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MrMaxwell · 05-28-2016, 07:23 PM

I saw several people on youtube saying how dangerous it is to the currency for the mining to be so dominated by a couple of the biggest pools but I don't understand how all of that works
They seemed to be saying, what if those big pools stopped mining suddenly, or took their blocks offline (they lost me on that one)

The best I could come up with is that they're trying to say that those pools would mine and hoard and then abruptly stop mining -- and they would do that in order to cause a price spike they could then sell into?
Is that what they mean?

Or is it more about not having enough people or machines to process transactions very suddenly? They lost me there, too, but that makes no sense . . I don't see how that'd benefit them. . they could get high transaction fees for awhile but, then what

Also, how did some fool lose 200K by entering the wrong transaction fee? Was it something like, I'm sending $30 to this idiot, oh fuck I just sent this idiot 30BC instead? Is that what happened?

Does anyone know what's going on with this shit? These youtube guys don't always make sense and I know there are some good minds on here . oddly enough .

05-28-2016, 07:23 PM
MrMaxwell Too lazy to set a custom title Industry Role: Join Date: Jul 2005 Posts: 10,057	Speaking of bitcoin - why is chinese mining so threatening? I saw several people on youtube saying how dangerous it is to the currency for the mining to be so dominated by a couple of the biggest pools but I don't understand how all of that works They seemed to be saying, what if those big pools stopped mining suddenly, or took their blocks offline (they lost me on that one) The best I could come up with is that they're trying to say that those pools would mine and hoard and then abruptly stop mining -- and they would do that in order to cause a price spike they could then sell into? Is that what they mean? Or is it more about not having enough people or machines to process transactions very suddenly? They lost me there, too, but that makes no sense . . I don't see how that'd benefit them. . they could get high transaction fees for awhile but, then what Also, how did some fool lose 200K by entering the wrong transaction fee? Was it something like, I'm sending $30 to this idiot, oh fuck I just sent this idiot 30BC instead? Is that what happened? Does anyone know what's going on with this shit? These youtube guys don't always make sense and I know there are some good minds on here . oddly enough .