GHash.IO is standing at 51%

[Parazyd]

They are working on option that will enable you to redirect their hardware out of their pool. So basicly you rent their hardware but you mine at pool of your choice.

This will be ready soon?
The plan sounds like a real, lasting, "peaceful" solution. 

They could redirect anytime they want.

[BitCoinDream]

They are working on option that will enable you to redirect their hardware out of their pool. So basicly you rent their hardware but you mine at pool of your choice.

This will be ready soon?
The plan sounds like a real, lasting, "peaceful" solution. 

They could redirect anytime they want.

Ultimately if a single entity control the hashpower, it is centralization.

[Jason]

Here's another potentially likely GHash scenario:

• GHash sells most of its available bitcoins for fiat
• GHash achieves 51+% on purpose knowing it will trigger a selloff
• GHash buys back the bitcoins at a greatly reduced price
• GHash points its miners to other pools to alleviate the threat
• Bitcoin price rises again and GHash realizes a large profit from market manipulation

This seems like a low-risk strategy, generates a tidy profit for GHash, and can probably be done several times before the community catches on so long as they wait long enough between runups.

If you believe that they are so beneficent that they would never try anything like this, then perhaps you'd like to buy some shares I have in the Golden Gate bridge for sale?

[acs267]

We should see CEX.IO's statement and see what they are going to do.
Depending on how that unravels, it wouldn't be a bad idea to DDoS.

But DDoSing or Booting a service wouldn't really call anything in our favor. Bitcoin and other cryptos have a special feature, one that many currencies don't have. People aren't denied to mine, or have it. Nobody can confiscate it.

If we DDoS CEX/GHash just because they're mining, and yes, they might be getting close to 51%, that's still not a excuse to say, "Yeah. They're getting close to doing something dangerous. Let's make a exception." Because if that was the case, I don't think Bitcoin would be were it is now.

[kokojie]

They find the most blocks.

and it's a useless way of mining ... a pool that win more block don't pay more !
you win BTC with a constant GH/s speed.

even in a little pool ... you win the same amount even if it don't find more than 5 block per day.

That's highly misleading, a pool that solves more blocks, has lower variance, and miners LOVE low variance. Because a small pool that has high variance can possibly not solve any block for several days, and then difficulty may go up at this point, and you essentially has lost money.

[kokojie]

btw, it's completely pointless to rally against GHash.io, since it charges 0 fee and provides good service, eventually all miners will flock to it, as any miner that does not use GHash.io is essentially losing money and will lose the mining competition. The only option is to build another pool with good service and 0 fee, and rely on community donations for operation cost.

[Jason]

We should see CEX.IO's statement and see what they are going to do.
Depending on how that unravels, it wouldn't be a bad idea to DDoS.

But DDoSing or Booting a service wouldn't really call anything in our favor. Bitcoin and other cryptos have a special feature, one that many currencies don't have. People aren't denied to mine, or have it. Nobody can confiscate it.

If we DDoS CEX/GHash just because they're mining, and yes, they might be getting close to 51%, that's still not a excuse to say, "Yeah. They're getting close to doing something dangerous. Let's make a exception." Because if that was the case, I don't think Bitcoin would be were it is now.

We are not talking about denying anyone the ability to mine here.  We are talking about ways the community can proactively take action in order to reduce the risk of another market crash.  Arguing that taking an action which some people might consider unethical in response to a credible threat to billions of dollars of market capitalization just to protect the interest of a few, mostly anonymous individuals at GHash.io doesn't make any business sense at all.  The community has already appealed to GHash.io to voluntarily restrict their mining (as did BTCGuild before them) in order to avoid going over 40%.  They made their intentions very clear by their actions and so it is time to consider other options.

[pajak666]

If you are worried about high variance and loosing money start using PPS pools like polmine or eligius, nice and steady income.

[BitCoinDream]

If you are worried about high variance and loosing money start using PPS pools like polmine or eligius, nice and steady income.

Can u plz explain this high variance thing in simple term ? What does it mean ?

[Parazyd]

We should see CEX.IO's statement and see what they are going to do.
Depending on how that unravels, it wouldn't be a bad idea to DDoS.

But DDoSing or Booting a service wouldn't really call anything in our favor. Bitcoin and other cryptos have a special feature, one that many currencies don't have. People aren't denied to mine, or have it. Nobody can confiscate it.

