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ironm@n
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July 28, 2016, 05:24:01 AM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
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Even in the event that an attacker gains more than 50% of the network's
computational power, only transactions sent by the attacker could be
reversed or double-spent. The network would not be destroyed.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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groll
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July 28, 2016, 06:46:19 AM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
Even if the mining rigs were found in the country of China it doesn't mean that bitcoin is not decentralized. Even if they have large deposits they will have no choice but to sell them otherwise their economy will not boost. So it does not matter if they will store their bitcoins and will not sell them. If that will be the case the price will just climb up and it will be beneficial to us. |
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Jmild1
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July 28, 2016, 10:05:13 AM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income. |
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Ruhtilg
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August 01, 2016, 06:49:08 AM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income. When the market cap of the bitcoin is over 10 trillion dollars, it will be more difficult to manipulate the price. |
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1Referee
Legendary
 Offline
Activity: 2170
Merit: 1427
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August 01, 2016, 07:23:01 AM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income. When the market cap of the bitcoin is over 10 trillion dollars, it will be more difficult to manipulate the price. The market cap doesn't really matter in regards to being more or less manipulated. Whales constantly evolve throughout the years, and thus their stash as well. They will keep manipulating the price like they always do. |
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JeffBrad12
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August 01, 2016, 08:24:56 AM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income. When the market cap of the bitcoin is over 10 trillion dollars, it will be more difficult to manipulate the price. Lol, the market cap it's not giving effect the manipulator to manipulation the price because the main factor for the manipulator maybe there have a lot of volume in their coin balance. or the founder of big exchange site like huobi, maybe. it's just my opinions. |
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Bitcoinsummoner
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August 01, 2016, 09:07:52 AM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income. When the market cap of the bitcoin is over 10 trillion dollars, it will be more difficult to manipulate the price. Lol, the market cap it's not giving effect the manipulator to manipulation the price because the main factor for the manipulator maybe there have a lot of volume in their coin balance. or the founder of big exchange site like huobi, maybe. it's just my opinions. The price of bitcoin is always depends in demand and supply if china sell there all bitcoin it can effect the price of bitcoin i think instead of increase the price of bitcoin the price will decrease a lot.. but i think many traders are waiting for a cheap price of bitcoin so it will still going back to increase and the price morement rigt now should be fast because of half block reward.. So china can be still control the price of bitcoin anytime. |
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BitcoinHodler
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August 01, 2016, 01:04:21 PM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income. When the market cap of the bitcoin is over 10 trillion dollars, it will be more difficult to manipulate the price. Lol, the market cap it's not giving effect the manipulator to manipulation the price because the main factor for the manipulator maybe there have a lot of volume in their coin balance. or the founder of big exchange site like huobi, maybe. it's just my opinions. The price of bitcoin is always depends in demand and supply if china sell there all bitcoin it can effect the price of bitcoin i think instead of increase the price of bitcoin the price will decrease a lot.. but i think many traders are waiting for a cheap price of bitcoin so it will still going back to increase and the price morement rigt now should be fast because of half block reward.. So china can be still control the price of bitcoin anytime. there are many whales in different parts of the world who have been gathering a lot of bitcoin over the years, so it is not just Chinese who have a large sum of bitcoin and can dump their coins can drive the price down. but there is no logic behind that because it is their investment! |
Holding Bitcoin More Every Day
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lister storm
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August 01, 2016, 01:12:29 PM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income. When the market cap of the bitcoin is over 10 trillion dollars, it will be more difficult to manipulate the price. even right now it is really hard to manipulate the price of bitcoin, in the future it will be even harder, i think that it is impossible that china is controlling bitcoin right now |
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StoreBit
