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Author Topic: hash power almost in china is very dangerous  (Read 243 times)
abcdefly222
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September 17, 2017, 03:38:45 AM
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It shows now chinese gov , or the communism party is going to completely ban bitcoin. they will ban all exchanges and otc trade, and will ban mining btc too.

but china has almost 80% hash power of bitcoin, if china banned miners the difficultity will not drop so fast , then will hard to get new blocks in 14 days.  you cannot send btc in these times.

I think chinese gov is already known about bitcoin, they can obtain all miners and use them to attack bitcoin. The "Bitcoin cash "  is a bad example, which operated by a single chinese company bitmain, but no one can stop the folk, because they have enough hash power.

We supposed to talk about gov use hashpower to attack bitcoin network, but now, china CAN do it actually. If chinese want to destroy bitcoin, they may do it. Someone may think this cannot happen, and state declear a war to crypto is not possible, but why we have to fear about nuclear weapons in North Korea?  These hash power is a nuclear weapon and it is owned by a evil state.

Other countries may happy to see this happen, I think every gov hate btc and crypto too, but they have their constitution about human right, so they can't do this.

bitcoin is in a big danger and may die.

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cpfreeplz
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September 17, 2017, 03:40:44 AM
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Omg no. Like what? Just no. Where did you see that bitcoins are banned and did that source have any sort of official documents? I don't think so














 

 

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CryptoKranthi
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September 17, 2017, 03:48:38 AM
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China banned Google,YouTube,Facebook,Yahoo and now Bitcoin.Actually China favoured Bitcoin by banning it.China is inconsistent and not trustful.I don't think China has 80% has hash power. Even if they have no need to worry as it will be hard to stop miners. They can find alternate ways to mine.

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hatshepsut93
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September 17, 2017, 04:02:26 AM
 #4

First, Bitcoin hasn't been banned in China, only exchanges. I think the main reason for that is that they don't want money escape the country, so they shouldn't be against mining, since it just generates money. And even if they ban it and force close all mines, it won't kill Bitcoin as new mines will appear around the world in places with cheap electricity, and if miners will be allowed to sell their hardware, there won't be a long delay before the process will start. And even in worst case, if China would seize all equipment, they won't be able to kill Bitcoin, because 51% attack can only double spend coins they own and paralyze the network, but they can't spend coins they don't own. And it's not hard to change PoW to deal with this attack.

Yakamoto
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September 17, 2017, 04:05:13 AM
 #5

It shows now chinese gov , or the communism party is going to completely ban bitcoin. they will ban all exchanges and otc trade, and will ban mining btc too.

but china has almost 80% hash power of bitcoin, if china banned miners the difficultity will not drop so fast , then will hard to get new blocks in 14 days.  you cannot send btc in these times.

I think chinese gov is already known about bitcoin, they can obtain all miners and use them to attack bitcoin. The "Bitcoin cash "  is a bad example, which operated by a single chinese company bitmain, but no one can stop the folk, because they have enough hash power.

We supposed to talk about gov use hashpower to attack bitcoin network, but now, china CAN do it actually. If chinese want to destroy bitcoin, they may do it. Someone may think this cannot happen, and state declear a war to crypto is not possible, but why we have to fear about nuclear weapons in North Korea?  These hash power is a nuclear weapon and it is owned by a evil state.

Other countries may happy to see this happen, I think every gov hate btc and crypto too, but they have their constitution about human right, so they can't do this.

bitcoin is in a big danger and may die.
The difficulty drops so there is a target time of 10 minutes, it won't take 14 days to get a block if it is taking forever to get a block. It may take a long time to find the first block after the mines in China go offline, but if it takes long enough it will rapidly adjust downwards so that the blockchain continues a 10-minute time target. There are a lot of mines outside of China too, don't forget that. It's not like there is only the mines in China and then everyone else who is being a hobby miner doing whatever on their computers that have next to no power for them.














 

 

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pooya87
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September 17, 2017, 04:06:03 AM
 #6

stop spreading bullshit FUD
- China did not and will not ban bitcoin
even if they do it is just one shitty country among hundreds of other countries accepting bitcoin

- Hash power doesn't come from China it is mining pools people connect to
even if it were, bitcoin will still continue with a little less hashrate. nothing will change or maybe you think hashrate was always high from day 1

- there is nothing in attacking bitcoin with hashpower for the government
first of all they have to seize a lot of hashrate and as i said these are mining pools not mining farms. second they have to successfully pull a double spend. that doesn't do anything to bitcoin!

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