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The existential threat to Bitcoin its boosters said was impossible is now at han
Posted on 1/9/14 at 9:52 am
Posted on 1/9/14 at 9:52 am
LINK
A doomsday scenario that has long been dismissed by bitcoin’s biggest boosters is now a clear and present danger. At 3am ET this morning, a single bitcoin mining collective known as Ghash.io reached 45% of the computing power of all global bitcoin miners, just six points short of the 51% that would be required to break bitcoin by arbitrarily re-writing the transaction history upon which it rests. The result could be, at minimum, “double spending” of existing bitcoins, which would render the currency effectively unusable.
To put this in context: Imagine that tomorrow, a single corporate entity gained the ability to clone all of its dollars, and then immediately went on an asset buying spree. To say that it would undermine trust in the US dollar would be an understatement. That’s what could happen to bitcoin.
Popular discussion boards devoted to bitcoin are freaking out about this possibility, and every post on the homepage of, for example, the portion of Reddit devoted to Bitcoin is currently devoted to the dangerous rise of Ghash.io:
A doomsday scenario that has long been dismissed by bitcoin’s biggest boosters is now a clear and present danger. At 3am ET this morning, a single bitcoin mining collective known as Ghash.io reached 45% of the computing power of all global bitcoin miners, just six points short of the 51% that would be required to break bitcoin by arbitrarily re-writing the transaction history upon which it rests. The result could be, at minimum, “double spending” of existing bitcoins, which would render the currency effectively unusable.
To put this in context: Imagine that tomorrow, a single corporate entity gained the ability to clone all of its dollars, and then immediately went on an asset buying spree. To say that it would undermine trust in the US dollar would be an understatement. That’s what could happen to bitcoin.
Popular discussion boards devoted to bitcoin are freaking out about this possibility, and every post on the homepage of, for example, the portion of Reddit devoted to Bitcoin is currently devoted to the dangerous rise of Ghash.io:
19
Posted on 1/9/14 at 9:54 am to PuntBamaPunt
Wiki in 3....2....1....
Posted on 1/9/14 at 9:55 am to PuntBamaPunt
Sell.
Posted on 1/9/14 at 9:56 am to PuntBamaPunt
quote:
Ghash.io
New Comedy Central show?
Posted on 1/9/14 at 9:57 am to PuntBamaPunt
yea it's hitting the fan right now
word is spreading to try to get people to leave the pool to prevent it
big movement to switch to p2pools
word is spreading to try to get people to leave the pool to prevent it
big movement to switch to p2pools
Posted on 1/9/14 at 9:58 am to VetteGuy
quote:
Sell.
Interestingly enough, there was a thread a couple of days ago with Bitcoin at $1000…it's already back down to $800.
Wiki will be here shortly though to claim Gashio has no effect on Bitcoin.
Posted on 1/9/14 at 9:58 am to Broke
Posted on 1/9/14 at 10:00 am to Darth_Vader
Nice. Will probably get many downvotes though.
Posted on 1/9/14 at 10:01 am to LNCHBOX
Oh ya
Posted on 1/9/14 at 10:02 am to PuntBamaPunt
this is all so far over my head, but I do find it fascinating for some reason
Posted on 1/9/14 at 10:02 am to Broke
quote:
Broke
Quick hijack...
Ever hear of a site called AuthenticWatches.com? They have a Tag Formula 1 for right around $1600. Legit?
Posted on 1/9/14 at 10:02 am to PuntBamaPunt
quote:
A doomsday scenario that has long been dismissed by bitcoin’s biggest boosters is now a clear and present danger
Posted on 1/9/14 at 10:02 am to PuntBamaPunt
quote:
a single bitcoin mining collective known as Ghash.io reached 45% of the computing power of all global bitcoin miners
What the frick are they mining? Is this like the WoW episode of South Park where a bunch of guys are slaying pigs in some fantasy realm to build up points/bitcoins?
Posted on 1/9/14 at 10:03 am to PuntBamaPunt
Posted on 1/9/14 at 10:03 am to LSUzealot
quote:
Interestingly enough, there was a thread a couple of days ago with Bitcoin at $1000…it's already back down to $800.
Yeah, I put the same response in that thread.
Bitcoin looks less and less like an "investment" and more and more like a Ponzi scheme every day.
Bitcoin is not Amazon or Microsoft or Google.
Pro bitcoiners try to pretend that if you are against bitcoin you are a Neanderthal and don't understand technology.
I may be a bit Neanderthal-ish, but I do understand technology.
I also know enough to know the difference when somebody is pissing on my shoes and telling me its raining.
Posted on 1/9/14 at 10:04 am to Salmon
quote:
this is all so far over my head, but I do find it fascinating for some reason
Posted on 1/9/14 at 10:05 am to PuntBamaPunt
Posted on 1/9/14 at 10:05 am to TheOcean
Wiki will soon be
Posted on 1/9/14 at 10:06 am to LNCHBOX
quote:
Nice. Will probably get many downvotes though.
I'd be disappointed if it didn't.
Posted on 1/9/14 at 10:06 am to Corkfather
quote:
Ever hear of a site called AuthenticWatches.com? They have a Tag Formula 1 for right around $1600. Legit?
I heard they have sold fakes before:
LINK
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