Bitcoin IS basically DESTROYED

[mirakal]

Exactly, mining will be eventualy stopped when the final quantity of Bitcoins will be reached. But by that time the number of Bitcoin users will be very much increased so the demand for the coins will be huge. That will also affect the price which will also be significantly increased.
So, no, Bitcoin is not destroyed.

But that will happen too far from now, but yes that is going to be the result when there's no more halving that will happen. But that is not going to make the bitcoins destroyed as you said, this is going to be the better thing for us as the bitcoin will be no more supply in the chain and lucky people who will have it eventually.

That simply boils down to one thing.. INVEST!!!!!!!!

Never wait for the time that bitcoin will be expensive and your earning potential will be lowered. Now is the only time to buy bitcoin so we should not hesitate on that,, I am right all the while that this halving has brought good success like what happen to bitcoin now..

[Tyrantt]

If I understand this correctly, txes will only be confirmed once a miner mines a block(assuming nothing happens other then the reward being given) right? How will we be able to transfer bitcoins if all the blocks are mined? There are about 21 million bitcoins in the world that will exist.

Yes, Well we'll be transferring just as now, I don't understand what you really meant.

[Wapinter]

Why would the fact that China is basically controlling mining do anything to Bitcoin?

Absolutely right.No matter who controls the mining,the real power lies in the hand of bitcoin users.If people stop using bitcoin,all miners will go bankrupt because of huge investment they have in mining.It is a false fear that because most miners are located in China,bitcoin will die

[satmas]

If I understand this correctly, txes will only be confirmed once a miner mines a block(assuming nothing happens other then the reward being given) right? How will we be able to transfer bitcoins if all the blocks are mined? There are about 21 million bitcoins in the world that will exist.

Yes, Well we'll be transferring just as now, I don't understand what you really meant.

I'm asking what would happen if all the blocks were mined(which may happen after 21 million bitcoins have been mined because the blocks would run out of rewards.) since we rely on the mining of blocks to confirm a transaction.

[keyscore44]

Why would the fact that China is basically controlling mining do anything to Bitcoin?

Absolutely right.No matter who controls the mining,the real power lies in the hand of bitcoin users.If people stop using bitcoin,all miners will go bankrupt because of huge investment they have in mining.It is a false fear that because most miners are located in China,bitcoin will die

Of course, I agree with you, the Internet has no borders. Technology Blockchain does not matter what part of the world's computing power. The threat arises only when 51% of the computing power is in the hands of one pool. And at this point collecting such big power is impossible.

[bitcoinisbest]

Well one question will would have to think is that China holds majority of the coins, so is Satoshi a Chinese - Possibility isn't it/

Another thin in China there were be millions people holding the coins and just 5-10 players controlling the majority of the share so it should not be a worry some factor.

Or else do anyone know the share of the organization or individual in China who holds how much %

[stomachgrowls]

If I understand this correctly, txes will only be confirmed once a miner mines a block(assuming nothing happens other then the reward being given) right? How will we be able to transfer bitcoins if all the blocks are mined? There are about 21 million bitcoins in the world that will exist.

Yes, Well we'll be transferring just as now, I don't understand what you really meant.

I'm asking what would happen if all the blocks were mined(which may happen after 21 million bitcoins have been mined because the blocks would run out of rewards.) since we rely on the mining of blocks to confirm a transaction.

Regarding on your question bitcoin will not be destroyed and all the blocks were mined then that will make bitcoin stronger and will make it higher value in the market. Because the lesser supply of bitcoin in the market then it will make the demand higher and people who are hoarding will get profit for this since the demand is high, value will increase.

It would surely increase  because  of  the  law of supply and demand. If  the demand is high  over than to its  supply  for sure  bitcoins value  would  be high   and  should be expected.  Bitcoin would  be  mined completely   but  it would  took  many years as of now.

[Naughtis]

If I understand this correctly, txes will only be confirmed once a miner mines a block(assuming nothing happens other then the reward being given) right? How will we be able to transfer bitcoins if all the blocks are mined? There are about 21 million bitcoins in the world that will exist.

Yes, Well we'll be transferring just as now, I don't understand what you really meant.

I'm asking what would happen if all the blocks were mined(which may happen after 21 million bitcoins have been mined because the blocks would run out of rewards.) since we rely on the mining of blocks to confirm a transaction.

Regarding on your question bitcoin will not be destroyed and all the blocks were mined then that will make bitcoin stronger and will make it higher value in the market. Because the lesser supply of bitcoin in the market then it will make the demand higher and people who are hoarding will get profit for this since the demand is high, value will increase.

It would surely increase  because  of  the  law of supply and demand. If  the demand is high  over than to its  supply  for sure  bitcoins value  would  be high   and  should be expected.  Bitcoin would  be  mined completely   but  it would  took  many years as of now.

The demand for the bitcoin is rising for the last few years. You can see there are more transaction daily.

[requester]

No bitcoin is not destroyed. let China rule the network but when government will impose ban on it they all will have to give up and then we will have bitcoin in our control. let's motivate Chinese government to ban bitcoin. then see the magic

[jekjekman]

Because China has a business minded people, when bitcoin mining is just starting up they invest to build miners compare to others and they continue doing that so no doubt china will take the large pie of the 21 million pie.

