This is why we bitcoin:native.

July 16, 2014 (12 years ago)

The Day Bitcoin's Biggest Miner Promised Not to Attack the Network

A month earlier, one pool briefly held enough hashrate to rewrite Bitcoin's ledger at will. The fix wasn't code. It was a handshake in a London conference room.…

2/7 - What does 51% of hashrate buy an attacker? You can mine a private chain faster than everyone else combined, spend coins publicly, then release the longer chain and erase those payments. You can also refuse to confirm anyone's transactions. The ledger…

3/7 - On June 12-13, 2014, this stopped being theoretical. http://GHash.io crossed 51% of Bitcoin's hashrate and hit roughly 55%. Miners were urged to leave, forums filled with attack scenarios, and an emergency roundtable was set for July 9 in London.

4/7 - The answer came on July 16 at a London mining summit. http://GHash.io CIO Jeffrey Smith pledged the pool would cap itself at 39.99%, redirecting miner hashrate to other pools whenever it approached that threshold. @CoinDesk covered it:

https://www…

5/7 - The fix was a promise. No protocol change, no enforcement, nothing but GHash's word. Peernova, KnCMiner, Spondoolies Tech, the Bitcoin Foundation and BitGo attended, and BitGo CEO Will O'Brien said industry leaders themselves had to "make changes that…

6/7 - Bitcoin developer Peter Todd wasn't buying it. He had sold half his own bitcoin during the June scare, and noted GHash "seemed much more focused on getting trust" than on restructuring so trust wasn't needed. A pool that must promise not to attack you…

7/7 - The pledge held, but it couldn't save the pool. Reputational damage sent miners elsewhere, GHash's share collapsed through 2015, and it eventually shut down. Bitcoin's biggest mining scare was defused not by code but by social pressure and miners voting…

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We’re beyond grateful to Kurtis for his incredible generosity and for being a true pillar of the Vancouver Bitcoin community. Your support is making this…

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Both 🇪🇸 Spain and 🇦🇷 Argentina are looking good! #Bitcoin

No guichê da rodoviária, a passagem sai com um seguro opcional já embutido, alguns reais que o atendente soma sem perguntar e que a maioria paga sem ver. O tal seguro facultativo de acidente pessoal é opcional por lei, precisa ser oferecido e não imposto…

E por que não?
Hoje também é dia

What does it really mean to think like a Bitcoiner?

@knutsvanholm joined @FFChairman recently to discuss Bitcoin far beyond price.

A few key takeaways:
• Volatility is the price of having a low time preference
• Understanding fiat matters more than understanding…

At the moment, only 13.5% of STH supply is in profit. Around 86.5% of STH supply remains at a loss.

This points to three things:

1) The market is still in a zone of severe unrealized pain.
2) The price recovery has not yet reached a broad share of STH supply.…

📊 BTC is now trading between the cost basis of LTHs holding BTC for 18m-2y and the 2y-3y cohort.

It’s been since the first days of June that BTC dropped below the 18m-2y LTH cost basis, with an estimated realized price of $80,800.

For the 2y-3y LTHs, the…

Tenha acesso agora mesmo a todo o conteúdo exclusivo para assinantes da Rural Business, conteúdos na integra, além de cotações, gráficos, análises de mercados diárias de Soja, Milho, Boi, Leite, Suínos e Frangos, acesso ilimitado a todas as séries investigativas…

Long before EVs topped global sales charts, one of America's most popular game shows introduced mass television audiences to a young California startup

The web GUI accepted any string as an output address from pool messages. Pool messages come from untrusted peers over nostr, so a malicious participant could inject garbage...

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