Scumbag Bitcoin Miner
for most Bitcoiners, it is a well known fact that there is a significant risk in the currency peer-to-peer decentralized on the chopping power. To maintain a fully democratic Internet currency, no single entity should never have control of 51% or more of the total power of the hash network.
Today, one of our researchers found that, according Blockchain. INFO, a minor 85,214,124,168 currently about 15% of the total output of hash. This, in itself, is all the news of the day. However, the strange fact or even scary is that it produces empty blocks (single transaction block). If this 15% is converted to 51%, it could have the potential to kill Bitcoin. Why do they do this? There are a few possible reasons:
1. The entity may have discovered a method to increase the return on investment of mining, and essentially, is winning its 50 bitcoins block much faster than others. In general, when looking for a block hashes for each transaction must be calculated. When calculating 1 transaction per block 100 against, you can imagine it would be more expensive than the old. However, this means that the entity does not receive fees for processing transactions. It is difficult at present to determine whether it would be beneficial.
2. The entity is ready to blow money on mining dummy blocks. Essentially, this could lead to a complete stop in the treatment of Bitcoin transactions. If the entity obtains 51% of the power of hash and completely stop the processing operations while mining only against its own blocks, the block chain will become useless. Some people who could do the governments, banks, competing currencies, or ridiculously rich and bored individuals who have a vendetta against bitcoin.
3. This could also be a botnet that does not deal with the hassle of sending continuously all pending transaction information to its zombies. It would be to simplify the coding rather than for financial gain.
Starting today, there is still very little risk. Furthermore, assuming that the entity falls under # 1 listed above (ie, not quite illegal), the worst thing that will happen is that the Bitcoin transaction confirmations will be slowed by what percent the power they are hashing "contribute" Jerry McGuire and will shout "Show me the money!"
So what? Is it an entity generously increasing their return on investment, or is it to attack and support? With recent security advisories and, of course, the highly publicized hacks, it seems that the WWW (Wild Wild West) is in full effect.
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