[2014-07-18] Trust Will Kill Bitcoin

[erono]

http://www.bloombergview.com/articles/2014-07-17/trust-will-kill-bitcoin

last month, a mining pool -- an association of people who own specialized hardware that produces Bitcoins by running specific mathematical operations -- gained a 51 percent share of computing power used in currency production. That gave it the power to reverse transactions, to pay twice with the same Bitcoins, and to delay or even cancel other people's transactions. The pool was GHash.io, run by a secretive U.K.-incorporated outfit called CEX.io, which came close to topping the 51 percent mark in January. Back then, it promised not to do that: "GHash.io will take all necessary precautions to prevent reaching 51% of all hashing power, in order to maintain stability of the Bitcoin network," the pool said in a statement.

[1715065475]

1715065475

[Kprawn]

Let's not go into this again. {51% attack}

On reddit they are asking the miners to move, when they get close to the 51%. And it is a non-issue because counter measures are in place to prevent long term dominance.

So let's calm down, and ride the wave.

[jcoin200]

I think they pledged to stay at only 40% of mining power.  That should settle any worries!

[Rinndaranaur]

IMO bitcoin will be traded for oil soon, then the USD fiat will be dead

[openyourmind]

This article sounds all fancy, but it misses the context of 'Trust'. In crypto world, we dont need intangible trust as it built into the paradigm, effectively replacing an intangible trust into something calculable and tangible.

[digitalninja81]

Tone of negativity in the press has been constant since the creation of BTC in oh so many clever ways. One point after another to discourage a positive tone on BTC.

[Kosta#]

This article sounds all fancy, but it misses the context of 'Trust'. In crypto world, we dont need intangible trust as it built into the paradigm, effectively replacing an intangible trust into something calculable and tangible.

except that we have no choice but to trust ghash.io when they say they are at 40%, because there is  no way to verify that number.