[error08]

To say that bitcoin is destroyed because a certain country controls the majority of the hashrate is an overstatement. There are several people outside of China that are mining in Chinese pools out of convenience, fact of the matter is that Chinese pools are very competitive and run by companies whereas most pools outside of China are smaller operations.

But that doesn't really make that big of a difference, Chinese miners aren't necessarily bad intentioned just because of their location, the fact that bitcoin is receiving so much adoption in a jurisdiction with so much censorship is rather positive.

Agree, bitcoin is just fine even miners are 80% location in China because they developed more and reliable nodes to mining process. it doesn't matter for us, bitcoin remain decentralized (it's peer to peer system) and the price keep increasing.

[Techie5879]

Nope, it isn't destroyed, mining will stop after 21 million is reached, but the price will increase until then and become massive and after that too, the circulation will continue even though production will be stopped.

[kiklo]

Bitcoin IS basically DESTROYED

Answer:  YES it is!

The People that are clueless on how the technology works, don't see a problem.  

The People that do understand the technology , know it is serious problem.

1.  It allows the Chinese to Double Spend, meaning they can counterfeit BTC tokens and the merchant can be ripped off.

2.  Over 51% control allows them to Accept or Deny any transaction

3.  They are also able to control what updates to the BTC Code are accepted by just not updating, they can block any changes, like how they blocked the block size increase to 20 MB, which BTC really needed to avoid the transaction overload problem that is slowing coin transfers.


 

FYI:
Maybe the BTC name should just be Changed to ChinaPal  
Althrought my favorite is Bitanic.

[n0ne]

Nope, it isn't destroyed, mining will stop after 21 million is reached, but the price will increase until then and become massive and after that too, the circulation will continue even though production will be stopped.

As described the mining of coins might gets stopped after reaching 21million, but the generated coins will continue to be transacted. And based upon the achieved adoption the developer team might do further changes in source coding.

[NUFCrichard]

One person or collaboration needs to have 51% to double spend, and as you know that would destroy Bitcoin so it wouldn't be in their interest anyway.
China is not a person or a collaboration, it is a country of 1.4billion people!  

[kiklo]

One person or collaboration needs to have 51% to double spend, and as you know that would destroy Bitcoin so it wouldn't be in their interest anyway.
China is not a person or a collaboration, it is a country of 1.4billion people!  

Satoshi Warned of even Governments having 51% being the Greatest Threat to BTC.

Gigahash was a company , not 1 person and the entire community freaked out.
http://heavy.com/tech/2014/01/ghash-io-51-percent-attack-bitcoin/

There are 195 countries in the world today.
And I have seen over 70% BTC mining during the last year being controlled by 1 country China.

Ignore at your own folly , the warnings of Satoshi the inventor of BTC.

 

FYI:
Reference: In his Bitcoin paper, Satoshi identified several issues, with the 51% attack being the greatest.
http://www.btcpedia.com/bitcoin-51-attack/

So what is the 51% attack? To understand that you have to understand how Bitcoin works. Essentially Bitcoin is a collection of nodes performing “virtual work”, the more work you do the higher your rating on the network. So what happens when malicious users get together and manage to do more “virtual work” than the “good people” ? Well that is the 51% attack, and it basically means you can wake up tomorrow with zero Bitcoins in your wallet. It means any business that accepts Bitcoins can get robbed and have all their goods taken with fake Bitcoins. It also means if they wanted, governments, large corporations or hackers can “shut down the network” by refusing to accept any new transactions. Complete network shutdown. Can’t do anything with your Bitcoins, neither can anyone else.

FYI2:
51% is 51% , because at the end of the Day ,
1 Guy Controls BTC Say Hello to your Daddy, BTC advocates  

[StarofBTC]

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.

I do not even think that china's domination of the bitcoin mining market is a complete domination of bitcoin because most people cannot afford to spend a lot and spending so much time in mining but they can afford to buy the coins after they get mined. As long as Chinese mines and people buy the coins from there, so no complete domination is possible regard to that.

[jekjekman]

If it's basically destroyed then why bother?, do China intend to monopolize bitcoin?, maybe yes or maybe no but the biggest issue here is, it's not destroyed and it's not even broken. As long as someone uses bitcoin and circulating the world or virtual world it's still alive and well, not basically destroyed.

[kiklo]

16 hours does not seem very usable to me  

https://bitcointalk.org/index.php?topic=1689151.0

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

 

FYI:
38605 Unconfirmed Transactions as of this post , it is getting worse.

[groll]

If it's basically destroyed then why bother?, do China intend to monopolize bitcoin?, maybe yes or maybe no but the biggest issue here is, it's not destroyed and it's not even broken. As long as someone uses bitcoin and circulating the world or virtual world it's still alive and well, not basically destroyed.

You're so true. Many people are using bitcoin and many are still joining the community. No one controls bitcoin and no one destroys it. Bitcoin is not destroyed for a lot of people benefits from it and many people  will not allow that bitcoin will be destroyed because they already have large investments on bitcoin that has to be protected. If bitcoin users will just ignore the destruction of bitcoin, a lot of money will be wasted and for sure no one wants that his investment for a long period of time will just go to nothing.