Bitcoin IS basically DESTROYED

[criptix]

So when is the big dump coming? When chinaman gets 100%? 

[owm123]

So when is the big dump coming? When chinaman gets 100%? 

During upcoming halving?

[DOGE12321]

Look to be straightforward BTC hasn't been destroyed yet. It is very much living. I would suggest you to not worry about China and mining and focus on making profit with this system now. 

[mki8]

why do people always rant on about china this and china that
just because btc are being mined in china

it is not chinese government

and some miners MOVED to china from other countries

The farms are not all run by chinese people or china as a country

why do people still talk about this dribble

One other point, everyone seems to be missing, maybe i just wasnt brainwashed to hate other nations, but many seem to hate china instead of seeing the benefits China brings to bitcoin.

In order for bitcoin to suceed and in turn increase in value the demand needs to increase,
so mass adoption is required by the general public
DO YOU KNOW HOW MANY FKKN PEOPLE ARE IN CHINA, FKKN SHTLOADZ !!!!!!!!

so the sooner they all start using bitcoin the better,

bitcoin does not discriminate.

[DooMAD]

Bitcoin is basically destroyed now with people listening to Anonymint's delusional ramblings and giving them even the slightest semblance of credence and legitimacy.  

The entire ecosystem is headed for a clusterfuck.

FTFY.  

Instead of a tinfoil hat, I swear the guy has an entire tinfoil skull.  The sky is perpetually falling every day and it's always Armageddon forever.  A healthy dose of skepticism is fair enough, but don't take it to extreme, bordeline-crackpot, levels.

Bitcoin is just fine.

[BitconAssociation]

Why would they do anything detrimental to Bitcoin? It would hurt them more than anyone financially.

The same argument applies to central banks: Why would they debase the very currency they issue, how does that even make sense

[traderbit]

China can have most of the bitcoins and most of the transaction but i don't think they will destroy bitcoin, what will they do after destroying bitcoin? They produce their own mining rig which is cheaper than anywhere else on the world and using the cheap electricity increases their economy.

[BitconAssociation]

China can have most of the bitcoins and most of the transaction but i don't think they will destroy bitcoin, what will they do after destroying bitcoin?

Count the IRL actual money you gave them, fart through silk, and laugh?
You do understand that when teh halvening commeth, mining will become unprofitable for most miners until roughly half of them go out of business, correct?

[Alley]

So there masterplan is to invest millions of dollars into a mining farm, collaborate with other farms that have done the same, destroy bitcoin and lose everything?/ sounds like a solid business model...

[AlexGR]

Personally I'd be more worried if the hashrate was under NSA's jurisdiction.

Chinese miners have acted OK so far, and the chinese exchanges seem to have pretty large volumes. Actually the chinese may need bitcoin way more than westerners in RL, due to devaluation dangers and capital controls.

The real question of centralization that the westerners should ask themselves, is how is it even possible to have a tremendous edge on IT / chip manufacturing / chip architecture etc etc, and then don't even use that advantage in creating competitive ASICs that make the Chinese ones seem like ancient tech.

Why is no large western industry creating bitcoin-related equipment? Why is there an "invisible hand" that prevents them to do so? This type of centralization where every large western manufacturer has "ignored" bitcoin hardware is one of the primary reasons why the situation is like it is in terms of hashpower distribution. Cheap power exists in several US and European locations too - so it's not just the power cost.

[BitconAssociation]

So there masterplan is to invest millions of dollars into a mining farm, collaborate with other farms that have done the same, destroy bitcoin and lose everything?/ sounds like a solid business model...

You do understand that when miners "invest millions of dollars into a mining farm," that investment becomes worthless in less than half a year, because increasing hashrate & having to invest more millions of dollars on new gear? Or do you think those Butterfly Labs rigs you invested millions in are still worth millions?

@AlexGR: Mining is centralized in china due to government-subsidized electricity. Production is centralized for the same reason everything else is made there: dirt-cheap labor.
The invisible hand works in mysterious ways, in this case through Communist government trying to modernize its country.

[jjoorriissjjuuhh]

They are making a lot of money of this. And why does it matter anyway?
It is not like China itself owns all the miners. Most of the miners are owned by investors and they dont want to see their money fountain get shot.

[BitconAssociation]

They are making a lot of money of this. And why does it matter anyway?
It is not like China itself owns all the miners. Most of the miners are owned by investors and they dont want to see their money fountain get shot.

