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Author Topic: 51% or more concentrated in China, which is a hidden trouble?  (Read 951 times)
funcaty
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January 28, 2017, 03:32:48 AM
 #1

51% or more concentrated in China, which is a hidden trouble?



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January 28, 2017, 04:27:15 AM
 #2

The design of bitcoin is very elegant, 51% of the attackers is not stealing coins, and other transactions cannot be rolled back (if not always go, basically no influence on other people), and launched 51% attacks but requires a huge cost, this design ensures that any normal person has not launched 51% attacks.

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January 28, 2017, 04:44:58 AM
 #3

51% or more concentrated in China, which is a hidden trouble?

first educate yourself meaning learn what a 51% attack is
https://bitcoin.org/en/bitcoin-paper
https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power (read the can and can't)

then learn what a pool is and what is the difference between a pool and a mining farm. then do your research to find out if all the 51+% hashrate is in hands of one person, multiple persons, in one place or all around the world, and if all the hashrate connecting to those pools come from one country and how many people are actually owning the 51+%

then we will talk.

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January 28, 2017, 05:02:57 AM
 #4

51% or more concentrated in China, which is a hidden trouble?

first educate yourself meaning learn what a 51% attack is
https://bitcoin.org/en/bitcoin-paper
https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power (read the can and can't)

then learn what a pool is and what is the difference between a pool and a mining farm. then do your research to find out if all the 51+% hashrate is in hands of one person, multiple persons, in one place or all around the world, and if all the hashrate connecting to those pools come from one country and how many people are actually owning the 51+%

then we will talk.

Nice one Smiley this makes me think to research and update my knowledge about the hashes and hashes distribution of Bitcoin, where it came from the owner of those mining farm so that i can follow your conversation with OP if the OP decides follow your suggestion, though I think this topic had  been brought here in the forum way back since CEX.io are still in operation as Cloudmining company.  I am waiting for OP's response of pooya87 invitation Smiley

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January 28, 2017, 06:23:13 AM
 #5

This is not necessarily true, now more in JAPAN are purchasing bitcoin as well so there will be more and more distribution and I do not think the Chinese are so stupid to create a 51% attack on something they value.

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January 28, 2017, 07:37:41 AM
 #6

I don't know what you are talking about but there is no 51% concentrated in china, if you mean mining, all the pool are at best 20% of the net far away from 51%

if you mean that the majority of mining farm are in china, that's fine as long as the operator are in competition

if you are talking about the market, there is no evidence that they are controlling 50% of it
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January 29, 2017, 11:38:25 AM
 #7

51% or more concentrated in China, which is a hidden trouble?

You should be more specific in your thread.51% of what?
Why would it be a hidden trouble?After the major Chinese exhanges are charging transaction fees maybe
some of the bitcoin traders,holders and miners will run away from China.
I don`t see a problem.



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February 03, 2017, 06:46:54 AM
 #8

There is no hidden trouble at all .china is more interested in bitcoins than in other cryptocurrency .and they are setting up so many bitcoin farms in their are and in the future they will be ruling the market to a lot extend .

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February 03, 2017, 08:04:31 AM
 #9

There is no hidden trouble at all .china is more interested in bitcoins than in other cryptocurrency .and they are setting up so many bitcoin farms in their are and in the future they will be ruling the market to a lot extend .
china is the most bitcoin friendly country bu I also don't think it will effect bitcoin at all. I even think it will support bitcoin a lot. it may make china a very strong economic country because of mass adoption of bitcoin. every country who realize bitcoin's future importance as soon it will be in their benefit.


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February 03, 2017, 09:01:23 AM
 #10

That's big discount for them and if they'll reunite they can to make serious price changes but despite the fact that 51% is concentrated in china, it will be hard from their side to manipulate bitcoin as they want, because there is anothet factor, all that chinese mining companies aren't under one man's control and they have different plans and etc + 49% is mined in another countries.

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mummybtc
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February 03, 2017, 09:11:11 AM
 #11

51% or more concentrated in China, which is a hidden trouble?

I think you should be specific with your question and back it up with fact,  51% of what? I have looked through the post below, nobody seems to really understanding the question only giving guessing anwsers

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February 03, 2017, 09:16:01 AM
 #12

51% or more concentrated in China, which is a hidden trouble?

