Bitcoin Community Rubbishes GHash.IO Response

0
165

Bitcoin Community Rubbishes GHash.IO Response

 

ForexMinute.com – With astound proof indicating how GHash.IO reached 50% of the Bitcoin hashing power, their explanatory avatar was supposed to receive ill treatment by the Bitcoin community.

As published on CoinDesk, the representative from GHash.IO thoroughly explained their intentions towards avoiding a 51% attack against Bitcoin, saying that their “investment, participation and highly motivated staff confirm [that] it is [their] intention to help protect and grow the broad acceptance of bitcoin and categorically in no way harm or damage it.” They further slammed the speculation of them double spending against Bitcoin, saying they will never participate in any such malicious activity.

**relatedarticle**

But the Bitcoin community actually became furious when GHash.IO advocated the need to introduce competition among the mining pool markets, saying that successful companies can’t simply “limit their growths.”

What community understood from this point was a baseless explanation given by the market’s number-one Bitcoin mining pool. Max_Findus from Reddit outright rubbished GHAsh.IO representative by saying that any rational company would focus on limiting their growth in order to maximize profits. In other words, any company which would sacrifice Bitcoin for the sake of increasing its share in the Bitcoin market would simply end up killing it.

Many users came to support Max_Findus views, while also criticised GHash.IO for being a power hungry mining pool. One of the users even said that this Bitcoin mining pool has zero concerns for community and lacks concrete plans to avoid the 51% attack.

Such negativity was aroused more because of GHash.IO’s contradictory claims on avoiding 51% attack as the company had itself confirmed earlier that they have been indulged in double spending. Although, they had blamed a random employee who had major access to the Bitcoin hash power.

There were also some insightful views presented by another Reddit user DELLINTELBITCOIN, which confirmed that Bitcoin has some in-built features to make pool hash rate negligible. For further proving the point, he said:

“The confirmation system makes double spending difficult. There is also the “Voting with feet” aspect. Miners are going to be furious if a pool abandons legitimate mining. Regardless if it was on purpose, or not. Many miners will leave for the competition because they can no longer trust the pool that fu***d up.”

See this whole post here.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter