Can Bitcoin battle against multinational companies

[chesatochi]

Trying to attack the Bitcoin network wouldn't make much sense imo.
Instead of going for a 51% attack and burning hundreds of millions of dollars it would be much smarter to play by the rules and earn some Bitcoin.
Furthermore I believe if they really would want to attack Bitcoin, they already would have done so.
I think we've overcome that point.

I don't think bitcoin is a threat to them, also a company exists to make money. If I was a CEO of one of those company, I could see an opportunity to create a stream of income in investing in hashing power. I will never buy hashing power for the sole purpose to an attempt to make a 51% attack.

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[yayayo]

We know that the distribution of hashing power is highly unbalanced. If the big giants like Intel, Google, nVidia, IBM all collude together to mine Bitcoins will they out power the rest of the Bitcoin community?

It's a theoretical possibility, because these companies have a lot of funds and Bitcoin is still relatively small. However it's extremely questionable that these firms will ever have any incentive to mine Bitcoin. They would have to invest huge sums into ASIC development or buy ASICs from third parties. The total hashrate of the Bitcoin network is huge and competition between miners is fierce, making mining profitable only under certain circumstances (low electricity fees and hardware costs).

I think there are much easier ways for these companies to earn money than to try entering Bitcoin mining as a newcomer. At the very least, it's not in their economic interest to attain more than 50% of hashpower. No miner can have such a motive in an economical sense, because it might be perceived as a risk to the Bitcoin network, driving BTC prices down.

ya.ya.yo!

[rickadone]

Trying to attack the Bitcoin network wouldn't make much sense imo.
Instead of going for a 51% attack and burning hundreds of millions of dollars it would be much smarter to play by the rules and earn some Bitcoin.
Furthermore I believe if they really would want to attack Bitcoin, they already would have done so.
I think we've overcome that point.

I don't think bitcoin is a threat to them, also a company exists to make money. If I was a CEO of one of those company, I could see an opportunity to create a stream of income in investing in hashing power. I will never buy hashing power for the sole purpose to an attempt to make a 51% attack.

Yes that is true that bitcoin is not thread to them, but is just to facilitate people to use a single currency having same value in all over the world. Specaially for those people who are engage in online business, or interested in online shopping. Hope that a time will come when all the people of the world will be using bitcoins.

[sportis]

All these technological giants if they wanted to take part in bitcoin mining would have done a long time ago. For their own reasons which do not know, but only assume they don't take part. Now, from my point of view is a little difficult to allocate funds unless they see at the edge of tunnel big and easy profit.

[BingoDog]

There shouldn't be the battle, bitcoin is not the threat to them. It would be much better to try to understand that everyone can profit from embracing bitcoin. The sooner the big multinational companies change their point of view, the better. I actualy think they are aware of this but just don't want to accept this attitude because of business reasons.

[g2com]

There shouldn't be the battle, bitcoin is not the threat to them. It would be much better to try to understand that everyone can profit from embracing bitcoin. The sooner the big multinational companies change their point of view, the better. I actualy think they are aware of this but just don't want to accept this attitude because of business reasons.

Not a threat yet, but it can be. Facebook, Google and Apple have all developed their own payment system, so why won't they be interested in controlling currency as well?

[Juggy777]

Not really a threat considering the hash power is low ans there hardly few million Bitcoin left to mine, why would these giants come in, secondly it's a unregulated currency they would not break the law. They have their own payment gateways, so makes no sense of coming in and start mining

[1Referee]

We know that the distribution of hashing power is highly unbalanced. If the big giants like Intel, Google, nVidia, IBM all collude together to mine Bitcoins will they out power the rest of the Bitcoin community?

Theoretically yes. It's the many billions from these companies versus the tens of millions from the mining farms. I say theoretically because at this point there is no point in doing so as it won't gain them much in the way that they are making money from it. If this was 2009-2011 the story would be different of course, but right now it will end up costing them more than they would gain from it. Or they must not care about the money they throw into it as their only purpose is to destruct or take over everything, but we don't have to worry about this. Motives for these companies are profits and not to destruct a certain industry. These companies have much higher priorities to focus on than looking at something as tiny as Bitcoin.

[severaldetails]

We know that the distribution of hashing power is highly unbalanced. If the big giants like Intel, Google, nVidia, IBM all collude together to mine Bitcoins will they out power the rest of the Bitcoin community?

Theoretically yes. It's the many billions from these companies versus the tens of millions from the mining farms. I say theoretically because at this point there is no point in doing so as it won't gain them much in the way that they are making money from it. If this was 2009-2011 the story would be different of course, but right now it will end up costing them more than they would gain from it. Or they must not care about the money they throw into it as their only purpose is to destruct or take over everything, but we don't have to worry about this. Motives for these companies are profits and not to destruct a certain industry. These companies have much higher priorities to focus on than looking at something as tiny as Bitcoin.

