Martin Armstrong Discussion

[marcus_of_augustus]

chinese miners are true freedom fighters ... which of you in the west would risk your necks to run a quasi-legal operation under a communist, totalitarian regime? They chop heads off in china, the chinese miners probably have a stronger ethos for freedom than a lot of the part-timers in the west who pay lip-service to freedom and then hand fat checks to the corrupt governments and banksters while they get the shaft from them.

Bitcoin mining has gravitated to the strongest hands, just as it was designed to be ... you cant truly know freedom until you have truly known oppression.

It may be true, but it is still not trustless decentralization.

Power corrupts absolutely and it will be no different an outcome if the power of mining is vested in too few people's hands.

... that's a different topic that is in no way unique to China.

Smells like a lot of hurt white Western butt in here because they couldn't build computer hardware better, faster, cheaper than the chinese. Western white males measure themselves on technological success and they are getting pasted on the bitcoin hardware stakes so far ... time to up their game if they want to stay competitive. Harden up dudes.

[TPTB_need_war]

chinese miners are true freedom fighters ... which of you in the west would risk your necks to run a quasi-legal operation under a communist, totalitarian regime? They chop heads off in china, the chinese miners probably have a stronger ethos for freedom than a lot of the part-timers in the west who pay lip-service to freedom and then hand fat checks to the corrupt governments and banksters while they get the shaft from them.

Bitcoin mining has gravitated to the strongest hands, just as it was designed to be ... you cant truly know freedom until you have truly known oppression.

It may be true, but it is still not trustless decentralization.

Power corrupts absolutely and it will be no different an outcome if the power of mining is vested in too few people's hands.

... that's a different topic that is in no way unique to China.

Smells like a lot of hurt white Western butt in here because they couldn't build computer hardware better, faster, cheaper than the chinese. Western white males measure themselves on technological success and they are getting pasted on the bitcoin hardware stakes so far ... time to up their game if they want to stay competitive. Harden up dudes.

Except there is a smarter white guy who is going to use SOFTWARE turn their ASICs HARDWARE in doorstops.

Relish the fact that you once (as in one post) schooled him (me) when he first arrived in 2013 in this forum as AnonyMint.

[TPTB_need_war]

Incorrect. It rarely ends that way. Only for entirely broken regimes. Sorry Armstrong has all the data. He invested $1 billion collecting it.

In another thread you predict USA will break into regions. Is this not the definition of an entirely broken regime?

Edit: let me give you a quick, incomplete hint. Read Armstrong for the many details and points. The failed regimes were due to dictatorship and/or a bankrupt ideology (e.g. communism in the Weimar Republic).  When the population remains very productive and the debt is actually quite small (e.g. the debt is only $19 trillion in the USA but the productive capacity of the people is that much or more per year), then the society is not failed. We are going to see transition to a world reserve currency. This is not about total failure of government, except Europe is trying hard to achieve that again. China, Russia, USA, Canada, Australia, etc are no where near failed societies.

There is nothing new in the concept of world reserve currency. It can have many components this time, this doesn't change anything in how individual countries manage their economies and their budgets. Individual countries are pretty bad. For bankrupt ideology we have the welfare state. The productive population is shrinking, the liabilities of the governments are growing, you even said this yourself up thread, and there comes a point where society fails unable to bear the weight of liabilities. Enter hyper inflation.

I have read quite a lot of Armstrong, I don't agree with everything.

What is happening is the productive people are breaking free from the unproductive. This is why we need a world reserve currency that no country can abuse.

The elite are doing creative destruction on the nation-state central  banks and currencies. But the productive sector will refuse to become socialists. My X gen is giving the middle finger to that.

Socialism is failing. Those with that ideology will fail. It is not an ideology held by everyone not like in Weimar Germany when everyone was tears and in love with the almighty Socalists and then Hitler. Those who disagreed, were unable to mount any defense nor defection.

I suggest you review this post about Texans and Texas:

https://bitcointalk.org/index.php?topic=1049048.msg14621869#msg14621869

trollercoaster had a similar post about rural Australians.

