Bitcoin IS basically DESTROYED

[Wendigo]

But are there really any Westerners who have moved their mining operations to China? Everyone involved in Bitcoin mining in China I have ever seen are Chinese themselves. The problem with China is that the government is striving to become an economic superpower and if they could achieve that by controlling the miners and the Bitcoin mining farms in the country do you think they would shy away from doing that? The Chinese have demonstrated bad business practices before and I think they will take full advantage of Bitcoin if the opportunity arises. China will not want to destroy Bitcoin if they can gain profits off it.

[1715121175]

1715121175

[1715121175]

1715121175

[john2231]

Honestly i don't agree about centralization which is china involve they are greedy..  it can destroy bitcoin if it will happen..
We know china has a biggest part of proportion mining farm.. but i don't agree that bitcoin will be centralization..

[specturul]

Honestly i don't agree about centralization which is china involve they are greedy..  it can destroy bitcoin if it will happen..
We know china has a biggest part of proportion mining farm.. but i don't agree that bitcoin will be centralization..

I don't understand HOW they can destroy btc ! Some one could explain please?

[partysaurus]

But are there really any Westerners who have moved their mining operations to China? Everyone involved in Bitcoin mining in China I have ever seen are Chinese themselves. The problem with China is that the government is striving to become an economic superpower and if they could achieve that by controlling the miners and the Bitcoin mining farms in the country do you think they would shy away from doing that? The Chinese have demonstrated bad business practices before and I think they will take full advantage of Bitcoin if the opportunity arises. China will not want to destroy Bitcoin if they can gain profits off it.

if anything china would want to have bitcoin expand and become bigger with all the miners they have in china , if bitcoin become alot bigger china will have alot of power in form of money.

[BTCLovingDude]

Honestly i don't agree about centralization which is china involve they are greedy..  it can destroy bitcoin if it will happen..
We know china has a biggest part of proportion mining farm.. but i don't agree that bitcoin will be centralization..

I don't understand HOW they can destroy btc ! Some one could explain please?

there is nothing serious to explain.

what people are saying are either some speculation based on vague information they have or they are just spreading some FUD to spread some panic and see how they can affect the price to fill their pocket with cheap bitcoin.

[Ayers]

But are there really any Westerners who have moved their mining operations to China? Everyone involved in Bitcoin mining in China I have ever seen are Chinese themselves. The problem with China is that the government is striving to become an economic superpower and if they could achieve that by controlling the miners and the Bitcoin mining farms in the country do you think they would shy away from doing that? The Chinese have demonstrated bad business practices before and I think they will take full advantage of Bitcoin if the opportunity arises. China will not want to destroy Bitcoin if they can gain profits off it.

if anything china would want to have bitcoin expand and become bigger with all the miners they have in china , if bitcoin become alot bigger china will have alot of power in form of money.

but this will unavoidably lead to a 51% attack at some point, if china control 90% or more than the all network hashrate, i think china should begin to build their farm in other countries

[Velkro]

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.

Its not destroyed, one thing decentralization of mining does, is that noone can say ok this transaction is reversed or we will not include it in blockchain. But there could be 80% chaina and 20% US and its good enough coz this 20% will include this transaction later on .

[btcforall777]

So the Chines are smarter than everybody else. They even get around currency controls. Or maybe there are just more of them.

[zimmah]

So the Chines are smarter than everybody else. They even get around currency controls. Or maybe there are just more of them.

that and cheap power, and cheap production (many miners produced n china).

[chopstick]

So the real reason why Core prefers soft-forks over hard-forks has now been revealed.

They don't want to lose control of "their" project to free market forces.

They want to be able to push through whatever change they want without anyone else being able to have a say in it.

Yep, looks like OP was correct...



Recommended reading:

On consensus and forks
https://medium.com/@octskyward/on-consensus-and-forks-c6a050c792e7#.8jcbu25wq

https://np.reddit.com/r/btc/comments/43bgrs/peter_todd_sw_is_not_safe_as_a_softfork/czhav9y?context=1

    The soft-fork deployment of SegWit is a political decision which is overriding the technical wisdom that this should only be done via hard-fork.

    Defending the political strategy requires tortuous positions on the block limit such as asserting that Back's 2-4-8 is OK, but Classic's 2 is not.

– /u/solex1

    Hard forks are "dangerous" because they put the market in charge, and the market might vote against "us experts" [at Core/Blockstream].

– /u/ForkiusMaximus

https://np.reddit.com/r/btc/comments/43bgrs/peter_todd_sw_is_not_safe_as_a_softfork/czheg0d?context=1

    They [Core/Blockstream] backed themselves into a corner with hard fork fear mongering, to the extent they're willing to push something ten times more risky as a soft fork just to avoid the precedent of a painless hard fork.

