Bitcoin IS basically DESTROYED

[MyownBoss]

If you are a trader than no, you don't see how the ideology of bitcoin is being corroded. If you are a trader all you see is price going up,up, UP and that is why you feel it is a strong and healthy, etc. And if the halving causes the price of a BTC to double I suppose you would be happy. But I know unless the price doubles, I'm closing down the shop. And I could ask for 2x the price but if the market Disagrees I'm out of business.

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[Rubberduckie]

I dont think its destroyed I think if we stayed around 300
even after halving we would be in trouble because there would
be no ROI to mine

[gravitate]

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/

Why is that classed as centralisation? It just means they use it more lol.

[gravitate]

If you are a trader than no, you don't see how the ideology of bitcoin is being corroded. If you are a trader all you see is price going up,up, UP and that is why you feel it is a strong and healthy, etc. And if the halving causes the price of a BTC to double I suppose you would be happy. But I know unless the price doubles, I'm closing down the shop. And I could ask for 2x the price but if the market Disagrees I'm out of business.

interesting what shop do you have?

[Amph]

in the end does it really matter that china is controlling 70% of the mining scene, when few % of people are holding 90% of all bitcoin?

now this is just worse than mining not being "correctly" decentralized

[salmanahmedone]

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

I agree; we should just accept reality; at the end of the day bitcoin is just like any other currency; like gold is still being mined today, im certain even bitcoin could be mined the same way even though there might seem to be limit right now.

[iamnotback]

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

I agree; we should just accept reality...

That reality:

LN ... doesn't scale well decentralized (but we may eventually get there with Bitcoin highly centralized, although being that this is fighting for who will control it, it will not come without battles as we've seen with Bitcoin Classic and XT versus Blockstream and the Chinese mining cartel):

Now all we have to do is wait countless months for segwit which no doubt'll be batted around by the various parties too. Whoopee.

...

The mass use case of Bitcoin is very weak because the technology doesn't scale decentralized and decentralization and permissionless qualities were the original reason to want CC instead of digital fiat, and Bitcoin is a very tiny, miniscule market right now.

The less decentralized Bitcoin is, the slower its network effects will grow. Because turf battles turn it into a morass.

[Joel_Jantsen]

in the end does it really matter that china is controlling 70% of the mining scene, when few % of people are holding 90% of all bitcoin?

Where did you come up with that stats from ? I know they own a most of the mining scene but no 70% of it.If at all your case is true ,it actually matters.But not with the reasons you have mentioned.Controlling the mining  scene is not exactly controlling a lot of bitcoins.We can't ignore the fact they're only getting a very small fraction of coins for solving every transaction.They can be labelled as good bitcoin labors but not the most coin possessors.A lot of bitcoin still lives in European countries and utilized to the fullest.

now this is just worse than mining not being "correctly" decentralized

What's the alternative ? Fore people to mine ? Its not China's fault anyway ,if they have the idea socio-economic conditions to run mining with profits to this date,what's wrong with doing it.Everyone would have been a miner if the electricity rates were cheap .Halving is another factor which can't be ignored.

[b0art]

the sky is falling......

Please stop with the stupid threads.

Bitcoin has died over 100 times, been destroyed a few dozen times and is trading at over 500 usd.

Stop with the fud and lies and please stop posting stupid threads about this.

[RoomBot]

the sky is falling......

Please stop with the stupid threads.

Bitcoin has died over 100 times, been destroyed a few dozen times and is trading at over 500 usd.

Stop with the fud and lies and please stop posting stupid threads about this.

OP IS basically DESTROYED

[boyptc]

the sky is falling......

Please stop with the stupid threads.

Bitcoin has died over 100 times, been destroyed a few dozen times and is trading at over 500 usd.

Stop with the fud and lies and please stop posting stupid threads about this.

OP IS basically DESTROYED

Maybe op was a paid to do something bad for bitcoin. Because there are people that wants to destroy a thing if they see the potential of it.
Op is just jealous on what is happening with bitcoin. And bitcoin will not be destroyed easily because the foundation of it is very good.

[Pitchblackroom]

I wouldn't say Bitcoin is destroyed.

Look the thoughts of a 21 million units of currency with some really small denominations does not sound really easy for common use.

Most people can't do simple math

[romero121]

The statement bitcoin is destroyed is not at all true and not gonna come true in the future. Most could have known in this seven years time how many interruptions were faced to reach this growth. So if its a failed one already it could have happened.

[iamnotback]

The statement bitcoin is destroyed is not at all true and not gonna come true in the future. Most could have known in this seven years time how many interruptions were faced to reach this growth. So if its a failed one already it could have happened.

That is what they all thought at the peak in 1929.

It is not dumb that n00bs don't know the technology and game theory economics. What is dumb is when n00bs (such as the Bitcoin maximalist comments in this thread) think they know something about an issue that is far too complex for them to be comprehend without deep research that they are unwilling or incapable of doing. This is known as the Dunning-Kruger effect.

So many dumb comments in this thread by Bitcoin maximalists who will invent any excuse possible to remain in denial of the fact that highly centralized systems fall into the abyss of turf battles morass and BitCON is becoming the TrojanHorse coin with centralized mining control enabling the coming capital controls and expropriation of wealth by the G20:

LN ... doesn't scale well decentralized (but we may eventually get there with Bitcoin highly centralized, although being that this is fighting for who will control it, it will not come without battles as we've seen with Bitcoin Classic and XT versus Blockstream and the Chinese mining cartel):

Now all we have to do is wait countless months for segwit which no doubt'll be batted around by the various parties too. Whoopee.

...