The Internet makes it possible for us to communicate to each other. Ideological, propaganda shit can't be hoisted on us who are awake. Trump is proving many people are awake. They read blogs.

[TPTB_need_war]

So, what will happen?

Back in 2013 we had Mt.Gox running on fractional/damaged reserve, so there had been more BTC available in trades than BTC total in existance and it did not matter because there was money inflow from the outsides. This year is more solid regarding those issues, just completely isolated market.

The 850,000 Bitcoins stolen (200,000 recovered) from Mt. Gox were roughly 8% of the coin supply. What was likely happening is this supply was employed to manipulate the float on Mt. Gox (buying from yourselves, etc) in order to drive a massive bubble..since 70% of all Bitcoin traded through Mt.Gox.

Given ASICs had come online, miners didn't need to sell as many coins to pay electricity.

The mass media was pumping Bitcoin up every day.

We probably don't have the level of upward price manipulation now. Sorry.

Edit: altcoins became the way to have the float tied up in one or two exchanges (e.g. Ethereum) so the insiders could manipulate the price. Crypto-currency is all about the scams.

Nobody invests into BTC or mining equipment anymore. When did you bought ASICs valued 10.000 USD last time? Aren't those USD you now use to buy BTC just been taken from former BTC sales?

Bitcoin cannot do without Alts, both built up a complete whole economy. Remember people are not buying/selling anything using BTC, they just gamble on Alts. Basically I do agree on BTC up causing Alts going down and vice verse. Enclosed system like two water tanks with a flexible tube connecting them.

This is true. Most people don't want to trade their BTC for a non-CC asset, because this their gambling money. They can't buy mining equipment with BTC to increase their holdings of crypto-currency. This is why ICOs have become more popular than mined distribution, with the ASIC resistant Monero as an exception.

ASICs killed the mining ecosystem. This has been r0ach's point, that if the coins don't circulate, then the ecosystem dies. Bitcoin is dying. Only the altcoin circulation kept Bitcoin alive.

Sorry I see Bitcoin as very vulnerable. No new money is coming in. A global contagion can force some large whales to liquidate to cover their ass in other illiquid loans and investments.

Prepare for the crash.

[TPTB_need_war]

I actually for the most part agree with it. I  have been a Bitcoin bear for a while simply because I do not like the long term fundamentals. The biggest issue is the 1 MB blocksize issue and the proposals being thrown around are simply too little too late. There is a reason new venture capital is not moving into Bitcoin and that is simply that venture capital demands the possibility of very high growth because of the risk involved. The 1 MB blocksize limit is simply making stagnation part of the Bitcoin protocol and consensus model. I can think of no more effective way to drive venture capital away than to make stagnation an integral part of the Bitcoin protocol and consensus model.

While ASIC centralization is part of he problem, I would argue that were it not for the blocksize limit this alone is not to blame. The issue is that while China is by far the most cost effective place to manufacture ASICs and it also scores well in the electricity and climate are (parts of Northern China do get very cold in the winter) it has a very high latency Internet connectivity to the rest of the world due to the Great Firewall of China. A mid range residential Internet connection in many parts of the world will run circles over the best data centre grade Internet connection behind the Great Fire Wall of China in the mining critical area of latency. What has allowed the centralization in Bitcoin mining to occur is not just ASICs but the combination of a 10 min blocktime with a 1 MB blocksize limit together with ASICs. If Bitcoin had allowed the blocksize to grow back in 2012 - 2013, the Chinese ASIC manufacturer's would have been forced to sell their ASICs for export rather than operate them themselves locally and this would have prevented the concentration of Bitcoin mining in China. We must keep in mind the the Chinese miners are against any significant blocksize increase in Bitcoin for this very reason.

Even if someone developed an ASIC for CryptoNite that was truly competitive, I doubt the kind of mining concentration that has occurred in Bitcoin could happen In Monero simply because China would still be by far the most competitive place to manufacture the ASICs, but the combination of 2 min blocks and an adaptive blocksize limit would make China a very un-competitive place to operate the ASICs.

