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Author Topic: How do we solve the 51% problem, an open invitatiion for ideas and suggestions  (Read 1216 times)
norgan (OP)
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Decentralize your hashing - p2pool - Norgz Pool


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June 20, 2014, 03:05:11 AM
#1

There have been various discussion on the 51% problem. Quite a few talk about P2Pool or at least some way of doing pool mining that both benefits the miner in regards to more blocks but also ensures that mining is distributed and cannot reach a point at which said pool could perform a 51% attack.

I would like to invite you to submit your idea, suggestion or issue to the following link in an effort to identify how we may move forward and which are the more pressing things to work on.

From this I would like to see some of these ideas built into either the Bitcoin protocol or into the P2Pool codebase to provide a fair, safe and trustworthy way of mining while ensuring the 51% issue never arises again.

http://p2pminers.ideascale.com/ is the site and is open to all for submission of ideas or to vote on existing ideas.

Miner, tech geek, operator of NorgzPool - Sydney Australia P2Pool Node creator of p2pool fancy front end

Tips: 1NorganBbymShTN2MMpfGzRYJF8mcPeXjv Exchange BTC locally in Australia or Donate to p2pool miners
teramit
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June 23, 2014, 10:42:38 PM
#2

i dont know is it technically possible but my suggestion is
on bitcoin's next version ;
if any pool gains 51% of network it's share will be count as stale or orphan automaticly.
so pool users or admin will try to lower their hashrate by decreasing the number of members or changing their own hardware's pool.
The method for lowering the hashrate of pool is owners job.If he cant succeed pool will be useless.That will cause members to leave the pool.
51% ratio will not be preferable for any pool owner or members, nobody will choose that pool or any pool that have possibility reach to that raito.
 i shared my opinion here cause i am lazy to register an account for just saying these.
timk225
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June 24, 2014, 05:36:55 AM
#3

There should be a 51% attack.  That would cause Bitcoin prices to temporarily plummet, so I can buy in cheap, then when the price recovers I can profit out and gain lots of money! Grin
ajareselde
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June 24, 2014, 06:06:57 PM
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There should be a 51% attack.  That would cause Bitcoin prices to temporarily plummet, so I can buy in cheap, then when the price recovers I can profit out and gain lots of money! Grin

i agree, and not only that, but then big players and bitcoin figures would realise that their role must be much more serious.

another view would say that big pool like ghash should simply divide the load on two sides, thus halving their hashrate danger, while having same hash (just split on 2 parts)
i think anything that happens is gonna work just great for most of traders Smiley
DrG
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June 24, 2014, 07:09:17 PM
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There should be a 51% attack.  That would cause Bitcoin prices to temporarily plummet, so I can buy in cheap, then when the price recovers I can profit out and gain lots of money! Grin

Greed trumps rationale?  Huh

If a concerted 51% attack occurs BTC would most likely not recover.  There are other coins that have more resistance to this type of attack.  BTC had adoption working for it, once the safety of decentralization is gone trust would be needed - only fools would trust a crypto backed by some company that mines.  Would you lend BFL, KNC, Cointerra, Hashfast or AMT your entire crypto?