I think you should be specific with your question and back it up with fact,  51% of what? I have looked through the post below, nobody seems to really understanding the question only giving guessing anwsers
You are right,even I dont really got the question on which thing does he mean about 50%? since there are lots of things could possibly to be attached on that and most people above just guessing on the thing.For OP better to clarify even more on which percentage are you referring to.

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February 03, 2017, 09:33:12 AM
 #13

I think OP came up with a random number just to show that more than half are coming from China.
What that number represents is unknown because he can be accusing them of DDos attacks on the blockchain causing the rise in miner's fees or he can be referring to the number of pools in the whole mining pool.
But one thing is for sure he is referring to bitcoin mining because this is where China has the whole world beat. So they generally dictate the law governing it use and distribution of these miner's fees.
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February 03, 2017, 09:43:38 AM
 #14

51% or more concentrated in China, which is a hidden trouble?

first educate yourself meaning learn what a 51% attack is
https://bitcoin.org/en/bitcoin-paper
https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power (read the can and can't)

then learn what a pool is and what is the difference between a pool and a mining farm. then do your research to find out if all the 51+% hashrate is in hands of one person, multiple persons, in one place or all around the world, and if all the hashrate connecting to those pools come from one country and how many people are actually owning the 51+%

then we will talk.

Thank for for this succinct explanation and even giving source for further learning development. Sometimes I wonder how we just pick the dots and from there make conclusions about a particular situation without doing proper analysis. I could also be guilty of this sometimes. But in this case, the facts are there for proper conclusion to be made but we just leave those sources and arrive at our own conclusions and that is exactly what Op has done.

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February 03, 2017, 09:46:47 AM
 #15

I don't think it's something that we should worry about as far as 51% hashing power is owned by any single person or group. Alternatively, bitcoin is getting more popular in other countries so eventually China won't have that kind of majority in near future. It would require huge efforts to manipulate bitcoin network by this way.

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February 03, 2017, 06:48:28 PM
 #16

Mining yes. but controlling bitcoin? No. Bitcoin is global no country can have total control of it so there's no "hidden trouble" as you have put it. Maybe the OP thinks that the Chinese have total control, a lot of 1st rate country is also on bitcoins so don't be afraid of China. They just love bitcoins that's all.

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February 03, 2017, 09:15:13 PM
 #17

China is #1 in mining, So most of btc is theoretically concentrated there. However, we must not forget that it is on the first place in trading as well. This means that we actually don't know how much of btc is in the hands of Chinese but it doesn't matter anyway, because many people from one country using and having btc doesn't make it centralized, because these people aren't in some community making common decisions.

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February 03, 2017, 11:41:44 PM
 #18

China is #1 in mining, So most of btc is theoretically concentrated there. However, we must not forget that it is on the first place in trading as well. This means that we actually don't know how much of btc is in the hands of Chinese but it doesn't matter anyway, because many people from one country using and having btc doesn't make it centralized, because these people aren't in some community making common decisions.
It is called mass adaptation from one the largest populated countries in the world  Cheesy and the difference is huge as they are the only people who has invested heavily into mining equipments as well as the Chinese exchanges trade in the highest volumes per day and so they have the upper hand than the rest of the world but that does not mean that it is centralized.














 

 

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February 04, 2017, 09:50:44 AM
 #19

Having 51% or more bitcoin concentrated in China is not a trouble at all. Even though they own many of the coins in the market, I think they wouldn't just control bitcoin that easily since there are other users also from other countries and whales. Also, it wouldn't make sense if they will dump bitcoin to the ground unless they would raise it's price again since they would just end up losing some money that Chinese people don't like specially the business minded ones.


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February 04, 2017, 12:22:27 PM
 #20

After the PBOC inspection of Chinese Exchangers the bitcoin concentration on China in huge volumes was tremendously reduced. The hoax volume was possibly removed to avoid being sued by the PBOC. With this 51% bitcoin concentration in China is no longer real at the present. China no longer pose a threat to the bitcoin community compared to before. Its all thanks to the PBOC of CHina that this exchangers have abide by the rule and stoppped market manipulation and making of fake volumes.

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