Thanks for the support, but the GFW is a great lie. The ASICS only need a hash of the transactions, not all the transactions. The mining pool server can be located outside of China.

That will show you that the ASIC miners in China are greatlousy liars.

...

Thanks for the support, but the GFW is a great lie. The ASICS only need a hash of the transactions, not all the transactions. The mining pool server can be located outside of China.

That will show you that the ASIC miners in China are greatlousy liars.

I am not so sure. They still have to get the hash of the transactions across the GFWC and the results then back to the server. The issue here is latency not bandwidth.

If mining is centralized in China doesn't that actually transfer the latency issue to non-Chinese miners? Resulting in possible more centralization. I recall reading such a thing.

Right. It is the minority that suffers from delayed block announcements, i.e. this is selfish mining.

Unless Chinese miners have a high latency between themselves within China?

Also I read the GFW was bandwidth limited. It is also latency limited and by how much? The Bitcoin block period is quite large so 100ms increase is probably fairly insignificant in the Poisson distribution.

[TPTB_need_war]

Roach was right, TPTB was wrong.

Your verb tense is wrong. The halving has not occurred yet.

Please don't troll. Disingenuous posts are just useless noise.

Hey, it's not just me that has figured it out:

A BTC rise is needed at least for the next month or two to flush out the ICO scams that have been prevalent on the boards since January. All these MAID/WAVES/LISK/UPPERCASESCAMCOIN seem to be coming from the same type of factory. Until this new generation of crypto believers get burnt, they will not learn their lessons, however harsh that sounds. It doesn't mean some of the profiteers will change their stance or all of the ones getting burnt will learn, but that's just the way it is with money.

Btw, I think r0ach might ending up being both correct first and then wrong later. In other words, Bitcoin can blast up to $500 now, altcoins can take dump, and then Bitcoin can dump also in a crash as I think may be coming.

[TPTB_need_war]

Edit: you are entirely wrong on hyperinflation. The history is that only revolutionary and totally broken regimes hyperinflate. The world is composed of very strong regimes and they will not lay down their power by hyperinflating. Armstrong covers this in great detail in his blogs. Required reading material for you.

I read people like Dent

I read Dent extensively around 2005 - 2007 and he ended up being wrong on everything. Then he totally flipflopped and reinvented himself.

Armstrong has been consistently correct since the 1980s.

No comparison. Stop reading that fool Dent.

And stop reading ZeroHedge, except for entertainment value. It is mostly useless noise.

[tabnloz]

Noticing more mainstream press beginning to mention the effect NIRP / ZIRP has on pension funds. Credit to MA for mentioning this a long while ago.

[TPTB_need_war]

Armstrong warned us:

MUST SEE: former UK prime minister Margaret Thatcher warning and predicting everything that happened with the Euro:

https://www.armstrongeconomics.com/international-news/europes-current-economy/obama-telling-brits-to-get-to-the-back-of-the-queque-if-the-leave-the-eu/

Re: Europe, you reap what you sow...

[STT]

Smells like a lot of hurt white Western butt in here because they couldn't build computer hardware better, faster, cheaper than the chinese. Western white males measure themselves on technological success and they are getting pasted on the bitcoin hardware stakes so far ... time to up their game if they want to stay competitive. Harden up dudes.

Is this technology or more manufacturing brute force.   China is leading as they can turnover and make the cheapest hardware fastest which leads them to immediately use it for mining advantages.
But yes the West has lost of its great past in skilled manufacturing

Saw this posted, seemed a very well balanced discussion on progression of the bitcoin difficulty vs miners etc https://www.youtube.com/watch?v=ieP8kxaklUk

[marcus_of_augustus]

Smells like a lot of hurt white Western butt in here because they couldn't build computer hardware better, faster, cheaper than the chinese. Western white males measure themselves on technological success and they are getting pasted on the bitcoin hardware stakes so far ... time to up their game if they want to stay competitive. Harden up dudes.

