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GHash.IO is open for discussion

Rapid growth of GHash.IO mining pool, seen over the past few months, has been driven by our determination to offer innovative solutions within the Bitcoin ecosystem combined with significant investment in resource. Our investment, participation and highly motivated staff confirm it is our intention to help protect and grow the broad acceptance of Bitcoin and categorically in no way harm or damage it. We never have and never will participate in any 51% attack or double spend against Bitcoin. Still, we are against temporary solutions, which could repel a 51% threat.

In any market, competition and innovation drives growth and that is particularly true in an emerging and disruptive environment such as Bitcoin. Successful and innovative companies cannot be expected to limit their growth or competitiveness as a direct result of their success. However, this is the situation we find ourselves in when faced with the community perception of the threat of a 51% attack on Bitcoin. Asking our users to not use our services or to use competing solutions is not conducive to fostering innovation. Implementing a pool fee to our pool contradicts principles of our operation from the very launch of GHash.IO. It also does not address the core issue only pushing the problem a few weeks or months down the road when another pool or perhaps GHash.IO again grows towards 51%.

We do fully recognise the concerns and possible threat posed by an entity with malicious intent taking control of enough mining power to exploit the 51% scenario, but we also have confidence and agree with the views expressed by the Bitcoin Foundation that any such exploitation or attack ”would be obvious it was happening, and pretty easy to defend against. The transparent nature of the blockchain provides unprecedented insight for all to investigate and report such behaviours.

We also recognise however that a long term preventative solution to the threat of a 51% attack does have to be found, the current situation we find ourselves in (essentially being punished for our success) is damaging not only to us, but to the growth and acceptance of Bitcoin long term, which is something we are all striving for.

To that effect we are in the process of arranging contact to the leading mining pools and Bitcoin Foundation to propose a ‘round table’ meeting of the key players with the aim of discussing and negotiating collectively ways to address the decentralisation of mining as an industry. Our aim is to do this quickly with a possible date coinciding with the CoinSummit Conference in London.

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DISH decides that bitcoin is worth the trouble

19.06.2014

DISH decides that bitcoin is worth the trouble

Overstock was able to make headlines a few months ago as the first major retailer to accept Bitcoin as a payment method, and now DISH is getting in on the action as well. DISH is nearly seventy-five times as large as Overstock, so this is a much bigger deal than acceptance at an online retailer. The DISH Network also has more than 14 million subscribers, so this could be an opportunity to spread the Bitcoin gospel to their customers.

The Christmas Presents You Can Buy on Bitcoins

13.12.2014

The Christmas Presents You Can Buy on Bitcoins

With the holidays quickly approaching many Bitcoin and digital currency enthusiasts and supporters are looking for new places to use their new age currency. Fortunately, there is a rapidly growing number of businesses that accept Bitcoin and other digital currencies for their products (Read: 10 Presents You Can Buy with Bitcoin).

Bitcoin in Africa

25.05.2015

Bitcoin in Africa

While Bitcoin is an innovative technology expanding the range of money transfer opportunities in the developed countries, cryptocurrencies are now viewed as a solution to change remittance problems in such developing countries as Africa. Remittance as a Core Issue for Africans Over 30 million Africans are living in the diaspora and are sending home $40 billion per year in average, and this figure is constantly growing. Money transfer services, Western Union and MoneyGram being on top, are getting significant income on these transactions.