Quote from: bigbeninlondon on June 04, 2013, 01:41:56 PM

Quote from: Shevek on June 04, 2013, 01:32:09 PM

Quote from: bigbeninlondon on June 04, 2013, 01:04:57 PM

Quote from: Shevek on June 04, 2013, 07:29:52 AM

Quote from: Chuck on June 04, 2013, 06:58:34 AM

All of this is true, but these people are helping secure the bitcoin network by adding to the network hashrate. We should be encouraging this kind of behavior Wink

This is a common fallacy in bitcoin propaganda. There is no secure bonus with higher hashrates. The network keeps secure by an adequate balance of difficulty and hashrate. And this balance is guaranteed by the algorithm, not the miners.

Disagree. 51% becomes more and more difficult the more hashrate + higher distribution.

I agree with higher distribution.

But not with higher hashrates. In fact, now we are in much more higher risks of 51% attack due to the almost centralised production of ASICs. If some ASIC maker would take over bitcoin the cards are on her hand.

True. Which is why it's a combination of high hashrate plus high distribution. If you have low hashrate and high distribution, it's easy to take 51%. If you have high hashrate but low distribution, then it's also easy to take 51%. You need HIGH hashrate AND HIGH distribution. Only both makes it secure.

In fact, there is no such things "low/high hashrates". Low, high... compared to what!? In every moment you have the hashrate the actual technology allows, so it is evenly difficult to take 51% whatever the hashrate is.