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Author Topic: Is Bitcoin not decentralized anymore?  (Read 6908 times)
bitcoiner49er
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June 18, 2014, 02:28:31 PM
 #141

This is what I am trying to say.
People are attacking me because I have 720GH at GHash - where I have 1.5TH on another pool, but apparently that doesn't matter to them because I am a bad guy.
I didn't bring GHash to 40PH+ with my 720GH.

That being said, the core-dev team cannot expect every miner to keep an eye on the hash rates when they can jsut sort it out once and for all.

People are greedy.
It has been proven even after GHash had 51%. - EDIT: YES, me included - I didn't do anything because I wasn't worried
They did not move their miners.
The hash rate dropped ONLY after the DDOS attack.

So, do you want a trustless system or not?
Should we trust pools?
Should we trust individual miners to point their equipment elsewhere?
OR
Should we put an end to this now and help make BTC mainstream?

What would you choose?

You DID bring Ghash to 40PH+

Let's assume the following:

Ghash has 40PH
Ghash owns 50% = 20PH
Miners on Ghash own the other 50%
If each miner had 720GH, that would be about 27,000 miners to equal 20PH

The world pop is ~ 6.6B
If 0.01% use bitcoin, that is 660,000 users
Say a little less than half of us mine bitcoin = 300,000

Now, let's assume that 1/3 of the network hash is pool owned. ~96PH total
That is ~63PH owned by "private" miners, of which there are 300,000
That is only an average of 212GH per miner
You are 3.5x above that average

So yes you and the other miners at Ghash ARE causing the problem.

No one can tell you to point your miner(s) at a certain pool, that is the freedom of the network. Yet that freedom also brings responsibility. You are to act responsibly to protect the network. Asking for a hard fork is taking away that freedom and centralizing it. That is the opposite of what bitcoin is about.

You want a tool? Here, use this
It will tell you which pools are "too big". Move to a smaller pool and all is fine. Each one of us holds the future of bitcoin in their hands. We can build, we can just toss it to the side, or we can destroy. It really is up to you.


Homo doctus is se semper divitias habet
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June 18, 2014, 02:34:37 PM
 #142

This is what I am trying to say.
People are attacking me because I have 720GH at GHash - where I have 1.5TH on another pool, but apparently that doesn't matter to them because I am a bad guy.
I didn't bring GHash to 40PH+ with my 720GH.

That being said, the core-dev team cannot expect every miner to keep an eye on the hash rates when they can jsut sort it out once and for all.

People are greedy.
It has been proven even after GHash had 51%. - EDIT: YES, me included - I didn't do anything because I wasn't worried
They did not move their miners.
The hash rate dropped ONLY after the DDOS attack.

So, do you want a trustless system or not?
Should we trust pools?
Should we trust individual miners to point their equipment elsewhere?
OR
Should we put an end to this now and help make BTC mainstream?

What would you choose?

You DID bring Ghash to 40PH+

Let's assume the following:

Ghash has 40PH
Ghash owns 50% = 20PH
Miners on Ghash own the other 50%
If each miner had 720GH, that would be about 27,000 miners to equal 20PH

The world pop is ~ 6.6B
If 0.01% use bitcoin, that is 660,000 users
Say a little less than half of us mine bitcoin = 300,000

Now, let's assume that 1/3 of the network hash is pool owned. ~96PH total
That is ~63PH owned by "private" miners, of which there are 300,000
That is only an average of 212GH per miner
You are 3.5x above that average

So yes you and the other miners at Ghash ARE causing the problem.

No one can tell you to point your miner(s) at a certain pool, that is the freedom of the network. Yet that freedom also brings responsibility. You are to act responsibly to protect the network. Asking for a hard fork is taking away that freedom and centralizing it. That is the opposite of what bitcoin is about.

You want a tool? Here, use this https://blockchain.info/pools?timespan. It will tell you which pools are "too big". Move to a smaller pool and all is fine. Each one of us holds the future of bitcoin in their hands. We can build, we can just toss it to the side, or we can destroy. It really is up to you.



You guys are so fucking selfcentric that you don't get the point.
ITS NOT THE POOLS FAULT NOR MINE.
THE PROTOCOL AS IT IS IS FLAWED.

It's as simple as that.

You cannot expect every single fucking miner to point their equipment elsewhere EVERY FUCKING TIME theres a 51% concentration instead of just getting rid of the problem.

You know why?

BECAUSE YOUR TRUSTLESS SYSTEM DEPENDS ON TRUST, between miners and pools.

