Bitcoin IS basically DESTROYED

[JerryWinski]

China ~67% of combined hash rate is Fact, not speculation.
51% attack security issue is Fact, not speculation.

China could screw us, is there any potential fixes to this?

How can we compete with their electrical rates? I hear 2c/kwh and some have deals with power providers for an even better cost per kwh. The best rate in Canada is in Quebec and that's 5.7c/kwh up to 30kwh then it goes to 8.6c. I'm not sure about US rates.

Most if not all of the asics are manufactured in China, when bringing that equipment to canada or the us you have to pay taxes, shipping etc.. It too costly to compete with the Chinese farms.

[Gotimour]

I'm excited to be able to buy some more BTC @ below $820

It could have kept getting more expensive.

I sold some at huge profit around $980, but of course I want to stock up on more.

You just gotta take the time to ride the waves.

You made good decision. The price of bitcoin has risen 60% from your buying point.

[Arcteryx]

My question is why the price is not getting past $1156.
It seems to not want to go beyond the ath of $1164 well from the mt. gox high that most don't view as the real ath but still. It is not getting past this critical point to reach and go beyond so to just "move on!" and settle it once and for all.

Edit: $1166 officially now on Bitfinex!
So you were saying?

[Harlot]

I don't think that it will generally die. If China is really controlling Bitcoin than the scenario that will happen is that one country is hoarding the Bitcoins and it will lead into having a lesser supply. A lesser supply will mean a greater demand which will lead to an increase in price. Also the only way that Bitcoin will die is when the demand of it will go down to 0. Which I think is not yet possible.

[megynacuna]

The Bitcoin doomsayers are at it again, how can you conclusively say Bitcoin is basically destroyed because of the introduction of segwit? The gradual global acceptance is rather strengthening Bitcoin 's reputation and demand for it is growing by the day so I don't see where to draw the line about Bitcoin's destruction because it's far from happening if it will ever happen.

[HatZpApA]

The destruction of bitcoin can't happen overnight , for sure.
Actually , there is a certain growth in price at the moment , and it will also be in the future(anyway , let's wait for March and see ETF) , because every project and every human investing in it , is growing its price!

[rizkyhiw]

I don't think that it will generally die. If China is really controlling Bitcoin than the scenario that will happen is that one country is hoarding the Bitcoins and it will lead into having a lesser supply. A lesser supply will mean a greater demand which will lead to an increase in price. Also the only way that Bitcoin will die is when the demand of it will go down to 0. Which I think is not yet possible.

I think the main topic was talking about how the 51% attack
In most people opinion , chinese miner has more than 50% of total current bitcoin available
Which could lead into something like to manipulate everything about bitcoin especially the market
It was big concern actually , but there is no reliable data could stated that more than 50% bitcoin owned by chinese, so there is nothing to worried about.

[dmamigo]

I don't think that it will generally die. If China is really controlling Bitcoin than the scenario that will happen is that one country is hoarding the Bitcoins and it will lead into having a lesser supply. A lesser supply will mean a greater demand which will lead to an increase in price. Also the only way that Bitcoin will die is when the demand of it will go down to 0. Which I think is not yet possible.

I think the main topic was talking about how the 51% attack
In most people opinion , chinese miner has more than 50% of total current bitcoin available
Which could lead into something like to manipulate everything about bitcoin especially the market
It was big concern actually , but there is no reliable data could stated that more than 50% bitcoin owned by chinese, so there is nothing to worried about.

Exactly, nothing to worry. Even if they owned 50%+ BTC, I don't think that could have any possibility of destroying it simply.

[Sled]

I don't think that it will generally die. If China is really controlling Bitcoin than the scenario that will happen is that one country is hoarding the Bitcoins and it will lead into having a lesser supply. A lesser supply will mean a greater demand which will lead to an increase in price. Also the only way that Bitcoin will die is when the demand of it will go down to 0. Which I think is not yet possible.

I think the main topic was talking about how the 51% attack
In most people opinion , chinese miner has more than 50% of total current bitcoin available
Which could lead into something like to manipulate everything about bitcoin especially the market
It was big concern actually , but there is no reliable data could stated that more than 50% bitcoin owned by chinese, so there is nothing to worried about.

Exactly, nothing to worry. Even if they owned 50%+ BTC, I don't think that could have any possibility of destroying it simply.

Yes, there is nothing to worry about because bitcoin will not die even if the miners or most of the chinese got the majority of the supply because they are smart in business or marketing industry and i know that they will not allow this kind of opportunity to just die. If they have 50%+ bitcoin supply then they will use it in a smarter way like manipulating the price of bitcoin and playing the market to gain more money than the others do.

[Gotimour]

The destruction of bitcoin can't happen overnight , for sure.
Actually , there is a certain growth in price at the moment , and it will also be in the future(anyway , let's wait for March and see ETF) , because every project and every human investing in it , is growing its price!

The ETF might not be approved. But it does not matter in the long term.