    Because painless hard forks mean the block size would probably rapidly be raised to 8 MB and their [Core/Blockstream's] sidechain subsidy would be gone.

– /u/persimmontokyo

    If they [Core/Blockstream] lose their status as "reference" implementation they lose the inertia effects that make it so much easier for them to push through everything as a soft fork. Use it or lose it, as they say.

    The incentive is for the dominant team to try to do everything by soft forks so as to avoid a market referendum on their implementation.

    XT messed with this, BU really threatened to make mincemeat of it, and for now it is Classic that is actually delivering the blow.

    They [Core/Blockstream] will bleat and bray about hardforks to get as many people as possible scared of them, but it is only they who are scared.

    They [Core/Blockstream] fear a hard fork will remove them from their dominant position.

– /u/ForkiusMaximus

[mindblue]

I think Bitcoin will never be destroyed

[gtglener]

Bitcoin can never be destroyed.

yeah, in this modern age when everyone prefer online currency and digital system we can say that bitcoin can never be destroyed, we just have to follow on what we planned, and let the anti-bitcoin say what they are saying, just don't care about them

[BitcoinPaw]

Bitcoin is destroyed, that's why people trying to buy bitcoins and price nowdays $580 for 1btc. Are u serius? Bitcoin nowdays is so high and big, i hope it will continue.

[n2004al]

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

You are in big wrong. First the mining is decentralized. So even in China the new bitcoins are not at the hand of few people but at to many. Second it is already produced more than 60% of the bitcoins which are at the hands of to meany others. Third, the remaining part will be produced in more than 100 years. So no one can have most of the new bitcoins. It is not the first time that can be read such thoughts without any kind of basis.

[RoomBot]

But are there really any Westerners who have moved their mining operations to China? Everyone involved in Bitcoin mining in China I have ever seen are Chinese themselves. The problem with China is that the government is striving to become an economic superpower and if they could achieve that by controlling the miners and the Bitcoin mining farms in the country do you think they would shy away from doing that? The Chinese have demonstrated bad business practices before and I think they will take full advantage of Bitcoin if the opportunity arises. China will not want to destroy Bitcoin if they can gain profits off it.

Yep, Perv Vern*

edit:  (*Paul "Big" Vern from Cryptsy)

[boyptc]

Well just because of China controlling most of the hashrate and bitcoin does not mean that the crypto currency itself is destroyed.

Yeah, that's true. Let's admit it that China has a big percentage in bitcoin for most of the miners are Chinese. But still bitcoin will not depend on their
manipulation. Still we are here all of us who are using bitcoin and we can contribute to the big rise of bitcoin. And bitcoin being destroyed is just
an overheard rumor.

[b0art]

OP. can I have some of what you are smoking
?

[Yakamoto]

Well just because of China controlling most of the hashrate and bitcoin does not mean that the crypto currency itself is destroyed.

Yeah, that's true. Let's admit it that China has a big percentage in bitcoin for most of the miners are Chinese. But still bitcoin will not depend on their
manipulation. Still we are here all of us who are using bitcoin and we can contribute to the big rise of bitcoin. And bitcoin being destroyed is just
an overheard rumor.

It doesn't matter what nationality the miners are though.

Are you guys retarded?

Having a large portion of mining power in a single geographical location (or country in this case) means nothing. It means nothing having all the hashing power in the US, Russia, China, Germany, whatever. If they were all a part of the same pool it would matter, but to my knowledge not every Chinese miner is a part of the same pool and would just switch pools at the flip of a coin.

Explain to me why the hell it matters having a large portion of the hashing power in a geographical location.

[gmaxwell]

Explain to me why the hell it matters having a large portion of the hashing power in a geographical location.

It is much easier to drive up with tanks to commandeer geographically clustered hashpower.


But destroyed? "We are told to remember the idea, not the man, because a man can fail. He can be caught. He can be killed and forgotten. But four hundred years later an idea can still change the world. I've witnessed firsthand the power of ideas. I've seen people kill in the name of them; and die defending them."

[Cryptonitex]

Explain to me why the hell it matters having a large portion of the hashing power in a geographical location.

It is much easier to drive up with tanks to commandeer geographically clustered hashpower.


But destroyed? "We are told to remember the idea, not the man, because a man can fail. He can be caught. He can be killed and forgotten. But four hundred years later an idea can still change the world. I've witnessed firsthand the power of ideas. I've seen people kill in the name of them; and die defending them."

Veri nice quote. Ideas can change the world. So can a man, but an Idea last an eternity.