If we DDoS CEX/GHash just because they're mining, and yes, they might be getting close to 51%, that's still not a excuse to say, "Yeah. They're getting close to doing something dangerous. Let's make a exception." Because if that was the case, I don't think Bitcoin would be were it is now.

We are not talking about denying anyone the ability to mine here.  We are talking about ways the community can proactively take action in order to reduce the risk of another market crash.  Arguing that taking an action which some people might consider unethical in response to a credible threat to billions of dollars of market capitalization just to protect the interest of a few, mostly anonymous individuals at GHash.io doesn't make any business sense at all.  The community has already appealed to GHash.io to voluntarily restrict their mining (as did BTCGuild before them) in order to avoid going over 40%.  They made their intentions very clear by their actions and so it is time to consider other options.

Exactly. You can't just trust them. Who are they? Nobody knows who's behind CEX and GHash.
We could and should react if they keep doing this.

[BitCoinDream]

We should see CEX.IO's statement and see what they are going to do.
Depending on how that unravels, it wouldn't be a bad idea to DDoS.

But DDoSing or Booting a service wouldn't really call anything in our favor. Bitcoin and other cryptos have a special feature, one that many currencies don't have. People aren't denied to mine, or have it. Nobody can confiscate it.

If we DDoS CEX/GHash just because they're mining, and yes, they might be getting close to 51%, that's still not a excuse to say, "Yeah. They're getting close to doing something dangerous. Let's make a exception." Because if that was the case, I don't think Bitcoin would be were it is now.

We are not talking about denying anyone the ability to mine here.  We are talking about ways the community can proactively take action in order to reduce the risk of another market crash.  Arguing that taking an action which some people might consider unethical in response to a credible threat to billions of dollars of market capitalization just to protect the interest of a few, mostly anonymous individuals at GHash.io doesn't make any business sense at all.  The community has already appealed to GHash.io to voluntarily restrict their mining (as did BTCGuild before them) in order to avoid going over 40%.  They made their intentions very clear by their actions and so it is time to consider other options.

Exactly. You can't just trust them. Who are they? Nobody knows who's behind CEX and GHash.
We could and should react if they keep doing this.

I just found one behind CEX.IO. Jeffrey Smith, Chief Information Officer at CEX.IO => http://uk.linkedin.com/pub/jeffrey-smith/30/76b/ba3

[Parazyd]

We should see CEX.IO's statement and see what they are going to do.
Depending on how that unravels, it wouldn't be a bad idea to DDoS.

But DDoSing or Booting a service wouldn't really call anything in our favor. Bitcoin and other cryptos have a special feature, one that many currencies don't have. People aren't denied to mine, or have it. Nobody can confiscate it.

If we DDoS CEX/GHash just because they're mining, and yes, they might be getting close to 51%, that's still not a excuse to say, "Yeah. They're getting close to doing something dangerous. Let's make a exception." Because if that was the case, I don't think Bitcoin would be were it is now.

We are not talking about denying anyone the ability to mine here.  We are talking about ways the community can proactively take action in order to reduce the risk of another market crash.  Arguing that taking an action which some people might consider unethical in response to a credible threat to billions of dollars of market capitalization just to protect the interest of a few, mostly anonymous individuals at GHash.io doesn't make any business sense at all.  The community has already appealed to GHash.io to voluntarily restrict their mining (as did BTCGuild before them) in order to avoid going over 40%.  They made their intentions very clear by their actions and so it is time to consider other options.

Exactly. You can't just trust them. Who are they? Nobody knows who's behind CEX and GHash.
We could and should react if they keep doing this.

I just found one behind CEX.IO. Jeffrey Smith, Chief Information Officer at CEX.IO => http://uk.linkedin.com/pub/jeffrey-smith/30/76b/ba3

He's just their public relations person.

[BitCoinDream]

We should see CEX.IO's statement and see what they are going to do.
Depending on how that unravels, it wouldn't be a bad idea to DDoS.

But DDoSing or Booting a service wouldn't really call anything in our favor. Bitcoin and other cryptos have a special feature, one that many currencies don't have. People aren't denied to mine, or have it. Nobody can confiscate it.

If we DDoS CEX/GHash just because they're mining, and yes, they might be getting close to 51%, that's still not a excuse to say, "Yeah. They're getting close to doing something dangerous. Let's make a exception." Because if that was the case, I don't think Bitcoin would be were it is now.

