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Author Topic: Bitcoin IS basically DESTROYED  (Read 47082 times)
Naughtis
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October 18, 2016, 08:10:17 AM
 #561

That could be the case, but right now a bitcoin is still worth $600. I will still invest in it but we all know that it is a risky investment and shouldn't put all of out money into it.
Investing in bitcoin is not riskier if you don't invest in cloud mining ponzi or other ponzi lending platforms. Being active trader, buying and selling bitcoins on every price swing will always be profitable even when price will get dumped.

That is very good advice. Those Ponzi lending site should be banned by the internet or the world authorities.

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October 18, 2016, 08:25:52 AM
 #562

Why are people talking about "China" as if all Chinese miners live in a flatshare or something? No matter where the miner is from, it is in his interest to keep the bitcoin price stable/high. Miners investing large quantities of money and time into bitcoin-based operations strengthens the ecosystem, not weaken it.
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October 18, 2016, 08:29:59 AM
 #563

That could be the case, but right now a bitcoin is still worth $600. I will still invest in it but we all know that it is a risky investment and shouldn't put all of out money into it.
Investing in bitcoin is not riskier if you don't invest in cloud mining ponzi or other ponzi lending platforms. Being active trader, buying and selling bitcoins on every price swing will always be profitable even when price will get dumped.

Though the risk of bitcoin is that the price drops when it grows for sometime but that wont make someone lose anything if he is a bitcoin trader or something like that, obviously as you said investing in a place which does not guarantee you that you will get your money back or any profits then that is not the fault of bitcoin but it is yours.
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October 25, 2016, 06:01:34 PM
 #564

That could be the case, but right now a bitcoin is still worth $600. I will still invest in it but we all know that it is a risky investment and shouldn't put all of out money into it.
Investing in bitcoin is not riskier if you don't invest in cloud mining ponzi or other ponzi lending platforms. Being active trader, buying and selling bitcoins on every price swing will always be profitable even when price will get dumped.

Though the risk of bitcoin is that the price drops when it grows for sometime but that wont make someone lose anything if he is a bitcoin trader or something like that, obviously as you said investing in a place which does not guarantee you that you will get your money back or any profits then that is not the fault of bitcoin but it is yours.

That is absolutely right. There will be some price drop of the bitcoin. But in the long term, it will rise.

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October 25, 2016, 06:16:16 PM
 #565

Why are people talking about "China" as if all Chinese miners live in a flatshare or something? No matter where the miner is from, it is in his interest to keep the bitcoin price stable/high. Miners investing large quantities of money and time into bitcoin-based operations strengthens the ecosystem, not weaken it.
Actually many believes chinese are behind every new pumps bitcoin is seeing right now and as due to devaluation of their currency many speculate chinese are divesting their investment/holding to bitcoin so that they can exchange it for usd easily when needed with nice profit which they can't get holding their own currency. Buy and trading volumes also always remain high in chinese exchangers.
Bitcoinsummoner
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October 25, 2016, 06:17:22 PM
 #566

That could be the case, but right now a bitcoin is still worth $600. I will still invest in it but we all know that it is a risky investment and shouldn't put all of out money into it.
Investing in bitcoin is not riskier if you don't invest in cloud mining ponzi or other ponzi lending platforms. Being active trader, buying and selling bitcoins on every price swing will always be profitable even when price will get dumped.

Though the risk of bitcoin is that the price drops when it grows for sometime but that wont make someone lose anything if he is a bitcoin trader or something like that, obviously as you said investing in a place which does not guarantee you that you will get your money back or any profits then that is not the fault of bitcoin but it is yours.

That is absolutely right. There will be some price drop of the bitcoin. But in the long term, it will rise.
There is not drop will happen in bitcoin because bitcoin is growing daily and more price increase will happen in the future ..or this following months..
So instead of worrying better to trust bitcoin and it will increase more soon..

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October 25, 2016, 06:18:49 PM
 #567

Even if I think that there's a chance miners might ultimately destroy bitcoin, the fact they are now mostly from China is irrelevant. Greed doesn't have a nationality.
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October 25, 2016, 09:02:59 PM
 #568

Even if I think that there's a chance miners might ultimately destroy bitcoin, the fact they are now mostly from China is irrelevant. Greed doesn't have a nationality.

Said it before, I'll say it again. The fact that majority of hashing power is located in China, means that the government of China can take control over it with very little effort and in very short time.

I don't see this happening anytime soon, but if Bitcoin is still meant to be government/censorship resistant, then this is an issue.

