Bitcoin IS basically DESTROYED

[From Above]

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

[PinkLlama]

Why would the fact that China is basically controlling mining do anything to Bitcoin?

[markj113]

Why would the fact that China is basically controlling mining do anything to Bitcoin?

The whole concept of bitcoin was based around decentralization.

If China controlls a large % of the hash power then it would only take the collaboration of a few to hit the dreaded 51% control point

[youyou_]

more efficient solutions are emerging. Bitcoin was just a step.

[BTcoint]

Why would the fact that China is basically controlling mining do anything to Bitcoin?

The whole concept of bitcoin was based around decentralization.

If China controlls a large % of the hash power then it would only take the collaboration of a few to hit the dreaded 51% control point

So how many years from now china will own 98 % of mining power ??

[mayax]

Why would the fact that China is basically controlling mining do anything to Bitcoin?

The whole concept of bitcoin was based around decentralization.

If China controlls a large % of the hash power then it would only take the collaboration of a few to hit the dreaded 51% control point

China owns over 80% from the mining and the trading market as well. China owns over 95% from BTC transactions too.

The centralization is a reality.


https://blockchain.info/pools?show_adv=no

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

[coingamblingreviews]

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

[somacoin]

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

[katrimans]

To my honest opinion as bitcoin works right the possibility for it to disappear isn't possible as many users around the virtual world already embrace bitcoin no wonder where it is mined.

[somacoin]

Perhaps an american™ fork will appear that bans all Chinese nodes.  (If Trump is president and has a good technological advisor), that is. Bitcoin-West being the result. China then running its own fork. Oh I guess China does love Bitcoin after all #
who deserves controlling the Bitcoin network? Isn't this intentional?
Arms race.  Competition means more nodes being deployed.  Don't you worry folks, Bitcoin's doing just fine.

Deploy more nodes if you don't like the Chinese doing it more than yourself!

[somacoin]

Trading volume for chinise exchange is a joke, it's filled with fake trade

I think not only does most volume come from China, most mining takes place in China.
China China. Was Satoshi Nakamoto an American who intentionally chose a Japanese Pseudonym to mock China?
Will we ever know?
Does the US love Bitcoin more than China?
Bitcoin is doing well, you're right.

[mayax]

Trading volume for chinise exchange is a joke, it's filled with fake trade

I think not only does most volume come from China, most mining takes place in China.
China China. Was Satoshi Nakamoto an American who intentionally chose a Japanese Pseudonym to mock China?
Will we ever know?
Does the US love Bitcoin more than China?
Bitcoin is doing well, you're right.

BTC will do right when there will be decentralized exchangers.

[Blitzboy]

China selfish also here in bitcoin. they have a large mining farm and looks like they owning it now..
Also here in philippines we have found one island in the north of our country its near in our country but they want to get this island too.. and they are planning to start a war..

[Amph]

Why would the fact that China is basically controlling mining do anything to Bitcoin?

The whole concept of bitcoin was based around decentralization.

If China controlls a large % of the hash power then it would only take the collaboration of a few to hit the dreaded 51% control point

why they should destroy their own business? 51% will never happen, with their cheap electricity they are earning a shitload of money...

[prettybuds]

China selfish also here in bitcoin. they have a large mining farm and looks like they owning it now..
Also here in philippines we have found one island in the north of our country its near in our country but they want to get this island too.. and they are planning to start a war..

China is just as selfish as everyone else... the difference is that they're beginning to have a lot of power.

They like Bitcoin, it's profitable, it's minable, they can, so they do.

I support the view that those who care most will have the biggest farms.

[alani123]

To say that bitcoin is destroyed because a certain country controls the majority of the hashrate is an overstatement. There are several people outside of China that are mining in Chinese pools out of convenience, fact of the matter is that Chinese pools are very competitive and run by companies whereas most pools outside of China are smaller operations.

But that doesn't really make that big of a difference, Chinese miners aren't necessarily bad intentioned just because of their location, the fact that bitcoin is receiving so much adoption in a jurisdiction with so much censorship is rather positive.

[kelsey]

Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%,

The entire ecosystem is headed for a clusterfuck.

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

~CfA~

how is that centralised? there's over a billion chinese  

if 70% of the mining was from the USA most of you wouldn't be prattling on about it being centralised.

[Monnt]

The Chinese government won't allow a 51% attack, right?

Most of these Chinese mining firms are pools, so like most pools that are extremely big, if they get too big, miners will hop to a different one.

[pereira4]

"Blockstream implementing their SegWit soft fork Trojan Horse"

Lmao this guy is losing it. The blockstream FUDsters know no limits on their nonsense. The trojan horse was the Bitcoin XT, then Bitcoin Classic hard fork attempts, not segregated witness, segwit is actual advance in scaling Bitcoin. Whatever, it's a waste of time dealing with this shit.

[AGD]

Trading volume for chinise exchange is a joke, it's filled with fake trade

I think not only does most volume come from China, most mining takes place in China.
China China. Was Satoshi Nakamoto an American who intentionally chose a Japanese Pseudonym to mock China?
Will we ever know?
Does the US love Bitcoin more than China?
Bitcoin is doing well, you're right.

BTC will do right when there will be decentralized exchangers.

You mean something like this? https://bitsquare.io/

Bitsquare - The decentralized Bitcoin exchange