Bitcoin IS basically DESTROYED

[Donu]

Does my sig bother you? lol

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[ebliever]

Should we be worried? Should we trade our BTC now for other coin like ETH?

As far the the OP goes, it's nonsense. The 21 million coin cap can't be altered without a specific change that would alter the block reward. That would require a discrete change that has nothing to do with Segwit, and such a change would face tremendous opposition from the userbase of current bitcoin owners since it would dilute the value of all existing bitcoin.

Likewise, the 51% fear is overblown. Even if the 98% figure is not a wild exaggeration (and where does such a prediction come from?), China is a huge country with many miners. (Keep in mind that the number of miners is much larger than the number of mining pools).The notion that some of the largest will collude to execute 51% attacks apparently runs like this:

Chinese Miner A: We have hundreds of millions of dollars invested in bitcoin mining. Let's form a cartel to execute 51% attacks!
Chinese Miner B: Yes! We'll be able to double-spend whenever we want! People will be helpless as we rip off other bitcoin users with our control of 51% of the network!
Chinese Miner C: Yes! And won't it be a wonderful thing when disillusioned and panicking bitcoin users all dump their coins in response to our attacks!
Chinese Miner A: We'll revel in our domination of bitcoin even as the price of bitcoin goes into a death spiral after the first couple double-spends!
Chinese Miner C: Thus rendering worthless the hundreds of millions of dollars we've invested in mining hardware, as we kill off our profitable businesses! It's brilliant!

That, apparently, is the logic...

[moviebuff777]

Is it the Chinese government or just individuals? If it's just individuals that are into mining and owning a lot, then they may not be working together.

[Amph]

...
1. GPU mining for bitcoins is alive and well. But it has to be done indirectly, through altcoins. GPU =>altcoin=>bitcoin, voila!

So if I flip burgers and buy BTC, I'm indirectly mining BTC? (Minimum wage paycheck) => (BTC), voila?
Some twisted thinking, but K.

no because that isn't mining, you don't mine burger at macdonal

Do you know what context is? Or do you just like the word mining? There's mining in a coal mine too, but it's not *bitcoin* mining. What's wrong with you bro?

you are mixing things up just for the sake of finding a bad argument on this subject, those are not akin to bitcoin mining, instead altcoin is pretty much the same thing, only on a different chain

[Yakamoto]

Should we be worried? Should we trade our BTC now for other coin like ETH?

Wow, Primedice is letting newbies spam their sig ads now? Excellent!

At this point I think PrimeDice have money to burn on advertising, and they'll let anyone in. Whatever kind of exposure for them is basically the same at this point now.

As for Donu, there is no point to trade your coins for other, weaker coins. As some users in this topic have said, there is no reason to lose your mind over a geographical location as hashing power is something at could be manipulated or moved into different pools digitally, and none of the hashing power actually matters when it comes to a geographical location. It matters more when a pool has high numbers, nothing else.

You cannot be seriously worried about China as an area having the most of a resource that can be digitally moved. Would this be such an issue if the US had 70% of hashing power?

[maokoto]

But bitcoin can evolve. It might be destroyed as they first thought about it (decentralized, everybody mining at home, hard 21 million limit). But it may become a different animal and still survive.

[Amph]

Again. mining alts is not bitcoin mining. No more than coal mining is bitcoin mining.
If I mine coal or BBQ coins outside of China, this doesn't help Bitcoin decentralization one bit. I don't confirm Bitcoin transactions when I mine coal or altcoins. I do not solve Bitcoin blocks.
There really should be a "Spam Your Shit Signature Ads Here, Asshole!" section on this forum.

i don't care about mining 100% decentralization, because it was an utopia since the beginning, and the current scenario was intended by satoshi, so it's fine

the point is that you can mine altcoin with profit, without stealing any energy like you mentioned before, just that

and your post is more spammy and trolling than mine, so bringing the whole bullshit about signature is utterly useless, as i'm also payed for only 100 post per week, yet i'm posting like 200 or more, so again don't post no-sense

[dime2spend]

The initial poster has definitely a point. Most of the hash power comes from one single country which happens to be China. That's just the way it never should be. The idea about Bitcoin was decentralization and having almost all the hashing power in one single country now is quite bad imo. The POW with SHA-256 should be replaced by something far more complicated that can't be done in an ASIC for years to come. That way more people all over the world would be encouraged to run a full node (again) with some minor mining capabilities instead of having hundreds of warehouses stuffed with ASICs in China.

