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Arghhh (OP)
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June 10, 2014, 09:47:07 PM |
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No institutional investor is going to put millions of dollars into something that can be killed off by a few douchebags like Ghash.io. Think about it...
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sgbett
Legendary
 Offline
Activity: 2576
Merit: 1087
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June 10, 2014, 09:50:37 PM |
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The 51% question *is* answered for those who care to understand its true ramifications
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"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto*my posts are not investment advice*
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ReRunRod
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June 10, 2014, 09:50:56 PM |
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YOU CAN'T FIX STUPID! It's a disease.
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cmacwiz
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June 10, 2014, 09:53:22 PM |
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I will admit, I sold some BTC when this came about. I figure the only way to solve it is go there (>51%), come back and learn from the experience. Even if there is no attack, private mining giants like ghash.io remind me that even with such a brilliant system as BTC, there are still humans involved. Truly free market will result in some entity writing/updating the blockchain, it worries me as an idealist...
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cmacwiz
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June 10, 2014, 09:56:32 PM |
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The 51% question *is* answered for those who care to understand its true ramifications
can you link me or summarize what you're implying? |
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Wilhelm
Legendary
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Activity: 1652
Merit: 1265
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June 10, 2014, 09:57:35 PM |
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Bitcoin is like a box of chocolates. You never know what you're gonna get !!
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sgbett
Legendary
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Activity: 2576
Merit: 1087
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June 10, 2014, 10:01:26 PM |
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The 51% question *is* answered for those who care to understand its true ramifications
can you link me or summarize what you're implying? |
"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto*my posts are not investment advice*
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r0ach
Legendary
Offline
Activity: 1260
Merit: 1000
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June 10, 2014, 10:18:07 PM |
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The 51% attack question is already answered. Big corporations have no risk from accepting BTC since a place like Amazon would have an employee tasked with the job of monitoring hash rate and halting the acceptance of BTC payments should the hash be outside of what they're comfortable with. The bigger a business is, the less risk they have due to practices like this. I'm sure there would be 3rd party services that small business could pay small fees to as well to constantly monitor potential problems should they get involved in the BTC acceptance business.
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Thibaut
Newbie
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Activity: 26
Merit: 0
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June 10, 2014, 10:25:28 PM |
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FYI, pool Ghash.io has mined 48% of the blocks in the last 24 hours. On Sunday, it was 45%. It starts to be hazardous.
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zimmah
Legendary
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Activity: 1106
Merit: 1005
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June 10, 2014, 10:32:21 PM |
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FYI, pool Ghash.io has mined 48% of the blocks in the last 24 hours. On Sunday, it was 45%. It starts to be hazardous.
Than create a pool like ghash. Everyone complains about it but no one comes with a pool as good as ghash |
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Thibaut
Newbie
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Activity: 26
Merit: 0
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June 10, 2014, 10:36:58 PM |
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What is so better with Ghash?
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BCwinning
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June 10, 2014, 10:40:10 PM |
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FYI, pool Ghash.io has mined 48% of the blocks in the last 24 hours. On Sunday, it was 45%. It starts to be hazardous.
Than create a pool like ghash. Everyone complains about it but no one comes with a pool as good as ghash the answer to everything. |
The New World Order thanks you for your support of Bitcoin and encourages your continuing support so that they may track your expenditures easier.
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Bitsaurus
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June 10, 2014, 11:05:34 PM |
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There are several pools that are better than them, just not as flashy
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BCwinning
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June 10, 2014, 11:09:36 PM |
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There are several pools that are better than them, just not as flashy
or as lucrative. I'll switch to a 0% fee pool that finds multiple block in a day in a heartbeat. Pick a pool and lets move. |
The New World Order thanks you for your support of Bitcoin and encourages your continuing support so that they may track your expenditures easier.
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Miz4r
Legendary
Offline
Activity: 1246
Merit: 1000
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June 10, 2014, 11:11:45 PM |
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FYI, pool Ghash.io has mined 48% of the blocks in the last 24 hours. On Sunday, it was 45%. It starts to be hazardous.
There's nothing hazardous about that. Bunch of hysteria over a practical non-issue. |
Bitcoin = Gold on steroids
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HeliKopterBen
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June 10, 2014, 11:17:20 PM |
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Basically, someone with 51% can reverse a few transactions and prevent some people from spending money. If you see greater than 51%, its best not to send or recieve any bitcoin at the time. If your coins are buried more than six blocks deep, you should be fine. Frankly, I would have to see one single entity control more than 51% of the hashrate for a lenghty period of time AND people complaining about their transactions being reversed or not getting included in a block for me to panic. I realize the possibility for a major problem is always there, but of course you could have just as bad or worse problems at any given time with fiat. |
Counterfeit: made in imitation of something else with intent to deceive: merriam-webster
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pinksheep
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June 10, 2014, 11:29:42 PM |
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Would Satoshi not have envisaged this problem?
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YipYip
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June 10, 2014, 11:48:02 PM |
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Would Satoshi not have envisaged this problem?
He did and outlined it as a MAJOR RISK This is why he is constantly crapping on about securing a DISTRIBUTED network |
OBJECT NOT FOUND
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Torque
Legendary
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Activity: 3822
Merit: 5504
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June 10, 2014, 11:52:46 PM |
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+M'fking 1000. Idiot n00bs refuse to believe that this question has been discussed (and summarily answered) over and over... for 4 fkn straight years now. Trolls will be trollin'. |
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