Bitcoin Forum

HaoBTC will continue to increase hashrate, support Bitcoin and support block size increase.
By Wu Gang

The Bticoin blockchain is a proof-of-work blockchain. In the past, it has been one chain and in the future, will continue to stay one. However, the consensus mechanism means that those who own 51% of the hash rate of the entire network will determine the future of the chain.
Everyone is free to decide how much hash power they want to hold. Those who have greater faith in the technology express such faith by holding more. Thus it is a matter of faith how much hash rate one choose to own.
The reason that China “own” over 50% of the total hash rate is because that we have great faith in the prospects of the Bitcoin. This has motivated us to devote great amount of labor, money and other resources. The fact that we own over 50% hash rate is a natural consequence of the faith rather than seeking to dominate Bitcoin.
The Bitcoin supporters outside China are also free to increase as much hash rate they like. We are pleased to see them owning more. The proof-of-work mechanism has been proven to be the fairest among all alternatives, thus the current situation should be seen as a manifestation of faith.
The Chinese mining pools accounts for over half of the entire network’s total hash rate, but the hash rate is not controlled by one entity, but many ones and in a distributed fashion. Every party has its own interest and agenda; most of them are well aware of the fact that the long-term prosperity of Bitcoin represents the greater interest.
We support block size increase. The most ideal would be that the increase will be realised via the Bitcoin-core. We will also support Bitcoin-classic, if it proves to be the most agreed-upon. As long as a proposal is reasonable and reliable, we will give it our support.

Source: https://www.bikeji.com/t/3114#reply10

are those farms that own 60% combined, ever work together, i'm seeing a good competition, there, the same you can see between a USA farm and one chinese farm

so i don't think they can be considered 1 entity, thereby they are not centralized in my view, and none of them will ever harm the network since they have big profit, it would be utterly stupid

Hilary Clinton proposed a manhattan style project to break encryption. Obviously a stupid thing for her to say.

However that is why I as an american am glad there is a lot of mining going on in China.

I trust the current mining pools there far more than I trust what Hilary (likely our next president) would do if she decided the US government should do a manhattan style mining project in an attempt to control bitcoin.

In an ideal world to me, no single nation would have more than 30% of the mining capacity, but given the resources the US government has, I am glad China is already putting considerable resources into mining so that it is more difficult for our government to try and take over the blockchain.

They are indeed  a super power even in controlling the bitcoin mining network I don't know if I am going to be sad or happy about this they have controlled on almost anything even claiming the whole of the china sea but having them in the development and running the bitcoin network is a healthy competition

what competition, with who? :)

This is a very (rare in today's time) and healthy stance on the matter. While for them the ideal realization of scaling would be via Bitcoin Core (which everyone is used to; team which has been properly working for years), on the other hand they would support another reasonable and reliable implementation (XT & BU is a no at these points) if it had the most support. If only more people would think like this instead of fighting for power we might have concluded the debate months ago.

Bitcoin blockchain size will remain at a reasonable level, in other words 1, no matter how much these guys cry about it, just let them cry and they will slowly go away. We have enough time to wait for Lightning Network now that segregated witness is coming as well. I can't believe people is still mentally masturbating about bigger blocks almost a month in 2016.

THIS

I agree with the reasoning of OP. It is unlikely that someone chooses to have such high hashrate power just to dominate, it would be too much costly and there is no guarantee that someone would not buy a similar amount. It is also good to see that Bitcoin has strong supporters too.

No, how much you have depends mainly on the money you have and your electricity rate. In China, your electricity rate is dirt cheap and thus you can have a lot of miners and make a big profit from it. If such condition happened in other countries, your percentage of the total hashrate wouldn't be 50%.

China is very clever, they bought into major and strategic businesses in other countries and they sourcing raw material from developing countries at a very high rate. It is just

natural for them to buy into the strongest decentralized network in the world. The Blockchain is possibly the BIGGEST financial innovation we would see in our lifetime and what

we are doing here, will be the legacy we will be leaving behind for the generations to come. Reckless statements like "Bitcoin is Dead" are harming the progress we have made

since 2009 and hurting it's reputation. We should work together, but WE fighting each other. What's up with that?   

I was thinking about that.

Here in the United States, energy isn't as cheap but I would support government incentives to PRIVATE mining companies just in the interest of helping keep some (say 15% to 20%) of the bitcoin hash power in the US.

Maybe for example in addition to normal business incentives, additional tax breaks could be given if you are a private company in the US that is able to sustain 0.5% of the bitcoin hash rate. Many of our utility companies for example may jump on board, they already have access to power at cost of production so use some of it to mine and get additional tax breaks in addition to block rewards.

Probably never happen though. Too much red tape with too many greedy politicians wanting a slice of the pie.

What is cores current stance on blocksize limit?  Keep it at 1mb for now?

Please, no. 90-95% of federal spending is already such unconstitutional stuff as this. If you think it's so important, do it with your own money. It's this sort of mentality that has set up fiat currencies for a financial apocalypse in the first place, as governments spend on every "good idea" someone floats like a drunken sailor on shore leave.

