Bitcoin IS basically DESTROYED

[no0dlepunk]

In my opinion, it does not matter who mines most... if they don't sell, and folks seeks for it then price will go up. That doesn't sound "destroyed" for me.

[1715471623]

1715471623

[kidoseagle0312]

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

Well I honestly believed that this a real false statement where bitcoin is 70% destroyed, you've got to be kidding me. Now is almost 2017 and the price value was almost 1200$, is this the kind that bitcoin is basically destroy. Though the volatility is being happened in the ecosystem in the market but still remained closed at the price of bitcoin not reaching below 1200$.

[cjmoles]

In my opinion, it does not matter who mines most... if they don't sell, and folks seeks for it then price will go up. That doesn't sound "destroyed" for me.

They have to sell to pay their bills....And, as each halving mark is reached, they will have to sell larger percentages of their block rewards to keep up....mining isn't free!  And, as its utility to act as a means of exchange decreases with increased TX fees, its demand will also decrease, right?

[Victorycoin]

china is not controlling bitcoins .they are investing lots of money to get hold of bitcoins ,its the basic they can do and they think that whoever has the most bitcoins will be the most powerful .just  it is thats all..

There is a popular saying that the one who pays the piper determines its tune. It China is allowed to be the one paying the piper, so enough they would be the ones calling the shots what happens to Bitcoin. Can the Chinese be trusted to manage such power with reinventing  "common, universal"?

[stergium]

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

Well I honestly believed that this a real false statement where bitcoin is 70% destroyed, you've got to be kidding me. Now is almost 2017 and the price value was almost 1200$, is this the kind that bitcoin is basically destroy. Though the volatility is being happened in the ecosystem in the market but still remained closed at the price of bitcoin not reaching below 1200$.

yes instead of bitcoin s becoming more and more stronger as time pass. so how can we believe that bitcoin is basically destroyed. i also think that it is false statement.

[whizter]

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

Well I honestly believed that this a real false statement where bitcoin is 70% destroyed, you've got to be kidding me. Now is almost 2017 and the price value was almost 1200$, is this the kind that bitcoin is basically destroy. Though the volatility is being happened in the ecosystem in the market but still remained closed at the price of bitcoin not reaching below 1200$.

yes instead of bitcoin s becoming more and more stronger as time pass. so how can we believe that bitcoin is basically destroyed. i also think that it is false statement.

yes there is no doubt about that fact that bitcoin is the number one currency of the world and hope that in future it will continue bitcoin as number online currency of the world.

[VTCutch]

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

Well I honestly believed that this a real false statement where bitcoin is 70% destroyed, you've got to be kidding me. Now is almost 2017 and the price value was almost 1200$, is this the kind that bitcoin is basically destroy. Though the volatility is being happened in the ecosystem in the market but still remained closed at the price of bitcoin not reaching below 1200$.

yes instead of bitcoin s becoming more and more stronger as time pass. so how can we believe that bitcoin is basically destroyed. i also think that it is false statement.

Despite the fact that we do not want to believe in this statement, we need to be objective. We can all observe from the beginning of the year that bitcoin is growing or falling. With negative news from China - the price goes down. So China still has a strong influence on bitcoin

[GMPoison]

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

Well I honestly believed that this a real false statement where bitcoin is 70% destroyed, you've got to be kidding me. Now is almost 2017 and the price value was almost 1200$, is this the kind that bitcoin is basically destroy. Though the volatility is being happened in the ecosystem in the market but still remained closed at the price of bitcoin not reaching below 1200$.

yes instead of bitcoin s becoming more and more stronger as time pass. so how can we believe that bitcoin is basically destroyed. i also think that it is false statement.

Despite the fact that we do not want to believe in this statement, we need to be objective. We can all observe from the beginning of the year that bitcoin is growing or falling. With negative news from China - the price goes down. So China still has a strong influence on bitcoin

Despite the big downturns recently, we're still at a higher price than the beginning of the month, which is a good sign to me.

[dearbesz1219]

Bitcoin wouldn't be destroy as long as there are people who believes into bitcoin, patronizing it continuously, and giving it a value also. and if the price value is getting drain into zero, but thats not what is happening in the actual moment of time now. Moreover there are other investors are investing into bitcoin maybe its because it is trend nowadays.

