Ghash.io very close to 51% of bitcoin pool
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Ghash.io very close to 51% of bitcoin pool
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Re: Ghash.io very close to 51% of bitcoin pool
#2It might already be considering that there is a substantial proportion that is "unknown" mining power: https://blockchain.info/pools
On the other hand, the heuristics of blockchain.info do determine block ownership are not perfect either: https://bitcointalk.org/index.php?topic=123726.0;all
Re: Ghash.io very close to 51% of bitcoin pool
#3If you check https://blockchain.info/pools Ghash.io is back down to 39% of blocks created, which is still big, but not as scary.
A good explanation is due to the random variation in the who the block is a awarded to.
Re: Ghash.io very close to 51% of bitcoin pool
#4It might already be considering that there is a substantial proportion that is "unknown" mining power: https://blockchain.info/pools On the other hand, the heuristics of blockchain.info do determine block ownership are not perfect either: https://bitcointalk.org/index.php?topic=123726.0;all
Can you explain what the threat is please?
Re: Ghash.io very close to 51% of bitcoin pool
#5Could someone with knowledge of Bitcoin explain what happens when a share of the pool hits 51%? Is this dangerous in some way?
Edit: Thanks to those who took the time to explain. Very interesting.
Re: Ghash.io very close to 51% of bitcoin pool
#6I don't understand anything. What's going on?
Re: Ghash.io very close to 51% of bitcoin pool
#7It might already be considering that there is a substantial proportion that is "unknown" mining power: https://blockchain.info/pools On the other hand, the heuristics of blockchain.info do determine block ownership are not perfect either: https://bitcointalk.org/index.php?topic=123726.0;all
Can you explain what the threat is please?
http://www.cryptocoinsnews.com/2014/01/09/warning-ghash-io-n...
---The attacker can----:
Reverse transactions that he sends while he’s in control
Prevent some or all transactions from gaining any confirmations
Prevent some or all other generators from getting any generations
Double spend Bitcoins
---The attacker cannot---:
Reverse other people’s transactions
Prevent transactions from being sent at all (they’ll show as 0/unconfirmed)
Change the number of coins generated per block
Create coins out of thin air
Send coins that never belonged to him
Re: Ghash.io very close to 51% of bitcoin pool
#8Wish I could filter out the bitcoin news.
Re: Ghash.io very close to 51% of bitcoin pool
#9Could someone with knowledge of Bitcoin explain what happens when a share of the pool hits 51%? Is this dangerous in some way? Edit: Thanks to those who took the time to explain. Very interesting.
Essentially, Ghash.io would be in control of the Bitcoin blockchain, allowing double spending of BTC and other nefarious deeds.
See https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_...
Edit: According to the Wiki linked, these attacks are also possible with <50% mining rate, although with lower probability of success. So this is a problem even if Ghash.io does not crack the 51%.
Re: Ghash.io very close to 51% of bitcoin pool
#10Could someone with knowledge of Bitcoin explain what happens when a share of the pool hits 51%? Is this dangerous in some way? Edit: Thanks to those who took the time to explain. Very interesting.
My understanding is that if one entity controls 51% of the network, they can push arbitrary modifications into the block chain. In effect, they can do whatever they want.