Bitcoin IS basically DESTROYED

[DooMAD]

It's rare that I have to take a thread off of my watchlist because it's so annoying, but this one certainly qualifies.  Why the hell does it keep getting bumped?  No individual has 51% of the hashrate and there's no evidence of collusion.  Bitcoin is borderless, so stop all this mindless drivel about how people within a certain arbitrary set of borders are somehow basically the fucking Borg, have no free will of their own and take commands directly from a hive queen.  It's asinine.  They're just ordinary people.  Are you colluding with people from your own country?  No.  Then why do you naturally assume they are?

Plus, even if all that nonsense did end up turning out to be true (hint: it won't), there's still the alignment of incentives to consider.  A 51% attack has never been as dangerous as some people like to pretend it is.  The potential gains that could in theory be gained by a successful attack are offset significantly by a multitude of consequences.

So to summarise:

• Bitcoin is not destroyed, basically or otherwise
• If you think Chinese people are akin to the Borg, you're probably a bit prejudiced and need to develop as a human being
• No individual or country has control and there is no evidence of collusion
• Even if they did have control of the network, a 51% attack isn't an attractive proposition when you consider the resulting fallout
• Let this almighty turd of a thread die already

*unwatch*

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[KingdomHearts]

I really think that bitcoin is not being destroyed but instead it is growing a lot the fact that china is racing to get her hands on it shows how much it is worth it and the potential of bitcoin,and since we are on the verge of global crysis and the dollar about to lose its worth i think that the bitcoin is gona be the solution and everyone is gona start using it

The current market status is enough already to tell that bitcoin was not or is not destroyed, people are telling lies without basis but for us bitcoin supporters we know what we believe and we believe that bitcoin is the future.

The price of the bitcoin is still rising. But it could be faster or more valuable when more people use it for daily transactions.

bitcoin price really still rising too much faster and you are right that bitcoin more increasing its value too much faster and more people adopting bitcoin in high amount so we know bitcoin will be never destroyed.

[kiklo]

It is funny how everyone freaked out when Ghash had over 51%,

Now that the Chinese Mining Pools have ~67 % , none of you are worried in the least. 

Chinese are smarter than you bunch of yahoos, as they would never be stupid enough to place over 51% on 1 Pool.

But they will let you Genius think , that little pie chart makes BTC safe. 

Fact 51% means they can block any transaction, meaning they can make sure you can't send your BTC anywhere to pay anyone. 

BTC= Better Trust China

 

[GMPoison]

It is funny how everyone freaked out when Ghash had over 51%,

Now that the Chinese Mining Pools have ~67 % , none of you are worried in the least.  

Chinese are smarter than you bunch of yahoos, as they would never be stupid enough to place over 51% on 1 Pool.

But they will let you Genius think , that little pie chart makes BTC safe.  

Fact 51% means they can block any transaction, meaning they can make sure you can't send your BTC anywhere to pay anyone.  

BTC= Better Trust China

 

Doesn't matter, the second they get close the community would protect bitcoin, just like we did last time.

BTC = Bitcoin. 

[kiklo]

Doesn't matter, the second they get close the community would protect bitcoin, just like we did last time.

BTC = Bitcoin.  

It has been over a year, the community has done nothing. (FYI : There is nothing you can do!) 
Chinese Miners won, you posers lost.

BTC = Better Trust China

 

[GMPoison]

Doesn't matter, the second they get close the community would protect bitcoin, just like we did last time.

BTC = Bitcoin.  

It has been over a year, the community has done nothing. (FYI : There is nothing you can do!)  
Chinese Miners won, you posers lost.

BTC = Better Trust China

 

Just because Chinese pools have a majority of the hashing power does not mean that Chinese miners have a majority of the hashing power. Any miner, inside china or out, could point their hashing power to any pool. You should be smart enough to know that.

Besides, what is this "Chinese Miners won, you posers lost"? Bitcoin is one community trying to make a difference in the world. A community that from the sounds if it you should be exiled from.