Again, you don't understand how mining works. Here:
1. You buy a "money fountain"
2. You work your "money fountain" for a few months.
3. You shut down your "money fountain" or buy a new one, because your old one is obsolete. Your old money fountain is a doorstop. If it didn't pay for itself in these few months, you're shit out of luck.

[traderbit]

China can have most of the bitcoins and most of the transaction but i don't think they will destroy bitcoin, what will they do after destroying bitcoin?

Count the IRL actual money you gave them, fart through silk, and laugh?
You do understand that when teh halvening commeth, mining will become unprofitable for most miners until roughly half of them go out of business, correct

There are some other factors that will affect the number of bitcoin minner being alive, if the price of bitcoin doubles then the miners will still get profit, there will be produced higher quality of miners and the mining will not be stopped by an halving.

[BitconAssociation]

China can have most of the bitcoins and most of the transaction but i don't think they will destroy bitcoin, what will they do after destroying bitcoin?

Count the IRL actual money you gave them, fart through silk, and laugh?
You do understand that when teh halvening commeth, mining will become unprofitable for most miners until roughly half of them go out of business, correct

There are some other factors that will affect the number of bitcoin minner being alive, if the price of bitcoin doubles then the miners will still get profit, there will be produced higher quality of miners and the mining will not be stopped by an halving.

Right. And if the price halves? Or do you think the price will double just because miners want it to double?

[traderbit]

China can have most of the bitcoins and most of the transaction but i don't think they will destroy bitcoin, what will they do after destroying bitcoin?

Count the IRL actual money you gave them, fart through silk, and laugh?
You do understand that when teh halvening commeth, mining will become unprofitable for most miners until roughly half of them go out of business, correct

There are some other factors that will affect the number of bitcoin minner being alive, if the price of bitcoin doubles then the miners will still get profit, there will be produced higher quality of miners and the mining will not be stopped by an halving.

Right. And if the price halves? Or do you think the price will double just because miners want it to double?

If the price halves then this is another thing, there will be a sell panic time, i think the price will be increases and maybe doubled but not immediately after the halving, check the last halving and you will see that the price was pumped to 1k after 6months or more after the halving

[AGD]

China can have most of the bitcoins and most of the transaction but i don't think they will destroy bitcoin, what will they do after destroying bitcoin?

Count the IRL actual money you gave them, fart through silk, and laugh?
You do understand that when teh halvening commeth, mining will become unprofitable for most miners until roughly half of them go out of business, correct

There are some other factors that will affect the number of bitcoin minner being alive, if the price of bitcoin doubles then the miners will still get profit, there will be produced higher quality of miners and the mining will not be stopped by an halving.

Right. And if the price halves? Or do you think the price will double just because miners want it to double?

So good, that Bitcoin has this pretty smart mechanism called difficulty, which will correct any changes of mining power within 2 weeks.

[alyssa85]

Why would they do anything detrimental to Bitcoin? It would hurt them more than anyone financially.

The miners won''t want to do anything bad. But the Chinese govt is getting seriously weird - that Xi guy has given himself direct control of the army - it is the equivalent of Obama being President and Chairman of the Joint Chiefs of Staff as well. Previous Chinese leaders didn't feel the need to do this. The current one obviously thinks that a coup might be in the works which is why he is seizing control.

[BitconAssociation]

China can have most of the bitcoins and most of the transaction but i don't think they will destroy bitcoin, what will they do after destroying bitcoin?

Count the IRL actual money you gave them, fart through silk, and laugh?
You do understand that when teh halvening commeth, mining will become unprofitable for most miners until roughly half of them go out of business, correct

There are some other factors that will affect the number of bitcoin minner being alive, if the price of bitcoin doubles then the miners will still get profit, there will be produced higher quality of miners and the mining will not be stopped by an halving.

Right. And if the price halves? Or do you think the price will double just because miners want it to double?

If the price halves then this is another thing, there will be a sell panic time, i think the price will be increases and maybe doubled but not immediately after the halving, check the last halving and you will see that the price was pumped to 1k after 6months or more after the halving

So you're telling me that since BTC price went up some time after the halvening, it went up *because* of the halvening? Just like Obama scratched his ear, and a few weeks after that thhere was an earthquake on the other side of the globe, therefore if he scratches his ear again, expect earthquakes?

And why didn't this halvening thing work for LTC? Observe:

http://s32.postimg.org/57ixtqzyd/Capture.png

Yeah, that vertical line is the halvening

[BitconAssociation]

So good, that Bitcoin has this pretty smart mechanism called difficulty, which will correct any changes of mining power within 2 weeks.

What's your point? Of course the difficulty will eventually go down if people stop mining. Duh.