Author Topic: Bitcoin War: The Real Threat to Bitcoin  (Read 6402 times)

MoneyBags

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Bitcoin War: The Real Threat to Bitcoin
« on: April 18, 2013, 11:22:08 PM »
Today, one of our researchers discovered that according to Blockchain.INFO, a miner at 85.214.124.168 currently has approximately 15% of the total hashing power.  This, in itself, is every day news.  However, the strange or even frightening fact is that it is producing empty blocks (single transaction blocks).  If this 15% turned into 51%, it could have the potential to kill bitcoin.   Why are they doing this?  There are a few possible reasons:

1. The entity may have discovered a method for increasing mining ROI, and essentially, is earning its 50 bitcoins per block much more quickly than others.
2. The entity is willing to blow money on mining these empty blocks.  Essentially, this could lead to a complete stop in bitcoin transaction processing.
3. This could also be a botnet that does not wish to deal with the hassle of constantly sending all of the current transaction information to its zombies.

So what is it?  Is this entity generously increasing their ROI, or is it attacking and taking over?  With the recent security advisories and, of course, the widely publicized hacks, it looks like the WWW (Wild Wild West) is in full effect.

Source: Privateinternetaccess.com
« Last Edit: January 01, 1970, 01:00:00 AM by Guest »

mayrick

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Re: Bitcoin War: The Real Threat to Bitcoin
« Reply #1 on: April 26, 2013, 06:13:00 PM »
Quote from: "MoneyBags"
Today, one of our researchers discovered that according to Blockchain.INFO, a miner at 85.214.124.168 currently has approximately 15% of the total hashing power.  This, in itself, is every day news.  However, the strange or even frightening fact is that it is producing empty blocks (single transaction blocks).  If this 15% turned into 51%, it could have the potential to kill bitcoin.   Why are they doing this?  There are a few possible reasons:

1. The entity may have discovered a method for increasing mining ROI, and essentially, is earning its 50 bitcoins per block much more quickly than others.
2. The entity is willing to blow money on mining these empty blocks.  Essentially, this could lead to a complete stop in bitcoin transaction processing.
3. This could also be a botnet that does not wish to deal with the hassle of constantly sending all of the current transaction information to its zombies.

So what is it?  Is this entity generously increasing their ROI, or is it attacking and taking over?  With the recent security advisories and, of course, the widely publicized hacks, it looks like the WWW (Wild Wild West) is in full effect.

Source: Privateinternetaccess.com

Hi MoneyBags,
The most important about this thing in my opinion is that it illustrates how easy it is to monopolize the bitcoin network.
If you can get 15%, 51% and is only about 3.4 times harder.
The question should not be the case of a monopoly of 51% occur, but the monopolist will decide to do once he accumulates 51%.
« Last Edit: January 01, 1970, 01:00:00 AM by Guest »

queshadesta

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Re: Bitcoin War: The Real Threat to Bitcoin
« Reply #2 on: May 04, 2013, 08:40:56 PM »
I think these are the German authorities put pressure on the Polish bank. The German authorities being very bureaucratic, it may take time.  But Simon's boss bitcoin  is not a escro!
« Last Edit: January 01, 1970, 01:00:00 AM by Guest »

andyreynolds

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Bitcoin War: The Real Threat to Bitcoin
« Reply #3 on: August 14, 2013, 10:20:35 PM »
try to monopolize bitcoin is harder than how sounds, the percent in this kind of market has to be evaluated per less in a year.
what we are looking now has many factors that we have to look before to try understate correctly why this differences are the

MrTempler

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Re: Bitcoin War: The Real Threat to Bitcoin
« Reply #4 on: August 15, 2013, 05:35:45 PM »
Bitcoin struggling to get back in the news with a round of subpoenas and an interview with the runner of the drug site, the Silk Road. Now major investors are trying to get into the game. The catch? Richard Bove wants to see the price drop 50% from where it is right now.
Bitcoin Mining is now a Real-World Environmental Problem
Swiftcoin is the Best Alternative

andyreynolds

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Bitcoin War: The Real Threat to Bitcoin
« Reply #5 on: August 23, 2013, 02:52:47 PM »
This Topic it's or the Miners i think... in that case it is each miner's duty to try to occupy as much of the network mining power as possible, if you're all mining just as hard as the mystery miner it would be extremely difficult to overtake the rest.

andyreynolds

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Re: Bitcoin War: The Real Threat to Bitcoin
« Reply #6 on: August 29, 2013, 05:07:36 PM »
It's a real challenge controlling such situations, but well, there are other things to correct and admire ... swiftcoin and bitcoin point to be stable currency in this new era

andyreynolds

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Re: Bitcoin War: The Real Threat to Bitcoin
« Reply #7 on: September 03, 2013, 05:17:25 PM »
A lot of transactions are really easy thank to platforms like bitcoin and swiftcoin, that currencies needs a little more of time coz they point to be the bussiness of this era

andyreynolds

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Re: Bitcoin War: The Real Threat to Bitcoin
« Reply #8 on: September 04, 2013, 09:11:21 PM »
Those digital currencies offers a lot of comfort if we need to make transactions, yes really easy, bitcoin or swiftcoin are nice

andyreynolds

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Re: Bitcoin War: The Real Threat to Bitcoin
« Reply #9 on: September 05, 2013, 06:06:25 PM »
I found a lot of progess in these platforms, the swftcoin for one side and bitcoin for the otherside, excellent emoney

andyreynolds

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Re: Bitcoin War: The Real Threat to Bitcoin
« Reply #10 on: September 10, 2013, 12:58:44 AM »
These new ecurrency like bitcoin ensure a lot of security and give confidence for users from this platforms

mayrick

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Re: Bitcoin War: The Real Threat to Bitcoin
« Reply #11 on: September 20, 2013, 06:11:53 AM »
Just get over it. This is an awesome trading platform, and it’s innovating! There’s nothing much to discuss.

mayrick

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Re: Bitcoin War: The Real Threat to Bitcoin
« Reply #12 on: October 01, 2013, 03:48:05 AM »
Places like bitcoin or swiftcoin give us a lot of good services. If you are either new or you have experience I recommend using them.