Nice decentralization and trustless system we have there......
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June 18, 2014, 02:36:44 PM
 #143

bitcoin is slowly becoming more and more centralized with miners

with services and users it is diversifying
Considering how many "corporations" are mining, enough of them with a user input wouldn't be super bad. There would just have to be a large variation between the pools, and lots of hardware in each.

It would be bad, but it wouldn't necessarily wreck everything. Cloud mining works (Unless you have a phobia for that kind of thing) and having 15 different companies pointed at different pools wouldn't necessarily wreck the system, but it all depends on how you look at it.

On a side note, however, the amount of stuff you can use Bitcoin with is increasing dramatically, and that's better for everyone.
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June 18, 2014, 02:58:02 PM
 #144

If you forget about 51% pools for a second, there is a second problem too. Mining has become big boys game. Samller miners are dropping off faster than new ones that are getting into game. Those who survive are getting bigger and bigger, and are swallowing each other slowly. To enter mining game you just need more and more money, which cant be good for decentralization and diversity.
If things continue way they are going right now, at some distant future, there will be only few very large entities mining and battleing it out with insane ammount of hash power and money that they need to invest just to stay a float and not to be swallowed by one little bit above them.

Do you think that there will ever be a time when mining will come back to common user? I just cant see it happen with what we have today.

bitcoiner49er
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June 18, 2014, 02:59:17 PM
 #145

This is what I am trying to say.
People are attacking me because I have 720GH at GHash - where I have 1.5TH on another pool, but apparently that doesn't matter to them because I am a bad guy.
I didn't bring GHash to 40PH+ with my 720GH.

That being said, the core-dev team cannot expect every miner to keep an eye on the hash rates when they can jsut sort it out once and for all.

People are greedy.
It has been proven even after GHash had 51%. - EDIT: YES, me included - I didn't do anything because I wasn't worried
They did not move their miners.
The hash rate dropped ONLY after the DDOS attack.

So, do you want a trustless system or not?
Should we trust pools?
Should we trust individual miners to point their equipment elsewhere?
OR
Should we put an end to this now and help make BTC mainstream?

What would you choose?

You DID bring Ghash to 40PH+

Let's assume the following:

Ghash has 40PH
Ghash owns 50% = 20PH
Miners on Ghash own the other 50%
If each miner had 720GH, that would be about 27,000 miners to equal 20PH

The world pop is ~ 6.6B
If 0.01% use bitcoin, that is 660,000 users
Say a little less than half of us mine bitcoin = 300,000

Now, let's assume that 1/3 of the network hash is pool owned. ~96PH total
That is ~63PH owned by "private" miners, of which there are 300,000
That is only an average of 212GH per miner
You are 3.5x above that average

So yes you and the other miners at Ghash ARE causing the problem.

No one can tell you to point your miner(s) at a certain pool, that is the freedom of the network. Yet that freedom also brings responsibility. You are to act responsibly to protect the network. Asking for a hard fork is taking away that freedom and centralizing it. That is the opposite of what bitcoin is about.

You want a tool? Here, use this https://blockchain.info/pools?timespan. It will tell you which pools are "too big". Move to a smaller pool and all is fine. Each one of us holds the future of bitcoin in their hands. We can build, we can just toss it to the side, or we can destroy. It really is up to you.



You guys are so fucking selfcentric that you don't get the point.
ITS NOT THE POOLS FAULT NOR MINE.
THE PROTOCOL AS IT IS IS FLAWED.

It's as simple as that.

You cannot expect every single fucking miner to point their equipment elsewhere EVERY FUCKING TIME theres a 51% concentration instead of just getting rid of the problem.

You know why?

BECAUSE YOUR TRUSTLESS SYSTEM DEPENDS ON TRUST, between miners and pools.

Nice decentralization and trustless system we have there......

The trust is in NOT the system, it's in the execution. You and another party can TRUST that your transaction will be processed by the bitcoin protocol and be irreversible. You still need to trust the person to whom you send bitcoin to honor the sale/service/exchange as agreed. The network/system, does nothing to make that trustless.
Pools were not something that existed when bitcoin was released. It's miners working together to help all miners that AGREE to work together to split found blocks proportionately. This is not something bitcoin needs to control, as the blockchain is decentralized and visible to anyone. IF a pool abuses it's hash power and attempts to re-write, the network will punish them and they will have ZERO trust forever more. A 51% attack is detectable and preventable. No one entity has shown that they have enough hash power to do so.
The FUD will always be there. Before the Ghash 51%, it was mutable TX, before that it was hacked exchanges, before that China, etc, etc.

