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Author Topic: Apparently Chinese Mining Pools are sticking with Core! :)  (Read 3497 times)
MicroGuy
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January 21, 2016, 12:08:13 PM
 #1

Thank you China for sticking with Core! May the Chinese miners live long and much prosper! Smiley



~~

"Yesterday, Jeff(Garzik?), a developer of Bitcoin Classic, took a flight to Beijing from New York, to attend a meeting with the Chinese Bitcoin businesses, including Haobtc, OKCoin, Bitmain, Bither, LIGHTNINGASIC, with the aim of gaining further support for Bitcoin Classic. When talking about Bitcoin Classic's releases, Jeff stated that a hard fork is needed for the upgrading and improvement of the source code(the original Chinese are weasel words and possibly syntactically incorrect), yet(and) without providing a clear long-term roadmap(about what lies ahead of the 2MB increase?), which led to almost universal dissatisfaction(correction: the author later edited his article to change the "almost universal" to "some" , apparently due to protest from one attendant who did not disapprove) among those present, whom further expressed their withdrawal of support for Bitcoin Classic, and the need to reach a wider consensus within the community before a decision can be made."

Source: https://www.reddit.com/r/Bitcoin/comments/41zgn6/translation_of_an_excerpt_from_an_article/

~~

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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MicroGuy
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January 21, 2016, 12:09:29 PM
 #2

Bitcoin Magazine journalist and Coin Desk contributor Aaron van Wirdum



https://twitter.com/AaronvanW/status/690120783281156097

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
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January 21, 2016, 12:10:45 PM
 #3

Related: https://bitcointalk.org/index.php?topic=1335742.0

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January 21, 2016, 12:14:36 PM
 #4

ToomimCoin REKT
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January 21, 2016, 12:34:12 PM
 #5

What long-term consequences could this decision have for the speed of transactions when the time comes and it's nearing or surpassing the current cap?

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January 21, 2016, 12:47:55 PM
 #6

What long-term consequences could this decision have for the speed of transactions when the time comes and it's nearing or surpassing the current cap?

Two words: Fee Market
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January 21, 2016, 12:55:20 PM
 #7

as long as i remember they were not so happy about the changes and the bigger block sizes (something to do with their bandwidth) and now i think because the fact that they control more than half of the hashrate (more than 70% combined) they are going to be an strong opposing force.

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January 21, 2016, 01:36:00 PM
 #8

What long-term consequences could this decision have for the speed of transactions when the time comes and it's nearing or surpassing the current cap?

Two words: Fee Market

fee market? either make more paper wallet to evade the transaction fees, or start to accept altcoins to support the demand. lmao.
we don't just stick with bitcoin, that's why altcoin is here to be useful. Smiley

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January 21, 2016, 01:57:59 PM
 #9

So as a newbie that's still learning about bitcoin. Is this a good or bad thing?

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January 21, 2016, 02:00:00 PM
 #10

I was expecting this news to show up. With china leading in the mining space for Bitcoins and most of them supporting to stick to Bitcoin core, there isn't much hope for Bitcoin Classic and XT.


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January 21, 2016, 02:01:13 PM
 #11

China's inertia is always their undoing.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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January 21, 2016, 02:15:17 PM
 #12

I was expecting this news to show up. With china leading in the mining space for Bitcoins and most of them supporting to stick to Bitcoin core, there isn't much hope for Bitcoin Classic and XT.

The Chinese people are intelligent, kind, united, and freedom loving.

What many here obviously don't understand is how a people that has been repressed for centuries yearns for liberation like a drowning man seeks shore. And they aren't going to be fooled quite as easily by the "Classic" tricks of establishment rule.

Bitcoin can only survive, united at its "Core". The Chinese miners have wisely made the correct decision once again.


"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
watashi-kokoto
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January 21, 2016, 02:24:17 PM
 #13

I am standing strong behind the consensus as defined by Satoshi Nakamoto.

Long live Bitcoin!
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January 21, 2016, 02:35:59 PM
 #14

It's so fascinating to me that there is a small collection of leaders for a supposedly free decentralized currency flying around the world to discuss the future direction of that currency with a small concentrated group of power brokers. Hurray for decentralization!

Expenses for a trip like that would cost at least a couple thousand dollars (last time I went to Shanghai airfare alone was just over a grand).  I wonder what "decentralized" consortium paid the expenses?

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January 21, 2016, 03:04:32 PM
 #15

The Chinese obviously see the benefits of soft forks and also what things like SegWit can do for this technology. They have been supporters of Bitcoin Core long before this

visit any way, but Jeff just made sure the people with the most say {biggest hash rate} gets what they want. Any country in the world, can do what they did. If the USA or

any other nation for that matter, stopped buying Billions of dollars worth of weapons and used that to establish Bitcoin farms, they could have easily be in that position and they

would have been calling the shots.  Grin

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CIYAM
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January 21, 2016, 03:19:18 PM
 #16

I think this is a victory for common sense and for progressing Bitcoin sensibly forward.

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January 21, 2016, 03:29:48 PM
 #17

Anyone else concerned about the potential for collusion here?
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January 21, 2016, 03:30:49 PM
 #18

Anyone else concerned about the potential for collusion here?

well it's all about consensus after all, if the consensus is in the majority chinese from germany, usa or any other country is not important

miners are still not the only important part of bitcoin hopefully, merchants have their importance too and they are not 60%+ chinese...
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January 21, 2016, 03:45:38 PM
 #19

It was well pointed out by BitFury's CEO Bitcoin was never designed to be a PayPal (wherever that idea came from I don't know as it isn't actually what Satoshi had written in his white paper).

Bitcoin requires "confirmations" by design (which is why Satoshi never advocated using zero confirmations) and these confirmations take time.

So Bitcoin *is* a settlement network - but it is one unlike any other before (you don't need a license to use it nor expensive hardware). Let's appreciate what Bitcoin is rather than support people trying to change it into something that it isn't.

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January 21, 2016, 03:51:03 PM
 #20

It is not surprising at all that Chinese miners would opt to go with Core. They all have 'here and now' mentality, they don't care much about bitcoin future, or growing the network adoption or consumer base.
Every solution increasing blocksize is not good for them because it will diminish theirs earnings.
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