[pureclckr]

Not really. i dont belive

[Amph]

Again. mining alts is not bitcoin mining. No more than coal mining is bitcoin mining.
If I mine coal or BBQ coins outside of China, this doesn't help Bitcoin decentralization one bit. I don't confirm Bitcoin transactions when I mine coal or altcoins. I do not solve Bitcoin blocks.
There really should be a "Spam Your Shit Signature Ads Here, Asshole!" section on this forum.

i don't care about mining 100% decentralization, because it was an utopia since the beginning, and the current scenario was intended by satoshi, so it's fine

I don't know how to explain this to you any simpler: Altcoin mining could be profitable, but so could coal mining. Neither altcoin mining nor coal mining have anything to do with Bitcoin mining, which is what this thread's about.

if you had the patience to read below, i explained why they are more akin, because they are basically the same thing, working only on a different chain, so no coal mine has nothing to do with bitcoin, you don't do it with the same hw

you can still mine bitcoin with cpu and gpu, the same you do with alt, it's just not profitable, which is a different thing

[lakuf]

I doubt that that would be the case as even thought China will soon own a lot of the hashing power of bitcoin you guys won't be complaining if another country was doing this. Bitcoin is spread across all over the world and it will never be centralized as look at how many Chinese there are.

[Hazir]

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

Pretty much this.....

From Above, you keep on trollin mate

If mining was easy to setup creation of hash power could be achieved by any device linked to the internet then I would worry about Chinese domination more.
But ASICs are not cheap, setting up mining farm is not easy business you can find in every Chinese basement. It is now multi million dollar investment.
And I think the further from NSA, CIA, FBI, IRS etc. 'centralized' mining farms are - the better.

[Amph]

Again. mining alts is not bitcoin mining. No more than coal mining is bitcoin mining.
If I mine coal or BBQ coins outside of China, this doesn't help Bitcoin decentralization one bit. I don't confirm Bitcoin transactions when I mine coal or altcoins. I do not solve Bitcoin blocks.
There really should be a "Spam Your Shit Signature Ads Here, Asshole!" section on this forum.

i don't care about mining 100% decentralization, because it was an utopia since the beginning, and the current scenario was intended by satoshi, so it's fine

I don't know how to explain this to you any simpler: Altcoin mining could be profitable, but so could coal mining. Neither altcoin mining nor coal mining have anything to do with Bitcoin mining, which is what this thread's about.

if you had the patience to read below, i explained why they are more akin, because they are basically the same thing, working only on a different chain, so no coal mine has nothing to do with bitcoin, you don't do it with the same hw

you can still mine bitcoin with cpu and gpu, the same you do with alt, it's just not profitable, which is a different thing

FFS Do you understand that this thread is about Bitcoin centralization, not altcoin centralization or coal mining centralization? How does altcoin mining affect Bitcoin centralization any more than coal mining does?

Re. "can still mine bitcoin with cpu and gpu": No one does that, so moot.

i think you missed the part were i said it was intended, by satoshi so it's no longer a problem

also with altcoin mining more people can actually mine bitcoin(indirectly), this mean that the bitcoin distrubution(from mining) is still decentralized, which is what matter in the end

[rizzlarolla]

"Please don't disrespect TPTB_need_war. His is working as furiously as he can, and no one helps him. Maybe one day he will get some assistance and be recognized for his efforts. But he doesn't care! He is doing what he is doing as a labor of love and because he loves the challenge."