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June 18, 2014, 03:09:29 PM
 #146

I (as in me personally) am not worried about a 51% attack right now.

Great. Then there's nothing to fix.

I am worried about what this is doing to BTC (mostly caused by media FUD).

The FUD that has been going around is damaging BTC rep and it's slowing down adoption as people tend to see the bad side of things instead of the benefits.

If the media is the problem, then fix the media.

I personally am involved in projects that are aimed to promote BTC.

Not sure what that has to do with this discussion.  Lots of people "are involved in projects".  Lots of people aren't.  It doesn't change the fact that either we need to be worried about a 51% attack, or their is nothing to fix and people just need to be educated.  If the media was saying that Bitcoin transactions could be reversed, would you be saying that we need to change the protocol to fix it so they stop saying that?

And yes I "demand" (as you put it) for this "problem" to be fixed as to get BTC to acquire greater adoption.

A problem that you say doesn't exist needs to be fixed?  You are familiar with the term "cognitive dissonance", right?

Seriously man, do you not read the news?

Generally? No.  I've found that they rarely know what they are talking about and are more interested in improving revenue than delivering facts.

NOT everybody has the knowledge to understand that when a pool has 51% it doesn't necessarily mean destruction.

And we can't fix media FUD by changing a protocol.

We need to get rid of this issue if we want mass adoption.

Which is why we need to focus on education.

And you cannot expect the average Joe to have the knowledge you have on the subject.

I wouldn't expect the average Joe to be using a highly volatile, extremely risky, beta software safely at all.

If you want BTC to succeed then I advise you (just like you advised me) to put your knowledge and skills on how to get rid of this problem rather than - well basically - go bypassed it.

I don't care if it succeeds or not. It's an interesting experiment, and I look forward to seeing how it all plays out.  I expect it to succeed, but there's certainly a possibility that the whole thing collapses in the future.

I don't understand why that is so difficult for you to comprehend.

I have no difficulty comprehending at all.

Gavin himself stated that he has a "solution" but it's currently not needed (or something along those lines).

Great.  So nothing to worry about anymore then.  We can all move on to other discussions.

When will it be needed, when we actually have a 51% attack?

Yes, obviously.  No need to fix it unless it's actually broken.
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June 18, 2014, 03:11:31 PM
 #147

If you forget about 51% pools for a second, there is a second problem too. Mining has become big boys game. Samller miners are dropping off faster than new ones that are getting into game. Those who survive are getting bigger and bigger, and are swallowing each other slowly. To enter mining game you just need more and more money, which cant be good for decentralization and diversity.
If things continue way they are going right now, at some distant future, there will be only few very large entities mining and battleing it out with insane ammount of hash power and money that they need to invest just to stay a float and not to be swallowed by one little bit above them.

This was Satoshi's plan.  Are you not aware of this?  This has been known and expected from the beginning, Satoshi even said so himself.

Do you think that there will ever be a time when mining will come back to common user?

No.
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June 18, 2014, 03:13:45 PM
 #148

If you forget about 51% pools for a second, there is a second problem too. Mining has become big boys game. Samller miners are dropping off faster than new ones that are getting into game. Those who survive are getting bigger and bigger, and are swallowing each other slowly. To enter mining game you just need more and more money, which cant be good for decentralization and diversity.
If things continue way they are going right now, at some distant future, there will be only few very large entities mining and battleing it out with insane ammount of hash power and money that they need to invest just to stay a float and not to be swallowed by one little bit above them.

Do you think that there will ever be a time when mining will come back to common user? I just cant see it happen with what we have today.
There can be a pseudo-return to those days, but it's very iffy.

If pools or companies allowed for miners to take part in votes on what the company or pool should do based on their mining rate, then it may bring back more miners. But a LOT of things would have to change.

I have to laugh at the statement where you said there will be giant entities battling it out, but I think those "entities" will entail cloud mining, such as GHash's companionship with cex.io. PBMining, and a few others exist that use a cloud hashing format, and I think that's how the mining would still be done by the "users" but hosted by the companies.
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June 18, 2014, 03:36:05 PM
 #149

You DID bring Ghash to 40PH+

Let's assume the following:

Ghash has 40PH
Ghash owns 50% = 20PH
Miners on Ghash own the other 50%
If each miner had 720GH, that would be about 27,000 miners to equal 20PH

The world pop is ~ 6.6B
If 0.01% use bitcoin, that is 660,000 users
Say a little less than half of us mine bitcoin = 300,000

Now, let's assume that 1/3 of the network hash is pool owned. ~96PH total
That is ~63PH owned by "private" miners, of which there are 300,000
That is only an average of 212GH per miner
You are 3.5x above that average

So yes you and the other miners at Ghash ARE causing the problem.

