Bitcoin IS basically DESTROYED

[sartorpc]

I think that affirmation is just silly, it doesn't matter where there is more mining, bitcoin will not be ruined, don't worry guys.

[DooMAD]

I'm looking at those big letters DESTROYED..
I don't think this is th case for real, and i dont know why those nonsense topics are allowed at the first place?

It's called free speech and healthy debate. Don't be scaird.

Exactly.  Besides that, Bitcoin's network doesn't care about the crackpots and the doomsday merchants.  If it were capable of being damaged by a few words from a deranged loon, this little experiment would have ended long ago.  It will continue to generate blocks approximately every ten minutes, regardless of how many times people say it's going to be destroyed.  If people are foolish enough to allow themselves to relent to fear and panic-selling based on threads like this, it just means cheaper coins for the rest of us.

[Bloxy]

To be honest if China owned that much it really would be bad. It wouldn't be decentralised anymore...

[somacoin]

To be honest if China owned that much it really would be bad. It wouldn't be decentralised anymore...

why if China owned

they already do own that much 

[From Above]

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

Post updated with reference to above post

~CfA~

[QuestionAuthority]

Why all the Chinese hate? Someone beat you up with chopsticks when you were a little boy?

Nope but I had some Chinese-made goods go bad or not functioning right out of the box upon arrival 
Jokes aside people should not hate on the Chinese because they are also human beings like us, the general concern is that they can control the Blockchain network at will and as we all know the Chinese condone unscrupulous business ethics.

Holy shit, do you really believe that!

Mark Karpeles (MtGox, largest exchange fraud in Bitcoin history) = French

Trendon Shavers (Pirate@40 scam, largest scam in Bitcoin history) = Texas redneck

Nasser Ghoseiri, Josh Zerlan, Sonny Vleisides, Jody Drake, Dave McClain (Butterfly Labs, largest mining hardware scam in Bitcoin history) = God Fearin Merricans

It's clear that the biggest collection of scumbag business people in Bitcoin have come from the west not the east. I'd sure as hell trust a Chinese business before an American one.

[Boosterious]

Why all the Chinese hate? Someone beat you up with chopsticks when you were a little boy?

Nope but I had some Chinese-made goods go bad or not functioning right out of the box upon arrival 
Jokes aside people should not hate on the Chinese because they are also human beings like us, the general concern is that they can control the Blockchain network at will and as we all know the Chinese condone unscrupulous business ethics.

Holy shit, do you really believe that!

Mark Karpeles (MtGox, largest exchange fraud in Bitcoin history) = French

Trendon Shavers (Pirate@40 scam, largest scam in Bitcoin history) = Texas redneck

Nasser Ghoseiri, Josh Zerlan, Sonny Vleisides, Jody Drake, Dave McClain (Butterfly Labs, largest mining hardware scam in Bitcoin history) = God Fearin Merricans

It's clear that the biggest collection of scumbag business people in Bitcoin have come from the west not the east. I'd sure as hell trust a Chinese business before an American one.

How about Russians? yes i agree with that,its not fair if we blame china for "greedy" on bitcoin or another things related bitcoin,as we see many people even worst than it,and i'm sure scammer from china not all come from chinese,i mean might they live in china,but they not chinese.

[jorgens]

the ones who control most bitcoins has more to lose.

[JeanMcCoy]

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

Bitcoin was just a step but a big step. It is reality in the future there will be allot of other paying methods
like this. bitcoin is the future of paying online trust me it will happen. Not so fast but it will
happen for sure.

[LoyceV]

the ones who control most bitcoins has more to lose.

Miners aren't necessarily the ones who control most bitcoins! The early adopters control a large amount, the future miners have less than one-third of bitcoins left to mine the rest of this century.

[AGD]

the ones who control most bitcoins has more to lose.

Miners aren't necessarily the ones who control most bitcoins! The early adopters control a large amount, the future miners have less than one-third of bitcoins left to mine the rest of this century.

Early adopters sold at a price of 10$ thinking they reached the moon.

[Cryddit]

Well, I'm pretty sure that miners (even with subsidized electricity) are selling over 90% of what they mine just to make expenses.  And it's not terribly unlikely that some are selling 100%. 

Make no mistake, mining is mostly about making spendable money.  And the way to make bitcoins spendable in the wider economy, is to trade them for fiat.

