[2014-07-16] CD: GHash Commits to 40% Hashrate Cap at Bitcoin Mining Summit

[LiteCoinGuy]

GHash Commits to 40% Hashrate Cap at Bitcoin Mining Summit

A summit meant to address the threat of 51% attacks against the bitcoin network has resulted in a renewed industry commitment to protecting the digital currency’s transaction processing network from majority control by any one entity.

http://www.coindesk.com/ghash-commits-40-hashrate-cap-bitcoin-mining-summit/


hopefully there is a solution in the future.

[LiteCoinGuy]

http://techcrunch.com/2014/07/16/popular-bitcoin-mining-pool-promises-to-restrict-its-compute-power-to-prevent-feared-51-fiasco/

[Photon939]

Except there's no real way to prove that they're actually capping themselves at 40%. They could just as easily relay blocks from the >40% chunk through another IP.
Unfortunately the extremely granular distribution of blocks makes pool mining all but mandatory for even somewhat large miners. These days you need upwards of 75+ TH/s just to get one block before difficulty changes on average, you could go weeks without finding one at 75 TH/s.

[PolarPoint]

A new committee is expected to be organized by GHash.io and its digital currency exchange arm, CEX.io, that direct funds and coordinate efforts on a permanent means to address the problem.

They are just going to hide their hashrate behind another IP and no one would know, and what good will the new committee do if GHash and CEX is heading the committee?

[CoinMode]

GHash Commits to 40% Hashrate Cap at Bitcoin Mining Summit

A summit meant to address the threat of 51% attacks against the bitcoin network has resulted in a renewed industry commitment to protecting the digital currency’s transaction processing network from majority control by any one entity.

http://www.coindesk.com/ghash-commits-40-hashrate-cap-bitcoin-mining-summit/


hopefully there is a solution in the future.

Should be 10% cap for all pools.

[HeliKopterBen]

Its not a big deal.  Ultimately, ghash is not in charge of their hashing power, the individual miners are.  If individual miners suspect a major problem, they will remove their hashing power from the pool and there is nothing the big bad NSA can do about it.  Bitcoin is plenty decentralized.  If it ain't broke, don't fix it.

As of March, the largest individual mining operation controlled about 1ph, or less than 1% of total processing power.  http://www.businessinsider.com/worlds-largest-bitcoin-mining-operation-2014-3

In fact, I think a few pools with the majority hashing power is beneficial because it allows individual miners to basically vote with their processing power, even if they control very little hashrate.  If a controversial protocol change comes up, then miners can switch to the pool that supports their side of the change.  

[notthematrix]

Its not a big deal.  Ultimately, ghash is not in charge of their hashing power, the individual miners are.  If individual miners suspect a major problem, they will remove their hashing power from the pool and there is nothing the big bad NSA can do about it.  Bitcoin is plenty decentralized.  If it ain't broke, don't fix it.

As of March, the largest individual mining operation controlled about 1ph, or less than 1% of total processing power.  http://www.businessinsider.com/worlds-largest-bitcoin-mining-operation-2014-3

In fact, I think a few pools with the majority hashing power is beneficial because it allows individual miners to basically vote with their processing power, even if they control very little hashrate.  If a controversial protocol change comes up, then miners can switch to the pool that supports their side of the change.  

Yep ghash.io will lose its good name and go out of buisniss.
It will not kill bitcoin at all, its not effective in the long run , its like shooting a random peron on the street evrybody CAN do it...
but there is a reason why you dont....
Ghash can NOT take control of the blockchain because other miners wil block ghash.io if discovered...
for paranoia people this is very hard to understand ,,, but thats also why a lot of people who kill have paranoia scizofrenic problems.
Its not about if you can but about is it effetive... and that part of the brain fails in people with this kind of people....
So Guys think not about you can , but think how effective is it and is it detecteble , and is a attack easy to stop...
if all is yes it is useless to do it even if you CAN do it.....

[CoinMode]

As of March, the largest individual mining operation controlled about 1ph, or less than 1% of total processing power.  http://www.businessinsider.com/worlds-largest-bitcoin-mining-operation-2014-3

The 1PHash of power at the time of that article was actually 3% or more of the total hashrate of the network (source: https://blockchain.info/charts/hash-rate). You are some sort of bad word like ignoramus, idiot, jerk, manipulator, greedy, evil, or something else that is very bad. Not sure. Maybe you are just uneducated, which is also bad. I'll leave it up to you to tell us which bad word accurately describes you upon making your quoted statement.

[HeliKopterBen]

You are some sort of bad word like ignoramus, idiot, jerk, manipulator, greedy, evil, or something else that is very bad. Not sure. Maybe you are just uneducated, which is also bad. I'll leave it up to you to tell us which bad word accurately describes you upon making your quoted statement.

Welcome to ignore

[Buffer Overflow]

I'd of been happier with 1% instead of 40%.

[Cicero2.0]

It is a start. If it stops even one FUD article or screeching post on this forum it is a good thing. This has been way over blown on this forum.

[lihuajkl]

GHash Commits to 40% Hashrate Cap at Bitcoin Mining Summit

A summit meant to address the threat of 51% attacks against the bitcoin network has resulted in a renewed industry commitment to protecting the digital currency’s transaction processing network from majority control by any one entity.

http://www.coindesk.com/ghash-commits-40-hashrate-cap-bitcoin-mining-summit/


hopefully there is a solution in the future.

Should be 10% cap for all pools.

The pool would lose a lot of profit.

[Kosta#]

A new committee is expected to be organized by GHash.io and its digital currency exchange arm, CEX.io, that direct funds and coordinate efforts on a permanent means to address the problem.

They are just going to hide their hashrate behind another IP and no one would know, and what good will the new committee do if GHash and CEX is heading the committee?

exactly, but why the future tense? there is absolutely no reason to believe they are not doing it already.

[CoinMode]

I'd of been happier with 1% instead of 40%.

I agree with you 100%, no joke.