[kiklo]

Just because Chinese pools have a majority of the hashing power does not mean that Chinese miners have a majority of the hashing power. Any miner, inside china or out, could point their hashing power to any pool. You should be smart enough to know that.

LOL,  
That is exactly what it means, what medication are you on , that you can't see that.
It has been over a year , all of the Chinese miners are staying with the Chinese Mining Pools, guess they don't care about what you or the community thinks.

Besides, what is this "Chinese Miners won, you posers lost"? Bitcoin is one community trying to make a difference in the world. A community that from the sounds if it you should be exiled from.

Chinese Miners control BTC , all of the rest of you have no say, like how they totally are blocking segwit.
Hey , if you got the gavel exile me from BTC, it makes no never mind to me, I betting on a different Crypto horse not controlled by China.  
The Delusion that they are not in control is just going to be worse for you , when they tell you to call them Daddy.  

 

FYI:

http://www.coindesk.com/china-miners-big-blocks/

It was not entirely an idle joke when one speaker at China's first miner conference quipped that
if the audience decided to launch a 51% attack against the bitcoin network, they would probably be able to pull it off.

Huang's most notable comments addressed the issue of scaling, or how the bitcoin blockchain might be upgraded for more transactions.

Rather than focus on incremental solutions (like Segregated Witness, introduced in the latest bitcoin software update),
he took an opposite approach. His talk saw him arguing for the aggressive on-chain scaling tactics that have earned a notable minority of enthusiasts.

When Huang took up the subject, he suggested miners "pretty much determine" how the bitcoin network will scale.

* By Miners, he meant the Chinese Miners.  


 

FYI:
No probably about it with ~67% hash rate combined they can 51% attack it without breaking a sweat.
If you think the Chinese are dumb enough to have over 51% hash show up on 1 mining pool,
Please realize they are Smarter than that, by keeping their massive control of BTC separated by a Pie Chart,
all of the BTC Shrills will argue they don't have 51% , which is BS, because combined they do.
BTC or Chinese Yuan, same thing China controls both.
All of you that are blind to this, should read the art of war, it is their playbook for War & Business.

http://www.chinabusinessleadership.com/2013/09/05/is-using-the-art-of-war-for-doing-business-in-china-a-good-concept/

Small Business principles from a war manual is really what China is like.
In 1996, all businessmen in China were studying Sun Tzu‘s  Art of War to learn business and seasoned local Chinese businessmen  today are 10 times more familiar with this than Ken Blanchard.

[GMPoison]

Just because Chinese pools have a majority of the hashing power does not mean that Chinese miners have a majority of the hashing power. Any miner, inside china or out, could point their hashing power to any pool. You should be smart enough to know that.

LOL,  
That is exactly what it means, what medication are you on , that you can't see that.
It has been over a year , all of the Chinese miners are staying with the Chinese Mining Pools, guess they don't care about what you or the community thinks.

How so? Antminer is a Chinese mining pool that everyone from around the world uses. By your same logic everyone that uses electronics in America is actually Chinese because that's where they're made.

[kiklo]

How so? Antminer is a Chinese mining pool that everyone from around the world uses. By your same logic everyone that uses electronics in America is actually Chinese because that's where they're made.

With Ghash, Miners left to stop them from keeping 51%.

The Chinese Mining Pools has not seen a 20% reduction (It has been over a year) , so like I said the community is flaccid in their response.

Your attempt at logic to discredit actual reality , is quite weak and flawed.  

If you are pointing your mining equipment to a Chinese mining pool and helping it to maintain control of BTC, you are just stupid unless you are Chinese and you want the Chinese Mining Pools to Control BTC. (Which they do.)


 

[GMPoison]

How so? Antminer is a Chinese mining pool that everyone from around the world uses. By your same logic everyone that uses electronics in America is actually Chinese because that's where they're made.

