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Bitcoin The Almighty Buck Technology

Largest Bitcoin Mining Pool Pledges Not To Execute '51% Attack' 351

Posted by Soulskill
from the currency-with-an-option-for-hostile-takeover dept.
An anonymous reader writes "Bitcoin transactions are confirmed by performing complex calculations, also known as 'mining.' If a single mining pool gains 51% of the overall computational power in the network, various forms of transaction manipulation become possible. Only a few years into Bitcoin's existence, this existential threat appears to be at hand, with Bitcoin mining pool ghash.io approaching 51% of mining power. ghash.io has now assured the Bitcoin community in a press release (PDF): 'GHash.IO does not have any intentions to execute a 51% attack, as it will do serious damage to the Bitcoin community, of which we are a part.' But can a network relying on such assurances survive in the long run?"
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Largest Bitcoin Mining Pool Pledges Not To Execute '51% Attack'

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