No one can tell you to point your miner(s) at a certain pool, that is the freedom of the network. Yet that freedom also brings responsibility. You are to act responsibly to protect the network. Asking for a hard fork is taking away that freedom and centralizing it. That is the opposite of what bitcoin is about.

You want a tool? Here, use this https://blockchain.info/pools?timespan. It will tell you which pools are "too big". Move to a smaller pool and all is fine. Each one of us holds the future of bitcoin in their hands. We can build, we can just toss it to the side, or we can destroy. It really is up to you.



You guys are so fucking selfcentric that you don't get the point.
ITS NOT THE POOLS FAULT NOR MINE.
THE PROTOCOL AS IT IS IS FLAWED.

It's as simple as that.

You cannot expect every single fucking miner to point their equipment elsewhere EVERY FUCKING TIME theres a 51% concentration instead of just getting rid of the problem.

You know why?

BECAUSE YOUR TRUSTLESS SYSTEM DEPENDS ON TRUST, between miners and pools.

Nice decentralization and trustless system we have there......
The problem is in the protocol yes, but that's not the point. You, as in the miners, aren't doing the necessary to scale down this problem. Instead you're sticking to ghash.io and that's why we ended up here.
If miners actually did care about BTC no pool would get close to 30% not to mention 50%.

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June 18, 2014, 04:23:27 PM
 #150

You DID bring Ghash to 40PH+

Let's assume the following:

Ghash has 40PH
Ghash owns 50% = 20PH
Miners on Ghash own the other 50%
If each miner had 720GH, that would be about 27,000 miners to equal 20PH

The world pop is ~ 6.6B
If 0.01% use bitcoin, that is 660,000 users
Say a little less than half of us mine bitcoin = 300,000

Now, let's assume that 1/3 of the network hash is pool owned. ~96PH total
That is ~63PH owned by "private" miners, of which there are 300,000
That is only an average of 212GH per miner
You are 3.5x above that average

So yes you and the other miners at Ghash ARE causing the problem.

No one can tell you to point your miner(s) at a certain pool, that is the freedom of the network. Yet that freedom also brings responsibility. You are to act responsibly to protect the network. Asking for a hard fork is taking away that freedom and centralizing it. That is the opposite of what bitcoin is about.

You want a tool? Here, use this https://blockchain.info/pools?timespan. It will tell you which pools are "too big". Move to a smaller pool and all is fine. Each one of us holds the future of bitcoin in their hands. We can build, we can just toss it to the side, or we can destroy. It really is up to you.



You guys are so fucking selfcentric that you don't get the point.
ITS NOT THE POOLS FAULT NOR MINE.
THE PROTOCOL AS IT IS IS FLAWED.

It's as simple as that.

You cannot expect every single fucking miner to point their equipment elsewhere EVERY FUCKING TIME theres a 51% concentration instead of just getting rid of the problem.

You know why?

BECAUSE YOUR TRUSTLESS SYSTEM DEPENDS ON TRUST, between miners and pools.

Nice decentralization and trustless system we have there......
The problem is in the protocol yes, but that's not the point. You, as in the miners, aren't doing the necessary to scale down this problem. Instead you're sticking to ghash.io and that's why we ended up here.
If miners actually did care about BTC no pool would get close to 30% not to mention 50%.

Are you even listening to your self?

BTC was built upon greed.
You are an idiot by making comments like that.

PS: Yes, GREED....
SATOSHI mined more than 1 million BTC, he ONLY transacted ONCE and that was to Hal Finney.
He kept the rest to himself......
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June 18, 2014, 04:23:55 PM
Last edit: June 19, 2014, 02:31:56 PM by S4VV4S
 #151

OK, so I am back and we could go on forever quoting each other trying to prove our point.

But I am not going to do that because it's pointless.

But I do have one question for you Danny:

How does a computer programmer that always takes the time to think about possible attacks and try to prevent them, accept the fact that the current protocol is flawed and can lead to a serious, actually completely destructing attack?

Doesn't really go hand to hand with what you are arguing about with me does it?

One more question:
Did you ever produce anything at all?
Because I can guarantee to you that there will always be someone better than you ready to "attack" your software and be very successful at it.

