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Largest Bitcoin Mining Pool Pledges Not To Execute '51% Attack'

Posted by Soulskill on from the currency-with-an-option-for-hostile-takeover dept.

An anonymous reader writes "Bitcoin transactions are confirmed by performing complex calculations, also known as 'mining.' If a single mining pool gains 51% of the overall computational power in the network, various forms of transaction manipulation become possible. Only a few years into Bitcoin's existence, this existential threat appears to be at hand, with Bitcoin mining pool ghash.io approaching 51% of mining power. ghash.io has now assured the Bitcoin community in a press release (PDF): 'GHash.IO does not have any intentions to execute a 51% attack, as it will do serious damage to the Bitcoin community, of which we are a part.' But can a network relying on such assurances survive in the long run?"

3 of 351 comments (clear)

  1. I'm probably going to regret this post by Sockatume · · Score: 5, Funny

    Libertarian currency in "falls into monopoly" shock.

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    No kidding!!! What do you say at this point?
  2. Re:If you're concerned... by Anonymous Coward · · Score: 5, Funny

    Bitcoin is decentralized. It is not controlled by a central government. It is secure against manipulation, unlike cash. It's like cash, so if it's in my wallet, there's no way anyone can steal it. Bitcoin is surely going to replace all the fiat paper currency. I can already spend it at overstock.com, purchase a Tesla car, or buy illegal drugs online with it. And it has no impact on the environment, because mining operations are forced to go where electricity is cheapest to be profitable. Who could ask for more?

  3. Re:If you're concerned... by operagost · · Score: 1, Funny

    But... but... the GOVERNMENT is doing it, so it's OK! You must be one of those Faux News right wing teabaggers!

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    Gamingmuseum.com: Give your 3D accelerator a rest.