what does organofcoti say about this? i highly doubt its 100% true
Voodah, it's just "luck". They're legit and never cheated.
I sincerely hope both of you guys are right..!
I don't really enjoy this at all, and know, calling this out can generate a certain level of hatred by some.
Still, I think we need more transparency.
I'd recommend reading up on things before coming to conclusions and pointing fingers. What you posted is in no way unusual.
Additionally, selfish mining doesn't apply to BTC Guild. As posted above, Selfish Mining is GUARANTEED to noticeably increase the number or orphans on the network. This not only makes it obvious its being done, but BTC Guild *pays for orphans* when its blocks are orphaned. BTC Guild would actually become unprofitable if I ever attempted to do selfish mining because of that simple fact.
You are 100% right. I sincerely apologize to you and BTCGuild.
I would love your input, you do know what you're talking about; how healthy would you rate the network from 0 to 100?
My only concern with the network is the current uneven distribution of hash rate in PRIVATE hands, and 0% pools. Obviously I'm going to be biased, but BTC Guild makes a good amount of money. I have an incentive to stay honest, work hard, and keep the pool going. Any kind of attack from BTC Guild makes no sense because a successful attack, while potentially profitable, will kill the business. My concern comes from pools where there is no incentive, such as ghash.io. We already know they control a private farm in excess of 1 PH/s. Additionally, they are offering a 0% fee pool.
That makes no sense, they are spending money to get other hash rate to work with them. Similarly, they lose nothing if they do something that the rest of the network would consider bad. It doesn't have to be an actual attack, it could be something as simple as refusing to vote/upgrade the next time the protocol needs a super-majority to be modified.
Like I said, I'm biased on that regard, they're competition technically. Though it's not much of a competition when one side is producing a profit and the other is literally throwing money away. It's up to users to make the judgment call about their motives, but it makes meuneasy to see an entity that has no incentive to stay honest to its users.
Expanding on the first bit: My concern with private hands is the relatively low cost for an ASIC manufacturer to obtain 51% in the current environment. There is not enough competition in manufacturers, and none of them have invested much money in mass production.
Though it's not much of a competition when one side is producing a profit and the other is literally throwing money away.
Could you expand on this?
Are they not covering the 0% fee costs with the crazy GH's price and the fee's over at Cex.io?
Is it truly your belief, that they are not making money out of their whole scheme?
Are they not the same organization?
Is it known who the owners are?
Cex.io charges extremely high fees for "maintenance", and they also probably sell a lot of that hash rate into the order book since they definitely own more than what is on the book. However, ghash.io also allows miners to point their own hardware at the pool at 0% fee. They're the same company. The "throwing money away argument" is based on that part. They are spending time and money servicing external miners, and are not making a single cent off the time/money spent on those users.
I know you are a trustworthy individual but no matter how honest you are and/or who is on charge of BTCguild or any other large pool (Ghash.IO) this is not how things meant to be, this is against the Bitcoin concept of decentralization and taking the trust from individuals and organizations and putting it on a distributed network....
if we will start feeling comfortable about BTCguild or any other pool getting bigger and bigger than we better cash the BTC and put the money in a Bank, at least if the bank get robbed the government will pay us back some of the loss....
This argument would make sense if I was doing something to try to lure users in. Reduced fees (or 0%), promotional events, referrals, etc. BTC Guild's entire business is based on providing superior service, and in return it charges what I would consider a reasonable fee. BTC Guild has been shrinking, though that's mostly due to ghash.io's private farm which is roughly 10% of the network if not a little more. I'm not trying to claw it back in any way, and have made changes in the past to purposely push hashing power off of the pool when it was getting too large.