PS: It's PGP (Pretty Good Privacy) not GPG.


Can I ask what your profession is?

Computer programmer, and computer systems designer (sometimes referred to as "Systems Architect"). With my current employer, I actually handle many additional roles including Business Analyst, Technical Adviser, New Employee Trainer, New Hire Interviewer, Customer Support, and Technical Support.

Danny thanks for your input and advice man.
You seem to have knowledge on the subject yet I don't see you making any suggestions - which is a shame.

I'd make suggestions if I had any that would work.  When I come up with an idea, I think it through.  I don't think about how I expect it to work, that's the easy part.  I take the time to think through all the possible attacks I can come up with, and whether or not they can be prevented.

I've been studying the bitcoin system for 29 months.  People keep presenting the exact same ideas with the exact same flaws over and over.

Here's an important thing to keep in mind while you're trying to think of a "solution":  You aren't looking for a solution that will fix the proof-of-work blockchain.  You are looking for a solution that will fix distributed consensus.

The proof-of-work blockchain is currently the best way anyone has ever come up with to handle distributed consensus.  Anything you can come up with that can reliably prevent a miner from gaining more than 50% of the hash power will require one of two things.  Either a trusted authority that can determine and control how much hash power each entity contributes, or a method of distributed consensus that allows the entire network to agree on how much hash power each entity contributes.  If you discover a solution to distributed consensus, then you no longer need to use it to prevent a miner from gaining more than 50% of the hash power.  Instead, a new (and MUCH better) cryptocurrency can be created (or bitcoin can switch to a new protocol) that implements your newly discovered method of distributed consensus INSTEAD of a proof-of-work blockchain.


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June 19, 2014, 03:02:05 PM
 #152

BTW does anybody else have an idea on how we can get rid of the problem?
If you got an idea just let us know and we can build upon it.
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June 19, 2014, 03:19:06 PM
 #153

the funny part is :

in P2P file sharing, miner pool is like server of indexing files ... all attack by private investissments.
and you see ... at the end, only decentralizer DHT or Kademlia win to "continu" the job.

solo-mining is like that.
or P2Pool (for high end hashrate machine).

---

i don't understand why ghash.io use 1 identity in the bitcoin network... it's really simple to split 1 server in 10 others to split mining job.
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June 19, 2014, 03:39:57 PM
 #154

OK, so I am back and we could go on forever quoting each other trying to prove our point.

That's ok, I've got enough patience.

But I am not going to do that because it's pointless.

Well, not entirely.  At least when others see this thread, they'll have an opposing viewpoint so they'll be less likely to mistakenly believe that your proclamations have significant merit.

But I do have one question for you Danny:

How does a computer programmer that always takes the time to think about possible attacks and try to prevent them, accept the fact that the current protocol is flawed and can lead to a serious, actually completely destructing attack?

I'm fully aware of many of the risks involved in the Bitcoin protocol.  I accept them, because there isn't yet any known way to fix them without a trusted authority.  The particular risk you are referring to has been known since the original announcement of the the Satoshi whitepaper, before the programming was ever even released.  There are two possibilities:

  • It isn't a problem, and Bitcoin will be a successful experiment because the financial incentives result in the network being protected
  • It is a problem, in which case Bitcoin is a failed experiment.

Time will tell which is true.  Without running the experiment, there's no way to know for sure.  So here we are, thousands (or millions?) of us all voluntarily participating in a global experiment on distributed consensus protected by proof of work.

Doesn't really go hand to hand with what you are arguing about with me does it?

Not sure what you mean.

You are trying to say that there isn't a problem, but we need to fix the problem (that doesn't exist?) so that the media won't scare people.

I'm just trying to help you decide if there is a problem or not so we can have a logical discussion.  It's impossible to have an intelligent discussion with someone that wants to fix a problem that they don't believe exists.

One more question:
Did you ever produce anything at all?

Nah.  My employer pays me to sit around and accomplish nothing.

Silly question, meet silly answer.

Because I can guarantee to you that there will always be someone better than you ready to "attack" your software and be very successful at it.

Probably, but at least I don't get defensive and argumentative when someone points out weaknesses in my ideas.  I'm willing to consider the advice on its merits and accept the verifiable facts.  Then I can work with others to find ways to strengthen the program.  Interestingly, none of the software that has been implemented to my specifications has been "attacked" successfully yet.  All successful attacks on software I've been involved in either attacked weakness in code that was under someone else's control, or attacked weaknesses that I had already pointed out, but which the company chose to ignore.