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error08
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October 25, 2016, 09:31:58 PM
 #569

Why are people talking about "China" as if all Chinese miners live in a flatshare or something? No matter where the miner is from, it is in his interest to keep the bitcoin price stable/high. Miners investing large quantities of money and time into bitcoin-based operations strengthens the ecosystem, not weaken it.
Actually many believes chinese are behind every new pumps bitcoin is seeing right now and as due to devaluation of their currency many speculate chinese are divesting their investment/holding to bitcoin so that they can exchange it for usd easily when needed with nice profit which they can't get holding their own currency. Buy and trading volumes also always remain high in chinese exchangers.
Bitcoin still decentralized as it is, even if 90% transaction in Cny it doesn't matter as long bitcoin price keep pumps.
I think it's a right of every person to mine and trade bitcoin wherever they are, it just matter of strategy.
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October 25, 2016, 11:45:00 PM
 #570

Just because they the ones mining ot doesnt mean they the ones who will be bolding it.
There already exists many bitcoins and that is all that is needed. You can already just buy them instead of mining so I dont see the issue here. 
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October 26, 2016, 03:50:09 AM
 #571

The miners are only a part of the bitcoin network.  Yes, there is a large concentration of mining in China but most of the bitcoin users are distributed around the world diversely.  We all have a say....if we don't like the direction the platform is heading, all we have to do is relocate our holdings into an alternative platform which will motivate the miners to pay attention to the concerns of the rest of the community.
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October 26, 2016, 04:13:33 AM
 #572

Even if I think that there's a chance miners might ultimately destroy bitcoin, the fact they are now mostly from China is irrelevant. Greed doesn't have a nationality.

Why would miners destroy bitcoin, they make money in that way, and I don't understand why would they cut the tree where they are sitting. There is no logic in that.
Greed doesn't have nationality, but not all the greedy people have suicidal thoughts. They will not destroy something that brings bread in the house.
Miners from China, for me are samw lkke miners from U.S. Both are different natiom and both are thousand miles from me.

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October 26, 2016, 06:27:42 AM
 #573

The mainland Chinese are able to product cheap parts for miners with cheap labour and they have almost free electricity in some parts of China. With the right connections and the right amount of money, nothing seems impossible in mainland China.
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October 26, 2016, 07:49:57 AM
 #574

The mainland Chinese are able to product cheap parts for miners with cheap labour and they have almost free electricity in some parts of China. With the right connections and the right amount of money, nothing seems impossible in mainland China.
China got the biggest mining rigs for the business and they are operating profitably, and that is good to know that there are big miners that will continue to support bitcoin so we will live longer and we will not be destroyed.. By the way, the price now is great so bitcoin is basically not DESTROYED.

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October 26, 2016, 08:44:58 AM
 #575

Even if I think that there's a chance miners might ultimately destroy bitcoin, the fact they are now mostly from China is irrelevant. Greed doesn't have a nationality.

Why would miners destroy bitcoin, they make money in that way, and I don't understand why would they cut the tree where they are sitting. There is no logic in that.
Greed doesn't have nationality, but not all the greedy people have suicidal thoughts. They will not destroy something that brings bread in the house.
Miners from China, for me are samw lkke miners from U.S. Both are different natiom and both are thousand miles from me.

Are you sure they make money that way given electricity costs and hardware investments?

https://blockchain.info/charts/miners-revenue?timespan=all

The temptation is big to try to squeeze the bitcoiners for more transaction fees.
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October 26, 2016, 08:50:32 AM
 #576

Even if I think that there's a chance miners might ultimately destroy bitcoin, the fact they are now mostly from China is irrelevant. Greed doesn't have a nationality.

Said it before, I'll say it again. The fact that majority of hashing power is located in China, means that the government of China can take control over it with very little effort and in very short time.

I don't see this happening anytime soon, but if Bitcoin is still meant to be government/censorship resistant, then this is an issue.

Yes I agree but the problem is more with mining centralisation than China. If the majority of the hashing power was located in South Africa, Australia or Argentina, the problem would be the same.
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October 26, 2016, 09:13:53 AM
 #577

Destroyed? I think no because of the following reasons. Even if Chinese owns many of the bitcoin mining farms and stuff, it will not kill bitcoin since they invested a lot of money here, so why would they want to see bitcoin's price dumping if it will be their loss? Of course they will support it too since they have a very very big investment with bitcoin and they will not let it die easily.
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October 26, 2016, 09:16:12 AM
Last edit: July 20, 2017, 10:34:02 PM by Shady
 #578

China owning ~70% of this market creates a bubble in which only one country controls the marketplace for such amount. As long as these miners sell on exchanges or in public venue there shouldn't be too much error with what to do about diversification. No matter the criteria, the truth behind destruction is not relevant as at least every currency stake has a dominant member.

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October 26, 2016, 11:07:43 PM
 #579


Now, miners are selling coins.. it is normal. Everything will change when minning will finish. Free market will make his job! In other words, supply (that now is quite big) will be zero, but demand will be growing!

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October 27, 2016, 03:44:42 AM
 #580


Now, miners are selling coins.. it is normal. Everything will change when minning will finish. Free market will make his job! In other words, supply (that now is quite big) will be zero, but demand will be growing!
By that time Chinese will be as rich as hell then, they have the biggest mining business now so they will be controlling us in the future.. Me, it does not really makes me worried since as long as the price will increase I make money. Good thing I am here in the early stage because I was able to experience and take a good opportunity to buy coins as much as I can.

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