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Author Topic: How easy is it to shut down Bitcoin?  (Read 1214 times)
BTCLovingDude
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July 18, 2016, 02:22:36 PM
 #21

if for any reason Chinese government decided to shut down all the mining farms and they went down, there is still >40% hashrate remaining from other places in the world that can support mining until those shut down mining farms migrate to another place and start their business all over again. so there only will be a temporary problem with hashrate and nothing else.

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serjent05
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July 18, 2016, 02:51:52 PM
 #22

As Bitcoin needs the mining farms to maintain transactions, how easy is it to shutdown?

Lets take China as an example, since they are the major farms...

If the Government decides or is pressured to shut down the mining farms, which are just a few in number, wouldnt the network go down?
Is there enough miners to continue verification's?

or

Will miners voluntarily shut down at the halving and if the value of Bitcoin went back to $300ish?


I think it isn't easy tp shutdown bitcoin network, being decentralized and accessible to mine internationally.  Even if china has take down its mining farm, there will be someone from the other part of the world hashing to mine Bitcoin.  It will take more than china and us to shutdown  miners.

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July 18, 2016, 02:52:49 PM
 #23

I've not yet seen a viable idea for stopping bitcoin.  Even though it is often discussed.
I suppose if I spent a billion dollars on mining equipment I might have a chance at forking the chain. But then what? I would likley only cause a temporary disruption and surely I will not cause the idea of crypto-currency to go away. So I have gained nothing and spent a billion dollars.

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July 18, 2016, 02:59:15 PM
 #24

Nobody can shut down bitcoin just like Internet

Do not worry friend
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July 20, 2016, 05:04:27 AM
 #25

not easy back your hand
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July 20, 2016, 05:25:45 AM
 #26

As Bitcoin needs the mining farms to maintain transactions, how easy is it to shutdown?

Lets take China as an example, since they are the major farms...

If the Government decides or is pressured to shut down the mining farms, which are just a few in number, wouldnt the network go down?
Is there enough miners to continue verification's?

or

Will miners voluntarily shut down at the halving and if the value of Bitcoin went back to $300ish?


I think it isn't easy tp shutdown bitcoin network, being decentralized and accessible to mine internationally.  Even if china has take down its mining farm, there will be someone from the other part of the world hashing to mine Bitcoin.  It will take more than china and us to shutdown  miners.
it is not easy to shut down bitcoin. The expected value of the payout to any single miner is the ratio of the hash rate they control to the aggregate hash rate of all miners. Costs will go down as some miners exit, but people will start voluntarily paying transaction fees. so if some miners exit, even more miners arise.

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July 20, 2016, 05:44:18 AM
 #27

There are people waiting around the world for China to do this, and I am one of them. I would like it, if it did happen. I would get my old miners <Asics> out of storage and start mining Bitcoin again, because the difficulty will plummet and some of us would be able to mine again, and even make some profits. ^smile^

Joking aside, I do still mine some Alt's, but would love to mine Bitcoin again.  ^smile^

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July 20, 2016, 05:54:18 AM
 #28

As Bitcoin needs the mining farms to maintain transactions, how easy is it to shutdown?

Lets take China as an example, since they are the major farms...

If the Government decides or is pressured to shut down the mining farms, which are just a few in number, wouldnt the network go down?
Is there enough miners to continue verification's?

or

Will miners voluntarily shut down at the halving and if the value of Bitcoin went back to $300ish?

It will be very, very difficult to shut down bitcoin completely, because even if there is only a few users left in the system, then the system is still up and running. It's just that no transactions might be made.

If China shuts down bitcoin farms... Then the firms will relocate elsewhere. Lol


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July 20, 2016, 06:16:07 AM
 #29

As Bitcoin needs the mining farms to maintain transactions, how easy is it to shutdown?

Lets take China as an example, since they are the major farms...

If the Government decides or is pressured to shut down the mining farms, which are just a few in number, wouldnt the network go down?
Is there enough miners to continue verification's?

or

Will miners voluntarily shut down at the halving and if the value of Bitcoin went back to $300ish?

Even if all big mining companies will shutdown especially the mining farms in China bitcoin will still continue. There are many solo miners worldwide and the price will skyrocket at that time, no more bitcoin of large amount as 1 btc but the mining will go down to satoshi. Satoshi mining will be very profitable since bitcoins price is at the peak. So no worry about losing major mining industries on bitcoin.
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July 20, 2016, 06:28:30 AM
 #30

If China shut downs their miners that would be good for many people in different parts of the world and we would be happy of the difficulty going down a lot regarding the mining of bitcoin. I would be very happy and would start mining bitcoin again even with S5 antminer I guess should be optimal but China will never be out of the way so destroying bitcoin is not an easy task to do at all. And that is good for all of us who uses bitcoin everyday. However someone who said if the ISP-s blocks the ports scared me for a moment but I am sure a solution would be found soon after that so not a problem too I guess.

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