China will destroy bitcoin

[hawkins]

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

[MedaR]

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.

[lister storm]

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

[luciann]

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.

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

[BitsandBites]

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.

[NordicRanger]

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?

[luciann]

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.

[Yakamoto]

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.

[M28MmickT]

China is helping Bitcoin, by banning it they help more 

[Slowturtleinc]

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.

[apriyoni]

China is helping Bitcoin, by banning it they help more 

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

[~Bitcoin~]

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.

[LMGTFY]

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.

[kwukduck]

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.

[katiecbell]

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

[road to morocco]

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.

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

[LMGTFY]

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.

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

[sishendaoye]

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.

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

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.

[LMGTFY]

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.

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

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.

[dothebeats]

Oh it's you again!

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 (?).

-snip-
They will never allow the protocol to change to accept larger blocks since it's not in their interest.
-snip-

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