ShortCoins (OP)
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December 15, 2017, 07:35:41 PM |
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Everyone touts that bitcoin is this awesome decentralized currency
No, no it is not. It is very much centralized in China. Mining is cheaper there and 58% of the mining is done in China.
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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xroreg
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December 15, 2017, 07:37:04 PM |
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So, what you propose. Sell BTC?
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btcbtq
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December 15, 2017, 08:02:51 PM |
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From Bitcoin.org FAQ"Who controls the Bitcoin network? Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus." I like the use of emojis btw.
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Xavofat
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December 15, 2017, 08:06:58 PM |
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1. There is no way to know precisely what percentage of Bitcoin mining is done in what country. You will need to cite your sources here. 2. The cost of mining depends on a lot of circumstances other than the typical cost of electricity. Some areas of the world also have similar electricity costs. 3. Even if Bitcoin mining is centralised in China, it doesn't mean that every single miner in China is coordinating in some evil scheme. And even if they were doing that, they would only be able to exploit unconfirmed transactions. Read the Bitcoin Wiki page about it for details. |
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Tszunami98
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December 15, 2017, 08:24:43 PM |
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Mining is not necesarely the only aspect of Bitcoin. And in my opinion there is nothing that would suggest that Bitcoin is centralized.
Just make a comparison between Bitcoin and Bitcoin cash...and then you will understand the real meaning of centralization.
No entity is pumping bitcoin just to make it popular. It flows natural on the market.
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Guzztsar
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December 15, 2017, 08:29:02 PM |
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1. There is no way to know precisely what percentage of Bitcoin mining is done in what country. You will need to cite your sources here. 2. The cost of mining depends on a lot of circumstances other than the typical cost of electricity. Some areas of the world also have similar electricity costs. 3. Even if Bitcoin mining is centralised in China, it doesn't mean that every single miner in China is coordinating in some evil scheme. And even if they were doing that, they would only be able to exploit unconfirmed transactions. Read the Bitcoin Wiki page about it for details. I think he just meant that china has a huge impact on the market and btc mining, and i agree with that. Anyway, you pointed some good reasons why bitcoin remain decentralized. |
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dead_m92
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December 15, 2017, 08:32:27 PM |
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You are answering to your own question in there, you are saying that bitcoin is not descentralized, but then you say that in china it is not. It is another fud attempt of yours? honestly, i am getting tired of always reading your whole crap with non sense about why the price needs to be dumped and bla bla bla. Do not waste your words anymore. No, no it is not. It is very much centralized in China. Mining is cheaper there and 58% of the mining is done in China.
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Shamie1002
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December 15, 2017, 08:36:19 PM |
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Bitcoin is decentralized. If not, no one could actually send transactions freely. There are just a bit of the problem in block size that is why it is being talked a lot too much- high fee, slow transactions and forks.
The only thing that would make it centralized is how would the government act upon it to be properly accepted in their country with a Tax for economical purposes. The centralized that you are taking about depends on how it will be legalized by authorities and we needed to obey as a citizen.
It's quite different. Don't blame bitcoins. Users are to blame for different movements you know.
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audaciousbeing
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December 15, 2017, 08:44:37 PM |
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Everyone touts that bitcoin is this awesome decentralized currency
No, no it is not. It is very much centralized in China. Mining is cheaper there and 58% of the mining is done in China.
When bitcoin is thought to be decentralised, it does not mean as per mining alone. Its talks about the exchange, the control, the security and even the compulsion on how to go about it and bitcoin surpasses all other forms of fiat that might even come close to comparison. On the issue of mining, a country has 58% of mining, that's quite high though but does that stop other people from other countries from having their farms? obviously no. That's where decentralisation comes in. If I have the capital I can set up a mining farm, and get bitcoin just like someone in China. Also, for the fact that they are in China based on your statistics does not mean they agree or they decide what happen they are free to choose and that is the essence of decentralisation. |
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brickafterbrickwalldpt
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December 15, 2017, 08:49:03 PM |
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Mining isn't the only way of aquiring bitcoins, so this already disqualifies one of the reasons you mentioned that's in favour of your statement. There's no real organization behind Bitcoin that's aquiring bitcoins to foward it's schemes, everyone that has aquired this kind of commodity is free to do whatever they want to do with it.
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savioroshan
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December 15, 2017, 08:59:44 PM |
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What makes you think that bitcoin is centralized? I agree that most of the bitcoins are mined in China because of cheap electricity, climatic conditions and easy availability of mining equipments. That doesn't mean that its centralized. Many people from other countries also mine bitcoins especially from European continent. If you have money, you are also free to mine bitcoins. Nobody is restricting you from that.
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