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Offline lest

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One pool with almost 100% hashpower
« on: December 26, 2013, 04:01:33 PM »

Currently there is one pool with almost 100% hashpower. It makes MemoryCoin very unsecure at the moment.

We definitely should do something with it.

Offline isaacgoldbourne

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Re: One pool with almost 100% hashpower
« Reply #1 on: December 26, 2013, 04:05:27 PM »
Currently there is one pool with almost 100% hashpower. It makes MemoryCoin very unsecure at the moment.

We definitely should do something with it.
The creator has sold the source code to "a few" people.

Personally I feel it should be opensourced.

Still got a few days until they create pools :S has the damage already been done?
I am asking how much it will cost to buy, but I imagine it is a ridiculous sum. I would have a pool up by this evening however.
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Offline lest

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Re: One pool with almost 100% hashpower
« Reply #2 on: December 26, 2013, 04:11:49 PM »
A ridiculous sum to buy the sources could lead to ridiculous fees on these new pools.

Offline isaacgoldbourne

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Re: One pool with almost 100% hashpower
« Reply #3 on: December 26, 2013, 04:14:11 PM »
A ridiculous sum to buy the sources could lead to ridiculous fees on these new pools.
Doubt it, he is charging 3.5% which is ridiculous but because he has high hash power people will go for consistent payouts. They will probably charge less.

We need at least 6 pools, in my opinion.
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Offline reorder

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Re: One pool with almost 100% hashpower
« Reply #4 on: December 26, 2013, 04:25:58 PM »
Currently there is one pool with almost 100% hashpower. It makes MemoryCoin very unsecure at the moment.

We definitely should do something with it.
The creator has sold the source code to "a few" people.

Personally I feel it should be opensourced.

Still got a few days until they create pools :S has the damage already been done?
I am asking how much it will cost to buy, but I imagine it is a ridiculous sum. I would have a pool up by this evening however.

Opesourced to community of greedy, selfish miners who don't mind to mine with every bit of cpu power they can get for free or steal? Hmm, what could possibly be wrong with this?

Offline isaacgoldbourne

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Re: One pool with almost 100% hashpower
« Reply #5 on: December 26, 2013, 04:29:06 PM »
Currently there is one pool with almost 100% hashpower. It makes MemoryCoin very unsecure at the moment.

We definitely should do something with it.
The creator has sold the source code to "a few" people.

Personally I feel it should be opensourced.

Still got a few days until they create pools :S has the damage already been done?
I am asking how much it will cost to buy, but I imagine it is a ridiculous sum. I would have a pool up by this evening however.

Opesourced to community of greedy, selfish miners who don't mind to mine with every bit of cpu power they can get for free or steal? Hmm, what could possibly be wrong with this?
The fact that they are already doing this, but on a pool that can damage the network
MemoryDice now available! https://bitsharestalk.org/index.php?topic=1886.0
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CNO: MVTEcno2tbsJWj7AQEyEjgk72j94hbPHFm

Offline reorder

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Re: One pool with almost 100% hashpower
« Reply #6 on: December 26, 2013, 04:32:22 PM »
Currently there is one pool with almost 100% hashpower. It makes MemoryCoin very unsecure at the moment.

We definitely should do something with it.
The creator has sold the source code to "a few" people.

Personally I feel it should be opensourced.

Still got a few days until they create pools :S has the damage already been done?
I am asking how much it will cost to buy, but I imagine it is a ridiculous sum. I would have a pool up by this evening however.

Opesourced to community of greedy, selfish miners who don't mind to mine with every bit of cpu power they can get for free or steal? Hmm, what could possibly be wrong with this?
The fact that they are already doing this, but on a pool that can damage the network
Not this early. You do not want to 51% the coin you have income in, that would kill it right away.

Offline arcke

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Re: One pool with almost 100% hashpower
« Reply #7 on: December 26, 2013, 04:41:17 PM »
Currently there is one pool with almost 100% hashpower. It makes MemoryCoin very unsecure at the moment.

We definitely should do something with it.
The creator has sold the source code to "a few" people.

Personally I feel it should be opensourced.

Still got a few days until they create pools :S has the damage already been done?
I am asking how much it will cost to buy, but I imagine it is a ridiculous sum. I would have a pool up by this evening however.