[panganib999]

I think nah, bitcoin can't be destroyed... Because bitcoin life is depends at the people when no more people are holding bitcoin then the bitcoin will destroyed. but as long as bitcoin is not yet in that it will not destroyed and that is beyond impossible too.

[Dimelord]

China having more mining farms doesnot mean that bitcoin will be destroyed.It has helped a little bit to chinese gamblers and chinese exchanges to try dump the bitcoin price.But it would not continue anymore since bitcoin holders have increased globally and dragon has nothing to do with bitcoin control.

[chixka000]

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.

Exactly. We jave to remember the bitcoin in the first place is a peer to peer type of technology so a certain group can manuever it yet cannot destroy it. Chinese government is taking actions with regards to chinese fsrmers which is i think a gopd time for common miners to perform better.

[Zenithar]

Bitcoin wouldn't be destroy as long as there are people who believes into bitcoin, patronizing it continuously, and giving it a value also. and if the price value is getting drain into zero, but thats not what is happening in the actual moment of time now. Moreover there are other investors are investing into bitcoin maybe its because it is trend nowadays.

bitcoin is not going to destroy in any case, hope that it will continue as number one currency of the world. and very soon we will able to see bitcoin a regualr currency and will be accepted by all the people of the world.

[peter0425]

How can it be destroyed when their is a lot of bitcoin enthusiast here? It will be destroyed if no one is using it and has 0 price. Although their is a significant price dip in the market because of several parameters, I doubt it can destroyed bitcoin as a cryptocurrency. This is just another bumps along that we need to face all along, but I believe we have get over with it.

[lionheart78]

I think nah, bitcoin can't be destroyed... Because bitcoin life is depends at the people when no more people are holding bitcoin then the bitcoin will destroyed. but as long as bitcoin is not yet in that it will not destroyed and that is beyond impossible too.

Bitcoin can be destroyed after all it is only a code.  But it can be redeemed or recovered or recreated.  Anything that is created by human can be destroyed either by the same group that build and develop it or the jealous people not wanting Bitcoin to grow.  Either way I am sure that developer will always take care of Bitcoin and make sure that it is in good condition.

[dirokkl]

I think nah, bitcoin can't be destroyed... Because bitcoin life is depends at the people when no more people are holding bitcoin then the bitcoin will destroyed. but as long as bitcoin is not yet in that it will not destroyed and that is beyond impossible too.

Bitcoin can be destroyed after all it is only a code.  But it can be redeemed or recovered or recreated.  Anything that is created by human can be destroyed either by the same group that build and develop it or the jealous people not wanting Bitcoin to grow.  Either way I am sure that developer will always take care of Bitcoin and make sure that it is in good condition.

Yes, I agree - you can destroy everything. But to destroy bitcoin makes no sense, since many will suffer losses.
Even China has no strong power over bitcoin and will not be able to destroy this unique system

[pinkpanther03]

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~

These Chinese people really wants to conquer all things that includes money.
They are really greedy, anywhere that there is money they come into it.

I agreed, Majority of the Chinese people are boastful and greedy just for the sake of money they will do everything to get it. I remembered I watched the news before that was a years ago. There is an island that near to their place they own the island without the notice permit of that country which is Philippine and the island they owned was Scarborough Seoul and I don't know what's happens next.

[pinkpanther03]

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.

Bitcoin will never be destroy ever, because of decentralization. It's not because they owned the biggest average percentage of mining network it doesn't mean they are able to control bitcoin, of course not! and besides China is the only country owning the mining network in the whole world. Bitcoin will be destroy only if decentralization will be gone into the features of bitcoin. That's only in my point of view

[szpalata]

I doubt if just the fall in prices(dump) does automatically indicates that Bitcoin is destroyed. Doomsayers are always preemptive and are always proven wrong at the end of the day. Bitcoin dumps rather strengthens it and show its tenacity to withstand market pressure and negativism and so I don't see where the OP and some contributors are coming from? Bitcoin will never get destroyed  because it's getting global  acceptance and it's usage is extending to new jurisdictions by the day.

[iamnotback]

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~

Hey I think I'm related to the guy you quoted.

What you probably don't know already is that a good chunk of the recent hashpower coming online is actually a taxpayer funded adventure. A good chunk of the recent hashpower is split roughly evenly between the Chinese and the US government. There might be a third player in there but I can't discern. I can't tell which of the two is actually ahead, it seems to oscillate on a three week period. But in either case, the race is on : the governments are mining, boys and girls.