Is this technology or more manufacturing brute force.   China is leading as they can turnover and make the cheapest hardware fastest which leads them to immediately use it for mining advantages.
But yes the West has lost of its great past in skilled manufacturing

Saw this posted, seemed a very well balanced discussion on progression of the bitcoin difficulty vs miners etc https://www.youtube.com/watch?v=ieP8kxaklUk

The technology of mass-production manufacturing is THE race, for now anyway. Who knows bitcoin itself may have originated out of an Asian mind ... not that it matters.

I just find this whole "Chinese miners winning wah-wah" so whiny and unbecoming from the supposed technological elite of the West ... Silicon Valley was built on the back of the chip production hint: silicon makes chips, not hard to see where the future lies. If you can't build it you don't deserve it.

[TPTB_need_war]

Smells like a lot of hurt white Western butt in here because they couldn't build computer hardware better, faster, cheaper than the chinese. Western white males measure themselves on technological success and they are getting pasted on the bitcoin hardware stakes so far ... time to up their game if they want to stay competitive. Harden up dudes.

Is this technology or more manufacturing brute force.   China is leading as they can turnover and make the cheapest hardware fastest which leads them to immediately use it for mining advantages.
But yes the West has lost of its great past in skilled manufacturing

Saw this posted, seemed a very well balanced discussion on progression of the bitcoin difficulty vs miners etc https://www.youtube.com/watch?v=ieP8kxaklUk

The technology of mass-production manufacturing is THE race, for now anyway. Who knows bitcoin itself may have originated out of an Asian mind ... not that it matters.

You need to learn macroeconomics.

Pegging the Yuan to the dollar, they were able to steal from their citizen's savings to subsidize a negative profit manufacturing industry. Read China expert Michael Pettis.

China bit off the dying Industrial Age. However there are network effects that come from this, such as moving up to developing software, etc..

But their manufacturing domination and oversupply (making the rest of the world uncompetitive by artificially depressing the international value of their own wages via the peg) was due to corruption and will cause China to have a meltdown until 2020, when they have finished rebalancing.

I agree with not whining. Compete. Hard to compete in manufacturing when China was gobbling up debt by repressing savings deposit interest rates and otherwise subsidizing their oversupply in manufacturing capacity. The reason Singapore exists is to hide profits offshore for these well connected fatcats who own the State SOCs (state owned enterprises).

[marcus_of_augustus]

You need to learn macroeconomics.

thanks for your opinions ... if they were rare (or even correct) they might be worth something, indeed you are prolific.

[TPTB_need_war]

You need to learn macroeconomics.

thanks for your opinions ... if they were rare (or even correct) they might be worth something, indeed you are prolific.

You're welcome to try to refute Michael Pettis (PhD professor in China) who has been consistently correct in his predictions on China while being the skeptic that everyone thought should be ignored. Now he is respected because he was correct all along. Read his blog so you won't be so ignorant...or remain blissfully Dunning-Kruger as it is your prerogative.

[TPTB_need_war]

At the moment, they don't really have any competition or at least any that markets their services very well.

Potentially another manipulated market such as the argument about Mt.Gox bubble upthread. We could be witnessing a cashing out from recent altcoin bubbles while buying from himself to create the illusion of a rising price while doing so as they ostensibly did for the ETH bubble, e.g. Vitalik using Coinbase to cash out from ETH -> BTC -> USD.

Free markets = decentralized markets.

When you have whales and most volume going through 1 or 2 exchanges, you don't have decentralized markets.

Seems they got wind of my posts about the legality of ICOs and disclosure.

You think this has anything to do with you, a random stranger on the Internet just like me and the next guy? Wow, this is pretty intense

You need to read the Ethereum Paradox and "The altcoin topic everyone wants to sweep under the rug" threads to understand I am not a random stranger. Didn't you know I am alleged to be Satoshi?

Re: [POLL] Should Alternative Currencies Have Their Own Forum Section ?