The mass use case of Bitcoin is very weak because the technology doesn't scale decentralized and decentralization and permissionless qualities were the original reason to want CC instead of digital fiat, and Bitcoin is a very tiny, miniscule market right now.

The less decentralized Bitcoin is, the slower its network effects will grow. Because turf battles turn it into a morass.

YouI don't understand how Lightning protocol works to claim it's decentralized.

ftfy

Thanks for your feedback. Hope you don't get offended if I correct your misunderstanding.

LN requires orders-of-magnitude more block chain transaction bandwidth for peak garbage collection phases, than it consumes normally. Thus you need Bitcoin to scale massively before LN can scale massively. Bitcoin can't scale without being centralized for validation and mining. That is fact well known to experts such as myself. Many people may deny it and I have no desire to argue with them.

LN also requires a few numbers of centralized servers cooperating for it to function reasonably well:

It uses a decentralised method of routing by everyone knowing the topology. In the future we will implement RP routing, which dramatically decreases the requirement to know the full topology of the network down to only the 24/7 online nodes.

...

Yes correct. In my simulations routing with ten thousands of nodes was carried out in <1s.

That works fine with RP-Routing, because then you exclude all active participants from the routing problem and only concentrate on the passive nodes. I agree that if you take into account millions of wallets, it does get much more difficult.

LN can't send a payment from Bitcoin address to any Bitcoin address. It requires users establish accounts in the LN before they can be eligible, i.e. it is an opt-in system and it is not persistent.

LN is an incredibly complex Rube Goldberg kludge patched on top of an inadequate block chain design and there IS a better solution coming. You have to discard the Bitcoin block chain and Satoshi's design and start over.

In general, Bitcoin is moving towards centralization over the control of which nodes validate and thus which can do capital controls and KYC enforcement on transactions:

https://bitslog.wordpress.com/2016/01/08/spv-mining-is-the-solution-not-the-problem/
http://www.bitcoinunlimited.info/1txn/

[tabas]

The statement bitcoin is destroyed is not at all true and not gonna come true in the future. Most could have known in this seven years time how many interruptions were faced to reach this growth. So if its a failed one already it could have happened.

Don't ever believe this kind of false reports because they just want to destroy the reputation of bitcoin now which is now being good and they just want to interrupt people's mind for them to be able people stop the use of bitcoin.

[avw1982]

The statement bitcoin is destroyed is not at all true and not gonna come true in the future. Most could have known in this seven years time how many interruptions were faced to reach this growth. So if its a failed one already it could have happened.

Don't ever believe this kind of false reports because they just want to destroy the reputation of bitcoin now which is now being good and they just want to interrupt people's mind for them to be able people stop the use of bitcoin.

Even I don't think anything bad will happen to the Bitcoin network. Most of them have invested so much capital in these ventures that they would be absolutely insane to be messing with any 51% attacks when their entire livelihood is dependent on the Bitcoin price. their risk is going bankrupt 100% when everyone bails out of the Bitcoin market and the price crashes to the ground.

[tabas]

The statement bitcoin is destroyed is not at all true and not gonna come true in the future. Most could have known in this seven years time how many interruptions were faced to reach this growth. So if its a failed one already it could have happened.

Don't ever believe this kind of false reports because they just want to destroy the reputation of bitcoin now which is now being good and they just want to interrupt people's mind for them to be able people stop the use of bitcoin.

Even I don't think anything bad will happen to the Bitcoin network. Most of them have invested so much capital in these ventures that they would be absolutely insane to be messing with any 51% attacks when their entire livelihood is dependent on the Bitcoin price. their risk is going bankrupt 100% when everyone bails out of the Bitcoin market and the price crashes to the ground.

Yes, only people that wants to destroy bitcoin will make such things and efforts and say that bitcoin is being destroyed. Maybe they are just referring
to the most miners for being Chinese but I don't think it won't make the destruction of bitcoin even if most miners are Chinese.
Still bitcoin will always be good and on it's way flying to the moon.

[OROBTC]

...

At $575 (last I checked, up $100 in the last three - four weeks or so), I would not say BTC is destroyed, yet.  I hope not!  I really DO hope that Bitcoin works out OK like the optimists say.

But, as the technical issues seem to be getting UNresolved, and the lead developers appear to be in profound disagreement over important technical matters I don't pretend to even half understand, well, um...

I will HODL on at least for a while.  But, the SECOND I get overwhelmed, whether by FUD or not, my BTC turns into gold.  

I am one of those guys who seems to be becoming a take the money and run sort.  Now that I am finally ahead in BTC (in US$ terms, at just under $500), I have more incentive to leave Bitcoinistan if things look like they might be going wrong...

[tabas]

...

At $575 (last I checked, up $100 in the last three - four weeks or so), I would not say BTC is destroyed, yet.  I hope not!  I really DO hope that Bitcoin works out OK like the optimists say.

But, as the technical issues seem to be getting UNresolved, and the lead developers appear to be in profound disagreement over important technical matters I don't pretend to even half understand, well, um...

I will HODL on at least for a while.  But, the SECOND I get overwhelmed, whether by FUD or not, my BTC turns into gold.  

I am one of those guys who seems to be becoming a take the money and run sort.  Now that I am finally ahead in BTC (in US$ terms, at just under $500), I have more incentive to leave Bitcoinistan if things look like they might be going wrong...

Me either, I will hold until the price of bitcoin will satisfy me. And after that I don't know what would happens next with bitcoin.
But this kind of speculation that bitcoin will going to be destroyed is really uncertain and no particular fact that it is happening.

[Indrawan77]

I dont believe that more than half of the market is occupied by the chinese, but if thats true bitcoin is still standing until now, so i dont see any relevant between the chinese miner and bitcoin existence