[MicroGuy]

Well, I'm pretty sure that miners (even with subsidized electricity) are selling over 90% of what they mine just to make expenses.  And it's not terribly unlikely that some are selling 100%.  

Make no mistake, mining is mostly about making spendable money.  And the way to make bitcoins spendable in the wider economy, is to trade them for fiat.

Proof of Work (Pow) is not a sustainable reward system for maintaining a cryptographic transaction system. It would be impossible for bitcoin to reach any sort of mainstream adoption with this severely flawed energy-gobbling incentivizing scheme.

If we look at nature, rainfall is not rewarded for nourishing plants. The sun is not rewarded for its life giving rays. I think the sustainable mining system will be one that more closely models nature.

Unfortunately, a solution is nowhere in sight. This is evidenced by a consensus model that has resulted in a maximum block size issue which is crippling the network. The community itself is destroying bitcoin with its continued support for the current fork.

Fortunately, a second generation of cryptocurrencies is being born that is learning from these failures and adapting.

~~

[Cryddit]

As the number of bitcoins awarded per block goes down, the hash rate and rate at which electricity is spent will also go down.

At some point miners become dependent on tx fees alone, and I expect that a fee market will develop that makes bitcoin quite expensive to use relative to other forms of payment, for all transactions except the very large ones.  Someone making a 100BTC spend may not mind spending 1BTC on fees.  Someone making a 4BTC spend, not so much.

[Superways]

Just because China is controlling a large portion does not mean bitcoin is "ruined". Im sure more opportunities will come up, making bitcoin more accessible. It is growing in popularity however, and on an increase in value.

Yeah, mining is not the only way to get bitcoins, as we are seeing that there is not the Chinese only who are earning bitcoin, all of the people around the world are earning bitcoins efficiently. So there are a lot of other ways also through which you can earn bitcoin and the remaining world is not enough on mining as they have found a very good business with bitcoin which is more better than mining.

[X badapple X]

the ones who control most bitcoins has more to lose.

Miners aren't necessarily the ones who control most bitcoins! The early adopters control a large amount, the future miners have less than one-third of bitcoins left to mine the rest of this century.

"Controlling most of bitcoins" and "controlling Bitcoin" are two totally different things. Satoshi, for instance, controls around a million BTC, but he doesn't control Bitcoin's day-to-day functioning any more than the guy with .01 BTC, the miners do tho. They stop -- no more Bitcoin. That's why the halvening is going to be so interesting: either the price of BTC has to spontaneously double, or roughly half of the miners have to close up shop.

[keyscore44]

Well, I'm pretty sure that miners (even with subsidized electricity) are selling over 90% of what they mine just to make expenses.  And it's not terribly unlikely that some are selling 100%.  

Make no mistake, mining is mostly about making spendable money.  And the way to make bitcoins spendable in the wider economy, is to trade them for fiat.

If this is true (that miners sell over 90% of what they mine) we should be very happy that Bitcoin price is at the level as it is now. We can only imagine what will happen to the price of Bitcoin when PoW stage finish..  

[iv4n]

War of the nations! I can call this thread like that, and its not far from the truth.

Headline: Bitcoin is basically destroyed! Did OP just told us to sell everything we have? Or I didn't understand it good..

For me situation is pretty clear. Someone, or some people invested big money in mining.. when others talked about decline of BTC, about how something like that has no future, some people (in this case Chinese) invested in BTC and of course now they have big income from that. Like anyone else they will try to make even more, its in human nature. Now they have more power then several years ago, but they worked for that. I doubt they will destroy it now when they are winning the game. When you see situation from that side bigger possibility is to someone else destroy btc. Someone who is jealous, someone who doesn't know how to lose and someone who envy when other people make success.

As I see you are still talking, and some people ( probably Chinese ) are buying and investing... so its like history repeating.

[Blawpaw]

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

The whole concept of bitcoin was based around decentralisation.

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/

Even if China controlls 80% of the mining power that doesn't mean that we should fear a 51% attack. Do you actually think that the guys who control mining, being Chinese or not want a 51% attack??? of course not, otherwise their investment would be worth 0....

[X badapple X]

Even if China controlls 80% of the mining power that doesn't mean that we should fear a 51% attack. Do you actually think that the guys who control mining, being Chinese or not want a 51% attack??? of course not, otherwise their investment would be worth 0....

Come the halvening, their investment will be worth 0 (unless other miners stop mining/BTC price doubles), so not that improbable :-