Although philosophically I'd like to vote "yes", I voted "no" because the reality is the scams are the BTC economy:

Any way, I'd like to not see altcoins dominated only by get quick rich and not some serious attempts to fix Bitcoin's flaws and create a large adoption market. But the more I think about this, the more I realize if that ever happens it will be largely outside of this forum. This forum is a gambler's paradise. I need to remind myself that I we here are in an enclave.

At the moment, they don't really have any competition or at least any that markets their services very well.

Potentially another manipulated market such as the argument about Mt.Gox bubble upthread. We could be witnessing a cashing out from recent altcoin bubbles while buying from himself to create the illusion of a rising price while doing so as they ostensibly did for the ETH bubble, e.g. Vitalik using Coinbase to cash out from ETH -> BTC -> USD.

Free markets = decentralized markets.

When you have whales and most volume going through 1 or 2 exchanges, you don't have decentralized markets.

Nobody invests into BTC or mining equipment anymore. When did you bought ASICs valued 10.000 USD last time? Aren't those USD you now use to buy BTC just been taken from former BTC sales?

Bitcoin cannot do without Alts, both built up a complete whole economy. Remember people are not buying/selling anything using BTC, they just gamble on Alts. Basically I do agree on BTC up causing Alts going down and vice verse. Enclosed system like two water tanks with a flexible tube connecting them.

I agree the two go hand in hand. Since alt coins are really the biggest thing you can purchase with BTC, ...

This is true. Most people don't want to trade their BTC for a non-CC asset, because this their gambling money. They can't buy mining equipment with BTC to increase their holdings of crypto-currency. This is why ICOs have become more popular than mined distribution, with the ASIC resistant Monero as an exception.

ASICs killed the mining ecosystem. This has been r0ach's point, that if the coins don't circulate, then the ecosystem dies. Bitcoin is dying. Only the altcoin circulation kept Bitcoin alive.

[TPTB_need_war]

Read all the 27 comments at the provided link. You can't just be lazy to read only what I commented here. I can't copy this entire linked page of comments into this thread.

There is no science of man-made global warming. Period. The comments at the linked thread are irrefutable.

Never in millions of years of cycles has temperature risen after CO2 does. Temperate always rises at least 600 years before C02 does. So C02 can't be the cause. Duh!

Al Gore lied. He didn't show his chart zoomed in.

Carrying on from the posts I made in the past refuting AGW:

5427
Blog/Uncategorized
Posted Apr 25, 2016 by Martin Armstrong

New-York-Under-Water

QUESTION: Mr. Armstrong; I have read your thesis on global warming and that this is only part of a natural cycle. I admit that you have persuaded me whereas the claims are false especially that New York City should have been under water by now according Al Gore. You mentioned that there was global warming which enabled the Vikings to reach America because the ice melted. My question is rather blunt. If we are headed now into a global cooling period, what is the historical evidence that society also declines?

Thank you in advance

PD

ANSWER: I have reported that the peat fires in Borneo and Sumatra have now exceeded all the emissions from the entire U.S. economy. This whole movement is simply to raise taxes on the bogus theory of global warming. We are not so powerful to alter the course of cyclical movement of the planet. Bouts of global cooling (ice ages) as well as warming periods predate the combustion engine and mankind. It is rather questionable analysis to claim we have altered the climate. We are capable of polluting things, true. But actually altering the climate is something beyond our power.

Volcanoes are a major issue in climate change. Yes, studies reveal that the Hawaiian Kilauea volcanoe eruption discharges between 8,000 and 30,000 metric tonnes of CO2 into the atmosphere each day, which has been going on for more than 20 years. However, gas studies worldwide by volcanologists have calculated that global volcanic CO2 production on land and under the sea release a total of about 200 million tonnes of CO2 annually. But this is really in the absence of any real catastrophic eruptions.  Volcanoes emit also Sulfur dioxide  SO2 which automobiles emit very little. When Mount St. Helens erupted on May 18th, 1980, it produced 1.5 million metric tons of sulfur dioxide on that one day and about 2 million metric tons for the entire event far more than automobiles.

