Bitcoin IS basically DESTROYED

[anders lokka]

Bitcoin 8 months ago was 200 usd and was dead.
Now is 440 usd and is dead.
I like dead coin that encrease value. 

[salmanahmedone]

Bitcoin 8 months ago was 200 usd and was dead.
Now is 440 usd and is dead.
I like dead coin that encrease value. 

I still think bitcoin can never die. but Well if you do believe there might be trouble in the future; it would be advisable to prefer for it. It might not happen but at least you would be prepared. You could start an SEO business or some other job with the bitcoins you earned.

[mki8]

China didn't design the ASIC, the mining to say the least, software is provided by western. Just utilize their production capacity.
Even 98% hash from China, they are not from the same group. Last tie I read, the money/technology backing up the operation is from western.

I don't know where we will end up with all this. China definitely owns mining. If bitcoin controlled by china,why dont we go to china?or at least we can consolidate with china,and ask them have a good control. i dont think china is  trying to control bitcoin because i'm sure china know that bitcoin cannot controlled. We all want bitcoins to be mined no matter  where they are mined.

china itself has nothing to do with bitcoin

Just because the location of mining farms are in china, does not mean they are owned by China (the country) or even chinese people

Many miners, MOVED their farms to china, so they could pay less electric.

If another country with very good internet and very low electicity fees pops up, you will see miners move from China to wherever their operating costs are lower, the geo location of mining farms is irrelavent

Also, even if the price of BTC is being manipulated by a few, why is that a bad thing ?
Just look at diamonds,
where the majority are never released on to the market so they can keep prices high and forever increasing.

[bob123]

Bitcoin 8 months ago was 200 usd and was dead.
Now is 440 usd and is dead.
I like dead coin that encrease value. 

I don't know why people still calls bitcoin to be dead, as the price of it is getting higher and higher.
I don't think so it will be destroyed. It's just getting tighter and tighter as the time goes by.

You should read the update on OP to know why its called "dead".

[katrimans]

Bitcoin 8 months ago was 200 usd and was dead.
Now is 440 usd and is dead.
I like dead coin that encrease value.  

I don't know why people still calls bitcoin to be dead, as the price of it is getting higher and higher.
I don't think so it will be destroyed. It's just getting tighter and tighter as the time goes by.

Bitcoins cannot be destroyed  so easily.

[Amph]

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 :-

no, you don't know what you're talking about, after the halving miners with 0.1 cent in electricity can still mine for good profit

Miners with .1 cent electricity? $0.001? Why would they keep mining? They aught to be out riding their unicorns.

you didn't grasp at all what i was saying, i was saying that even mienr with 0.1 electricity would profit after the halving, let alone chinese farm with 0.05 or lower

0.1 cent is = $0.1 btw not 0.001...

1 dollar is 100 cents, the word cent , according to MW, means:
"a unit of money that is equal to 1/100 of the basic unit of money in many countries : one percent of a dollar, euro, rupee, etc."

The word cent has a Latin root, centum, 100. That's where the Roman numeral "C" comes from. See how things start to make more sense (no pun) as you learn things?

The prefix "centi" comes from the same word, but here it means 1/100. Like a cent is " 1/100 of the basic unit of money," centimeter is 1/100 of a meter, centigram is 1/100 of a gram, etc., etc.

So next time you get the urge to teach me about my own money, mining, or anything else for that matter, show some restraint, K?

i hate people like you that try to argue with retarded semantic, just to be right about a topic, when someone say 0.1 cent, it mean 1/10 of $, it is well known

all your other interpretation have no meant to exist, so next time do not invoke semantic, for your need, just because you were wrong

[LoyceV]

Bitcoin 8 months ago was 200 usd and was dead.
Now is 440 usd and is dead.
I like dead coin that encrease value. 

A week later it's 520 dollar! Next week 600 if this continues.
Totally destroyed indeed

[katrimans]

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 :-

no, you don't know what you're talking about, after the halving miners with 0.1 cent in electricity can still mine for good profit

Miners with .1 cent electricity? $0.001? Why would they keep mining? They aught to be out riding their unicorns.

you didn't grasp at all what i was saying, i was saying that even mienr with 0.1 electricity would profit after the halving, let alone chinese farm with 0.05 or lower

0.1 cent is = $0.1 btw not 0.001...

1 dollar is 100 cents, the word cent , according to MW, means:
"a unit of money that is equal to 1/100 of the basic unit of money in many countries : one percent of a dollar, euro, rupee, etc."

The word cent has a Latin root, centum, 100. That's where the Roman numeral "C" comes from. See how things start to make more sense (no pun) as you learn things?

The prefix "centi" comes from the same word, but here it means 1/100. Like a cent is " 1/100 of the basic unit of money," centimeter is 1/100 of a meter, centigram is 1/100 of a gram, etc., etc.