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August 01, 2016, 10:39:34 PM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income. When the market cap of the bitcoin is over 10 trillion dollars, it will be more difficult to manipulate the price. yes that is fact but i can still hope that no a country can control bitcoin because bitcoin is not a regional currency and it not the property of a state or a single person, therefore it is not possible that a state can control bitcoin. according to some people bitcoin is under the control of satoshi from japan but because he create it, but to me he is only it inventor of bitcoin and not the owner, now bitcoin is not in his control and he can only control the amount bitcoin he has, |
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richardsNY
Legendary
Offline
Activity: 1232
Merit: 1091
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August 01, 2016, 11:48:27 PM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income. When the market cap of the bitcoin is over 10 trillion dollars, it will be more difficult to manipulate the price. yes that is fact but i can still hope that no a country can control bitcoin because bitcoin is not a regional currency and it not the property of a state or a single person, therefore it is not possible that a state can control bitcoin. according to some people bitcoin is under the control of satoshi from japan but because he create it, but to me he is only it inventor of bitcoin and not the owner, now bitcoin is not in his control and he can only control the amount bitcoin he has, Maybe at the very beginning when Satoshi was still active with developing the client that he had some sort of control, but not in the way that he could rule everything with iron fist. At this point Satoshi is nothing more than us when it comes to being a Bitcoiner. Of course, he is still holding a massive amount of coins, but that doesn't change much anymore. One movement of his old stash, and the entire community knows it. |
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ezehy2014
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August 02, 2016, 12:03:34 AM |
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People here have claimed that Bitcoin is in fact controlled and ruled by China, as mining is centralized by Chinese mining institutions.
Do you think that China is controlling/ruling bitcoin yes or no?
Well am hearing this for the first time, I don't know if China is controlling bitcoin or not and I don't think it really matters if it is controlled by China, all I know is that bitcoin is very needful in this season |
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JeffBrad12
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August 02, 2016, 12:05:23 AM |
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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.
As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income. When the market cap of the bitcoin is over 10 trillion dollars, it will be more difficult to manipulate the price. i think that it is impossible that china is controlling bitcoin right now Maybe it impossible for china to controlling bitcoin but looking at some information about the domination of china miners in bitcoin can giving a large of impact for bitcoin and I can call it can controlling bitcoin from the role. |
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Romanko
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August 02, 2016, 06:20:48 AM |
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Guys who dumped 3-5 thousands of btc's now to drop the USD/BTC course, are now buying 8-10 thousands of BTC's for low price))
I think it moving from China...
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owm123
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August 02, 2016, 07:19:48 AM |
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yes
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Tecmand
Newbie
Offline
Activity: 18
Merit: 0
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August 02, 2016, 10:10:31 AM |
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Guys who dumped 3-5 thousands of btc's now to drop the USD/BTC course, are now buying 8-10 thousands of BTC's for low price))
I think it moving from China...
That could be right. But it seems the Chinese is also going to control the Ethereum. There are huge Ethereum buying now. |
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Romanko
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August 02, 2016, 10:21:29 AM |
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Guys who dumped 3-5 thousands of btc's now to drop the USD/BTC course, are now buying 8-10 thousands of BTC's for low price))
I think it moving from China...
That could be right. But it seems the Chinese is also going to control the Ethereum. There are huge Ethereum buying now. China is buying everything)) |
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jak3
Legendary
Offline
Activity: 1274
Merit: 1004
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August 02, 2016, 10:35:32 AM |
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not exactly. everyone is free to mine but with chaina as a most mining country they have made it two faced.chaina hates bitcoin but still theyare mining it and that also in a greate scale.its quite confusing to me
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tahirkhanmrd
Newbie
Offline
Activity: 8
Merit: 0
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August 02, 2016, 10:38:07 AM |
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no i do no think that china is controlling bitcoin but that is a fact that they are really effecting the price of bitcoin because there are a lot of bitcoin users in china.
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20kevin20
Legendary
Offline
Activity: 1134
Merit: 1597
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August 02, 2016, 11:36:48 AM |
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I don't think this is how Bitcoin's price is being controlled. We are doing it. All of us, even if we've got just a few tens of bucks in our wallets, are controlling the price. But the biggest change we can see with BTC would be if the magnates of Bitcoin would start trading in mass (hundreds of thousands of $$).
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