Moreover, volcanic production of CO2 is by far not really the issue in climate change. Instead of global warming from  CO2, it is the plume of ash in the sky which actually blocks the sun and reverses the climate from warm to cold like sitting under an umbrella at the beach. I have discussed Mount Tambora  which erupted  in 1815 and threw into the air so much ash that it snowed during the summer of 1816 in New York City. It became known as 18-hundred-and-froze-to-death. I have shown the correlation of that eruption to wheat prices.

I have also written about the Maunder Minimum (<--- returning again in 2030!) which sent the Earth into a cold period 300 years ago from the perspective of the cycle energy output from the Sun. I have also gone into the evolution of science which has been set in motion by the very discovery of a frozen woolly rhinoceros which altered science in many fields. I have explain how the temperature at the time of the American Revolution was at its lowest point in the cycle.

All of that said, the ice core samples have revealed that there were two major volcanic eruptions in 536 and 540 AD which sent Europe into an ice age and wiped out the Roman civilization. Flavius Odoacer (433–493) was a soldier who in 476 became the first King of Italy (476–493) after deposing Romulus Augustus, the last official Roman emperor in the West.

Odoacer was overthrown by Theodoric the Great (454-526), the Ostrogoth. He was followed by Athalaric (526-534), and a few others then finally Baduila (541-552). So while Rome officially ends in the West with Romulus Augustus in 476AD, the Ostrogoths fade out after 552 due to the climate changes. In the East, the change in climate appears to have also possibly been linked to the Plague of Justinian (541–542) which was a pandemic that afflicted the Eastern Roman (Byzantine) Empire, especially its capital Constantinople, the Sassanid Empire, and port cities around the entire Mediterranean Sea. I have written about the political turmoil there in Byzantium which preceded the plague during the Nika Revolt of 532AD. I have also written about how empires die. It does seem that when temperatures decline, civil unrest rises and this increases the risk of revolutions.

When Thera erupted around 1645-1650BC, this created a climate change and marked the end of the Minoan civilization. They were conquered by the Mycenae who also captured Troy. As the weather turned cold, Greece goes into a Dark Age. The Greeks migrated and other places called them the “sea people” since they did not know where they came from as the invaded Northern Africa. Homer wrote about the period before the Dark Age known as the Heroic Period. Scholars thought this was fiction about Troy and Mycenae until Heinrich Schliemann (1822 – 1890) set out and discovered what Homer wrote about was history.

The historical evidence is rather extensive. It does appear that as we enter into a global cooling period, governments will fall, disease will increase, and the risk of Western Civilization declining sharply all become historically possible.

[OROBTC]

...

I saw Armstrong's interesting post re "climate change", much of which I already knew (volcanoes), but some I did not (the peat fires on the Indonesian islands cranking out more CO2 than the USA).  Thanks.

Also over at Armstrong are two other items worth noting.  The Hard Right in Austria just had a big victory.  I have commented various times at Zero Hedge re the Euro .govs failing at rapefugee enforcement, that the Hard Right will do something about the invasions.  Coming to Germany and Sweden soon?

https://www.armstrongeconomics.com/world-news/freedom-party-wins-first-round-in-austrias-presidential-elections/


Armstrong also addresses a wrinkle re pensions that I have not seen before.  We have all long known that pensions (esp. IRAs and 401ks) are the last BIG pot of money that is easy for .govs to seize.  Armstrong addresses another possibility, off-loading infrastructure (etc.) onto the private sector because of expensive capital needs (that they can't fund).  Hmm.  "Asset Recycling"

https://www.armstrongeconomics.com/world-news/taxes/asset-recycling-robbing-pensions-to-cover-govt-costs/

[marcus_of_augustus]

You need to learn macroeconomics.

thanks for your opinions ... if they were rare (or even correct) they might be worth something, indeed you are prolific.

You're welcome to try to refute Michael Pettis (PhD professor in China) who has been consistently correct in his predictions on China while being the skeptic that everyone thought should be ignored. Now he is respected because he was correct all along. Read his blog so you won't be so ignorant...or remain blissfully Dunning-Kruger as it is your prerogative.

