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+--- Thread: [OMC] Say what..? (/showthread.php?tid=4717844)
Say what..? - Magicmann - Mar 6, 2015
Now, before I get started, I realized that Omnicha.in is owned by Abraham, but my arguement still stands.
I've been uninvolved in Omnicoin for quite a while as I haven't had time due to personal, school, and work related things taking up too much time. I've been intending to get back into it, and the first thing I did was to see what pools were available. I was disturbed by what I saw. Two active pools. One of them with almost ten times the amount of mining power as the other. While I realize that Abraham Lincoln is a trustworthy member, it just seems disturbing that after a fifty-one percent attack has already happened on Omnicoin, the majority of miners would throw all the power into one basket.
* - Doctor Blue - Mar 6, 2015
It varies a lot at the moment. There are 4 pools if I recall correctly, one of them might not have a sky high hashrate but it's also relatively new.
My pool dropped the status of being official to remedy this issue and the two most popular pools (Sparkle and Fluffy) are also the ones with the highest fees. I'm not sure what more you expect us to do.
People rent 200 MH/s at a time and no matter where they do so it will usually spike whatever pool they're using above the 50% mark.
* - Aceman - Mar 6, 2015
We don't have the network hashrate it would require to secure OmniCoin against a 51% so it doesn't even really matter at this point. You and I were concerned of this from the get go but you understand cryptos enough to know that even if the hashrate is spread out amongst all of our existing pools it wouldn't mean a thing. Somebody could just as easily rent some hash power and beat out the entire network hashrate of OmniCoin with ease.
* - Magicmann - Mar 6, 2015
(Mar 6, 2015 08:00 AM)Aceman Wrote: We don't have the network hashrate it would require to secure OmniCoin against a 51% so it doesn't even really matter at this point. You and I were concerned of this from the get go but you understand cryptos enough to know that even if the hashrate is spread out amongst all of our existing pools it wouldn't mean a thing. Somebody could just as easily rent some hash power and beat out the entire network hashrate of OmniCoin with ease.
You two raise a good point. I guess anyone skilled enough to compromise a pool to abuse its hashing power is also likely financially stable enough to afford the hashing power to advise the network. I suppose it's time for me to invest in some scrypt hardware.
* - Aceman - Mar 6, 2015
(Mar 6, 2015 09:01 AM)Magicmann Wrote: You two raise a good point. I guess anyone skilled enough to compromise a pool to abuse its hashing power is also likely financially stable enough to afford the hashing power to advise the network. I suppose it's time for me to invest in some scrypt hardware.Well it doesn't even take a lot of skill, just somebody able to spend $20 to rent hashing power long enough for the attack.