GHash.IO has 51% of the network now

[ljudotina]

Btc fail!

No, miners fail. They would not let 1-2% away for good of hole network. They will screw us all, and themselfs in process, by doing this shit. It's not up to ghash, it's up to miners.

[jjc326]

I can't believe all these idiots who mine with ghash.io, they don't realize they are ACTUALLY hurting themselves by giving one entity a 51% stake in BTC.  I believe there was some entity that actually allowed itself to double spend in the past, and it might have been GHash.  I'm not sure who it was though, someone correct me.

[Justin00]

sssh! you know alot of people here don't like to go on facts!
but yeah, nicely said mate.

You DO know that chart isn't a representation of the total hashrate available, it's just the percentage of blocks found.

While it's CLOSE to 50%, it is NOT the actual hashrate.

https://blockchain.info/charts/hash-rate

This is the actual hashrate, currently at 93,507,419 GH/S, or 93.5 Petahash.

CEX.IO is reporting 40.13...

Lemme do the math for ya.

43.1%

Up there? Hell yeah... But is the sky falling? No. Not yet, but very close.

I've had enough FUD for one day. Please don't confuse your charts. While it's easy to scream "It's All CEX's Fault" and hit panic mode, it's consumers, not miners, on Ghash right now.

Consumers consume, Miners protect their resources.

[Azlan]

Its a classic common resource problem: http://en.wikipedia.org/wiki/Tragedy_of_the_commons
"... individuals, acting independently and rationally according to each one's self-interest, behave contrary to the whole group's long-term best interests by depleting some common resource."

Historically, only 2 viable solutions exist:
1) An authority to regulate (% in this case)
2) Privatization

http://en.wikipedia.org/wiki/Tragedy_of_the_commons#Modern_solutions

Pick your poison..... but be quick about it.

[nwfella]

According to Coindesk article...Bitfury to be moving 1.5PH of it's hashing power away from ghash.io with possibility of moving more in the future depending on where they are at later.

reference: http://www.coindesk.com/bitfury-pulls-power-ghash-community-uproar/

[moriartybitcoin]

You can't trust humans or human nature - that's the whole damn point of Bitcoin. We don't trust CENTRAL BANKS so why the hell would we trust GHASH.IO ??!!

they need to be SHUT DOWN AND DISMANTLED before they destroy Bitcoin.

[ljudotina]

You can't trust humans or human nature - that's the whole damn point of Bitcoin. We don't trust CENTRAL BANKS so why the hell would we trust GHASH.IO ??!!

they need to be SHUT DOWN AND DISMANTLED before they destroy Bitcoin.

No m8. It's not Ghas's fault. It's 1) miners fault for not moving hash power somewhere else, and b) bitcoin protocol that did not prevet that from hapening even tho it already happened before.

Bitcoin protocol needs to be changed so noone never can get that much power again. It can be done. You can limit amount of blocks one entity can get in a row, you can change many, many things to prevent people from getting all into one basket.
Question is...why devs didint already change it?
Whole point of Bitcoin is that you don't need to trust anyone, and devs say: "we wont change anything as we thing that community will fix itself" ie "trust into community".
Well...ain't that kinda contradictory. Dont trust anyone but trust community?

It wont work that way...you just cant trust people! If you could, we would not need BTC....fiat would be working w/o problems, bank wouldnt steal and print like crazy etc.

[freedomno1]

Thanks for sharing so Gigahash did reach 51%
Well there goes the hashrate
(Went back to 49%) But that is still more or less a 50% network rate right there

[serje]

Thanks for sharing so Gigahash did reach 51%
Well there goes the hashrate
(Went back to 49%) But that is still more or less a 50% network rate right there

Not really mate!
He explained it here clearly!

sssh! you know alot of people here don't like to go on facts!
but yeah, nicely said mate.

You DO know that chart isn't a representation of the total hashrate available, it's just the percentage of blocks found.

While it's CLOSE to 50%, it is NOT the actual hashrate.

https://blockchain.info/charts/hash-rate

This is the actual hashrate, currently at 93,507,419 GH/S, or 93.5 Petahash.

CEX.IO is reporting 40.13...

Lemme do the math for ya.

43.1%

Up there? Hell yeah... But is the sky falling? No. Not yet, but very close.