[Ewinsane]

I don't think that bitcoin will destoyed any soon  As I see from the last weeks I can say that's not like 2013, it's even better I think 2017 will gives us many surprises

you are right that is not destroyed because bitcoin getting more power and bitcoin adoption is also increasing and these is many people who is against of bitcoin and they are just promoting negative and wrong news about bitcoin so do not worry about bitcoin i am sure bitcoin will be survive forever.

[bravehearth0319]

China selfish also here in bitcoin. they have a large mining farm and looks like they owning it now..
Also here in philippines we have found one island in the north of our country its near in our country but they want to get this island too.. and they are planning to start a war..

Your source of information was incorrect, China will not own it if someone didn't sell it. And that someone can be one of the highest officials in your country can do that. Try to imagine many years or decades past China didn't own that island because nobody is trying to sell it. But lets go back to the real topic, I don't think bitcoin will die soon, Because China owns only the highest bitcoin mining farm in the whole word. But they can never control bitcoin itself because of its decentralization.

[doomistake]

The Bitcoin doomsayers are at it again, how can you conclusively say Bitcoin is basically destroyed because of the introduction of segwit? The gradual global acceptance is rather strengthening Bitcoin 's reputation and demand for it is growing by the day so I don't see where to draw the line about Bitcoin's destruction because it's far from happening if it will ever happen.

There are so many people who have already said this thing for over and over again and this is not new to us. I just don't get the point why guys like OP keeps on defaming bitcoin, I am wondering what they are getting out of it, maybe they are those who are earning money to give negative thoughts about anything and who are good on saying untruthful things.

What benefits are you getting if you always defame something? I bet it is all about insecurities about bitcoin because of its popularity and you just want to shut it down for the other Altcoins out there will surpass bitcoins superiority amongst all of the coins here in the cryptocurrency world, just my opinion.

[bitnox]

Bitcoin will be fine for a long time i would say.
China could try some maneuvers to take advantage of controling most of the mining and owning most of the markets? Yes
Could it hurt Bitcoin? Yes.
Could it destroy Bitcoin? Probably not.
Also, If you own most of it, why would you want to hurt it?
I think the point now for cryptocurrencies is much more about how to popularize it for common people and common markets and not only for people that are somehow related to programing or technology.
My best shot would be a strong, anonymous currency that could be mined by people without them having to invest in new techs and super equips every year. I mean decent mining on phones or even when you are doing some stupid exercise in a gym.
This, along with nice GUIs for storing, trading and mining would make people want to use cryptocoins in their local business.
China has absolutely nothing to do with it unless the fact they have 1/6 of earth's population so is pretty ok to expect that there are more chinese people in anything thats international and online than any other nationality in the world.
Bitcoin will die if it cant reach regular peoples houses for some time from now and for this to happen, i dont think the chinese would have much more to do about it then other people from other countries.
Its not about who mines more or trades more, its about if people are using it or not.
Whithout Chinese megafarms  maybe our transactions would take ages to confirm or maybe Bitcoin network would not be able to grow.
The more people trading bitcoin, the more miners we need.
So if theres something that can kill bitcoin imho, its not a nationality, but the inability of the coin to make itself popular and mineable along regular people, not only TI and technology fans.

[vaxo_nba]

The number 98 is way too much. Then where will be decentralization? I consider it more as monopoly.

[bawga]

Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%, and with Blockstream implementing their SegWit soft fork Trojan Horse so as Matonis admits can end up increasing the 21 million coins limit.

The entire ecosystem is headed for a clusterfuck.

I honestly believe this is the truth.  What is there to add ?

~CfA~


UPDATE: https://bitcointalk.org/index.php?topic=1465136.msg14789764#msg14789764

Agree. Interesting what will happen when reach 21M coin. 

[Harlot]

Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%, and with Blockstream implementing their SegWit soft fork Trojan Horse so as Matonis admits can end up increasing the 21 million coins limit.

The entire ecosystem is headed for a clusterfuck.

I honestly believe this is the truth.  What is there to add ?

~CfA~


UPDATE: https://bitcointalk.org/index.php?topic=1465136.msg14789764#msg14789764

Agree. Interesting what will happen when reach 21M coin. 

I don't know why or what are you thinking about Bitcoin having an impending doom with its future. But what I am seeing is that it is still on its growth stage and every now and then a halving will happen therefore making it hard for miners to get more Bitcoin. It is controlling the rewards in which it is also limiting the supply of Bitcoin which is a good way for protecting all the un-mined Bitcoin.

[Toplivecasinos]

Well yes bitcoin is almost destroyed. A lot of bitcoin owners are having problems regarding those miners. One by one their hard earned bitcoin is being stolen.

[RodeoX]

Well yes bitcoin is almost destroyed. A lot of bitcoin owners are having problems regarding those miners. One by one their hard earned bitcoin is being stolen.

So you must be new. 

[dunfida]

Well yes bitcoin is almost destroyed. A lot of bitcoin owners are having problems regarding those miners. One by one their hard earned bitcoin is being stolen.

So you must be new. 

Rank speaks for itself. haha. Dont be surprised since its actually a normal thing for newbies but they should study hard.lol