Stevenrm87
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June 14, 2014, 01:26:09 AM |
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ghash is a colossal threat .. the community should NEVER allow a mining pool this kind of power. News of a 51% attack would DESTROY Bitcoin by undermining our confidence in it.
Now you see why having only 1 bloackchain will not be acceptable. Having a backup suck as Litecoin or Peercoin are here for these very reasons and why they will continue to grow and gain marketshare
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Selling fully funded Titan BTC Physical Bitcoins, Gold and SIlver - BTC Physical Bitcoins BTC PM if interested.
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Hippie Tech
aka Amenstop
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All cryptos are FIAT digital currency. Do not use.
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June 14, 2014, 03:20:20 AM |
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We know the 51% magic number.. But what about the coins ? How easy would such an attack be to carry out if you had 200,000 BTC to compliment the hashpower ? https://bitcointalk.org/index.php?topic=650311.0
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jztxeno
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June 14, 2014, 05:57:30 PM |
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Time will tell.
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NEM minnow
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June 14, 2014, 06:09:20 PM |
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It was sooooooo weak that a hardware manufacture had to resolve this instead of the pool itself. It really makes me have a lot less faith in bitcoin. The pool should have just made a very small fee instead of charging 0. That would have naturally reduced the share. Instead the pool operators just kept on going. Soooooo sad.
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TheTruth4
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June 15, 2014, 06:57:35 AM |
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MORE p2pools and less idiots buying mining contracts that do not pay off.
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pastet89
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June 15, 2014, 09:07:45 AM |
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Satoshi didn't plan the birth of pool when he projected bitcoin with the 51% attack possibility.
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Cryptostats.es
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Amph
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June 15, 2014, 09:18:44 AM |
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Satoshi didn't plan the birth of pool when he projected bitcoin with the 51% attack possibility.
i think he thought about it, but he couldn't find a good solution
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LiteCoinGuy
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In Satoshi I Trust
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June 15, 2014, 09:58:56 AM |
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Ghas.IO working on "mining decentralization solution"http://imgur.com/3IInTSRbut in the long run we have to find a solution that this is impossible do to or at least much much harder.
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eid
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June 15, 2014, 10:34:26 AM |
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So now ghash.io control 50% of the network, but they've turned off/hidden some of it so it looks better on a graph?
This doesn't inspire confidence.
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Mikez
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June 15, 2014, 10:40:35 AM |
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I am amazed by the numer of ignorant greedy newbs who say that they don't give a shit.
I think we should at least consider the fact that perhaps the large number of 'ignorant greedy newbs' might actually be a significant smaller group, with a nefarious agenda. /paranoia off.
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Harley997
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June 15, 2014, 05:01:46 PM |
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So now ghash.io control 50% of the network, but they've turned off/hidden some of it so it looks better on a graph?
This doesn't inspire confidence.
BitFury actually pulled several PH/s of their mining capacity from Ghash and directed it towards other pools.
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BetMoose
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June 15, 2014, 06:55:35 PM |
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Ghas.IO working on "mining decentralization solution"http://imgur.com/3IInTSRbut in the long run we have to find a solution that this is impossible do to or at least much much harder. Their support doesn't even sound like native english speakers - which is fine actually, but anyway it's not reassuring, I don't think they CAN 'decentralize' it without losing control of their miners lol.. Pointing their hardware at a different pool doesn't change the fact they have CONTROL at any time to do a 51% attack.... =\ We just need a better mining model tbh..
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BetMoose.com - Wager on real world events. Profit from predicting the future. Create and share your own contracts.
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cdog
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June 15, 2014, 09:18:09 PM |
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Something like, oh I dont know, proof of stake, or vertcoin? This problem isnt new, and it isnt going away. I think its not just an issue, it is THE issue...
Herein lies the catch 22 with ASIC mining:
Initially, ASIC mining makes the network exponentially more secure. But in the end, ASIC mining will make the network MUCH LESS secure.
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TookDk
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One coin to rule them all
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June 15, 2014, 10:34:19 PM |
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Satoshi didn't plan the birth of pool when he projected bitcoin with the 51% attack possibility.
i think he thought about it, but he couldn't find a good solution He properly assumed that the miners would use their brains when selecting their pool.
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Cryptography is one of the few things you can truly trust.
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bananas
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June 15, 2014, 10:38:49 PM |
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i sold 51% of my bitcoins, not kidding
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FlowerMatt
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June 16, 2014, 03:32:00 AM |
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WTF, why are miners so clueless?
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gigalew
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June 16, 2014, 03:38:14 AM |
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This is a flaw in bitcoin itself. CEX.IO today.........China, Russia, USA tomorrow.
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Ikaros
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June 16, 2014, 05:02:47 AM |
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Why everybody talk about 51 %? 50.00001 % is not enough?
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TookDk
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One coin to rule them all
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June 16, 2014, 06:31:22 AM |
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Why everybody talk about 51 %? 50.00001 % is not enough?
The term 51% is "hype" word, actually 40% would be enough to make serious trouble.
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Cryptography is one of the few things you can truly trust.
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Lauda
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Terminated.
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June 16, 2014, 06:42:29 AM |
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Why everybody talk about 51 %? 50.00001 % is not enough?
The term 51% is "hype" word, actually 40% would be enough to make serious trouble. You mean 40% is enough to get past some confirmations with a decent success rate? 51% is like doomsday for bitcoin though.
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"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion)
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