With Ghash, Miners left to stop them from keeping 51%.

The Chinese Mining Pools has not seen a 20% reduction (It has been over a year) , so like I said the community is flaccid in their response.

I don't understand what you're saying. What does "The Chinese Mining Pools has not seen a 20% reduction" mean? You just said yourself miners left to stop ghash from obtaining 51%, so what exactly has the community given a flaccid response to over the past year?

Besides, the 51% attack isn't as big a threat as everyone makes out to be. Troubling? Sure. A serious threat? Not as much. 

[kiklo]

How so? Antminer is a Chinese mining pool that everyone from around the world uses. By your same logic everyone that uses electronics in America is actually Chinese because that's where they're made.

With Ghash, Miners left to stop them from keeping 51%.

The Chinese Mining Pools has not seen a 20% reduction (It has been over a year) , so like I said the community is flaccid in their response.

I don't understand what you're saying. What does "The Chinese Mining Pools has not seen a 20% reduction" mean? You just said yourself miners left to stop ghash from obtaining 51%, so what exactly has the community given a flaccid response to over the past year?

The Community responded by the miners pointing to other pools making sure Ghash no longer had 51%.

IF 20% of the miners pointing to the combined Strength of the Chinese mining pools, point to a Non Chinese Pool,
IE. 67%-20% = 47%  (Less than 51%)
The Chinese Mining Pools would no longer control BTC and you would have a Decentralized coin instead of this Centralized mess it has been for a year.
For over a year the other Miners have done nothing in response,
which means they don't have the numbers to pull 20% and the Chinese actually do have 67% of the mining capacity.

The Community lack of response has been deafening, to those waiting to see one. (And a response never came.)
Over a year , the rest of the world is too weak to stop the Chinese Mining Pools.
BTC is theirs, the community has failed to keep it decentralized, now it is no different than the Yuan.
They will determine its future design and no one else can stop them.

If they ever have a squabble with your country, don't be surprised when they block all transactions from anyone that disagrees with any of China's Policies.
Over 51% gives them that power, don't be surprised when they use it.
Art of War is to defeat an enemy without conflict, controlling their money supply can cripple any country.

196 countries in the world and only 1 controls BTC. 

 

[GMPoison]

How so? Antminer is a Chinese mining pool that everyone from around the world uses. By your same logic everyone that uses electronics in America is actually Chinese because that's where they're made.

With Ghash, Miners left to stop them from keeping 51%.

The Chinese Mining Pools has not seen a 20% reduction (It has been over a year) , so like I said the community is flaccid in their response.

I don't understand what you're saying. What does "The Chinese Mining Pools has not seen a 20% reduction" mean? You just said yourself miners left to stop ghash from obtaining 51%, so what exactly has the community given a flaccid response to over the past year?

The Community responded by the miners pointing to other pools making sure Ghash no longer had 51%.

IF 20% of the miners pointing to the combined Strength of the Chinese mining pools, point to a Non Chinese Pool,
IE. 67%-20% = 47%  (Less than 51%)
The Chinese Mining Pools would no longer control BTC and you would have a Decentralized coin instead of this Centralized mess it has been for a year.
For over a year the other Miners have done nothing in response,
which means they don't have the numbers to pull 20% and the Chinese actually do have 67% of the mining capacity.

The Community lack of response has been deafening, to those waiting to see one. (And a response never came.)
Over a year , the rest of the world is too weak to stop the Chinese Mining Pools.
BTC is theirs, the community has failed to keep it decentralized, now it is no different than the Yuan.
They will determine its future design and no one else can stop them.

If they ever have a squabble with your country, don't be surprised when they block all transactions from anyone that disagrees with any of China's Policies.
Over 51% gives them that power, don't be surprised when they use it.
Art of War is to defeat an enemy without conflict, controlling their money supply can cripple any country.

196 countries in the world and only 1 controls BTC. 

