Bitcoin IS basically DESTROYED

[digaran2]

The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.

[barrysty1e]

The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.

Literally has nothing to do with electricity.
All the chips/pcb's are manufactured there, so they take advantage of this fact and keep it all 'in house'.

Additionally, since the pipe to the outside world is limited by the GFC (Great Firewall of China), all of the pools run dead-miners on each others stratum servers; selfish mining on each others headers, ignoring transactions etc.

I've personally watched F2Pool find three blocks in a row, without announcing the found blocks to the world (at the time this was 75BTC worth) - and lose all three because another pool chose to announce a found block in a legitimate matter. I might add two of the blocks contained no transactions - literally $30,000 USD straight into the pockets of the pool owner.

This happened during the peak of the 'blocksize debate'.. while people were bitching about blocksizes, the pool owners were sitting pretty.

[Yakamoto]

The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.

The miners aren't all in China because of the electricity costs, but it definitely is a factor that helps them to have a larger miner population.

Competition, on the other hand, is a hard thing to do without any sort of native ASIC manufacturer in the west (or wherever) and it is even harder to give miners a reason to keep running without cheap electricity rates.

[tabas]

The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.

The miners aren't all in China because of the electricity costs, but it definitely is a factor that helps them to have a larger miner population.

Competition, on the other hand, is a hard thing to do without any sort of native ASIC manufacturer in the west (or wherever) and it is even harder to give miners a reason to keep running without cheap electricity rates.

Majority of the miners are from China that is why many are migrating to China because of their cheap electricity but I don't think they are going to be able to destroy the bitcoin network because of their majority miners are CHinese. It is just going to be destroyed if no one is already using it or probably big group is able to make an adoption to other coin.

[mirakal]

The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.

The miners aren't all in China because of the electricity costs, but it definitely is a factor that helps them to have a larger miner population.

Competition, on the other hand, is a hard thing to do without any sort of native ASIC manufacturer in the west (or wherever) and it is even harder to give miners a reason to keep running without cheap electricity rates.

Majority of the miners are from China that is why many are migrating to China because of their cheap electricity but I don't think they are going to be able to destroy the bitcoin network because of their majority miners are CHinese. It is just going to be destroyed if no one is already using it or probably big group is able to make an adoption to other coin.

Why would they destroyed if they are getting the best benefits in bitcoin, we will see in the future that bitcoin will progress and also china's population could help if ever bitcoin will be popular in the are because they have a great number of population.

[fatima zuhra]

this is just a wrong statement and bitcoin is not going to destroy, bitcoin is going to become more and more stronger and powerful as more people are entering in the world bitcoin and they are investing their money here in bitcoin, hope that a time will come when bitcoin will become on the world most popular currency of the world and all the people of the world will be using bitcoin instead of their fiat currency.

[RoomBot]

Ridiculous!  Why would China "destroy" their Golden Goose??

The Proof is in the Maths.  BTC is Forever.

[Naughtis]

Ridiculous!  Why would China "destroy" their Golden Goose??

The Proof is in the Maths.  BTC is Forever.

I think the Chinese will try their best to protect the bitcoin. They can make a lot of money from the mining.

[bitcointank]

The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.

That's why some ppl hate Chinese very much. They only think about themselves and money. bitcoin will killed by those greedy miners

[RoomBot]

The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.

That's why some ppl hate Chinese very much. They only think about themselves and money. bitcoin will killed by those greedy miners

Wow, strong language. Sounds like the issue is yours.

Greedy?

They have invested more into the network than any other group.  

They also BUY more BTC than any other group, hands down, keeping the price high.  View world BTC buys here, in real time: www.fiatleak.com

We should thank them.

[jak3]

maybe chaina is contolling a huge percent on the mitcoin mining but bitcoin is designed so it can adjust itself on every situations amd i am also curious that what will happen when all the 21million bitcoins will be mined completly will these coins really will be moved to mempool or something else

[Shiroslullaby]

No one mining Bitcoin would want the price to decrease.
It would make your investment in hardware lose value.

But I do agree that we need a bit more de-centralization.
It's never good in any economic situation to have one group holding a large amount of the currency,
unless you happen to be a member of that group.

[CroSany]

I can not believe it happened, and I hope it will not happen. bitcoin is something important today, than to be destroyed is better developed into something better. I feel there is more that can bitcoin do with things that are positive, so much I do not believe it

[RoomBot]

I can not believe it happened, and I hope it will not happen. bitcoin is something important today, than to be destroyed is better developed into something better. I feel there is more that can bitcoin do with things that are positive, so much I do not believe it

This is a FUD Thread.

[Bitcoinbro]

I can not believe it happened, and I hope it will not happen. bitcoin is something important today, than to be destroyed is better developed into something better. I feel there is more that can bitcoin do with things that are positive, so much I do not believe it

Like Roombot says, it's fud, solely intended to scare users which is a thing that is happening here on bitcointalk more and more.
The only thing you should do is to ignore the thread and this op. Because bitcoin is nowhere near being destroyed.

[RoomBot]

FUD:  https://en.wikipedia.org/wiki/Fear,_uncertainty_and_doubt

[Indrawan77]

The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.

That's why some ppl hate Chinese very much. They only think about themselves and money. bitcoin will killed by those greedy miners

Wow, strong language. Sounds like the issue is yours.

Greedy?

They have invested more into the network than any other group.  

They also BUY more BTC than any other group, hands down, keeping the price high.  View world BTC buys here, in real time: www.fiatleak.com

We should thank them.

It cant be categorized as greedy, every user in this world has the right to earn bitcoin, how they want to earn as long as it's legal,  it's acceptable, if no body doing mining then bitcoin will have problem with the transaction, so actually we need them to mine bitcoin

[Gotimour]

I can not believe it happened, and I hope it will not happen. bitcoin is something important today, than to be destroyed is better developed into something better. I feel there is more that can bitcoin do with things that are positive, so much I do not believe it

This is a FUD Thread.

After some discussion, we find it is fud. So people will see through it and find that the bitcoin has more potential.

[Bitcoinsummoner]

I can not believe it happened, and I hope it will not happen. bitcoin is something important today, than to be destroyed is better developed into something better. I feel there is more that can bitcoin do with things that are positive, so much I do not believe it

Like Roombot says, it's fud, solely intended to scare users which is a thing that is happening here on bitcointalk more and more.
The only thing you should do is to ignore the thread and this op. Because bitcoin is nowhere near being destroyed.

Its more likely to ignore than believing it bitcoin right now is starting to grow and more people are discover bitcoin and i think more investors will come.. here in my country they are developing bitcoins and they are adding a lots of features that i think that bitcoin will stay long before i die..

[DooMAD]

I can not believe it happened, and I hope it will not happen. bitcoin is something important today, than to be destroyed is better developed into something better. I feel there is more that can bitcoin do with things that are positive, so much I do not believe it

This is a FUD Thread.

After some discussion, we find it is fud. So people will see through it and find that the bitcoin has more potential.

People noticed it was FUD by the end of the first few pages, so if people could stop bumping the FUD and let it fade into obscurity where it belongs, that would be great.

Doesn't quite fit on the usual 'That would be great' meme pic, sadly.