Bitcoin Forum

With China now owing about 75% of the mining power i think in all their greed they will destroy bitcoin.
They will never allow the protocol to change to accept larger blocks since it's not in their interest.
You don't have much time left to sell your bags.

Click Kwuckduck post history.  Realize it's an account sold to Zionist banker shills to spam the forum with jibberish.  Never click Kwuckduck threads again.

If China is the most prominent nation in the bitcoin world, then why would they want to destroy bitcoin? It has no sense at all.
By doing this they would literally just fuck themselves. Isn't it better for them to keep bitcoin in good health and profit in the long run?

This is really pathetic,so what can you suggest since you want us to sell our bitcoin,can you tell what coin should we get?.

How do you make upside down words?

I have that upside down words also, I thought its something wrong with my lap top.

Snorek made a good argument and I agree with that "If China is the most prominent nation in the uᴉoɔʇᴉq world, then why would they want to destroy uᴉoɔʇᴉq? It has no sense at all." Why would they dig a hole for themselves? There is no logic in that, everyone talk about that China like leader in future that comes. In last 30 years they their growth is amazing I don't see a reason for all that to stop so soon.

It is April Fools' prank done by forum Admin. Every BITCOIN (bitcoin) word in inverted upside down. But it will be only temporarily - this effect probably will last only today.
In Meta Section there is post about it.

try typing bitcoin(s)

Happy April Fools' Day mate  ;D

And on the topic - China does hold the most of the mining power but if they don't want to update to the new protocol why should the rest of the world be hindered? Can't we just ignore them altogether and continue the mining operations elsewhere. China is just one country it can't be that hard can it?

April fools day was only lacking a KuakKuak and it is completed now.

Chinese owning a large percentage of the mining power only means they are so invested in bitcoin that will never let it get in harms way. the block size will eventually be solved it is not a simple matter to just change without any consequences.

If China want to destroy bitcoin they will not owning 75% mining power and many china people invest in bitcoin.

that is a good one, even i was wondering how that can be done

and for the topic of bitcoin ,if china is owing about 75% of the mining power , it is their strength . each and every nation can compete with them, i hope no one is stopping other countries   ;D ;D .



 

i'm counting on their greed to make them make damn sure bitcoins is running smoothly all the time.
greed is good!

you do realize at the HK round table it was the miners that pressured the devs into agreeing to 4MB effective block size within 1 year.

you don't have much time to spend your fiat.

Happy april fools
even china has 75% of total mining power and against  bᴉtcoᴉn it doesnt mean that it will destroy  bᴉtcoᴉn.
Only banks of china wants to destroy  bᴉtcoᴉn not the people.

another april fools joke? but not to offend anyone if this one come true we will need
to look for another way because china is china, business is business
greediness is what we call good business holding major part of mining will
be a big impact. let see.

they are free to do it we can create another fork and they would play with their altcoin uᴉoɔʇᴉq with their exchange only

remember that miners don't have the full power, because merchants are somehow as important if not more some times

another FUD topic posted here by kwukduck's sold account.

what is it this time another bank conspiracy or is it desperation for buying cheaper coins off the market?

I am quite sure that China at some point will take over the entire mining aspect of Bitcoin. But is that bad? Who knows, but you have been known for being anti Bitcoin for quite some time. Don't think many people here will value anything coming from you.

They already did in a way

I'm not anti-bitcoin. I'm anti-ignoring-problems.
There are some serious problems with bitcoin itself and its ecosystem that are structurally being ignored, harming the future of a potentially great and revolutionary technology.

China dominating mining is a problem because they have limited and totally controlled bandwidth to the rest of the world, limiting any new proposal we will try to roll out for the block-size problem. They will not accept bigger blocks because it requires a lot of bandwidth which is expensive for them.

Chinese are short-term gain orientated, future always gloomy and unpredictable for people who rose from dirt in the first or second generation so they prefer to profit today and  at any cost, just look what they did with the environment.

why can't you never say something positive about bitcoin. it's always bad and you always say bitcoin is broken and so on. it's getting pathetic, really.

well not matter what you do there is really nothing that can be done to have a fully 100% decentralized mining scene

if you change the algo, the chinese will just rebuild everything for that algo, and so on, so i guess as long they udnerstand that they are not the only important thing and that 51% is dangerous, there is nothing to worry about

Is that the only reason they're not in favor of it? I also feel like the mining has become too centralized, which is not the way Satoshi would have envisioned it but are bigger blocks a solution for it? Will it make mining decentralized again?

Are we sure they're not in favour of it? (I suspect some Kwukduckery here...) I was under the impression that the roadmap (https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff#.wpos0e111) contains the hard-fork because of representatives from the Chinese pools - the Core devs weren't exactly cheerleaders for the hard-fork...

Well, let's suppose those chinese have that much power... Why would they destroy its source of income? it makes no sense.

Maintaining the status quo for now is the only thing profitable for them but will kill uᴉoɔʇᴉq in the end.
The Chinese, like most if not all emerging cultures, are in for short term profit.