 

If the Chinese have 67% of the mining capacity why have they not acted on it, and why has no one else acted on it? Maybe because they don't? Hmmmm.

[kiklo]

If the Chinese have 67% of the mining capacity why have they not acted on it, and why has no one else acted on it? Maybe because they don't? Hmmmm.

Nah, most people are like you they don't bother to check.

Chinese Mining Pools
______________________________
AntPool  17.6%
BTC.com   3.9%
BTCC        8.9%
BW.com   10.9%
F2Pool     15%        
HaoBTC     5.5%
ViaBTC      6.4%
_____________________________
Total   68.2%


 

FYI:   http://www.btcpedia.com/bitcoin-51-attack/

Bitcoin 51% Attack
    Reverse transactions that he sends while he’s in control.
    This has the potential to double-spend transactions that previously had already been seen in the block chain.
    Prevent some or all transactions from gaining any confirmations.
    Prevent some or all other miners from mining any valid blocks.

FYI2:
There are 196 countries in the world today.
BTC is controlled by 1 country China.
BTC= BETTER TRUST CHINA

FYI:
At the moment , they are using their combined strength to block Segwit, (It can't get higher than 30% support, needs 95% to activate.)
(Which BTC Core Dev Team wanted implemented, but will fail because of the Chinese Miners.) 
 

[GMPoison]

If the Chinese have 67% of the mining capacity why have they not acted on it, and why has no one else acted on it? Maybe because they don't? Hmmmm.

Nah, most people are like you they don't bother to check.

Chinese Mining Pools
______________________________
AntPool  17.6%
BTC.com   3.9%
BTCC        8.9%
BW.com   10.9%
F2Pool     15%        
HaoBTC     5.5%
ViaBTC      6.4%
_____________________________
Total   68.2%


 

FYI:   http://www.btcpedia.com/bitcoin-51-attack/

Bitcoin 51% Attack
    Reverse transactions that he sends while he’s in control.
    This has the potential to double-spend transactions that previously had already been seen in the block chain.
    Prevent some or all transactions from gaining any confirmations.
    Prevent some or all other miners from mining any valid blocks.

FYI2:
There are 196 countries in the world today.
BTC is controlled by 1 country China.
BTC= BETTER TRUST CHINA

You didn't answer my question but thank you for numbers that without your tin foil and speculation are completely harmless. Like I said, mining pools do not equal miners. No threat, not even with a 51% attack.

[kiklo]

You didn't answer my question but thank you for numbers that without your tin foil and speculation are completely harmless. Like I said, mining pools ≠ miners. No threat, not even with a 51% attack.

The Answer is in front of you , if you deluded yourself into missing it , that's on you and no one else.
Funny how you even ignored it when I posted the Chinese Miner admitted they could 51% attack BTC and win.

http://www.coindesk.com/china-miners-big-blocks/

It was not entirely an idle joke when one speaker at China's first miner conference quipped that
if the audience decided to launch a 51% attack against the bitcoin network, they would probably be able to pull it off.

 

[GMPoison]

You didn't answer my question but thank you for numbers that without your tin foil and speculation are completely harmless. Like I said, mining pools ≠ miners. No threat, not even with a 51% attack.

The Answer is in front of you , if you deluded yourself into missing it , that's on you and no one else.
Funny how you even ignored it when I posted the Chinese Miner admitted they could 51% attack BTC and win.

http://www.coindesk.com/china-miners-big-blocks/

It was not entirely an idle joke when one speaker at China's first miner conference quipped that
if the audience decided to launch a 51% attack against the bitcoin network, they would probably be able to pull it off.

 

1. You didn't answer my question. You can in no way confirm that the 250 people that attended that conference represent 51% of the ENTIRE bitcoin network. You would be naive to make such a claim.
2. An argument from authority is one of the worst you can make, so stop linking that same article, which also doesn't answer my question, or prove why the next point I'm about to make is incorrect.
3. A "catastrophic" 51% attack isn't at all realistic and wouldn't actually be all that "catastrophic".

