Bitcoin IS basically DESTROYED

[mayax]

I don't think so, bitcoin is growing up and if in mining you mean there are some companies outside of china that mining bitcoin.

you might right,but leets see how china take control on some exchange,and big farm on china have biggest bitcoin mining,we can't deny that china have better power consumption and can handle any problem related miner,and also their exchange have better price than coinbase or itbit.

Farms are big in China and as well as mining sites. But the thing is I don't know if they are really controlling the price of bitcoin or they can control or predict that is going to happen with bitcoin.
Because we all know that if something has in favor of majority then they can control it.

The Chinese are controlling about 70% of the mining at the moment. But their proportion has been reducing.

i don't think so that Chinese are holding bitoicn and they have 70% hold of bitocin. i think it is not easy to tell the right figure of the number of the bitcoin user.

Over 90% of all bitcoin exchange-traded volume is traded on Chinese exchanges, and around 80% of all bitcoin mining is controlled by Chinese miners or mining pools.

http://bitcoincharts.com/charts/volumepie/


The words are useless. China owns Bitcoin

[Hueristic]

I don't think so, bitcoin is growing up and if in mining you mean there are some companies outside of china that mining bitcoin.

you might right,but leets see how china take control on some exchange,and big farm on china have biggest bitcoin mining,we can't deny that china have better power consumption and can handle any problem related miner,and also their exchange have better price than coinbase or itbit.

Farms are big in China and as well as mining sites. But the thing is I don't know if they are really controlling the price of bitcoin or they can control or predict that is going to happen with bitcoin.
Because we all know that if something has in favor of majority then they can control it.

The Chinese are controlling about 70% of the mining at the moment. But their proportion has been reducing.

i don't think so that Chinese are holding bitoicn and they have 70% hold of bitocin. i think it is not easy to tell the right figure of the number of the bitcoin user.

I don't think that Chinese are holding 70% of bitcoin because allocation of bitcoin is not still finished to its limit of 21 million.
As the halving comes it is going to add another supply of bitcoins in the market.
They are just mining it but they are selling it after they mine.

They are also behind the latest (as in last few months) Pump, When the expected moonshot does not occur they will try a final pump and if that fails (which my money says it does) there will be an EPIC dump and you might as well just give up on BTC (as an investment for growth) at that point. Go ahead and quote me on that.

[hermanhs09]

Bitcoin is destroyed because China owns it?
Does it matter if most miners are in the USA or now China?

How long ago was there mass panic related to China banning Bitcoin use/mining/exchanges?
~2.5 or 3 years ago?
Now "Bitcoin IS basically DESTROYED", since China is successfully participating?
My how times have changed...

bitcoin is not destroyed and none of such events can destroy it because in my opinion bitcoin is invincible as people will always use it more or less from time to time

i think it is easier to destroy humanity than bitcoins, as long as there are people and internet bitcoin will definitely be used by some of the people because its perfect currency

Why the hell do you think like that?
Nothing is invincible,especially bitcoin.
It would be destroyed if someone would find a loop-hole allowing him to mine the rest of the pool in no time.
Believe me,bitcoin would probably die.

[serjent05]

Bitcoin is destroyed because China owns it?
Does it matter if most miners are in the USA or now China?

How long ago was there mass panic related to China banning Bitcoin use/mining/exchanges?
~2.5 or 3 years ago?
Now "Bitcoin IS basically DESTROYED", since China is successfully participating?
My how times have changed...

bitcoin is not destroyed and none of such events can destroy it because in my opinion bitcoin is invincible as people will always use it more or less from time to time

i think it is easier to destroy humanity than bitcoins, as long as there are people and internet bitcoin will definitely be used by some of the people because its perfect currency

Why the hell do you think like that?
Nothing is invincible,especially bitcoin.
It would be destroyed if someone would find a loop-hole allowing him to mine the rest of the pool in no time.
Believe me,bitcoin would probably die.

I agree. There are several exploits that have done with bitcoin. People being greedy in nature would be having a hard time controllling themselves once they saw an openning to take advantage over other people.  Now if Chinese government centralized the operation of this mining company and directed an order to attack bitcoin , it would surely create chaos.  Users can't do anything about Blockchain stuff, only miners can prevent this from happening.  Or is there a chance for the developer to  make BTC a POS coin?

[ASHLIUSZ]

I don't think so, bitcoin is growing up and if in mining you mean there are some companies outside of china that mining bitcoin.

you might right,but leets see how china take control on some exchange,and big farm on china have biggest bitcoin mining,we can't deny that china have better power consumption and can handle any problem related miner,and also their exchange have better price than coinbase or itbit.

Farms are big in China and as well as mining sites. But the thing is I don't know if they are really controlling the price of bitcoin or they can control or predict that is going to happen with bitcoin.
Because we all know that if something has in favor of majority then they can control it.

The Chinese are controlling about 70% of the mining at the moment. But their proportion has been reducing.

i don't think so that Chinese are holding bitoicn and they have 70% hold of bitocin. i think it is not easy to tell the right figure of the number of the bitcoin user.

