Bitcoin Forum

http://rimbit.com/threads/bloomberg-confirms-what-rimbit-has-been-saying-bitcoin%E2%80%99s-fate-hinges-on-huge-chinese-miners.5944/#post-12998

That's why Rimbit is the better crypto!


https://www.youtube.com/channel/UCLNAsYoan3nosdkF6Svp9Aw

Numbers on the Bloomberg article aren't really exact. So why is Rimbit better? Haven't heard of it yet.

We have several big companies located at china, and they have a lot of the total hash but saying they control bitcoin isnt the right thing, the early adopters has a word to say, and there are people with a good ammount of bitcoins not sold yet.

I don't really think BTC is being controlled by China. The price doesn't change only because of the companies that got most of the hash power. We are a good factor for the price, although we don't have much in our wallets. Everyone selling except the Chinese miners would bring BTC down really easy and fast.

what would be so bad if this would be true? don't they have an interest in a high price?

Bitcoin's fate hinges on Chinese miners as long as they remain relevant, if the community really cares they would be able to ignore the miners and fork off to whatever they want to and just have to deal with less hashing power. The Chinese miners are only important as long as they stay on the same chain. Even if they are constantly relevant and nothing changes, it still doesn't matter as to what the miner's nationality is. Why do you care?

Also the shameless plug for Rimbit makes me less interested. I don't want some other shitty crypto.

What stops them from switching to any new fork? They have enough hashing power to mine on different forks at the same time.. if it was needed.  ;) .... I really do not know why people are so

obsessed with the Chinese miners. They have seen a opportunity to make money, and they grabbed it by the horns. There are enough money in the Western world to start massive mining operations,

but investors would rather open up another Mall.  ::) Silicon Valley have enough skills for the manufacturing of the Asic chips needed to do this.  ;)

Aren't Alts even easier to "control" then Bitcoin?  ::)

so i guess this was another FUD post then, since nobody is in panic. which is the reaction i think is right.

It is the truth, China controls main hashrate and the price, remember 2013 btc huge pump?? Actually the price was pumped by a Chinese group, happened in Huobi and OKcoin.

whenever i see a 'financial' news service try to scare people away from a sound investment.. its a good time to buy

whenever i see a 'financial' news service try to  oversell and get excited about a sound investment.. its too late to buy, as the positives have already been taken advantage of.. days, weeks or months ago.

so in my eyes.. bad news from bloomberg is good news for me

this caught me by surprise,though hearing this for the first time....?

everybody thinks the altcoin they are bag-holding themselves is the best thing in the world and will replace bitcoin, this has been the way for many years. each year you hear about a new coin coming out that thinks they are the one true coin to replace them all lol.
but after a while you see them all die after the pump and dump period ended.


i couldn't agree more.

I suppose it could happen. miners from china very much at all. they can do it all with ease.
their strength is in the number of miner.

edited my quote for reference to your reply

Control is very complicated word.
Do they have power to manipulate, maybe yes?
But total control is too different. And everyone knows chinese do not have total control.

no one was crying when america had over 70% of the network hash power, where only a couple years ago, it was either ATI(majority) or intel(minority) supplying that american demand.
thats because the racial biased mindset imagines america as free independant people. but sees asians as all 1billion people stuck together working in just one sweatshop with a tyranical manager whipping them into action. (complete opposite of the reality in china)

so to me the whole 'china is bad' mindset is actually racial not logical

I guess this is another "bitcoin is dying" thread.

Mining bitcoins in China is cheaper and therefore more effective/profitable i guess.

What`s the problem with chinese miners?

You should look them up at www.rimbit.com and see on IGG https://www.indiegogo.com/projects/rimbit-crypto-development-bitcoin#/

Buy before the price hits $5

It's okay to be naive....

You never know about China....suddenly the government can choose to close all mining factories...you simply don't know.

America is a democracy (in some sense), China is a dictatorship....They can choose to end all tomorrow if they want.

"if they want" if they are stupid because ending all now mean for them losing a big portion of money, only a stupid would do it lol, and this is also explain why there are fake volume on some chinese exchange, they care only about profit

ifs and buts aren't good arguments.
what franky1 said is the first thing that always comes to my mind whenever i hear people talk about China and controlling bitcoin!
the same thing can happen if any of the countries had the big hash rate, nobody was saying NSA will take over bitcoin and end tomorrow when GHash.IO had more than 51% of the network.

I agree with you, but you have to add a bit of arrogance to these statements too... There are a perception amongst some Americans that they are the superior beings, and the rest are just a

bunch of illiterate mongrels. It unfortunately takes events like Pearl Harbor and 9/11 to make them see, that inferior nations can out smart them, with 12 people.  ??? I am not saying this, to be

controversial, but it's the sad truth. Their arrogance sometimes cost them innocent lives. I have loads of American friends, and even they acknowledge this.  ;)

hahahahaha rimbit  :D

It's not that China is bad, its that the Fact that they control it. It has nothing to do with where the mining companies are based, its the fact that the mining companies, which so happen to be based in China are the ones who can control Bitcoin. It's not decentralized. Mining has become to difficult for an avid computer user, it now costs upwards of 10k USD to make a profit. I find it funny that you're Bitcoin is supreme and nothing can beat it. It may have been the first Cryptocurrency, but that just means that other Cryptocurrencies have had the chance to learn and adapt to create a better currency. For instance, Rimbit is a pre-mined coin, and your immediate thought is "SCAM". However, with the right people in charge, its a viable and reasonable way to spread a currency and keep it as decentralized as possible. If you're willing to do research go to www.Rimbit.com