[kiklo]

1. You didn't answer my question.   YES I DID, YOU JUST TOO BLIND TO REALIZE IT.

2. An argument from authority is one of the worst you can make, so stop linking that same article, which also doesn't answer my question, or prove why the next point I'm about to make is incorrect.  
Ignoring even when a Chinese Miner Says it , must strain your delusion.


3. A catastrophic 51% attack isn't at all realistic and wouldn't be all the catastrophic.

Satoshi himself warned of the dangers of a 51% attack in his white paper as the most Dangerous Threat to BTC.
Let Say China goes to a Trade War with the US, because of a 45% tariff on imported goods, (Because of their fiat currency manipulations)
in response China exerts their control over the Chinese Mining Pools to Block ALL BTC transactions except those approved by the Chinese Government.
In effect freezing everyone's BTC assets except those that agree with them on an indefinite basis.
The Fact is BTC has already lost the World's Trust, BTC is now only as reliable as your ability to stay in China's Good Graces.
Clueless and Naive people are unable to grasp this , so you will be caught totally off guard , when China proves beyond a shadow of a doubt that they control BTC,
but by then it is too late for you as they will leave you bankrupt and destitute.

Your Statements Prove One Thing,
 You really don't understand how BTC works and how dangerous a 51% attack is.

Let's put it this way ,
Freezing your BTC in place is no different than a Bank Freezing your Money in your checking account,
you may still own it, but you can't spend it for food , shelter , or medical treatment.

So it is Worthless until they let you spent it, which won't be until you call them Daddy and do as you are told,
do you understand now Junior?



 

[strasboug]

You didn't answer my question but thank you for numbers that without your tin foil and speculation are completely harmless. Like I said, mining pools ≠ miners. No threat, not even with a 51% attack.

The Answer is in front of you , if you deluded yourself into missing it , that's on you and no one else.
Funny how you even ignored it when I posted the Chinese Miner admitted they could 51% attack BTC and win.

http://www.coindesk.com/china-miners-big-blocks/

It was not entirely an idle joke when one speaker at China's first miner conference quipped that
if the audience decided to launch a 51% attack against the bitcoin network, they would probably be able to pull it off.

 

Even China controls 68% mining power does not mean they will do a coordinated attack. What is the point they want to attack it if they have the majority of the shares? doesn't make sense to me.

[kiklo]

Even China controls 68% mining power does not mean they will do a coordinated attack. What is the point they want to attack it if they have the majority of the shares? doesn't make sense to me.

Trade Disputes or Land Disputes are way more important to China, than BTC.
Only the right circumstances have to occur for them to exert their control of BTC for all of the world to see.
1 such possible incidence could be in territorial disputes which are more important to them than BTC.
https://en.wikipedia.org/wiki/Territorial_disputes_in_the_South_China_Sea

Hell, China still claims they Own Taiwan.
http://nationalinterest.org/blog/the-buzz/are-china-taiwan-heading-towards-conflict-17860


 

[GMPoison]

You didn't answer my question but thank you for numbers that without your tin foil and speculation are completely harmless. Like I said, mining pools ≠ miners. No threat, not even with a 51% attack.

The Answer is in front of you , if you deluded yourself into missing it , that's on you and no one else.
Funny how you even ignored it when I posted the Chinese Miner admitted they could 51% attack BTC and win.

http://www.coindesk.com/china-miners-big-blocks/

It was not entirely an idle joke when one speaker at China's first miner conference quipped that
if the audience decided to launch a 51% attack against the bitcoin network, they would probably be able to pull it off.

 

Even China controls 68% mining power does not mean they will do a coordinated attack. What is the point they want to attack it if they have the majority of the shares? doesn't make sense to me.

It all makes sense now, his blatant trolling is to promote his own coin in his signature, haha. http://www.zeit-coin.net/