I am selling half of my Bitcoin holdings because of Ghash

[darkota]

The OP didnt sell shit.

Obvious way to try and make the bitcoin price drop down so he could buy in lower.

If he did "sell", I'm sure he had like .005 bitcoin anyway, so .00025 bitcoin sold. wow big deal.

good job jumping to a conclusion. how do you know he didn't sell the coins? you could be right, but you could also be wrong. no need for armchair detective work.. if you aren't actually doing any detective work.

This is all just a play by the OP, anyone who was serious wouldnt find the need to make a thread about it, look at the title: "I am selling half of my Bitcoin holdings because of Ghash", If he actually sold the coins, he would of changed the title also, and his original post.

I conclude he hasn't sold the coins, and if he has, it is a very very insignificant amount...

[phillipsjk]

As promised in this post (1 day late), I have sold half of my Bitcoin.

This month I sold a total of 750mBTC. The first 250mBTC was unrelated to the mining concentration situation, but I am counting it because I have another 250mBTC that I can not access. For the remaining 500mBTC, I broke up my Bitcoin with a vanity 1Bitcoin address. That address has some sentimental value. I would sign a message with the private key, but multibit does not appear to let me import raw private keys. The sx tools I use do not appear to support arbitrary message signing.

PS: I caution any would-be followers that the sx tools are scray and typos can lead to unexpectedly large mining fees. While I do use vanity addresses, I never re-use them (mining being a possible exception). I actually cross out each address on the paper copy of my key-pairs (wallet if you will) as I use them.

[jabo38]

There you go.  Looks like he sold them.

I agree that the 51% is a huge issue.  Shame on Ghash!

Still.... If I cash out bitcoins, what should I buy. 

Litecoin is going down day by day, even month by month.
NXT is going down and finding its new price after a big run.
Peercoin has consistently gone down for quite some time.
Darkcoin had a huge run and is going down and down. 
Ripple hasn't gone up since I am not sure when.
And poor Doge hasn't done anything but go down and because of mining will just continue.

When a real alternative comes along, I will go into it big.  Right now most of my non-bitcoin money is in NXT because I see them coming out with lots of new features of the months and coming year.  But Peercoin, Darkcoin, Ripple, Litecoin, and Doge won't ever add a single other feature and so their prices will go down. 

Well.... Litecoin is getting Asics, and while that doesn't give the coin itself a feature, it does change the network.  I have heard arguments on both sides why this is good and/or bad though.  If anything, it will make the price go cheaper as Asics will be sweeping up most of the coins on the easy so they can afford to sell on the cheap.

[ChuckOne]

And, again, it's not just a financial decision, but an ideological one as well.  I don't want to be fully invested in centralized decentralized currency!

+1

[ChuckOne]

why do we keep seeing announcements that people are getting OUT, while big names are clearly going IN?

-bm

Because big names like centralization. They trust trust. They are used to trust. So, they have no problem with a centralized currency.

They actually want the only benefit of Cryptocurrency = cheap transfer of money from A to B

[zimmah]

It's because Bitcoin is mined by ASIC's, which are controlled by large ASIC farms, which are controlled by a few individuals.

Bitcoin would be much better if it was still GPU/CPU only.

the problem is not the asic farms, the problem is the asic companies who don't deliver to customers like they promise. Customers have been burned by asic manufacturers so often that almost no one dares ordering there anymore.

Makes me wonder if some/most big mining farms are connected to the manufacturers in some way.

Anyway the panic was for nothing (as usual, bitcoin society likes to panic over nothing), Ghash is back to 33% or so.

[Gyrsur]

what I have learned so far about Bitcoin: a system where no trust is necessary because there are algorithm (math).

so then be so consequent and remove trust out of the concept of Bitcoin.

at the moment trust in mining pools is necessary .

[S4VV4S]

Guys I have decided to sell half of my Bitcoins too because of GHash.

Anybody wanna buy 0.7BTC for $1000?

It's a good offer   

[rext]

Reminds me of the sentence, "Too big to fail"