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Author Topic: Why is Bitcoin Unlimited = China coin?  (Read 1396 times)
Dorky
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April 02, 2017, 08:07:23 AM
 #1

Can't it be any other altcoin unrelated to China?
Now just because most of the miners are in China doesn't mean Bitcoin Unlimited is China coin, no?


     
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April 02, 2017, 08:36:00 AM
 #2

Best I can tell, the pressure has increased for bitcoin to move forward with scaling, because blocks were full for a few weeks recently and fees went up fairly dramatically.

Scaling bitcoin for more people to use it means some kind of "bloating" needs to happen.

The BU people want to bloat the blockchain with bigger blocks, more data, more bandwith, which means fewer people can afford to be nodes, thus centralizing bitcoin, while still not getting that much scaling.

The Segwit supporters want to scale bitcoin by huge amounts, first by incorporating Segwit and then the Lightning Network. But the price to do it is by writing massive amounts of code, extremely complex, which very few people can follow and understand. So even though it is open source software, there is still a certain amount of "intellectual centralization", according to the BU supporters.

Chinese miners (and other miners, Chinese are the majority at this point in time), who may or may not have long term investment in bitcoins future, are the first in line to make the decision which scaling path is to be taken, at least this is the BU claim of taking the Bitcoin White Paper literally word for word. It is not as easy a decision for them (the miners) as it is for the bitcoin economy, as they are first and foremost looking out for their own financial well being and influence over the system.

Since there is nowhere near any unanimity on the issue, and since the miners are the only group really supporting BU in any significant way, the Segwit camp, rightly or wrongly, have christened BU as China coin.

Best as I understand things at the moment.
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April 02, 2017, 09:13:45 AM
 #3

The majority of Bitcoin hashrate is located in China. The people trying to cause a division in the community used this to their advantage. They are resorting to all kinds of tactics, e.g.:
1) Fear mongering the miners that Segwit = losing fees.
2) Exaggerating the imperfections of Segwit whilst glorifying their own solution.
3) Lobbying them.

It is very clear that a super majority of the economy and users do not want BU.


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April 02, 2017, 09:19:37 AM
 #4

most of the miners are in China
It's not that most of the miners are in China, it's that many of the mining monopolies are in China.  It's only a few people controlling a huge amount of the hashrate.  The (quite reasonable) suggestion is that these mining monopolies, mostly based in China, support BU.  So what people mean by China coin, if they say it (which I haven't seen anyone say actually) is that it's a coin supported by people who favour centralisation, and that could never be good for Bitcoin.

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April 02, 2017, 09:48:11 AM
 #5

Why Bitcoin Core broke the Hong Kong agreement?


     
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April 02, 2017, 09:50:48 AM
 #6

Why Bitcoin Core broke the Hong Kong agreement?
Another lie being spread out there. "Core" was never part of any agreement, neither can it be as it isn't a standalone entity. The people who were part of it were representing themselves. Anyhow, F2Pool was the first one to break it by mining a Bitcoin Classic block.


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April 02, 2017, 10:03:19 AM
 #7

Why Bitcoin Core broke the Hong Kong agreement?
Another lie being spread out there. "Core" was never part of any agreement, neither can it be as it isn't a standalone entity. The people who were part of it were representing themselves. Anyhow, F2Pool was the first one to break it by mining a Bitcoin Classic block.

the agreement was broke in hours due to luke jr himself backing out of what he signed by pretending he is powerless

lauda you really need to stop defending blockstream(core) and start thinking about bitcoin as a whole.