Over 90% of all bitcoin exchange-traded volume is traded on Chinese exchanges, and around 80% of all bitcoin mining is controlled by Chinese miners or mining pools.

http://bitcoincharts.com/charts/volumepie/


The words are useless. China owns Bitcoin

there wouldn’t be much to worry about even if the majority of mining continued to take place in China. In fact, Bitcoin’s incentive structure persuades everyone in the system to act properly.

[Superbitzz]

Bitcoin's mining may be centralized due to the Chinese mining monopol. But fear not, you're always welcome to switch to Monero.

Well you are right, but still they can't control and destroy bitcoin with that kind of act. Yes, they have the majority of miners.
But they don't have the majority of users.

i think chine is the biggest supporter of bitocin. so how can they think to destroy it. i think it is also wrong to say that china is controlling and centralizing the bitcoin. i think now it becomes impossible because bitcoin have become more popular in all over the world and now not a sing country can centralize it.

[Hueristic]

Bitcoin's mining may be centralized due to the Chinese mining monopol. But fear not, you're always welcome to switch to Monero.

Well you are right, but still they can't control and destroy bitcoin with that kind of act. Yes, they have the majority of miners.
But they don't have the majority of users.

i think chine is the biggest supporter of bitocin. so how can they think to destroy it. i think it is also wrong to say that china is controlling and centralizing the bitcoin. i think now it becomes impossible because bitcoin have become more popular in all over the world and now not a sing country can centralize it.

http://www.bloomberg.com/news/articles/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions

I wouldn't feel safe with most hash in a totalitarian regime.

[RoomBot]

OP you are correct.  Send all of your destroyed BTC to me.  PM me for my wallet.

[Biodom]

Bitcoin's mining may be centralized due to the Chinese mining monopol. But fear not, you're always welcome to switch to Monero.

Well you are right, but still they can't control and destroy bitcoin with that kind of act. Yes, they have the majority of miners.
But they don't have the majority of users.

i think chine is the biggest supporter of bitocin. so how can they think to destroy it. i think it is also wrong to say that china is controlling and centralizing the bitcoin. i think now it becomes impossible because bitcoin have become more popular in all over the world and now not a sing country can centralize it.

http://www.bloomberg.com/news/articles/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions

I wouldn't feel safe with most hash in a totalitarian regime.

that quote is from 2013...things might have changed since.

[Hueristic]

Bitcoin's mining may be centralized due to the Chinese mining monopol. But fear not, you're always welcome to switch to Monero.

Well you are right, but still they can't control and destroy bitcoin with that kind of act. Yes, they have the majority of miners.
But they don't have the majority of users.

i think chine is the biggest supporter of bitocin. so how can they think to destroy it. i think it is also wrong to say that china is controlling and centralizing the bitcoin. i think now it becomes impossible because bitcoin have become more popular in all over the world and now not a sing country can centralize it.

http://www.bloomberg.com/news/articles/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions

I wouldn't feel safe with most hash in a totalitarian regime.

that quote is from 2013...things might have changed since.

It's just the point. Can you trust that it won't happen tomorrow? You have heard of the Great firewall of china right?

https://en.wikipedia.org/wiki/Great_Firewall

If I was a maximalist I would take it serious.

[Xester]

Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%, and with Blockstream implementing their SegWit soft fork Trojan Horse so as Matonis admits can end up increasing the 21 million coins limit.

The entire ecosystem is headed for a clusterfuck.

I honestly believe this is the truth.  What is there to add ?

~CfA~


UPDATE: https://bitcointalk.org/index.php?topic=1465136.msg14789764#msg14789764

Instead of saying that bitcoin is destroyed it is much better and the right thing to say that bitcoin will prosper. china having the highest percentage of the world's bitcoin mining farms does not mean catastrophe but instead it will help stabilize bitcoin as a currency. Increase of bitcoin limit is also a good news. With the statement being said you imply that there is a discrimination with China. I don't know what's the issue but it will not lead bitCoin to its doom.

[boyptc]

Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%, and with Blockstream implementing their SegWit soft fork Trojan Horse so as Matonis admits can end up increasing the 21 million coins limit.

The entire ecosystem is headed for a clusterfuck.

I honestly believe this is the truth.  What is there to add ?

~CfA~


UPDATE: https://bitcointalk.org/index.php?topic=1465136.msg14789764#msg14789764

Instead of saying that bitcoin is destroyed it is much better and the right thing to say that bitcoin will prosper. china having the highest percentage of the world's bitcoin mining farms does not mean catastrophe but instead it will help stabilize bitcoin as a currency. Increase of bitcoin limit is also a good news. With the statement being said you imply that there is a discrimination with China. I don't know what's the issue but it will not lead bitCoin to its doom.

Yes you are right, I don't think that bitcoin is going to be destroyed either. I don't mind if the Chinese people has the majority mining farms.
It is their strategy because they know how to take it seriously bitcoin.
By I would say that chinese are really greedy in any way as long as there is money involved.

[PokerFace3]

Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%, and with Blockstream implementing their SegWit soft fork Trojan Horse so as Matonis admits can end up increasing the 21 million coins limit.

