Should I be worried about the 51%?

[gondel]

Hello,
Today I spotted an article in a Bulgarian site for economics news, The topic is:
"Bitcoin is about to collapse?"
Here it is a link to the article:
http://money.bg/news/id_1312273811/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B9%D0%BD_%D0%B5_%D0%BD%D0%B0_%D0%BF%D1%8A%D1%82_%D0%B4%D0%B0_%D1%81%D0%B5_%D1%81%D1%80%D0%B8%D0%BD%D0%B5

It is written in Bulgarian, but you can understand it by using the google translator. Should I be worried about this or author is just stupid saying that?
BR
Gondel

[S4VV4S]

Hello,
Today I spotted an article in a Bulgarian site for economics news, The topic is:
"Bitcoin is about to collapse?"
Here it is a link to the article:
http://money.bg/news/id_1312273811/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B9%D0%BD_%D0%B5_%D0%BD%D0%B0_%D0%BF%D1%8A%D1%82_%D0%B4%D0%B0_%D1%81%D0%B5_%D1%81%D1%80%D0%B8%D0%BD%D0%B5

It is written in Bulgarian, but you can understand it by using the google translator. Should I be worried about this or author is just stupid saying that?
BR
Gondel

Personally I would say that you should not worry about a 51% attack.
That would be more destructing to the one performing it than beneficial.

You should be more worried about the "media" (as you can see) and peoples reaction to it (as you have witnessed with the price drop).

[LouReed]

Hello,
Today I spotted an article in a Bulgarian site for economics news, The topic is:
"Bitcoin is about to collapse?"
Here it is a link to the article:
http://money.bg/news/id_1312273811/%D0%91%D0%B8%D1%82%D0%BA%D0%BE%D0%B9%D0%BD_%D0%B5_%D0%BD%D0%B0_%D0%BF%D1%8A%D1%82_%D0%B4%D0%B0_%D1%81%D0%B5_%D1%81%D1%80%D0%B8%D0%BD%D0%B5

It is written in Bulgarian, but you can understand it by using the google translator. Should I be worried about this or author is just stupid saying that?
BR
Gondel

Personally I would say that you should not worry about a 51% attack.
That would be more destructing to the one performing it than beneficial.

You should be more worried about the "media" (as you can see) and peoples reaction to it (as you have witnessed with the price drop).

I wouldn't worry at all, at least not right now anyway.

http://www.coindesk.com/ghash-io-never-launch-51-attack/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29

http://blog.cex.io/ghash-io-51-percent/

[guybrushthreepwood]

Bitcoin isn't going to collapse because of this. It would probably only ever be a problem if some malicious entity gained 51% of the mining power.

[robmob]

You have nothing to worry about, just a bunch of whistle blowers trying to blow things out of proportion.

[gondel]

You have nothing to worry about, just a bunch of whistle blowers trying to blow things out of proportion.

I think the same too. This guy from the article was may be forced from his boss to write something quick and to do it today or he is fired
Articles like this only put a negative view on BTC and people who dont know about it will not trust it in the future..
BR

[coinsolidation]

Quite the opposite, you should be pleased.

Bitcoin encodes decentralization and democracy - an issue was noticed in a multi-billion dollar economy, and within hours people had voted with their miners and redistributed a vast amount of hardware resources to stabilize the economy.

To me this is one of the pivotal moments of bitcoin so far, this democratic process implemented with such speed is impossible in almost every other avenue of life, and certainly every avenue which has centralization at it's core.

It was a good day.

[S4VV4S]

Quite the opposite, you should be pleased.

Bitcoin encodes decentralization and democracy - an issue was noticed in a multi-billion dollar economy, and within hours people had voted with their miners and redistributed a vast amount of hardware resources to stabilize the economy.

To me this is one of the pivotal moments of bitcoin so far, this democratic process implemented with such speed is impossible in almost every other avenue of life, and certainly every avenue which has centralization at it's core.

It was a good day.

Not true.

People where still mining at GHash even after they reached 51%.
It's the DDoS attack that caused the miners to move.

[coinsolidation]

Quite the opposite, you should be pleased.

Bitcoin encodes decentralization and democracy - an issue was noticed in a multi-billion dollar economy, and within hours people had voted with their miners and redistributed a vast amount of hardware resources to stabilize the economy.

To me this is one of the pivotal moments of bitcoin so far, this democratic process implemented with such speed is impossible in almost every other avenue of life, and certainly every avenue which has centralization at it's core.

It was a good day.

Not true.

People where still mining at GHash even after they reached 51%.
It's the DDoS attack that caused the miners to move.

DDoS or not, it was resolved democratically by the community. If some members took an action which prompted a resolution so be it, it worked - what I said still holds, this is a major situation resolved remarkably quicker than any other issue in any billion dollar company/org/economy we've ever seen in history.

[S4VV4S]

Quite the opposite, you should be pleased.

Bitcoin encodes decentralization and democracy - an issue was noticed in a multi-billion dollar economy, and within hours people had voted with their miners and redistributed a vast amount of hardware resources to stabilize the economy.

