Bitcoin IS basically DESTROYED

[ImHash]

yep confirmed bitcoin gone.
is that what you want to hear? you say bitcoion is destroyed we say the same while thousands of people are using/mining/trading and taking advantage over it's features.

[20kevin20]

While we're wasting our time trying to find out whether the Bitcoin is destroyed or not, people are getting rich from trades and bets. China controlling the BTC mining doesn't mean it's going to be dead sooner or later.

[Dudeperfect]

I admit that I am not a programmer but still I think, it doesn’t matter who owns the mining power especially if you saying that it’s going to destroy bitcoin. Yes bitcoin is a decentralized currency and still there are few groups from a specific country holding majority of mining power but that doesn’t mean they are going to control the whole scene. I think, time will decide the future of bitcoin and such incidents are not going to affect it.

[zodin]

OP you are correct.  Send all of your destroyed BTC to me.  PM me for my wallet.

interesting, to me bitcoin is basically so STRONG, if you are thinking about the previous down fall i think there is always ups and down in the price of bitcoin that is the nature of bitcoin, but it does not mean that bitcoin is going to destroy, i think bitcoin is now going stronger and stronger day by day, because people are investing their money, and the demand of bitcoin is also increasing,

[chixka000]

So china is taking bitcoin also? Do they also think that it is a scarborough? Haha well i am just kidding but yes i think this would be a sign that other country supported bitcoin must collaborate

[kokojie]

Proof of Work is a joke. It will always end in disaster (centralization of mining power, mining cartel, waste of energy, collusion, ease of attack).

Just look at how easy it is to attack/destroy a PoW altcoin (pro tip: it's really easy).

Well guess what, Bitcoin IS the "altcoin" in the real world of mega-banks, it's really easy to destroy Bitcoin by buying out PoW miners and attack.

Only a proper implementation of Proof of Stake system can work for the long term and resist any attacks.

[jakelyson]

Why would they do anything detrimental to Bitcoin? It would hurt them more than anyone financially.

i strongly and secondly agree with you..

this is it. if bitcoin is their source of income why would they destroy it?

I think op has a point here. If majority of bitcoin is controlled under one roof (country), the purpose of a decentralized currency will be lost because it will become a centralized currency. If all chinese miners decided to act as one, they can easily control the price of bitcoin through organized dump and pump. Users trust to bitcoin will be lost in the process.

[coingamblingreviews]

$2000 a bitcoin seems the latest call from Kim Dotcom! Interesting project on the works with Mega 

[YTBitcoin]

Bitcoin is not destroyed , and especially because of Chinese mining we cannot say that it is destroyed, if you want to have the same number of mining in your country also then invite all of your countrymen to start mining then you also will have that control and still we will not say that bitcoin is destroyed but it will give more strength to the technology of bitcoin.

[QuestionAuthority]

Why would they do anything detrimental to Bitcoin? It would hurt them more than anyone financially.

i strongly and secondly agree with you..

this is it. if bitcoin is their source of income why would they destroy it?

I think op has a point here. If majority of bitcoin is controlled under one roof (country), the purpose of a decentralized currency will be lost because it will become a centralized currency. If all chinese miners decided to act as one, they can easily control the price of bitcoin through organized dump and pump. Users trust to bitcoin will be lost in the process.

Mining farms don't really have control over the price of Bitcoin (unless they chose to which they won't because it's counter to profit). They have a lot of power over its form but not its price. Bitcoin basically has no real economy. It has no velocity of money, only a moderately large investor/speculator fan base. Mining farms trickle btc into exchanges off book (illegal in stock exchanges and most businesses) to keep from regularly tanking the price. Whale investors (possibly large businesses like BitPay) manipulate the market to keep the price moving in the right direction or at least keep it flat. A million or so peon investors buy and hold a large share of the available bitcoins. Institutional investors are now buying large amounts of the mined bitcoins off book. A few hands full of brick n mortar and online businesses occasionally get purchases with Bitcoin which are immediately exchanged for local fiat. Every piece of info I can find online points to the real lack of a natural economy. That makes the exchange rate a complete manufactured fraud. How many years can it be propped up artificially?

[TheKoolKid]

"Blockstream implementing their SegWit soft fork Trojan Horse"

Lmao this guy is losing it. The blockstream FUDsters know no limits on their nonsense. The trojan horse was the Bitcoin XT, then Bitcoin Classic hard fork attempts, not segregated witness, segwit is actual advance in scaling Bitcoin. Whatever, it's a waste of time dealing with this shit.

True..

[Dark.Angel]

If you are really concerned about chinese bitcoin miners and china's greed in general, you can try to stop using chinese made stuff. But can you? While the big US companies manufacture their stuff mostly in China, what can you do? Nothing.

[RoomBot]

If you are really concerned about chinese bitcoin miners and china's greed in general, you can try to stop using chinese made stuff. But can you? While the big US companies manufacture their stuff mostly in China, what can you do? Nothing.

Easy. 

Avoid (Boycott) Target, WalMart, Sam's Warehouse & KMart stores.  Buy online. 