They really couldn't care less about what uᴉoɔʇᴉq is or what its potential is or how their actions could harm others.
When uᴉoɔʇᴉq dies they will just jump on whatever next thing is profitable at that time.

I really don't know why people always talk about Chinese people that they would do this and that with Bitcoins???
Why don't we see ourselves as a big part of Bitcoins itself???
We ain't anybody here??? Are the Chinese only the ones who are running the markets in terms of Bitcoins???
I do know that they possess a big share of BTC, but does that mean that they will ruin it and others can't do anything???

...because it's easier to conflate an entire culture with miners from many countries, united only by their shared involvement in mining pools that are based in China?

I have this crazy idea that miners base their actions on rational self-interest. Pools, too. I can't see how this would change, even if pools were primarily based in - say - the Czech Republic (nods head towards Slush and the BCT historians).

If anything china would help then break..

If the overwhelming majority in china hopped on bitcoin before u.s folks we already at the $1k value mark on chinas exchange which would effect our price points as well.

China is just securing their stack of bitcoin while they can.

Well China is very important for bitcon from day one, and yes,lots of miners are in china, but i don't they that they wouldn't like thing like halving, yes they will get less money but price of bitcoin will rise, so maybe they will get even more profit

Yes I would also think that the halving will destroy any profit that china miners are getting now and will deter anymore from going into mining in the future. If there is no big profit to be had then chinese are not interested in pursuing into it any further.

If (and it's a very big "if") that were to happen, then difficulty would decrease. At some point potential miners are going to note the decrease in difficulty and start mining.

This apocalyptic "all miners stop mining" nonsense is silly. We've been through one halving and this didn't happen. Why would it happen this time?

They don't actually use BTC, they just mine it and speculate with it. There are no Chinese stores accepting BTC. Also - I think the miners there can't speak English and have no idea the angst the blocksize is creating, so they simply don't know that there is a possibility that BTC might fail. I guess we'll all find out in July when the halving happens. If the price doesn't rise (or if it falls), we might see some movement on the blocksize.

Bitcoin is honestly now in control of China. It can destroy or prosper bitcoin, it's choice of Chinese people.

In case of halving, maybe they will change the choice of cryptocurrency to somewhat like ethereum.

I've noticed his/her threads/posts before. It's not difficult to spot a shill. Have you noticed how many troll threads are around at the moment?

It's almost like the fear something?

Price rise as a result of the halving?

China will never destroy bitcoin, as they are the only country which support digital currency as well planning to introduce their own digital currency. If they issue their own digital currency then they may try to destroy our bitcoin.

Many digital currency will be issued by many countries. Bitcoin will be the reserve currency in the digital world.

Bitcoin is still very young and many problems will come over time, and practical solutions will be found very fast i believe.
I would be worried only if one fractions have 50% of all coins, till then everything is fine. Chinese miners contribute to network stability so from that standpoint they are good. I sense here little US jealousy..

I guess that's not true. China is one of the countries that use large bitcoin. they use bitcoin as needed, I am not sure that they would destroy the bitcoin. why should they do it? I think all of the issues is a lie

They didn't destroy Litecoin, am i wrong? And they pumping from time to time some of those almost forgotten coins. So we can only Conclude they are adopting very well almost every new coin..I dont see any problems with them.

bitcoin will never be destroyed so i guess that says it all, but lets say that china will have a huge impact on the price, i guess then the worst thing that would happen would be that bitcoin would become centralised

though i dont think that there wouldnt be a solution from that, just a lot of time would have to pass till the other countries would adopt to bitcoin and i think everything would be fine

$4.00 in my eyes is still crappy though lol. Shows me that I would never ever want to get involved with alt coins.

If China kills Bitcoin, China kills china.
Many jobs would be lost. Even more worse money flown out of china would never come back to china since people have to pay extra tax again.

LOL OP don't have a clue how china is controlling bitcoin. They own the pools, the hash equipment and yes even the most amount of bitcoins.
How will they kill bitcoin again?

Everyone has to start somewhere.. so atleast the op asked on why china is at some what type of involvement.

But digging deeper to your pool, its not just pool. Its also cause they have been the #1 producers selling the miners itself to allow that happen.

I doubt China will destroy Bitcoin, if anything it will be overall more beneficial for Bitcoin because it will open up to wider markets.

There is no way China can just show up and destroy Bitcoin one day, maybe it will force people to add more mining power, but it certainly won't just destroy it.

China is helping Bitcoin, by banning it they help more  ;)

Who owns the most USD outside of the states!
Dollar has not collapsed, so would expect the same with bitcoin. China has been pumping the real estate all over the world and no crashes yet.

Bitcoin is not banned in China. It is recognised officially as a commodity. You can trade it legally there.

How you get that figure of 70% of total miners are from china? is there any source and any source of their statement of them not accpting huge block? THis is just a pointless hype in my point of view.

