BTC Guild's response:
51% Mitigation Plan
I want to start by thanking all users, new and old, for making BTC
Guild become what it is today. I never expected a service that
originally started on a mining PC in my dining room in April 2011 to
go this far.
However, recently BTC Guild has started to
On Fri, Apr 05, 2013 at 12:13:23PM +0200, Melvin Carvalho wrote:
> Totally see the logic of this, and it makes sense. But I dont think the
> only risk is in terms of double spend, but rather
>
> 1) vandalize the block chain which may be difficult to unwind?
Vandalize the chain how? By delibratel
On Fri, 5 Apr 2013 11:48:51 +0200, Mike Hearn wrote:
> However, youre somewhat right in the sense that its a self-defeating
> attack. If the pool owner went bad, he could pull it off once, but
> the
> act of doing so would leave a permanent record and many of the people
> mining on his pool would
On 5 April 2013 11:48, Mike Hearn wrote:
> 51% isn't a magic number - it's possible to do double spends against
> confirmed transactions before that. If Michael wanted to do so, with the
> current setup he could, and that's obviously rather different to how
> Satoshi envisioned mining working.
>
On Fri, Apr 5, 2013 at 2:48 AM, Mike Hearn wrote:
> but I think p2pool still has a lot of problems dealing with
> FPGA/ASIC hardware and it hasn't been growing for a long time.
As an aside and a clarification— P2pool works great with FPGAs, and
one of the largest FPGA farms I've heard of uses it.
On Fri, Apr 5, 2013 at 2:30 AM, Melvin Carvalho
wrote:
> There was some chat on IRC about a mining pool reaching 46%
> http://blockchain.info/pools
The estimates on there may be a bit lossy.
> What's the risk of a 51% attack.
The whole fixation on "51" as a magic number is a bit confused— I'll
51% isn't a magic number - it's possible to do double spends against
confirmed transactions before that. If Michael wanted to do so, with the
current setup he could, and that's obviously rather different to how
Satoshi envisioned mining working.
However, you're somewhat right in the sense that it'
There was some chat on IRC about a mining pool reaching 46%
http://blockchain.info/pools
What's the risk of a 51% attack.
I suggested that the pool itself is decentralized so you could not launch
one
On IRC people were saying that the pool owner gets to choose what goes in
the block
Surely wit
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