Re:Ghash.io very close to 51% of bitcoin pool
by waterlesscloud on Thursday January 09, 2014 @10:27AM
(#7030952)
The fact remains that the "power" of the pool operator depends on the miners, who can change pools in a matter of minutes.
The instant it's known they're abusing their power, it starts to vanish. It's not a long, drawn-out process.
It literally starts within minutes.
Re:Ghash.io very close to 51% of bitcoin pool
by monochr on Thursday January 09, 2014 @10:44AM
(#7031070)
And control of the block chain can be taken over in minutes too. As far as I am aware the network updates itself every 10 minutes. So unless the operator never has a period of more than 10 minutes of 51% control or more the network is vulnerable.
Re:Ghash.io very close to 51% of bitcoin pool
by waterlesscloud on Thursday January 09, 2014 @11:07AM
(#7031229)
This started out as discussion of power, in particular regarding the robber barons who "enslaved" large numbers of people.
That's not possible with the mining pools. The pool operators simply do not have that kind of power, and they will never have it.
Their power derives from people who can leave them by literally clicking a button. Not much room for power to be abused in that situation.
Yes, there could be a window of maybe 20-30 minutes when a pool operator could do something wrong. But that window would come to a swift end.
And that's not what this thread is about anyway.
1. They'd have to be aware of the actions of an anonymous pool owner
2. The amount of damage the pool owner can do before people even have the time to start leaving is staggering
> It's the hands of the miners.
You're in denial.