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April 02, 2017, 10:09:06 AM
 #8

most of the miners are in China
It's not that most of the miners are in China, it's that many of the mining monopolies are in China.  It's only a few people controlling a huge amount of the hashrate.  The (quite reasonable) suggestion is that these mining monopolies, mostly based in China, support BU.  So what people mean by China coin, if they say it (which I haven't seen anyone say actually) is that it's a coin supported by people who favour centralisation, and that could never be good for Bitcoin.
Most of the miners are in China because of cheaper electricity and also the mining hardware companies are domiciled in China. For the umpteenth time, absolute power corrupts, absolutely! This should be a clarion call for other regions to look to tap into alternative source of energy so this monopoly would be broken, else this threat to Bitcoin would never abate, until perhaps they destroy Bitcoin in hope that China coin would see the light of the day. But I tell you stillbirth is what awaits it!

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April 02, 2017, 10:09:47 AM
 #9

the agreement was broke in hours due to luke jr himself backing out of what he signed by pretending he is powerless
Incorrect. The agreement was not properly described by the media and was quickly revised ever after. A lot of the time spent in it was luke-jr and the others explaining to the miners what they could or couldn't do.

lauda you really need to stop defending blockstream(core) and start thinking about bitcoin as a whole.
As soon as you stop accepting payment for your posts. Roll Eyes


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April 02, 2017, 10:13:10 AM
 #10

the agreement was broke in hours due to luke jr himself backing out of what he signed by pretending he is powerless
Incorrect. The agreement was not properly described by the media and was quickly revised ever after. A lot of the time spent in it was luke-jr and the others explaining to the miners what they could or couldn't do.

lauda you really need to stop defending blockstream(core) and start thinking about bitcoin as a whole.
As soon as you stop accepting payment for your posts. Roll Eyes

i dont get paid for this.

but i do like that you were "staff" and now reliant on sig-spam income.. most revealing

P.S they were invited to attend t reach an agreement. and signing to agree on something. then they need to DO it.
if they cannot do something they shouldnt have been part of it and shouldnt have signed it and instead just ask their janitor and window cleaner turn up(effectively).

ps F2pool didnt do crap the night it was broke. f2pool done stuff long after it was broke, afterall why even bother abiding by a broke agreement thats broke

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April 02, 2017, 10:22:17 AM
 #11

now to answer the OP's question

there are over a dozen implementations that are all running on bitcoins network for years.
this is called a PEER network where there shouldnt be any powerhouse.

bu and other independant implmentations set no deadlines made no threats, just plodded along letting people have a free choice

but blockstream(core) have tried REKT campaigning any implementation that is not sanctioned by gmaxwell and his employees/unpaid spellchecker interns.

trying to call BU an altcoin even while its been running on bitcoin for years.
yet segwit started as an altcoin (blockstream elements) is hypocritical. especially when segwit hasnt even made a segwit block or transaction on bitcoins network.

the hypocrisy is loud.

calling BU or any other implementation 'centralisation' attempts is also hypocritical especially when core are not independant due to REKTing anyone who makes an implementation independantly away from core.

the hypocrisy is loud.

calling BU or any other implementation a china coin by suggesting it gives miners the sole power is also hypocritical.. it was CORE that decided to go against node consensus(hard).. because core intentionally decided to give pools the only vote by going soft

the hypocrisy is loud.

calling it "china" and being racist. is just the power play on the social sheep that are easily swayed by social politics(aka foxnew /reddit croud). the funny thing is statistically china do not have power. most of the pools management is actually done outside of 'china'
though they have a chinese website. their stratum servers their ware houses and management are spread out.
EG slush(deemed as chinese) is managed in thailand and most hash powr is in europe and america
https://slushpool.com/stats/?c=btc

 

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April 02, 2017, 10:42:48 AM
 #12

