GHash.IO is standing at 51%

[newuser01]

This is the solution to centralized mining:

https://bitcointalk.org/index.php?topic=483515.0


Join us and create a decentralized cryptocurrency instead of one that will be controlled by a few big corporations. Myriad is still before the first halving so it's definitely not too late!

[BitCoinDream]

This is the solution to centralized mining:

https://bitcointalk.org/index.php?topic=483515.4920


Join us and create a decentralized cryptocurrency instead of one that will be controlled by a few big corporations. Myriad is still before the first halving so it's definitely not too late!

Dont try to lure people to some Shitcoin. People discussing 51% are not newbie and are well aware the shitcoin's pump & dump schemes. At every problem of bitcoin, u people jump in to encash the opportunity, but u failed, fail and will continue to fail to dethrone the undisputed king of crypto currency.

[Lauda]

This is the solution to centralized mining:

https://bitcointalk.org/index.php?topic=483515.4920


Join us and create a decentralized cryptocurrency instead of one that will be controlled by a few big corporations. Myriad is still before the first halving so it's definitely not too late!

No this is not a solution. This is an alternative coin. I'll rather stick with Bitcoin.
Try suggesting something that can be implemented into Bitcoin.  

[BCwinning]

Bouncing from 42 to 38 and back it appears like they are hopping or someone with some big hashing is.

[Mr Tea]

Has anything bad happened with this? I've been out of the loop for a week or so. I read a 51% attack could be pretty devastating.

[BCwinning]

Has anything bad happened with this? I've been out of the loop for a week or so. I read a 51% attack could be pretty devastating.

just fud which in itself can be bad.

[newuser01]

This is the solution to centralized mining:

https://bitcointalk.org/index.php?topic=483515.4920


Join us and create a decentralized cryptocurrency instead of one that will be controlled by a few big corporations. Myriad is still before the first halving so it's definitely not too late!

Dont try to lure people to some Shitcoin. People discussing 51% are not newbie and are well aware the shitcoin's pump & dump schemes. At every problem of bitcoin, u people jump in to encash the opportunity, but u failed, fail and will continue to fail to dethrone the undisputed king of crypto currency.

The truth is that there is no fix to bitcoin that will solve this problem, as seen in this thread and the other 1000 that also take up this issue.

I believe bitcoin will be the leader either way, but it will eventually be controlled by a few people meaning it will not decentralized - like it or not, that's the truth.

Has anything bad happened with this? I've been out of the loop for a week or so. I read a 51% attack could be pretty devastating.

just fud which in itself can be bad.

Exactly like this..

Nothing will be done to solve the issue because the people who decide don't want to 'fix' it (nothing is broken in their pov)




Even one the bitcoin devs can see where this is going..
https://bitcointalk.org/index.php?topic=651056.0


I don't understand how people cannot take this seriously.. having more than 50% is a disaster, anything even close to 40% is bad.

[BitCoinDream]

Has anything bad happened with this? I've been out of the loop for a week or so. I read a 51% attack could be pretty devastating.

GHash.IO achieved 51% of the total n/w hash power, as u'll find in the first page of this thread, but they did not attack the n/w. They simply switched off some their machines to show good faith to the community and no attack took place. Now, will we trust them or not is an altogether different question.

[aeternum.in]

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

Yeah, I don't quite get why they don't do this already......

[Beans]

When will miners figure out they are losing profits by mining at Ghash. Seems pretty obvious it's effecting the btc price.

[BitCoinDream]

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

Yeah, I don't quite get why they don't do this already......

Why will they ? It is free market buddy. Decentralization needs to be controlled at protocol level. U cant expect another human to act for your benefit, while doing business.

[BCwinning]

It amazes me they worry about "dust" ddos so they micromanage that but won't do anything
let alone address the issue of a pool taking over more than half the networks hashing.
At this rate the datacenters will become the new central banks.
BTC will be relegated to the history books.

PS: ghash isn't making the price decline, it was declining before this issue popped back up.
It might not be helping it get back into the 600's but w/e

[BitCoinDream]

It amazes me they worry about "dust" ddos so they micromanage that but won't do anything
let alone address the issue of a pool taking over more than half the networks hashing.
At this rate the datacenters will become the new central banks.
BTC will be relegated to the history books.

PS: ghash isn't making the price decline, it was declining before this issue popped back up.
It might not be helping it get back into the 600's but w/e

Price is declining probably because the US is going to dump the Silk Road coins at some market in next few week + Dish n/w is dumping their earning to pay liabilities in FIAT.

p.s. Big traders know, even if GHash.IO reached 50%+, they wont do anything at least now to allow double spend.

