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[cryptocoinnews.com]WARNING: GHASH.IO IS NEARING 51% – LEAVE THE POOL

post #1 of 27
Thread Starter 
Apologies if this is a repost:
Quote:
This is a WARNING to all Bitcoin Miners. We sincerely request that miners using Ghash.io leave the pool for other smaller pools to create a more decentralized Bitcoin hash distribution. The Bitcoin pool Ghash.io has in the last 24 hours had more than 42% of the entire Bitcoin mining power making them the biggest Bitcoin mining pool in the world. If they receive more than 50% of the mining power they will be able to double spend their Bitcoins and possibly destroy the Bitcoin value (so called 51% attack).


Source(s) here:

http://www.cryptocoinsnews.com/2014/01/09/warning-ghash-io-nearing-51-leave-pool/

http://www.cryptocoinsnews.com/2014/01/09/ghash-io-official-statement-51-attack-threat-press-release/


Frankly i'm not worried as i've exchanged what little i had into other coins, particularly those that cannot be mined as i feel mining is going to cause problems later down the road for cryptocurrency.
Edited by Thingamajig - 1/9/14 at 9:00pm
post #2 of 27
Woah
post #3 of 27
still waiting for all of this to come crashing down so I can get some cheap AMD GPU's. tongue.gif
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post #4 of 27
Quote:
Originally Posted by bigtonyman1138 View Post

still waiting for all of this to come crashing down so I can get some cheap AMD GPU's. tongue.gif

This, hopefully sometime soon

Also OP, in response to your sig, Quit pokin' me with your thing!
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post #5 of 27
Thread Starter 
Quote:
Originally Posted by Bl00dyMurd3r View Post

This, hopefully sometime soon

Also OP, in response to your sig, Quit pokin' me with your thing!

Just stay outta my shed.
post #6 of 27
No miner would mine there and let them has 51% of hashing power with that risk prevalent of double spending. The core dev team needs to solve this security hole. Why would you even mine there and let them destroy bitcoin with all profits to be made. Just switch to P2Pool.... we don't need a central mining authority or anyone controlling all that power for themselves.
post #7 of 27
You made a currency based almost entirely around throwing tons of processing power at it, and then secured the results using SHA-256; hoping that no one would have enough processing power to fake the information fast enough.

Please use your processing power to do this thing, but please don't have too much processing power.

weirdsmiley.gif


Seriously, Bitcoin is pretty cool; but that's kind of an insane flaw.
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post #8 of 27
I sincerely hope that they hit this 51% mark, and bitcoin crashes. I've been waiting for what seems like forever to buy a 290, but the damn price won't go down because of bitcoin.
post #9 of 27
Quote:
Originally Posted by bigtonyman1138 View Post

still waiting for all of this to come crashing down so I can get some cheap AMD GPU's. tongue.gif

So much this.

I'd LOVE to get my hands on a R9 290 biggrin.gif
   
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post #10 of 27
Quote:
Originally Posted by Thingamajig View Post

Just stay outta my shed.

well they never did find the helements of armory so :/
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Overclock.net › Forums › Industry News › Software News › [cryptocoinnews.com]WARNING: GHASH.IO IS NEARING 51% – LEAVE THE POOL