It's already 48%, No one care about Ghash?

[lemfuture]

BINGO!

Welcome to the centralized payment network "Bitcoin", owned and operated by GHash Inc.

 Do people not realize 51 is an expression and all you theoretically need is 50.000000000000000000000000000000000000000001%?

 They already have attack capable status.

down goes the price 

[BetMoose]

I'm willing to take your bets for a $10 BTC, if you dare. Otherwise stop spreading FUD, bitcoin is fine, but the mining thing isn't. We a proper competitor to ghash and we need one now.

[fr33d0miz3r]

bitcoin is fine, but the mining thing isn't.

- How is my health, doctor?
- You are fine, but your brain, heart and circulatory system aren't.

[BetMoose]

Why facepalm? Is bitcoin broken? Transactions seem to be going through.. I just received one. What's the problem?

I said mining isn't because long-term this is not good. It's not like everything explodes when they get to 51

[fr33d0miz3r]

Why facepalm?

coz you are stupid, man.

[acs267]

No, I don't care about Ghash. I don't see why so many people do? What happens, happens. It's gotten Bitcoin this far. Don't fret about the future. Chill out.

Why facepalm? Is bitcoin broken? Transactions seem to be going through.. I just received one. What's the problem?

I said mining isn't because long-term this is not good. It's not like everything explodes when they get to 51

You just said Bitcoin is okay. Then mining is bad. Mining is a aspect of Bitcoin, and many other cryptos.  

[BetMoose]

I meant right NOW it's okay as in it's not crashing or the network is stalled - it's just at risk, and the risk comes from mining. I was considering bitcoin as the network and usage of it, not "everything to do with bitcoin"

Put another way, in 5 months when Ghash is at 100%, we can still have bitcoin, and it can still be working fine as a cryptocurrency. Granted, a lot of the decentralized-or-nothing folk would probably have left by then.

[_Miracle]

I care enough to mine in a smaller pool.

[Stevenrm87]

Whatever happened to AsicMiner? What are their share prices now days? How did Ghas get so big? Havent been mining for a long while now so im kinda out of the loop.

[acoindr]

Put another way, in 5 months when Ghash is at 100%, we can still have bitcoin, and it can still be working fine as a cryptocurrency ...

No, it can't.

It would work in the technical sense, but not in the currency one. Money is a funny thing. To become a currency, something commonly accepted as having monetary value, requires confidence. This is true of any currency, but is especially of something like fiat paper, only backed by government decree, in contrast to gold which has been valued globally for thousands of years. Bitcoin, which isn't physical or backed by decree, is especially quirky in regards to confidence.

If people perceive the integrity of [bit]coins held as subject to too much risk of losing day to day value, due to double spend risk etc., they will not desire to hold them for longer periods of time, or eventually at all, meaning confidence could be lost in the currency completely.

I suspect people are not so concerned with the GHash situation because they appear to be on 'our side', and disrupting the network would run counter to their self-interest. However, there can be a limit to that threshold of trust.

I also believe people recognize there is a viable fallback in Litecoin, for example, if some short-term issue affects Bitcoin, because it's an entirely separate system. That's something I preached a lot about in the past. I would feel more nervous if there was only Bitcoin in which the community placed all its eggs.

[IH-Antonio]

Ghash doing a possible 51% attack is not the only trouble, but all the ignorant idiots newbies who dont give a fuck, as well as dont have a fucking clue.

[redhawk979]

Seriously fr33d0miz3r, stop bitching. Some aspiring Captain of Industry will certainly come by with a better competitor to GHash, the free market will save us because everyone is a completely rational actor.

[BetMoose]

Put another way, in 5 months when Ghash is at 100%, we can still have bitcoin, and it can still be working fine as a cryptocurrency ...

No, it can't.

It would work in the technical sense, but not in the currency one. Money is a funny thing. To become a currency, something commonly accepted as having monetary value, requires confidence. This is true of any currency, but is especially of something like fiat paper, only backed by government decree, in contrast to gold which has been valued globally for thousands of years. Bitcoin, which isn't physical or backed by decree, is especially quirky in regards to confidence.

If people perceive the integrity of [bit]coins held as subject to too much risk of losing day to day value, due to double spend risk etc., they will not desire to hold them for longer periods of time, or eventually at all, meaning confidence could be lost in the currency completely.

I suspect people are not so concerned with the GHash situation because they appear to be on 'our side', and disrupting the network would run counter to their self-interest. However, there can be a limit to that threshold of trust.

I also believe people recognize there is a viable fallback in Litecoin, for example, if some short-term issue affects Bitcoin, because it's an entirely separate system. That's something I preached a lot about in the past. I would feel more nervous if there was only Bitcoin in which the community placed all its eggs.

Good point. So you're assuming the value of bitcoin has a partial variation with the amount of decentralization in the mining network then. Probably correct, but it would still have value even with a centralized network; just much less. (ie; merchant acceptance and infrastructure developments)

[Hippie Tech]

umm...

https://bitcointalk.org/index.php?topic=327767.0

[Justin00]

When do we have PPC as our new savior ?

[romanix]

How do we know that one entity (e.g. ghash.io) is in fact still below 50% ?

Maybe the ghash.io guys own or control additional pools or miners. In that case they might be way above 50%.

[Gyrsur]

it just happened.

https://blockchain.info/de/double-spends

[Parazyd]

They just went from 50% to 49%.

[BorderBits]

This is good for bitcoin because

[Parazyd]

This is good for bitcoin because

Who said it's good? This is awful.