So next time you get the urge to teach me about my own money, mining, or anything else for that matter, show some restraint, K?

i hate people like you that try to argue with retarded semantic, just to be right about a topic, when someone say 0.1 cent, it mean 1/10 of $, it is well known

all your other interpretation have no meant to exist, so next time do not invoke semantic, for your need, just because you were wrong

I dont know if it would be pretty easy to audit that information or proof this information and also determine how true it is... You should probably do more research on it.  You cant just trust Chinese exchanges that  easily.

[RoomBot]

Bitcoin 8 months ago was 200 usd and was dead.
Now is 440 usd and is dead.
I like dead coin that encrease value. 

A week later it's 520 dollar! Next week 600 if this continues.
Totally destroyed indeed

$578 tonight on Coinbase.   

RIP --  on the Moon!

[posternat]

Bitcoin can never be destroyed.

[BossMacko]

how could you say bitcoin is basically destroyed when lots of people are still using it everyday.
price are still high even its not stable, lots of site especially gambling site are using bitcoin.
and this forum have lots of people because they are bitcoin lover.
you could say bitcoin is destroyed if the price 0 , means its dead coin

[Cryptonitex]

how could you say bitcoin is basically destroyed when lots of people are still using it everyday.
price are still high even its not stable, lots of site especially gambling site are using bitcoin.
and this forum have lots of people because they are bitcoin lover.
you could say bitcoin is destroyed if the price 0 , means its dead coin

Remember the guy that bought a pizza for 10,000 BTC... when we are spending that much for a pizza, then you can say it's dead. But that'll probably not happen for a long time. Probably after something better is created. That's probably won't happen... Ever...

[X-ray]

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

Why if bitcoin was destroyed by China, in fact. the price of Bitcoin is growing up. 70% mining controlled by China. I think you can give me a reliable source for this statement or independent research data.

[hermanhs09]

This could potentially impose some problems to bitcoin, but I think there is nothing to worry about at this stage right now. There is no guarantee that China will form a giant monopoly of hashpower.

And to my understanding things can be revised within bitcoin to make things better. Like P2Pools.

[Cryptonitex]

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

Why if bitcoin was destroyed by China, in fact. the price of Bitcoin is growing up. 70% mining controlled by China. I think you can give me a reliable source for this statement or independent research data.

Seriously 70% of mining is done in China? Wow... That's a large portion of mining. That's a lot of power being used, which I think is a waste. So much power, and computers are being used and made just to run BitCoin. It seems like it's pretty inefficient. That's why I like the idea of PoS coins better.

[Enotche]

Seriously 70% of mining is done in China? Wow... That's a large portion of mining. That's a lot of power being used, which I think is a waste. So much power, and computers are being used and made just to run BitCoin. It seems like it's pretty inefficient. That's why I like the idea of PoS coins better.

I recently read about a Chinese farm.
Due to its six farms a group of four people for 4050 received Bitcoins per month in the peak of each of the six areas brought a hundred a day, but the complexity of mining and income change. 20-25 Bitcoins per day for each farm. One farm consumes about 1250 kilowatt, and each month comes at the expense of 80 thousand dollars.

[Cyaren]

This could be potentially a problem to the bitcoin community, although China do have a large share of mining power, they also can drive the bitcoin market upwards. Most of the bullishness is created from China.

Also you're assuming that China is all going to join together and form a pool together. What good will that do them to launch a 51% attack? They'll lose money instead of gaining anything from it.

[Superzpay]

It is not true only with that thing bitcoin cannot be destroyed, but it is dependent on peoples struggle, the Chinese give more time and effort to bitcoin so they are more at there, we should also have to work hard on bitcoin so we will also be there in the same proportion.

[Minecache]

China didn't design the ASIC, the mining to say the least, software is provided by western. Just utilize their production capacity.
Even 98% hash from China, they are not from the same group. Last tie I read, the money/technology backing up the operation is from western.

I don't know where we will end up with all this. China definitely owns mining. If bitcoin controlled by china,why dont we go to china?or at least we can consolidate with china,and ask them have a good control. i dont think china is  trying to control bitcoin because i'm sure china know that bitcoin cannot controlled. We all want bitcoins to be mined no matter  where they are mined.

china itself has nothing to do with bitcoin

Just because the location of mining farms are in china, does not mean they are owned by China (the country) or even chinese people

Many miners, MOVED their farms to china, so they could pay less electric.

If another country with very good internet and very low electicity fees pops up, you will see miners move from China to wherever their operating costs are lower, the geo location of mining farms is irrelavent

Also, even if the price of BTC is being manipulated by a few, why is that a bad thing ?
Just look at diamonds,
where the majority are never released on to the market so they can keep prices high and forever increasing.

But geo location is important. All it takes is an unstable government to crackdown on the Bitcoin servers and they're switched off.

[runam0k]

Bitcoin is obviously working fine. Geographical centralisation can only be a bad thing though. Imagine a China crackdown or some scenario where China closes the doors in its Great Firewall, even if only temporarily. Not beyond the realm of possibility. It would immediately disrupt the Bitcoin network and any TXs created outside China would immediately be reversed once China rejoined the network (since it would be the longest valid chain). Food for thought.