To me this is one of the pivotal moments of bitcoin so far, this democratic process implemented with such speed is impossible in almost every other avenue of life, and certainly every avenue which has centralization at it's core.

It was a good day.

Not true.

People where still mining at GHash even after they reached 51%.
It's the DDoS attack that caused the miners to move.

DDoS or not, it was resolved democratically by the community. If some members took an action which prompted a resolution so be it, it worked - what I said still holds, this is a major situation resolved remarkably quicker than any other issue in any billion dollar company/org/economy we've ever seen in history.

True, can't argue with that.
I was just making a correction

[ljudotina]

OP....as you can see, price is going up even tho one pool had 51%, as if nothing happened. I think that should be enough to answer your question.

[ljudotina]

Quite the opposite, you should be pleased.

Bitcoin encodes decentralization and democracy - an issue was noticed in a multi-billion dollar economy, and within hours people had voted with their miners and redistributed a vast amount of hardware resources to stabilize the economy.

To me this is one of the pivotal moments of bitcoin so far, this democratic process implemented with such speed is impossible in almost every other avenue of life, and certainly every avenue which has centralization at it's core.

It was a good day.

Not true.

People where still mining at GHash even after they reached 51%.
It's the DDoS attack that caused the miners to move.

No..Ghash moved part of their own hardware to another pool. Most people care only about one thing....returning their investment into bitcoin miner....and i cant blame them. DDos is not solution, nor is moving hardware from one pool in one's possesion to another pool in one's possesion. I'm afraid it needs to be dealt with on protocol level and it turns out that it's hard thing to fix...

[S4VV4S]

Quite the opposite, you should be pleased.

Bitcoin encodes decentralization and democracy - an issue was noticed in a multi-billion dollar economy, and within hours people had voted with their miners and redistributed a vast amount of hardware resources to stabilize the economy.

To me this is one of the pivotal moments of bitcoin so far, this democratic process implemented with such speed is impossible in almost every other avenue of life, and certainly every avenue which has centralization at it's core.

It was a good day.

Not true.

People where still mining at GHash even after they reached 51%.
It's the DDoS attack that caused the miners to move.

No..Ghash moved part of their own hardware to another pool. Most people care only about one thing....returning their investment into bitcoin miner....and i cant blame them.

I think BitFury also withdrew 1PH (I think) from the hashing rates.

That being said, why didn't they do it before it got to that?
It is a serious question.

Why didn't they start backing down when they were at 45% let's say?

[coinsolidation]

I think BitFury also withdrew 1PH (I think) from the hashing rates.

That being said, why didn't they do it before it got to that?
It is a serious question.

Why didn't they start backing down when they were at 45% let's say?

I also wonder this, the simple answer is probably greed.

However this has been coming for a long time, many months ago I was shocked and concerned that 6+ blocks could be found in a row by the pool in question.

[LiteCoinGuy]

wow, with an activity of 252 you trust a bulgarian news site   ? or is it irony?

if you think BTC is a secure investement (or invention) : sell now!

[ljudotina]

Quite the opposite, you should be pleased.

Bitcoin encodes decentralization and democracy - an issue was noticed in a multi-billion dollar economy, and within hours people had voted with their miners and redistributed a vast amount of hardware resources to stabilize the economy.

To me this is one of the pivotal moments of bitcoin so far, this democratic process implemented with such speed is impossible in almost every other avenue of life, and certainly every avenue which has centralization at it's core.

It was a good day.

Not true.

People where still mining at GHash even after they reached 51%.
It's the DDoS attack that caused the miners to move.

No..Ghash moved part of their own hardware to another pool. Most people care only about one thing....returning their investment into bitcoin miner....and i cant blame them.

I think BitFury also withdrew 1PH (I think) from the hashing rates.

That being said, why didn't they do it before it got to that?
It is a serious question.

Why didn't they start backing down when they were at 45% let's say?

As some say, it was show off of power....i dont really know why didint they do something before it happened....They could have reject new miners etc...i dont know...

[gondel]

wow, with an activity of 252 you trust a bulgarian news site   ? or is it irony?

if you think BTC is a secure investement (or invention) : sell now!

Well I am Bulgarian and also this site is one of the biggest economics related sites in Bulgaria. But Yes for sure no Bulgarian knows as much as in US.
BR

[Willisius]

Quite the opposite, you should be pleased.

Bitcoin encodes decentralization and democracy - an issue was noticed in a multi-billion dollar economy, and within hours people had voted with their miners and redistributed a vast amount of hardware resources to stabilize the economy.

To me this is one of the pivotal moments of bitcoin so far, this democratic process implemented with such speed is impossible in almost every other avenue of life, and certainly every avenue which has centralization at it's core.

It was a good day.

It was closer to weeks than hours.

[RixDollar]

Right now, no.

[redhawk979]

DDoS isn't "democracy". Thats like shooting people and going "SEE DEMOCRACY?"