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

Posted by Soulskill on Friday January 10, 2014 @03:15AM 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?"

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So let me get this straight by SirGarlon · 2014-01-10 03:26 · Score: 5, Interesting

Let me get this straight. In order to use Bitcoins, I don't have to trust any government ... but I *do* have to trust a group of random people on the Internet who have a massive stake in the market and say they would never manipulate that market.
Choose your poison, I guess.

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[Sir Garlon] is the marvellest knight that is now living, for he destroyeth many good knights, for he goeth invisible.