That doesn't mean I'm incapable of being unaware of weaknesses in my software, but it does demonstrate that making an effort to understand what you are saying/doing and researching ideas that have been discussed in the past results in much better ideas than just suggesting ideas that have already been analyzed without being aware of the past analysis or taking the time to consider the implications.


PS: It's PGP (Pretty Good Privacy) not GPG.

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June 19, 2014, 11:20:39 PM
 #155

OK, you wanna play then let's play....

Clearly you two are not on the same page, name calling doesn't help anyone.

He is asking (among other things) if you think it is a problem because you haven't been clear on that. For example...

Danny I have much respect for you man, and I do believe you have a lot of knowledge but I don't think you got my point.

I (as in me personally) am not worried about a 51% attack right now.
I am worried about what this is doing to BTC (mostly caused by media FUD).

The FUD that has been going around is damaging BTC rep and it's slowing down adoption as people tend to see the bad side of things instead of the benefits.
So you are not worried about a 51% attack, but are worried about media FUD about a 51% attack. What is the bigger problem, the risk of a 51% attack or the FUD about a 51% attack?  If the FUD is the problem, could education be the answer?

I don't think it's fair to claim nothing has been done to eliminate the risk of a 51% attack. As far as I know, there is no known way to solve this problem without a central authority, all pow/pos coins are affected. Does this mean the problem is being ignored? I wouldn't think so, I am sure there is at least one person out there working on a different method for consensus.

Minor edits for clarity
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June 20, 2014, 08:46:36 AM
 #156

OK, you wanna play then let's play....

Clearly you two are not on the same page, name calling doesn't help anyone.

He is asking (among other things) if you think it is a problem because you haven't been clear on that. For example...

Danny I have much respect for you man, and I do believe you have a lot of knowledge but I don't think you got my point.

I (as in me personally) am not worried about a 51% attack right now.
I am worried about what this is doing to BTC (mostly caused by media FUD).

The FUD that has been going around is damaging BTC rep and it's slowing down adoption as people tend to see the bad side of things instead of the benefits.
So you are not worried about a 51% attack, but are worried about media FUD about a 51% attack. What is the bigger problem, the risk of a 51% attack or the FUD about a 51% attack?  If the FUD is the problem, could education be the answer?

I don't think it's fair to claim nothing has been done to eliminate the risk of a 51% attack. As far as I know, there is no known way to solve this problem without a central authority, all pow/pos coins are affected. Does this mean the problem is being ignored? I wouldn't think so, I am sure there is at least one person out there working on a different method for consensus.

Minor edits for clarity

You are absolutely right.
So there's no point of arguing.
Maybe I don't understand what Danny is saying or maybe he doesn't understand what I am saying.
So no point for this to go on.

Danny I apologize man.
Maybe I don't understand what you are saying.
I have edited my posts.
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June 20, 2014, 11:27:50 AM
 #157

Proof of Activity: Extending Bitcoin’s Proof of Work via Proof of Stake

http://eprint.iacr.org/2014/452.pdf
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June 20, 2014, 01:36:00 PM
 #158

Proof of Activity: Extending Bitcoin’s Proof of Work via Proof of Stake

http://eprint.iacr.org/2014/452.pdf
No, no, no, no.

PoS is a great way to shell out lots of coins to those who already have lots of coins, or the world's greatest pre-mine scamming system ever.

Sure, it may eliminate PoW issues, but giving out the coins is far worse than mining them at a high difficulty. I'd rather have the community mine then have them sit there and collect coins for no reason. And, guess what! Few coins with PoS have been very successful in terms of adoption...
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June 20, 2014, 09:10:01 PM
 #159

@Yakamoto
Not that we need yet another PoS vs PoW discussion. But to clarify: With fiat, you buy mining rigs to mine BTCs or to buy BTCs directly. With BTC, you buy other coins like PoS coins. So, in the end, the rich stay rich.
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June 20, 2014, 09:41:06 PM
 #160

@Yakamoto
Not that we need yet another PoS vs PoW discussion. But to clarify: With fiat, you buy mining rigs to mine BTCs or to buy BTCs directly. With BTC, you buy other coins like PoS coins. So, in the end, the rich stay rich.
I can see your point, and let's avoid that discussion.

I guess that is a fair statement, so thanks for explaining that to me.

I guess the PoA wouldn't necessarily be bad, but I think it still has to prove itself.

I have to keep this short because my battery is almost out, sorry.
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