Opesourced to community of greedy, selfish miners who don't mind to mine with every bit of cpu power they can get for free or steal? Hmm, what could possibly be wrong with this?
The fact that they are already doing this, but on a pool that can damage the network
Not this early. You do not want to 51% the coin you have income in, that would kill it right away.
In some scenarios this might actually be the motive. Imagine traditional government systems trying to cripple new cryptocurrencies by 51%-ing them.
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Offline reorder

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Re: One pool with almost 100% hashpower
« Reply #8 on: December 26, 2013, 06:31:36 PM »
Currently there is one pool with almost 100% hashpower. It makes MemoryCoin very unsecure at the moment.

We definitely should do something with it.
The creator has sold the source code to "a few" people.

Personally I feel it should be opensourced.

Still got a few days until they create pools :S has the damage already been done?
I am asking how much it will cost to buy, but I imagine it is a ridiculous sum. I would have a pool up by this evening however.

Opesourced to community of greedy, selfish miners who don't mind to mine with every bit of cpu power they can get for free or steal? Hmm, what could possibly be wrong with this?
The fact that they are already doing this, but on a pool that can damage the network
Not this early. You do not want to 51% the coin you have income in, that would kill it right away.
In some scenarios this might actually be the motive. Imagine traditional government systems trying to cripple new cryptocurrencies by 51%-ing them.
Somehow it feels like NSA is not behind this one :)

Offline danbi

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Re: One pool with almost 100% hashpower
« Reply #9 on: December 26, 2013, 06:51:51 PM »
Currently there is one pool with almost 100% hashpower. It makes MemoryCoin very unsecure at the moment.

We definitely should do something with it.
The creator has sold the source code to "a few" people.

Personally I feel it should be opensourced.

Still got a few days until they create pools :S has the damage already been done?
I am asking how much it will cost to buy, but I imagine it is a ridiculous sum. I would have a pool up by this evening however.

Opesourced to community of greedy, selfish miners who don't mind to mine with every bit of cpu power they can get for free or steal? Hmm, what could possibly be wrong with this?
The fact that they are already doing this, but on a pool that can damage the network
Not this early. You do not want to 51% the coin you have income in, that would kill it right away.

On the contrary -- this is the perfect time to cement your own business and damage everyone else. You don't have to destroy the currency as such, you *are* supporting it, but are the only party who can mine as much as desired -- and you can let others mine, or not mine as you please.
Until, say difficulty rises and you lose interest.

It is *really* bad idea to release new crypto currencies without already designed mechanism to start pools -- with open source software. People will mine anyway -- making sure that only few will have the privilege to benefit from this is bad. Wasting lots of resources by building closed source "sort of works" pools is expensive for everyone.

Offline isaacgoldbourne

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Re: One pool with almost 100% hashpower
« Reply #10 on: December 26, 2013, 07:05:35 PM »
Currently there is one pool with almost 100% hashpower. It makes MemoryCoin very unsecure at the moment.

We definitely should do something with it.
The creator has sold the source code to "a few" people.

Personally I feel it should be opensourced.

Still got a few days until they create pools :S has the damage already been done?
I am asking how much it will cost to buy, but I imagine it is a ridiculous sum. I would have a pool up by this evening however.

Opesourced to community of greedy, selfish miners who don't mind to mine with every bit of cpu power they can get for free or steal? Hmm, what could possibly be wrong with this?
The fact that they are already doing this, but on a pool that can damage the network
Not this early. You do not want to 51% the coin you have income in, that would kill it right away.

On the contrary -- this is the perfect time to cement your own business and damage everyone else. You don't have to destroy the currency as such, you *are* supporting it, but are the only party who can mine as much as desired -- and you can let others mine, or not mine as you please.
Until, say difficulty rises and you lose interest.

It is *really* bad idea to release new crypto currencies without already designed mechanism to start pools -- with open source software. People will mine anyway -- making sure that only few will have the privilege to benefit from this is bad. Wasting lots of resources by building closed source "sort of works" pools is expensive for everyone.
I don't mind the serverside being closed source as long as there is at least 6 other pools. It does work well in all fairness but one person should not have this much power.
MemoryDice now available! https://bitsharestalk.org/index.php?topic=1886.0
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Offline seraphim

Re: One pool with almost 100% hashpower
« Reply #11 on: December 26, 2013, 07:16:34 PM »
Currently there is one pool with almost 100% hashpower. It makes MemoryCoin very unsecure at the moment.