[newuser01]

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

Yeah, I don't quite get why they don't do this already......

Why will they ? It is free market buddy. Decentralization needs to be controlled at protocol level. U cant expect another human to act for your benefit, while doing business.

So you undestand this much.

Yet you think that there will somehow just appear a magical solution that will fix all the centralization problems with bitcoin?

It has been discussed for years and there is no easy fix - that's why people are looking into alternatives. And ontop of that it will just become more difficult to change anything with the bitcoin protocol the longer it goes.

[BCwinning]

It amazes me they worry about "dust" ddos so they micromanage that but won't do anything
let alone address the issue of a pool taking over more than half the networks hashing.
At this rate the datacenters will become the new central banks.
BTC will be relegated to the history books.

PS: ghash isn't making the price decline, it was declining before this issue popped back up.
It might not be helping it get back into the 600's but w/e

Price is declining probably because the US is going to dump the Silk Road coins at some market in next few week + Dish n/w is dumping their earning to pay liabilities in FIAT.

p.s. Big traders know, even if GHash.IO reached 50%+, they wont do anything at least now to allow double spend.

agree
I don't think they would do anything like that but if they could capture over 60% they could indeed manipulate the market
their way.

[BitCoinDream]

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

Yeah, I don't quite get why they don't do this already......

Why will they ? It is free market buddy. Decentralization needs to be controlled at protocol level. U cant expect another human to act for your benefit, while doing business.

So you undestand this much.

Yet you think that there will somehow just appear a magical solution that will fix all the centralization problems with bitcoin?

It has been discussed for years and there is no easy fix - that's why people are looking into alternatives. And ontop of that it will just become more difficult to change anything with the bitcoin protocol the longer it goes.

Yes, I understand this and I also understand how an open source project works. Most of the shit coins are launched by people to make quick profit by pump & dump. After Bitcoin, there is only one true innovation in the crypto world, i.e. Ethereum.

Anyways, coming to the point, there are already 2 suggested solutions to counter 51%...

1. Getblocktemplate

2. Neutralizing a 51% attack by Gavin

[BCwinning]

wow they just dropped down to 24 ph/s
If that was all them from 24 to 44 ph/s that is a lot of power in one place.

[Parazyd]

wow they just dropped down to 24 ph/s
If that was all them from 24 to 44 ph/s that is a lot of power in one place.

They said Ghash is 45% their ASIC and 55% independent miners.

[zimmah]

I want to know is there any other service to check the claim by BlockChain.info ?

https://blockchain.info/pools?timespan=24hrs

Following addresses are marked for Double Spending :-

1. https://blockchain.info/address/1AF4og9Epgw7Q7hVzNeDf8ZAvzRhJ8pQG

2. https://blockchain.info/address/1H5NvB7W5hGhf3aPACDZPam7vmy3bYuTDa

3. https://blockchain.info/address/1BX5YoLwvqzvVwSrdD4dC32vbouHQn2tuF

4. https://blockchain.info/address/1BwZeHJo7b7M2op7VDfYnsmcpXsUYEcVHm

5. https://blockchain.info/address/1A73ExsM2doRwTLp82rv5U36QHbBFmHD1X


Can it happen that GHash.IO is now actually 50%+, but they are not using all of their mining power ?

Why other pools are unable to compete with GHash.IO ? What is their X-factor ?

I used to know Bitcoin is trustless. Why should I trust GHash.IO more than Reserve Bank of India, my country's central bank ?

Update: I have changed the initial title from 49% to 51% as I can see it has now reached 50% !!!

Request to Mods: Please dont move it outside Bitcoin Discussion. I can see other GHash.IO threads are here too. Moreover, its not about GHash.IO, its about 51%, its about Bitcoin remains TrustLess.

one of only 2 pools with 0% fee, as well as including miner fees

the only pool who offers an all-in package of both cloud mining and personal mining. As well as having an exchange for the cloud mining.

One of the few pools who offers merged mining on multiple coins.

Offers APIs and a clear overview of your hashrate and mined coins at any time

Offers not only automatic cashout but also automatic cashout split between multiple addresses (which no other pool offers, and is really handy when you share a physical miner and don't want to split the earnings manualy all the time)

[joshraban76]

And why you don't trust your central bank ?

To be honest, I'm afraid that GHash is a well-made ponzi scheme.