Bitcoin Forum

China is a communist state as Russia before. Their communist gov is evil, and have killed millions of people and destroyed culture. They hate any freedom and human right.

As you knew, China has banned this site bitcointalk.org after their central bank banned btc. I knew there are many Chinese trade btc and ignore gov's ban, but if communist party throw them to jail for bitcoin?

Because now China is "anti-terrorism" and banned foreign videos on web(after they banned youtube, their own sites still have),and they banned google, banned fb, twit. etc.

So I Think The fucking communist party will fuck up bitcoin in china, and may use their miners to 51% attack the btc network?

my buddy has the same theory. I thought it was a little crazy at first but you may be right.

Well...the thing is....they have already done that...

they can ban websites and close down businesses but they cant destroy the blockchain.

just like in the 1930's they can prohibit alcohol, but they cant stop people physically drinking it

there will always be a way for people to continue doing what they are doing. once governments realise all the attempts to prohibit bitcoin, wont break it. they will give in.

@franky 1
That's right, when the government creates regulations against the bitcoin system that the people are already adapting to, those regulations will actually make the people resist and revolt against the old money system even harder. This also creates more people learning about bitcoin and not wanting the old money system either, so the government will eventually have to give in because they can't destroy the blockchain so they can't stop the people.

If they BAN it, why they would then spend electricity to try to destroy it? IS better if they do 51 attack and steal some BTC and adopt BTC and spend them. But they dont need that they just print CYN.

^ There are solutions for the 51% attack situation. When the fix needs to be implimented it will be. (A nameless bitcoin dev) and others have had the solution ready for awhile now. The whole 51% thing just makes good press, it's all about fear, thats why you never hear that it would be noticed immediately and the fix would shut it down almost immediately making all the attackers blocks invalid.

Note: The News Media pumps you full of fear, there's floods, there's disease, there's racism, there's murder, cut to commercial, buy the Acura, buy the Colgate, if you have bad breath people are not going to talk to you, if you have pimples, the girl's are not going to f@#k you, and it's all a campaign of fear, and consumption, that's what the News Media is based on, the whole idea of 'keep everyone afraid and they'll consume'.

* As a miner my only worries are with the "Arms Race" between the Asic Manufacturers which is not hyped-up fear, it's a fact.

eleuthria:  "The future of Bitcoin mining will likely end up in a Cold War/Mutually Assured Destruction type arms race between a handful of ASIC manufacturers....The entire system functions based off a zero-sum game of chance.....I just hope we end up with enough players in the game to prevent full consolidation of mining power".

ckolivas:  "Yes. I've written new pool software now, but that can't save the home miners....The economies of scale are what's killing home miners. It's no longer about software and protocols".

No they will not attempt to "51%" the bitcoin network.

They seem to be making it difficult to talk and learn about bitcoin (as of now). They will likely attempt to block the use of bitcoin in the future either via the GFW or via regulation.

You are both idiots. Coming from me that's really saying something!

bitcoin is semi banned in china... yet i see many chinese exchanges with massive volumes...

Derp

Nothing like a government ban to drive mass adoption.

People always want what they are told they cannot have.

China has had to undergo mass industrialization very quickly they doing pretty well and they built the 3 gorges dam that puts out about 3 watts per person continuously

What China gov care about is just protecting CYN and increasing ASICs miner sales to get more taxes. Forget about 51% now, it is in China interest to sell as much as possible ASICs units

Yes, since whole China economy stand on ASICs units.

China does not want to ban btc.
Notice there are lots of China banning btc news coming out but people in China are still using it.
If China is seriously banning btc, they would ban people from buying btc in China.

no government required, you managed to fit a lot of stereotypes in there congratulations -

i rather see China as a leader of free markets is many aspects, it is of course a chaotic and schizophrenic free market.

but nevertheless more open with much more competition than the "west" 

You cant do that. In any case banning is a double edged sword, it will make for people to grow a fascination with Bitcoin, just how people is fascinated with weed. I reckon if it was legal, it wouldn't be seen as cool and interest would actually decline. Banners can't win.

It is a very common misunderstanding that having 51% of the hash power will "destroy" the network.
Actually the network will be intact, but it gives them the ability to double spend their own transactions.
There is also some lucked involved, they have to maintain 51% and be lucky at the same time over a period of time.
It would cause drama and media attention for sure, but bitcoin dev could relatively fast fork and release a new core and the majority of the "true" users would follow.
And all the "attack hashing" from the attacker would be wasted, since the double spends would be reversed in the new chain.

Are you surprised to their reaction since scores of corrupts party officials used BTC to illegally export their fortunes abroad without leaving a cloue to police? Given such facts are you surprised that the current PRC President who is fighting his party corruption (to keep is power, not for people sake) instructed their LEOs, Judges, Prosecutors & other Party's official to suppress BTC?
 ;) ::)

that's what i am thinking about, China didn't totally ban bitcoin, they just reserved their stand, and there is large volume of transaction in BTC exchange,
i think China doing so is to protect their CNY, that's quite reasonable, every country will try their best to protect Fiat.

China is waiting to release bad news once we move up they hate it when we go up.

They already did that once, but Bitcoin still held up. So I dont think further implication won't cause much trouble.

They didn't go in for a ban last time around.

The huge volume of BTC transaction there is faked (https://bitcointalk.org/index.php?topic=812315.0;all) as well as a lot of their balance sheets (http://www.forbes.com/sites/ninaxiang/2014/04/16/accounting-fraud-is-still-widespread-among-chinese-companies/).

Cool story.. :) China might be sabotage bitcoin, make something new and take credit for everything.

It now appears that will not. Miners and official stance is not the same.

I think this is a good thing. No more chinese here.

China will move everywhere!

Expansion of China is huge.