Get 5% off Amazon items with BTC at purse.io

Buy bulk at 5% discount & sell for profit.

Build a free online biz on Purse.io

[Naughtis]

Bitcoin is not destroyed , and especially because of Chinese mining we cannot say that it is destroyed, if you want to have the same number of mining in your country also then invite all of your countrymen to start mining then you also will have that control and still we will not say that bitcoin is destroyed but it will give more strength to the technology of bitcoin.

That is true, bitcoin is not really destroyed at all just because the majority of miners are Chinese people. Many are thinking that they are manipulating the price of bitcoin. But in reality we are the ones who are controlling the price of bitcoin. If the demand gets high, then the price is going to increase but if its low then it is going to decrease. Bitcoin is not going to be destroyed, it is going to keep on pumping.

When the bitcoin price becomes really high, there will be miners all over the world, especially at lower electricity price places.

[p_linz]

Bitcoin is not destroyed , and especially because of Chinese mining we cannot say that it is destroyed, if you want to have the same number of mining in your country also then invite all of your countrymen to start mining then you also will have that control and still we will not say that bitcoin is destroyed but it will give more strength to the technology of bitcoin.

That is true, bitcoin is not really destroyed at all just because the majority of miners are Chinese people. Many are thinking that they are manipulating the price of bitcoin. But in reality we are the ones who are controlling the price of bitcoin. If the demand gets high, then the price is going to increase but if its low then it is going to decrease. Bitcoin is not going to be destroyed, it is going to keep on pumping.

When the bitcoin price becomes really high, there will be miners all over the world, especially at lower electricity price places.

it is true that a higher price makes it more profitable to mine, but you still need to invest some big amount for the equipment and that is a risk that not many are willing to take.

[Ayers]

Bitcoin is not destroyed , and especially because of Chinese mining we cannot say that it is destroyed, if you want to have the same number of mining in your country also then invite all of your countrymen to start mining then you also will have that control and still we will not say that bitcoin is destroyed but it will give more strength to the technology of bitcoin.

That is true, bitcoin is not really destroyed at all just because the majority of miners are Chinese people. Many are thinking that they are manipulating the price of bitcoin. But in reality we are the ones who are controlling the price of bitcoin. If the demand gets high, then the price is going to increase but if its low then it is going to decrease. Bitcoin is not going to be destroyed, it is going to keep on pumping.

When the bitcoin price becomes really high, there will be miners all over the world, especially at lower electricity price places.

it is true that a higher price makes it more profitable to mine, but you still need to invest some big amount for the equipment and that is a risk that not many are willing to take.

A higher price makes mining more profitable, yes.
The profit is not very high, look up https://www.cryptocompare.com/mining/#/equipment. As you can see, mining Bitcoin isn't worth it, you could mine Ethereum but the difficulty is increasing all the time. The problem with Bitcoin mining is that you can't use ASICs for anything else but mining coins, whlie you can use graphics cards for multiple things. If you want to start mining, I would recommend ETH and not Bitcoin.

then why chinese are making profit? if you have very cheap electricity i think you can do some profit with a nice antminer s9, otherwise altcoin are better yes, because gpu are more decentralized compared to asic

[Piladeer]

One can not simply walk into Mordor and ....

oh wait...

Wrong topic.

[p_linz]

Bitcoin is not destroyed , and especially because of Chinese mining we cannot say that it is destroyed, if you want to have the same number of mining in your country also then invite all of your countrymen to start mining then you also will have that control and still we will not say that bitcoin is destroyed but it will give more strength to the technology of bitcoin.

That is true, bitcoin is not really destroyed at all just because the majority of miners are Chinese people. Many are thinking that they are manipulating the price of bitcoin. But in reality we are the ones who are controlling the price of bitcoin. If the demand gets high, then the price is going to increase but if its low then it is going to decrease. Bitcoin is not going to be destroyed, it is going to keep on pumping.

When the bitcoin price becomes really high, there will be miners all over the world, especially at lower electricity price places.

it is true that a higher price makes it more profitable to mine, but you still need to invest some big amount for the equipment and that is a risk that not many are willing to take.

A higher price makes mining more profitable, yes.
The profit is not very high, look up https://www.cryptocompare.com/mining/#/equipment. As you can see, mining Bitcoin isn't worth it, you could mine Ethereum but the difficulty is increasing all the time. The problem with Bitcoin mining is that you can't use ASICs for anything else but mining coins, whlie you can use graphics cards for multiple things. If you want to start mining, I would recommend ETH and not Bitcoin.

then why chinese are making profit? if you have very cheap electricity i think you can do some profit with a nice antminer s9, otherwise altcoin are better yes, because gpu are more decentralized compared to asic

well their big farms have space and can be noisy, cheap laborer and also electricity are the reasons why chines can make a big profit.

[Osarman]

it can never be destroyed

you are right that bitcoin can never be destroyed because bitcoin is very stronger currency so i do not think that bitcoin go to destroy or dead i still believe in bitcoin.

[calkob]

This seems to be the thread where you just come and talk shit, like seriously there is just so much garbage spewed there that i cant even take it seriously