The entire ecosystem is headed for a clusterfuck.

I honestly believe this is the truth.  What is there to add ?

~CfA~


UPDATE: https://bitcointalk.org/index.php?topic=1465136.msg14789764#msg14789764

Instead of saying that bitcoin is destroyed it is much better and the right thing to say that bitcoin will prosper. china having the highest percentage of the world's bitcoin mining farms does not mean catastrophe but instead it will help stabilize bitcoin as a currency. Increase of bitcoin limit is also a good news. With the statement being said you imply that there is a discrimination with China. I don't know what's the issue but it will not lead bitCoin to its doom.

Yaa I believe that bitcoins are going to prosper. The main idea of bitcoin is decentralization. No one can have total control over it. The fact that China owns most of the faring mines doesn't mean that it can control the bitcoins. Mining is done to keep the bitcoin system working and stable. Bitcoin is the future and I can't say it's destroyed.

[Hueristic]

Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%, and with Blockstream implementing their SegWit soft fork Trojan Horse so as Matonis admits can end up increasing the 21 million coins limit.

The entire ecosystem is headed for a clusterfuck.

I honestly believe this is the truth.  What is there to add ?

~CfA~


UPDATE: https://bitcointalk.org/index.php?topic=1465136.msg14789764#msg14789764

Instead of saying that bitcoin is destroyed it is much better and the right thing to say that bitcoin will prosper. china having the highest percentage of the world's bitcoin mining farms does not mean catastrophe but instead it will help stabilize bitcoin as a currency. Increase of bitcoin limit is also a good news. With the statement being said you imply that there is a discrimination with China. I don't know what's the issue but it will not lead bitCoin to its doom.

Yaa I believe that bitcoins are going to prosper. The main idea of bitcoin is decentralization. No one can have total control over it. The fact that China owns most of the faring mines doesn't mean that it can control the bitcoins. Mining is done to keep the bitcoin system working and stable. Bitcoin is the future and I can't say it's destroyed.

Yes, destroyed is hyperbole but endangered is not an incorrect term. If the chinese hash was suddenly cuttoff and that coincided with a attack then...

I find it interesting that I don't see this being talked about. I contribute it to bagholder fear.

Any of you maximalists out there better take heed and get that hash distributed before your worst nightmares become a reality.

Disclaimer: I hold ZERO VC ATM sans a few worthless alts.

[bravehearth0319]

How come that bitcoin is basically destroyed? Why until now is continously growing in the market and more people are joining in the bitcoin world industry. It is because many people in the online businesses are now becoming aware to it in any countries to accept the system of bitcoins. So its all an hearsay only.

[Jimbola3]

How come that bitcoin is basically destroyed? Why until now is continously growing in the market and more people are joining in the bitcoin world industry. It is because many people in the online businesses are now becoming aware to it in any countries to accept the system of bitcoins. So its all an hearsay only.

hmm i think he means that the more bitcoin is in the hand of china as they have bigger mining farms so they can easily manipulate the price of bitcoin doing bumping and dumping..and yes people are joining bitcoin more and more as world is being more digitalize !

[Naughtis]

How come that bitcoin is basically destroyed? Why until now is continously growing in the market and more people are joining in the bitcoin world industry. It is because many people in the online businesses are now becoming aware to it in any countries to accept the system of bitcoins. So its all an hearsay only.

The bitcoin price dropped recently due to a hack to a big exchange. We need more secure exchanges to protect the reputation of the bitcoin.

[ASHLIUSZ]

How come that bitcoin is basically destroyed? Why until now is continously growing in the market and more people are joining in the bitcoin world industry. It is because many people in the online businesses are now becoming aware to it in any countries to accept the system of bitcoins. So its all an hearsay only.

The bitcoin price dropped recently due to a hack to a big exchange. We need more secure exchanges to protect the reputation of the bitcoin.

The Bitfinex theft represents the largest loss of bitcoins by an exchange since Japan's infamous Mt Gox lost 744,408 BTC in early 2014 (worth $350m), a breach that would ultimately cause it to cease operations, the value of the 119,756 BTC stolen from Bitfinex stands at roughly $66m, or about 18% of what was lost by Mt Gox.

[JeffBrad12]

How come that bitcoin is basically destroyed? Why until now is continously growing in the market and more people are joining in the bitcoin world industry. It is because many people in the online businesses are now becoming aware to it in any countries to accept the system of bitcoins. So its all an hearsay only.

The bitcoin price dropped recently due to a hack to a big exchange. We need more secure exchanges to protect the reputation of the bitcoin.

The Bitfinex theft represents the largest loss of bitcoins by an exchange since Japan's infamous Mt Gox lost 744,408 BTC in early 2014 (worth $350m), a breach that would ultimately cause it to cease operations, the value of the 119,756 BTC stolen from Bitfinex stands at roughly $66m, or about 18% of what was lost by Mt Gox.

Just 18% percent of MTGox lost, but can give a various impact for various elements in bitcoin is starting for the volume, the price and until the people or users is feeling depressed about it.

[p_linz]

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

i strongly and secondly agree with you..

this is it. if bitcoin is their source of income why would they destroy it?