Try not to be such a tosser ... as from past experience a debate with you is worthless, to both sides concerned, good luck. Michael Pettis is knowledgeable on bitcoin mining?

There is no debate, Chinese miners are killing it, that's all you need to know ... nothing in chinese macro-economics is going to change bitcoin mining in the foreseeable future, you're just out-to-lunch crazytalking again, seeking out conflict?

[sidhujag]

You need to learn macroeconomics.

thanks for your opinions ... if they were rare (or even correct) they might be worth something, indeed you are prolific.

You're welcome to try to refute Michael Pettis (PhD professor in China) who has been consistently correct in his predictions on China while being the skeptic that everyone thought should be ignored. Now he is respected because he was correct all along. Read his blog so you won't be so ignorant...or remain blissfully Dunning-Kruger as it is your prerogative.

Try not to be such a tosser ... as from past experience a debate with you is worthless, to both sides concerned, good luck. Michael Pettis is knowledgeable on bitcoin mining?

There is no debate, Chinese miners are killing it, that's all you need to know ... nothing in chinese macro-economics is going to change bitcoin mining in the foreseeable future, you're just out-to-lunch crazytalking again, seeking out conflict?

Yeah don't bother your wasting his precious time anyway while he "codes" the bitcoin killer... lol

[TPTB_need_war]

You need to learn macroeconomics.

thanks for your opinions ... if they were rare (or even correct) they might be worth something, indeed you are prolific.

You're welcome to try to refute Michael Pettis (PhD professor in China) who has been consistently correct in his predictions on China while being the skeptic that everyone thought should be ignored. Now he is respected because he was correct all along. Read his blog so you won't be so ignorant...or remain blissfully Dunning-Kruger as it is your prerogative.

Try not to be such a tosser ... as from past experience a debate with you is worthless, to both sides concerned, good luck. Michael Pettis is knowledgeable on bitcoin mining?

There is no debate, Chinese miners are killing it, that's all you need to know ... nothing in chinese macro-economics is going to change bitcoin mining in the foreseeable future, you're just out-to-lunch crazytalking again, seeking out conflict?

Yeah don't bother your wasting his precious time anyway while he "codes" the bitcoin killer... lol

Hey you two butthurt trolls, I was addressing the bolded statements as quoted below. I was obviously not refuting anything about China's control over mining. Duh.    (that is obvious below even if you hadn't seen the numerous times I have mentioned that China is taking over Bitcoin mining)

Smells like a lot of hurt white Western butt in here because they couldn't build computer hardware better, faster, cheaper than the chinese. Western white males measure themselves on technological success and they are getting pasted on the bitcoin hardware stakes so far ... time to up their game if they want to stay competitive. Harden up dudes.

Is this technology or more manufacturing brute force.   China is leading as they can turnover and make the cheapest hardware fastest which leads them to immediately use it for mining advantages.
But yes the West has lost of its great past in skilled manufacturing

Saw this posted, seemed a very well balanced discussion on progression of the bitcoin difficulty vs miners etc https://www.youtube.com/watch?v=ieP8kxaklUk

The technology of mass-production manufacturing is THE race, for now anyway. Who knows bitcoin itself may have originated out of an Asian mind ... not that it matters.

You need to learn macroeconomics.

Pegging the Yuan to the dollar, they were able to steal from their citizen's savings to subsidize a negative profit manufacturing industry. Read China expert Michael Pettis.

China bit off the dying Industrial Age. However there are network effects that come from this, such as moving up to developing software, etc..

But their manufacturing domination and oversupply (making the rest of the world uncompetitive by artificially depressing the international value of their own wages via the peg) was due to corruption and will cause China to have a meltdown until 2020, when they have finished rebalancing.

I agree with not whining. Compete. Hard to compete in manufacturing when China was gobbling up debt by repressing savings deposit interest rates and otherwise subsidizing their oversupply in manufacturing capacity. The reason Singapore exists is to hide profits offshore for these well connected fatcats who own the State SOCs (state owned enterprises).