We are not talking about denying anyone the ability to mine here.  We are talking about ways the community can proactively take action in order to reduce the risk of another market crash.  Arguing that taking an action which some people might consider unethical in response to a credible threat to billions of dollars of market capitalization just to protect the interest of a few, mostly anonymous individuals at GHash.io doesn't make any business sense at all.  The community has already appealed to GHash.io to voluntarily restrict their mining (as did BTCGuild before them) in order to avoid going over 40%.  They made their intentions very clear by their actions and so it is time to consider other options.

Exactly. You can't just trust them. Who are they? Nobody knows who's behind CEX and GHash.
We could and should react if they keep doing this.

I just found one behind CEX.IO. Jeffrey Smith, Chief Information Officer at CEX.IO => http://uk.linkedin.com/pub/jeffrey-smith/30/76b/ba3

He's just their public relations person.

Public relations person will know the employer... right ? We need the missing link.

Detailed Discussion: https://bitcointalk.org/index.php?topic=647561.0

[Parazyd]

We should see CEX.IO's statement and see what they are going to do.
Depending on how that unravels, it wouldn't be a bad idea to DDoS.

But DDoSing or Booting a service wouldn't really call anything in our favor. Bitcoin and other cryptos have a special feature, one that many currencies don't have. People aren't denied to mine, or have it. Nobody can confiscate it.

If we DDoS CEX/GHash just because they're mining, and yes, they might be getting close to 51%, that's still not a excuse to say, "Yeah. They're getting close to doing something dangerous. Let's make a exception." Because if that was the case, I don't think Bitcoin would be were it is now.

We are not talking about denying anyone the ability to mine here.  We are talking about ways the community can proactively take action in order to reduce the risk of another market crash.  Arguing that taking an action which some people might consider unethical in response to a credible threat to billions of dollars of market capitalization just to protect the interest of a few, mostly anonymous individuals at GHash.io doesn't make any business sense at all.  The community has already appealed to GHash.io to voluntarily restrict their mining (as did BTCGuild before them) in order to avoid going over 40%.  They made their intentions very clear by their actions and so it is time to consider other options.

Exactly. You can't just trust them. Who are they? Nobody knows who's behind CEX and GHash.
We could and should react if they keep doing this.

I just found one behind CEX.IO. Jeffrey Smith, Chief Information Officer at CEX.IO => http://uk.linkedin.com/pub/jeffrey-smith/30/76b/ba3

He's just their public relations person.

Public relations person will know the employer... right ? We need the missing link.

Detailed Discussion: https://bitcointalk.org/index.php?topic=647561.0

Why don't you just email him then?
You won't find out the owners that easily. Not unless they step out of the shadow.

[Lauda]

I'm still surprised that they are holding this much hashrate. What are the miners thinking? If a 51% happens, all their trouble will be worth nothing.

[Parazyd]

I'm still surprised that they are holding this much hashrate. What are the miners thinking? If a 51% happens, all their trouble will be worth nothing.

I'll just add this here: http://www.reddit.com/r/Bitcoin/comments/27lotn/people_dont_realize_how_serious_a_50_attack_is/

[BitCoinDream]

I'm still surprised that they are holding this much hashrate. What are the miners thinking? If a 51% happens, all their trouble will be worth nothing.

I'll just add this here: http://www.reddit.com/r/Bitcoin/comments/27lotn/people_dont_realize_how_serious_a_50_attack_is/

People do realize, but a sudden unjustified change may paralyze the system.

[Light]

I'm still surprised that they are holding this much hashrate. What are the miners thinking? If a 51% happens, all their trouble will be worth nothing.

Well it's hardly surprising. Miners are there for the profit and given that Cex offers the highest return with its 0% fee and reasonably good probability of solving blocks for lower variance they will simply move there because of greed. Nothing is going to happen until we get some form of backlash as people will simply just continuing mining like this thinking that since nothing has happened till now nothing will happen which may not be in fact the case.

[Swordsoffreedom]

I'm still surprised that they are holding this much hashrate. What are the miners thinking? If a 51% happens, all their trouble will be worth nothing.

I would like to say miners aren't stupid but perhaps they are all greedy and want to use a 0% pool that reveals the most blocks
That said it is a problem and I guess the miners think ignorance is bliss

[johnyj]

Every miner including GHASH.IO should run distributed P2POOL and make it more than 70% of network hashing power to solve this problem permanently, I think that will be the major task for miners in the coming years

I also think that bitcoin foundation have the responsibility to advertise the use of P2POOL at large scale