GHASH.IO NOW 47% IN THE LAST 24 hrs

[anu]

Yes, it is amazing. Happens in politics all the time and people don't care - not till they look at barb wire from the wrong side, anyway.

Maybe they do care once their income drops to zero.

Last time I checked Ghash doesn't actually take a fee so I wouldn't say they don't care, it's more of the fact they don't care enough for them to skip that extra 2% or whatever other pools charge them. It is rather surprising that they don't see it as potentially a threat that could make their hardware useless (as far as earning money goes) but probably they're thinking that everyone else will switch and they can continue to mine feeless.

+1

Not sure, but the crash last night was probably caused by this (unless we think it was the Expedia news ). That was way more than 2% loss for any miner who sells immediately. So this behavior already caused a loss.

It gets interesting when Expedia and others announce that they changed their minds about Bitcoin because they no longer deem Bitcoin secure.

[maok]

Not sure, but the crash last night was probably caused by this (unless we think it was the Expedia news )

it was caused by the auction of the SR seized funds held at the end of month

[piramida]

Yes, it is amazing. Happens in politics all the time and people don't care - not till they look at barb wire from the wrong side, anyway.

Maybe they do care once their income drops to zero.

Last time I checked Ghash doesn't actually take a fee so I wouldn't say they don't care, it's more of the fact they don't care enough for them to skip that extra 2% or whatever other pools charge them. It is rather surprising that they don't see it as potentially a threat that could make their hardware useless (as far as earning money goes) but probably they're thinking that everyone else will switch and they can continue to mine feeless.

That is the plain example of prisoner's dilemma. People always think they are smarter than the next guy; and won't cooperate even though when they don't - they are all screwed.

tl;dr; people are stupid. people still mining at ghash deserve to have their hardware worth zero. too bad they will take the rest of us with them and make a monument to human selfishness and stupidity out of the great project that is bitcoin

[JCNC]

Over reaction is too over reaction bro.

Come on now, it's surprising how little faith everyone has in the economy! (Probably justified though) But seriously, I'm sure that it won't happen, as mentioned above, fail safes are in order to jump ship if things do get really scary. (Lets hope!)

[MelodyRowell]

I trust ghash.io so nothing bad would happen

[anu]

I trust ghash.io so nothing bad would happen

I trust MtGox and Laiki bank so nothing bad would happen

Miners should ask themselves why GHash is acting that way, forgoing profits for market share even if they know that 70% market share will mean 70% market share of nothing. Obviously they have better plans for themselves.

[DrG]

I trust ghash.io so nothing bad would happen

Have you net them in person?  How easily trust is given...

[maok]

I trust ghash.io so nothing bad would happen

Have you net them in person?  How easily trust is given...

minners are becoming dumber everyday, just like the main userbase of bitcoin will when it'll reach full mainstream, they're truly a force of nature.

[Seldar]

I trust ghash.io so nothing bad would happen

Have you net them in person?  How easily trust is given...

I think he trusts them as long as he gets monney, whatever happen.

[phosphorush]

This is stupid, fucking open your eyes or ruin everything for everyone.

[boliu]

don't you think cex is more concern about bitcoin failing then many of us, since they are heavily invested in hardware,  if anything happens, they tends to lose more

[Timmmaahh]

ghash reduced hashrate from 44 PH/s to 34 PH/s

[STT]

How did that reduction occur exactly because this is a reoccurring factor.  If not ghash then in future someone else and one day it might be deliberate so probably good to track details on this kind of thing

[Nicolas Dorier]

I trust ghash.io so nothing bad would happen

Have you net them in person?  How easily trust is given...

This is not a question of trust. If Bitcoin have so much future it is because we don't need to trust someone.
If this promise is broken, Bitcoin is as good as any stupid fiat currency issued by gov.

[michelem]

I don't think any company like CEX.io would compromise the Bitcoin network with a 51% attack, they are earning a lot selling cloud hash power or trading coins. So an attack would be the end of their businesses after all.
Edit: My 2 cents. My 2 satoshis.

[Nicolas Dorier]

I don't think any company like CEX.io would compromise the Bitcoin network with a 51% attack, they are earning a lot selling cloud hash power or trading coins. So an attack would be the end of their businesses after all.
Edit: My 2 cents. My 2 satoshis.

But the can be coerced to do bad things, legally, illegaly, or even unintentionally, or by pure greed of some of their admins.

[DrG]

don't you think cex is more concern about bitcoin failing then many of us, since they are heavily invested in hardware,  if anything happens, they tends to lose more

And what if their losses are the simmple price to pay for having the ability to shut down BTC.  I'm not one for consipiracy theories but given the recent revelations and confirmations of government sanction spying and industrial/corporate espionage is anyone willing to back all BTC owners/investors with their own funds in case it crashes?  None that I know of.

Some people will succeed if BTC fails.

[Zelek Uther]

I trust ghash.io so nothing bad would happen

Have you net them in person?  How easily trust is given...

This is not a question of trust. If Bitcoin have so much future it is because we don't need to trust someone.
If this promise is broken, Bitcoin is as good as any stupid fiat currency issued by gov.

If we avoid giving a single pool >50% of the network hash rate, we don't need to trust anyone. That's the point of Bitcoin - no need to trust a central authority.

Decentralisation is key.  For Bitcoin's sake don't centralise the hash rate!

[kingscrown]

heres official statement from today from ghash io - http://fuk.io/cexio-ghashio-jeffrey-smith-interview-exclusive/

[DrG]

heres official statement from today from ghash io - http://fuk.io/cexio-ghashio-jeffrey-smith-interview-exclusive/

Haha what a load of crap.  They won't limit their new user registrations in an effort to slow down their growth because some other pool might get to 51% and they would need to compete with them lol. 

If you didn't hate them before you should now.