bitcoin, and as a result, bitcoin still has a long way to go until it sees widespread adoption.
Kosta#
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June 10, 2014, 05:52:49 AM
 #20

How do we know that Ghash.io and Discus Fish are not controlled be the same user(s)?

does not have to be discus fish. there are several pools that, when added to ghash.io, will result in 50+%. we have absolutely no proof that owner of ghash.io does not also own one of those.
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