I'm reading, but struggling to keep up on many threads.
On this thread, segwit worries me more than China at the moment.
Or more specifically the soft fork and untestedness of it all in the timeframe.

But bitcoin is not destroyed yet on these counts?
More likely "destroyed" by other points by TPTB in other threads?
(TPTB was temp banned for his hard to keep up with, but def relative efforts for serious readers. sig spammers run amok.)

[funkenstein]

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~

Lol!  Controlled by "China".  What would that even mean?

我们都是中国人
(somos todos americaños)

Anyway, your ability to toss loose identifiers (such as "chinese") into a conversation doesn't destroy diddly squat. 

Bitcoin doesn't care what language you speak nor what so-called borders you live within.  Grow up already.

[orryde]

I dont know it would be pretty easy to audit that information...
and determine how true it is... You should probably do more research.

[Betwrong]

Should we be worried? Should we trade our BTC now for other coin like ETH?

Hundred times NO. Why the fact that most Bitcoins are mined now in China should be a problem? Most diamonds are mined in Central and Southern Africa and how exactly this affects the valuableness of diamonds?

[markj113]

Should we be worried? Should we trade our BTC now for other coin like ETH?

Hundred times NO. Why the fact that most Bitcoins are mined now in China should be a problem? Most diamonds are mined in Central and Southern Africa and how exactly this affects the valuableness of diamonds?

If you want to use diamonds as an example then de beers basically controlled the diamond market for a long time.

They maintain an artificially high price through the restriction of supply although they recently lost control and the monopoly.

[dime2spend]

Should we be worried? Should we trade our BTC now for other coin like ETH?

Hundred times NO. Why the fact that most Bitcoins are mined now in China should be a problem? Most diamonds are mined in Central and Southern Africa and how exactly this affects the valuableness of diamonds?

That's not quite the same. Once real diamonds are mined and sold they don't have a connection to the mine anymore. That's not quite the case with Bitcoins. Bitcoins depend on miners even after they are mined.

[Amph]

Again. mining alts is not bitcoin mining. No more than coal mining is bitcoin mining.
If I mine coal or BBQ coins outside of China, this doesn't help Bitcoin decentralization one bit. I don't confirm Bitcoin transactions when I mine coal or altcoins. I do not solve Bitcoin blocks.
There really should be a "Spam Your Shit Signature Ads Here, Asshole!" section on this forum.

i don't care about mining 100% decentralization, because it was an utopia since the beginning, and the current scenario was intended by satoshi, so it's fine

I don't know how to explain this to you any simpler: Altcoin mining could be profitable, but so could coal mining. Neither altcoin mining nor coal mining have anything to do with Bitcoin mining, which is what this thread's about.

if you had the patience to read below, i explained why they are more akin, because they are basically the same thing, working only on a different chain, so no coal mine has nothing to do with bitcoin, you don't do it with the same hw

you can still mine bitcoin with cpu and gpu, the same you do with alt, it's just not profitable, which is a different thing

FFS Do you understand that this thread is about Bitcoin centralization, not altcoin centralization or coal mining centralization? How does altcoin mining affect Bitcoin centralization any more than coal mining does?

Re. "can still mine bitcoin with cpu and gpu": No one does that, so moot.

i think you missed the part were i said it was intended, by satoshi so it's no longer a problem

also with altcoin mining more people can actually mine bitcoin(indirectly), this mean that the bitcoin distrubution(from mining) is still decentralized, which is what matter in the end

There is no such thing as "mining bitcoin inderectly," that's just meaningless lingo.
You mine Bitcoin or you don't.

And no, Satoshi didn't "intend" for Bitcoin to be controlled by a handful of people who get together and decide which way shit's gonna fly on a handshake. That's more made-up bullshit.

it's still bitcoin distribution, done via mining on different chain, different fork

satoshi did intend that only big farm in the future will mine bitcoin, and casual miners will fade away quickly, go read his quote