70%? I assume it's based on pools - https://blockchain.info/pools. It's like, back in the day, saying that every (non-solo) miner comes from the Czech Republic because Slush's pool is the only pool. Except no one thought that, because obviously it would have been nonsense.

Except that it's not nonsense because the chinese are in control of that mining power that people put to their pools.

Although China dominating mining but still the they cant rule  the bitcoin.

Are you saying it's ridiculous to assume that most of the mining (both pools and mining farms) is done in China?

Oh, sorry, I knew the PRC was totalitarian but preventing miners from leaving pools takes it to a new level. Crikey.

it is and there are 2 parties here at play.
The Chinese Government who wants to regulate bitcoin as much as they can. And the companies who are into bitcoin mining or bitcoin itself (exchanges).
So it could be dangerous because the chinese government is not being praised for their democracy.

No. I'm saying it's ridiculous to say that 70% of miners are Chinese because 70% of mining currently occurs in Chinese pools. At one point 100% of pools were Czech (all one of them - Slush's pool) - 100% of miners were not Czech! (Well, to be fair it's possible that "100% - me" were Czech. But frankly I doubt it).

Miners have a choice which pool to use - or even if they mine in a pool, or go solo (though this choice really isn't much of a choice anymore, obviously, but still).

Edit: sorry, just realised the Slush comment was redundant. Apparently I can't read my own comments.

Oh it's you again! :D

Seriously, dude, 70% of the hashpower of the whole network doesn't necessarily mean that all of those miners are Chinese; other miners from other parts of the world could just connect to those pools and work under it to get some stable or increased profit (?).


This is a bold statement. Where'd you get this information?

So you're saying is "It is unreasonable to infer that most miners are Chinese from the fact that most of the mining pools are located in China. Though all available data point to this conclusion,
http://s10.postimg.org/6eb2y2f7t/Capture.png
and all a priori reasoning, from lower electrical costs to ASIC manufacture/labor/shipping etc., the evidence is purely circumstantial"?


Miners do have a choice. I'm gonna make another leap of faith and say that the choice is, to a large degree, primarily guided by short-term profits, often at odds with the choice hodlers would have liked them to make, and possibly ill-informed. That's why all the important decisions regarding future Bitcoin development are made like this:

http://s32.postimg.org/76nu4eho5/bitches.jpg

Note the conspicuous absence of individual miners.  Don't ask for rigorous proof, just tossin' it out there :)


They could, and could possibly overcome disadvantages like x2 - x20 electrical costs, shipping costs, real estate costs, economics of scale, etc., etc., but what does it matter when it's the pool operators, not the miners, who set the rules? The only thing they can do is switch pools, but ...they clearly don't.

No. I'm saying "it's ridiculous to say that 70% of miners are Chinese because 70% of mining currently occurs in Chinese pools." Again. Do pay attention.

I'm not sure why you believe miners don't change pools. I tend to look at this (https://blockchain.info/pools) every few days and the wedges are rarely static. Even assuming you were right, and miners haven't been switching pools recently - it's a bit of a stretch to assume that that will remain the case.

I'm also not sure why you think I should be surprised that miners' interests may not align with hodlers' interests. Aside from it being kinda obvious, I accepted that miners were the decision makers when I first read the whitepaper and in the years since nothing has changed.

I'm also also not sure why you think a group of pool operators and devs meeting should worry me. They were deciding a development roadmap, one that will be presented to miners. Who will then be free to accept or reject. Which rather sounds like... exactly how it's always been.

Sounds strangely similar :-\
I might've been overly helpful by filling in a few blanks for you, but you go ahead and tell me the part s you disagree with, and I'll correct 'em :)

I, in turn, am unsure why you think I think that they don't change pools. Again, If you just cite the part that led you to such an erroneous conclusion, I'll try to fix it.

Ditto. English is a bitch for me, so if you could point to the bit that mislead you, I'd be forever in your debt.

Meh. Pool owners & devs decide on the roadmap,  miners and Bitcoin hodlers unaffected :-\

Sorry, lambie. If you can't work out what "it's ridiculous to say that 70% of miners are Chinese because 70% of mining currently occurs in Chinese pools" means all by your lonesome I doubt I can't help.

When they have 75% of bitcoin mining power,why would they allow bitcoin to be destroyed?I think there must be a difference of opinions within Chinese mining community and some of them will try and persue for larger blocks

Of course. It's not about the country, it's about basically a hand full of people owning and controlling the entire network.

More mining farms are there in China which is never known in most of the countries, it's their wealth to have all these bitcoin resources in their country, so definitely they won't destroy bitcoin in anyway as they are earning more from it .

Help me with this fairy tale conundrum:
1. Most Ford factories are in Equestria.
2. Ponies won't destroy Ford because they make Fords, they're earning from Ford.
3. (Problem): GM (altcoin) offers ponies a better contract; Equestrian machinery can make GM cars with minimum of retooling; RIP Ford.
wat do?