We definitely should do something with it.
The creator has sold the source code to "a few" people.

Personally I feel it should be opensourced.

Still got a few days until they create pools :S has the damage already been done?
I am asking how much it will cost to buy, but I imagine it is a ridiculous sum. I would have a pool up by this evening however.

Opesourced to community of greedy, selfish miners who don't mind to mine with every bit of cpu power they can get for free or steal? Hmm, what could possibly be wrong with this?
The fact that they are already doing this, but on a pool that can damage the network
Not this early. You do not want to 51% the coin you have income in, that would kill it right away.

On the contrary -- this is the perfect time to cement your own business and damage everyone else. You don't have to destroy the currency as such, you *are* supporting it, but are the only party who can mine as much as desired -- and you can let others mine, or not mine as you please.
Until, say difficulty rises and you lose interest.

It is *really* bad idea to release new crypto currencies without already designed mechanism to start pools -- with open source software. People will mine anyway -- making sure that only few will have the privilege to benefit from this is bad. Wasting lots of resources by building closed source "sort of works" pools is expensive for everyone.
I don't mind the serverside being closed source as long as there is at least 6 other pools. It does work well in all fairness but one person should not have this much power.

I got the feeling that the MMC community doesn't mind single persons being in power.
One pool, one marketing guy, one supporter. My proposal to create a team of supporters didn't get a single reaction since it's been posted 7 hours ago...
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Offline arcke

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Re: One pool with almost 100% hashpower
« Reply #12 on: December 26, 2013, 07:16:53 PM »
A lesson to be learned, being memory-hard is not the only thing keeping a few from getting the most of out of coin mining.
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Offline isaacgoldbourne

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Re: One pool with almost 100% hashpower
« Reply #13 on: December 26, 2013, 07:31:14 PM »
Currently there is one pool with almost 100% hashpower. It makes MemoryCoin very unsecure at the moment.

We definitely should do something with it.
The creator has sold the source code to "a few" people.

Personally I feel it should be opensourced.

Still got a few days until they create pools :S has the damage already been done?
I am asking how much it will cost to buy, but I imagine it is a ridiculous sum. I would have a pool up by this evening however.

Opesourced to community of greedy, selfish miners who don't mind to mine with every bit of cpu power they can get for free or steal? Hmm, what could possibly be wrong with this?
The fact that they are already doing this, but on a pool that can damage the network
Not this early. You do not want to 51% the coin you have income in, that would kill it right away.

On the contrary -- this is the perfect time to cement your own business and damage everyone else. You don't have to destroy the currency as such, you *are* supporting it, but are the only party who can mine as much as desired -- and you can let others mine, or not mine as you please.
Until, say difficulty rises and you lose interest.

It is *really* bad idea to release new crypto currencies without already designed mechanism to start pools -- with open source software. People will mine anyway -- making sure that only few will have the privilege to benefit from this is bad. Wasting lots of resources by building closed source "sort of works" pools is expensive for everyone.
I don't mind the serverside being closed source as long as there is at least 6 other pools. It does work well in all fairness but one person should not have this much power.

I got the feeling that the MMC community doesn't mind single persons being in power.
One pool, one marketing guy, one supporter. My proposal to create a team of supporters didn't get a single reaction since it's been posted 7 hours ago...
Link me your post, you have my vote.

And the pool is the only person who can forcibly damage the coin. CTO can't force us to fork etc
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Offline h0g0f0g0

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Re: One pool with almost 100% hashpower
« Reply #14 on: December 26, 2013, 07:53:28 PM »
Community doesn't have any option. No chances to mine solo, only one working pool.

The initial miner was fairly bad, now the issues with pools make many people disappointed. Design of the coin is interesting, I believe it has a bright future if we can get through the initial problems.
But voting doesn't help to get things done. If the pool is only one and we want miners to stay on this coin, we need to accept it has all the power at the moment. Or make it more attractive to solo miners.

 

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