Most of the miners are in China .
Price is Very Cheaper ( Manpower, Electricity, Goods, Etc... ) and they have Universal Marketing,  and also the mining hardware companies are domiciled in China.
More and More Incomes and Sources in china.BTC
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April 02, 2017, 10:56:40 AM
 #13

most of the miners are in China
It's not that most of the miners are in China, it's that many of the mining monopolies are in China.  It's only a few people controlling a huge amount of the hashrate.  The (quite reasonable) suggestion is that these mining monopolies, mostly based in China, support BU.  So what people mean by China coin, if they say it (which I haven't seen anyone say actually) is that it's a coin supported by people who favour centralisation, and that could never be good for Bitcoin.
Most of the miners are in China because of cheaper electricity and also the mining hardware companies are domiciled in China. For the umpteenth time, absolute power corrupts, absolutely! This should be a clarion call for other regions to look to tap into alternative source of energy so this monopoly would be broken, else this threat to Bitcoin would never abate, until perhaps they destroy Bitcoin in hope that China coin would see the light of the day. But I tell you stillbirth is what awaits it!

If no miners from china, bitcoin will be decentralized to the third world countries, they have strength for it.
If china is able to develop unlimited concept, why core supporters do not anticipate this phenomenon? if it's true unlimited Bitcoin will be success, they are already one step ahead than blockstream.


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XVS
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April 02, 2017, 10:59:19 AM
 #14

Bitcoin has political problems, not technical.
franky1
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April 02, 2017, 11:02:03 AM
 #15

Most of the miners are in China .
Price is Very Cheaper ( Manpower, Electricity, Goods, Etc... ) and they have Universal Marketing,  and also the mining hardware companies are domiciled in China.
More and More Incomes and Sources in china.BTC

^this guy forgets about georgia,mongolia, etc and other countries^
take slushpool
china ~8peta
europe ~80peta
america ~115peta
https://slushpool.com/stats/?c=btc



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Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
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Smart Money on the Ethereum Blockchain


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April 02, 2017, 11:08:58 AM
 #16

Most of the miners are in China .
Price is Very Cheaper ( Manpower, Electricity, Goods, Etc... ) and they have Universal Marketing,  and also the mining hardware companies are domiciled in China.
More and More Incomes and Sources in china.BTC
but in my opinion, although china dominate bitcoin, it does not mean BTU come from china .. it's just my opinion

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GUNBOT Licenses -20% with ref. code 'GrumpyKitty'


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April 02, 2017, 11:29:01 AM
 #17

i dont get paid for this.
You most certainly do.

but i do like that you were "staff" and now reliant on sig-spam income.. most revealing
I always wore a signature, nothing revealing there.

P.S they were invited to attend t reach an agreement. and signing to agree on something. then they need to DO it.
They don't need to do anything considering that 1 party broke the agreement. Luke-jr ended up creating a HF proposal on his own.

but in my opinion, although china dominate bitcoin, it does not mean BTU come from china .. it's just my opinion
China doesn't dominate Bitcoin.


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Marma Kalari
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April 02, 2017, 11:43:51 AM
 #18

The majority of Bitcoin hashrate is located in China. The people trying to cause a division in the community used this to their advantage. They are resorting to all kinds of tactics, e.g.:
1) Fear mongering the miners that Segwit = losing fees.
2) Exaggerating the imperfections of Segwit whilst glorifying their own solution.
3) Lobbying them.

It is very clear that a super majority of the economy and users do not want BU.
If they have spent millions for bitcoin hardware then you must know how corporate work and that is the only thing they are doing right now,they just want to maximize the profit and so is the reason they are trying their best to control how things work and take the major share in profits ,despite all these BU is not competent enough to take over bitcoin and so is the reason majority does not want BU.

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mindrust
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April 02, 2017, 11:48:15 AM
 #19

Bitcoin Unlimited is being massively supported  Chinese mining company "Bitmain" and its ceo Jihan WU.

WU and Roger Ver (early adopter who holds thousands of bitcoins) formed an alliance in order to make bitcoin shit again. If you don't want bitcoin to be like a shitty Chinese product in the future, say no to BU fork.
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April 02, 2017, 11:57:52 AM
 #20

Bitcoin is centralized by all those big miners, BlockStream. Bitcoin is slowly turning into a fiat model...stay safe.
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