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posted by martyb on Monday June 16 2014, @11:55AM   Printer-friendly
from the mine!-mine!-mine! dept.

Fears and warnings about the consequences of a single entity obtaining majority network power have been known for some time, but have generally been dismissed as not conveying enough control to be worthwhile.

For the first time, and for several extended periods, the GHash mining pool delivered 51% of the bitcoin network hashing power, despite promises that they would never cross the 50% threshold.

Although GHash did not take advantage of its monopoly power during these times, it does seem that we have crossed a threshold. How do you trust the blockchain to an anonymous monopoly?

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  • (Score: 2, Informative) by Asshole on Monday June 16 2014, @07:05PM

    by Asshole (159) on Monday June 16 2014, @07:05PM (#56058)

    Exactly this. Everyone who follows crypto-currencies saw this and, if they are sane, abandoned BTC for a PoW coin with sanely distributed hashing power.
    If they are even more sane, then they will realise that what is happening to bitcoin is the fate for every permanently PoW based coin and jump to a PoS (proof of stake) coin. I personally jumped ship to pandacoin (PND) ( as it has the best development I have ever seen in a coin (some of whom are well like 4chan users) and it is an incredible value right now. It is aimed at fighting scam coins and the whole pump n' dump culture endemic to the altcoin world.
    It is a coin with a conscience and competent dev. team, a rare combination indeed. Thank you for your time.

    - Nota Shill

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