I actually see this as a good thing, as it will become unsustainable that much faster. The more the governments spend on boondoggles, the more they have to inflate the currency, the better Bitcoin and alts begin to look to the common man, and the faster the Imperial paradigm goes the way of the passenger pigeon. Central governments are probably the worst idea in human history. I'd say nuclear bombs, but without central governments, they wouldn't have come to be.

Whether or not you agree with it, the courts have found it to be constitutional so it is incorrect to call it unconstitutional.

https://bitcointalk.org/index.php?topic=1329377.0

Mike Hearn made some really good points.
Lets hope he was being overly pessimistic
when he said Chinese miners don't want
growth.  This post would confirm that.

Mostly the courts have refused to hear it, and have variously found many things to be "constitutional" that anybody with a moron's understanding of English could tell were not. An unaccountable court does not make a solid constitution.

But that is an argument for another time. Bitcoin works quite well. I agree that the transaction speed and block size are an issue, but forking as quickly and with as little testing as Hearn wanted was stupid. And now, he whines in public like some little drama mama, causing chaos to a project he ceased to believe in (if he ever did) years ago. I smell fresh dollars.

Of course Chinese miners would be sad that Bitcoin is dead. They would be in denial because they make soo much money for mining Bitcoin.  ;) ;) ;) ;D ;D ;D ;D

Bitcoin mining powers are controlled by many different entities in China  , they are not manipulate by one .

Mike Hearn is wrong about Chinese miners , they don't manipulate , they vote .

Miners maintain the Bitcoin network, they will choose the right direction for bitcoin. Most of Miners are silent  ,  they don't play dirty politics like R3 Bankers .
Everyone who hold hashrate power can vote ,  Or simply they can choose to run different bitcoin servers to express their opinion .

We hash we vote , this is the only rules .

statistics :  6.9% of bitcoin xt nodes and less than 5% hashrate pro XT .

This.

I've been saying it for a couple of years. Yes, the majority of the hashrate is funneled through a fairly small number of sites. But it is POOLED MINING. Hundreds, maybe thousands of individual miners. If those miners think that one of the pools is getting too big for it's britches, it takes seconds to move that hashpower elsewhere. More small pools have been popping up of late, which tells me this is already happening. That the majority of mining takes place where the majority of human population resides should very much come as no surprise to anyone.

Bitcoin is dead. Long live Bitcoin!

the only concern he had was about the limit, basically, but practically everone want to increase it, something will be done in april afaik

so i see no real issue here, just random fud, for the purpose to buy cheap coins, before the halving

Why do you think Bitcoin is officially dead? The price is going down but still it could be fixed soon.

sure at this moment, until the bitcoin demand increases; we could help transaction goes faster by that block size increase.
we would need to pay more on drives however.

Miners control bitcoins. Very good. They create a whole environment.

Why did China win in this field? Mines, cheap electricity, capital that flows there from all over the world. Because China think long-term. They invested a lot in this project. They have also invested in a number of other projects around Bitcoin. The consequence of this is the fact that at the moment the capital concentrated in China is close to taking control of Bitcoin.

This capital comes from all over the world. Because the Chinese offer unbeatable conditions for investors. Is this a bad thing? Not until everyone can participate in this development.

What is the problem for Chinese people to has control of the most hashpower of bitcoin netwokr?. This is completly racist and Hearn is a jerk to say that.

Wrong.  Users control bitcoin.

The miners simply perform a service for a fee.

it;s just a dream. :)

a bunch of people control bitcoin. they manipulate the price how they want. the miners are part of them.

And what about that? Did you see to chinese people to act like a crime organized syndicate? If this hashpower was to the hand of white people or to the hand of USA people you will be more safe? Stop racist Hearn crap!!

I don't see Mike Hearn as racist. Narcissistic, arrogant, often stupid, but he'd be concerned about any group other than his own holding a lot of the hashpower.

I agree with that assessment. I don't think he is racist. It's trendy to call us white-folks racist which if you think about it, is actually a form of racial-based prejudice itself.

If chinese companies are investing in bitcoin
then bitcoin has a very profitable and prosperous future

Hearn is just embarrassed & hurt that not enough people wanted to sign up to his altcoin fork bull shit.
He's lashing out & blaming everything & anybody he can.

the chineses see BTC as an opportunity to make quick money. they don't give a shit on a "prosperous future". they want fast profit and then...they will be out.

You say this of a culture that thinks in terms of generations. Methinks you might want to learn more about the people you are lambasting.

Don't worry... The "socioeconomic majority" is standing-by to get the chiners back in line if they don't know what is best for them... capiche???

The Chinese miners invested too much to change their priorities right now otherwise they will just lose money.

That's right, all Toominista IPs are without regard to race/creed/nationality going to be DDOS'ed into subatomic particles.  UDP is blessedly colorblind.

And if you recall, Hearn is the asshat that proposed "Chinese Bitcoin" when f2pool objected to 20MB Gavinblocks.

Don't even try to pin Hearn@gnome.zurich.ch's Yellow Peril Sinophobe nonsense on Team Core and the small block militia.  That dog won't hunt.

I am a Chinese, but I don't want to see China hold more hashrate.

I think this is not conducive to bitcoin