I've had enough FUD for one day. Please don't confuse your charts. While it's easy to scream "It's All CEX's Fault" and hit panic mode, it's consumers, not miners, on Ghash right now.

Consumers consume, Miners protect their resources.

[vit1988]

Bitcoin protocol needs to be changed so noone never can get that much power again. It can be done. You can limit amount of blocks one entity can get in a row, you can change many, many things to prevent people from getting all into one basket.
Question is...why devs didint already change it?

Because you can't. It's anonymous. You can not tell who actually mined a block. It would be easy for one pool to make itself look like five pools with 10% each but still being the one 50% pool.

[lemfuture]

ghash gimme BTC bonus boss 

[defaced]

So, ghash.io acts as a benevolent dictator -- one who knows the penalty for abusing that privilege is instant decapitation.

They should be decapitated anyways...

[halfawake]

This sure didn't last long.  The link posted in the OP now shows Ghash down to 41%.  Thank you to all the miners who switched to a different pool.

[PolarPoint]

It is a miracle how this situation got solved with no central authority? Did disciplined miners switch pools or ghash changed IP and masked some of their hash rate as unknown? I am sceptical on this being "solved" 

[Searing]

This sure didn't last long.  The link posted in the OP now shows Ghash down to 41%.  Thank you to all the miners who switched to a different pool.

yea! don't need the drama (even if to no ill effect) of bouncing around at 50 to 51% reminding everyone (and the press) of the dreaded 51% (hopefully)
boogie man!

it just goes to show the wisdom in such situation of Monty Python....(hey it always works if you run fast enough)

http://www.youtube.com/watch?v=7FPELc1wEvk

Run Away Run Away!

Searing

[Gimmelfarb]

nothing is "solved". one pool having even 20% is a huge problem, and double spend attacks are not impossible under such conditions. this is a matter of probability. the problem is not "51%". the problem is centralization. and it is NOT solved.

i am amazed at how much blind trust bitcoiners can put into a hashing pool... why exactly are we here again?

[Searing]

nothing is "solved". one pool having even 20% is a huge problem, and double spend attacks are not impossible under such conditions. this is a matter of probability. the problem is not "51%". the problem is centralization. and it is NOT solved.

heh don't know anything but too bad the bitcoin protocol could not show 'favortism' to go smaller rather then larger (decentralized rather then centralized) obvioualy
if that was possible/easy the devs of bitcoin would have done so already

Bitcoin always a new zombie behind every door it seems

Searing

[validium]

According to Coindesk article...Bitfury to be moving 1.5PH of it's hashing power away from ghash.io with possibility of moving more in the future depending on where they are at later.

reference: http://www.coindesk.com/bitfury-pulls-power-ghash-community-uproar/

You beat me to it Lets hope more miners follow suit

[devphp]

If more PH of power are added each 10 days than removed (hash rate graph) as the rising difficulty shows too, then it'll be back to square one sooner rather than later.

[shorena]

Its a classic common resource problem: http://en.wikipedia.org/wiki/Tragedy_of_the_commons
"... individuals, acting independently and rationally according to each one's self-interest, behave contrary to the whole group's long-term best interests by depleting some common resource."

Historically, only 2 viable solutions exist:
1) An authority to regulate (% in this case)
2) Privatization

http://en.wikipedia.org/wiki/Tragedy_of_the_commons#Modern_solutions

Pick your poison..... but be quick about it.

When I first heard about the tragedy of the commons (one of my profs was talking about) I though the idea behind it was correct. But then I read more about it by accident in another book which is more about human nature than about economy. (sex before dawn maybe - not sure)

Now I understand that these assumptions are wrong. Commons worked for several hundreds of years without any problems. Commons still exists and work fine.

The basic asumption is correct if one person in the group behaves against the intrests of the group everyone suffers. But you have to keep in mind what times you are talking about and what situations. They all knew eachother. They knew which individual of the group was the black sheep. Thus the group had social means to punish which did not require an authority figure (e.g. a lord or cestallan) or privatization (wasnt a thing in medieval times anyway).
Same today, if you know a miner or two you can talk to them about Ghash.io and that you are concerned about the hashingpower the pool assembled. If you dont know a miner you can talk about it here (or reddit or twitter or facebook or...) and raise awairness.
Humans are creatures of cooperation not of selfishness. We are social animals. We need eachother. Thats the leverage here.