I think it would be easier for those companies if they invented a crypto currency of their own.
With the large number of people they could reach and the technological skills they have, I think it would be not too difficult for the to create a currency ready for mass adoption in a relatively short time.
I'm not sure for how long bitcoin would be able to keep the crown as the worlds number one crypto currency then.

[Xester]

There shouldn't be the battle, bitcoin is not the threat to them. It would be much better to try to understand that everyone can profit from embracing bitcoin. The sooner the big multinational companies change their point of view, the better. I actualy think they are aware of this but just don't want to accept this attitude because of business reasons.

We are on the same track on matters of perspective and opinion. In my case there is no such thing as battle between bitcoin and multinational companies. If multinational companies started to invest or open a giant mining rig then it will be beneficial for bitcoin and us bitcoin users. First, its because the price of bitcoin may possibly inflate and second, bitcoin transactions will be confirmed much faster due to additional high power mining rigs from these giants company if in case they will invest on mining bitcoins.

[g2com]

Not really a threat considering the hash power is low ans there hardly few million Bitcoin left to mine, why would these giants come in, secondly it's a unregulated currency they would not break the law. They have their own payment gateways, so makes no sense of coming in and start mining

Ain't they all evading taxes? Bitcoin is the best tool for this purpose  

[R3ffun]

i think not can now , because bitcoin very young . not many people know
and multinational companies is real business

[zahra4577]

All these technological giants if they wanted to take part in bitcoin mining would have done a long time ago. For their own reasons which do not know, but only assume they don't take part. Now, from my point of view is a little difficult to allocate funds unless they see at the edge of tunnel big and easy profit.

I agree with this statement.I dont think they will adopt to bitcoin just because it is popular.They can however adopt blockchain to strengthen their current business but not bitcoin

[SvenBomvolen]

All these technological giants if they wanted to take part in bitcoin mining would have done a long time ago. For their own reasons which do not know, but only assume they don't take part. Now, from my point of view is a little difficult to allocate funds unless they see at the edge of tunnel big and easy profit.

I agree with this statement.I dont think they will adopt to bitcoin just because it is popular.They can however adopt blockchain to strengthen their current business but not bitcoin

   Smart way of thinking, just we need to be aware that they can always change their minds. Bitcoin is strong, but these companies can gather a lot of power if they make some alliance.
   Probably is better for them and cheaper to try to make new coin then to try to overtake btc.

[romero121]

All these technological giants if they wanted to take part in bitcoin mining would have done a long time ago. For their own reasons which do not know, but only assume they don't take part. Now, from my point of view is a little difficult to allocate funds unless they see at the edge of tunnel big and easy profit.

I agree with this statement.I dont think they will adopt to bitcoin just because it is popular.They can however adopt blockchain to strengthen their current business but not bitcoin

   Smart way of thinking, just we need to be aware that they can always change their minds. Bitcoin is strong, but these companies can gather a lot of power if they make some alliance.
   Probably is better for them and cheaper to try to make new coin then to try to overtake btc.

Better way to make good business. Another important thing is that if multinational companies show interest over bitcoin, surely they enter into mining. They can just mine and hold or use it for huge volume transactions.

[Selly Arumsari]

i think not yet , in community don't know about bitcoin . need to education community if want to battle

[fortunecrypto]

We know that the distribution of hashing power is highly unbalanced. If the big giants like Intel, Google, nVidia, IBM all collude together to mine Bitcoins will they out power the rest of the Bitcoin community?

If they are going to do that they should have done two or three years ago,and if they are going to mine a coin,they will mine their own coin and promote it,because it will be much profitable for them than mining the rest of bitcoin now.

[serjent05]

All these technological giants if they wanted to take part in bitcoin mining would have done a long time ago. For their own reasons which do not know, but only assume they don't take part. Now, from my point of view is a little difficult to allocate funds unless they see at the edge of tunnel big and easy profit.

I agree with this statement.I dont think they will adopt to bitcoin just because it is popular.They can however adopt blockchain to strengthen their current business but not bitcoin

Indeed, they  had known bitcoin on its early years and yet does not adopt nor mine it.  They have their own agenda, but in case they participate in mining, I think it will boost the hashrate alot, the idea of China controlling bitcoin will then be nullified because of this big players taking part.  Aside from that, bitcoin users, and traders like us will mostly benefits from this participation, add on security, price increase, stability, and most probably with this huge company taking part, government will more likely will get involve.

[Oilacris]

It only depends on the amount of money they have and spend to have the most recent ASIC's or develop their own chips. I think that by the time they managed to have a sizeable mine or their own chips, they wouldn't be a threat to the network...

There would be no threat even those multinational companies would engage to bitcoin since there are only 5 million bitcoins to mine and infact there is no battle would happen but a full adoption and if these companies would adopt bitcoin then prices will skyrocketed since demand is there and the supply is limited. Im hoping for this adoption will happen.