Cex.io

[onlinepro]

They have now 45% of hasrate, should we be worried about that?

And what if they have 10% in "unknown" pools?
Then they have 55% now...

So how dangerous is this?

[Gingermod]

They have now 45% of hasrate, should we be worried about that?

And what if they have 10% in "unknown" pools?
Then they have 55% now...

So how dangerous is this?

No get out

[onlinepro]

They have now 45% of hasrate, should we be worried about that?

And what if they have 10% in "unknown" pools?
Then they have 55% now...

So how dangerous is this?

No get out

Okay...
Can you say why?

[K128kevin2]

There have been WAYYY too many threads about this...

[piramida]

We should be worried even when some pool has 20% of the total hash rate, they can get lucky several blocks in a row and do a double spend. 51% just means they will be lucky much more often and can perform double spend with better probability.

So yes, we should be worried about centralized mining, and we are since 2009, hence p2pool exists, but miners are greedy and selfish, unfortunately that's human nature.

However, even 90% of the hashrate still requires malicious intent of the pool owners to perform double spends, and they will be obviously visible too, causing panic and destroying any value of that doubly-spent coins. There is very little practical sense in such an action, similar to some nuclear state blowing up all their nukes on their own territory - just because they can does not mean they would.

Still waiting for an official statement from cex, meanwhile I hope miners with a brain will switch to p2pool. And if you would want to protect your coins - sell cex contracts you have *now*, nobody but cex ever made any money on them anyway; and go buy a 1TH hasher pointed at p2pool. The power is in our hands.

[Este Nuno]

We should be worried even when some pool has 20% of the total hash rate, they can get lucky several blocks in a row and do a double spend. 51% just means they will be lucky much more often and can perform double spend with better probability.

So yes, we should be worried about centralized mining, and we are since 2009, hence p2pool exists, but miners are greedy and selfish, unfortunately that's human nature.

However, even 90% of the hashrate still requires malicious intent of the pool owners to perform double spends, and they will be obviously visible too, causing panic and destroying any value of that doubly-spent coins. There is very little practical sense in such an action, similar to some nuclear state blowing up all their nukes on their own territory - just because they can does not mean they would.

Still waiting for an official statement from cex, meanwhile I hope miners with a brain will switch to p2pool. And if you would want to protect your coins - sell cex contracts you have *now*, nobody but cex ever made any money on them anyway; and go buy a 1TH hasher pointed at p2pool. The power is in our hands.

You're right. People should be concerned about any centralisation at all in mining. 20% 30% whatever. Look at how far it's gone. It's not decentralized any longer.

[CEG5952]

We should be worried even when some pool has 20% of the total hash rate, they can get lucky several blocks in a row and do a double spend. 51% just means they will be lucky much more often and can perform double spend with better probability.

So yes, we should be worried about centralized mining, and we are since 2009, hence p2pool exists, but miners are greedy and selfish, unfortunately that's human nature.

However, even 90% of the hashrate still requires malicious intent of the pool owners to perform double spends, and they will be obviously visible too, causing panic and destroying any value of that doubly-spent coins. There is very little practical sense in such an action, similar to some nuclear state blowing up all their nukes on their own territory - just because they can does not mean they would.

Still waiting for an official statement from cex, meanwhile I hope miners with a brain will switch to p2pool. And if you would want to protect your coins - sell cex contracts you have *now*, nobody but cex ever made any money on them anyway; and go buy a 1TH hasher pointed at p2pool. The power is in our hands.

Indeed, I just don't understand the mentality of a lot of miners. Why pile into a centralized mining structure when we have the ability to decentralize? This is bitcoin....

[TheJuice]

Just move over your hardware to eligius or btcguild. Many miner have been on autopilot on ghash.io.

[Wilhelm]

[Ibian]

Yes, Ahnold, again. And again and again. It's prime material for end-of-bubble panic selling. If not this time or the next then one of the others. I don't see a good reason not to fix it.

[onlinepro]

Okay, so problem is getting solved now.
http://www.coindesk.com/bitfury-pulls-power-ghash-community-uproar/

We are already went from 48% to 42% so it is looking good.

Now all panic sellers can start panic buy

[bitcoinsrus]

[BTCfan1]

[ShakyhandsBTCer]

Okay, so problem is getting solved now.
http://www.coindesk.com/bitfury-pulls-power-ghash-community-uproar/

We are already went from 48% to 42% so it is looking good.

Now all panic sellers can start panic buy

Well that solves that problem

[onlinepro]

Okay, so problem is getting solved now.
http://www.coindesk.com/bitfury-pulls-power-ghash-community-uproar/

We are already went from 48% to 42% so it is looking good.

Now all panic sellers can start panic buy

Well that solves that problem

Yes, it is definitely true.
Ghash.io is now down from 48% to 36%
So it is looking very good.

You can check it yourself from here: https://blockchain.info/pools

[segeln]

We should be worried even when some pool has 20% of the total hash rate, they can get lucky several blocks in a row and do a double spend. 51% just means they will be lucky much more often and can perform double spend with better probability.

So yes, we should be worried about centralized mining, and we are since 2009, hence p2pool exists, but miners are greedy and selfish, unfortunately that's human nature.

However, even 90% of the hashrate still requires malicious intent of the pool owners to perform double spends, and they will be obviously visible too, causing panic and destroying any value of that doubly-spent coins. There is very little practical sense in such an action, similar to some nuclear state blowing up all their nukes on their own territory - just because they can does not mean they would.

Still waiting for an official statement from cex, meanwhile I hope miners with a brain will switch to p2pool. And if you would want to protect your coins - sell cex contracts you have *now*, nobody but cex ever made any money on them anyway; and go buy a 1TH hasher pointed at p2pool. The power is in our hands.

as mostly a very good comment +1

[onlinepro]

Looking very good now.

Ghash.io 31%
BTC Guild 16%
Discus Fish 16%
And unknown is now down to 10% from 20%.

[okthen]

Common. We already saw that the bitcoin community itself will switch pools in case this comes.
Look at GHash, 51 to 31% in no time.

[Benjig]

Looking very good now.

Ghash.io 31%
BTC Guild 16%
Discus Fish 16%
And unknown is now down to 10% from 20%.

Yea it seems like some mining whales see this forum often, now we dont need to worry about it,

[cooldgamer]

This has happened a couple of times now.  They get close to/break 51%, people freak out and move their miners, go back to a decent portion of the network, repeat.  People just need to switch pools for good