China can destroy bitcoin

[airdagon]

very interesting when we hear that academics from Princeton University and academics from the University of Florida have concluded that China has the potential to threaten stability, internet infrastructure, security and bitcoin development.

in the world of mining, China dominates using ASIC vendors. China controls mining hashrate, so they affect the bitcoin protocol.

Is there a solution to stop that potency  ?

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[Ojengonggu]

I think it's difficult because most miners at the moment are controlled by China but seeing the fact that many mining projects are large-scale and use unused factories and use environmentally friendly energy it is not impossible that the prospect of the protocol will switch

[cryptohunter]

not destroy it but cause it some damage

algo change could take care of that

shame it wasn't kept to gpu mining asics are annoying

[visionE2]

it is very difficult to change things like this because the nature of bitcoin is decentralized, there is no regulation to limit someone to mine bitcoin, most of the supply of bitcoin circulation has been obtained by miners in China,

[Lazada]

very interesting when we hear that academics from Princeton University and academics from the University of Florida have concluded that China has the potential to threaten stability, internet infrastructure, security and bitcoin development.

in the world of mining, China dominates using ASIC vendors. China controls mining hashrate, so they affect the bitcoin protocol.

Is there a solution to stop that potency  ?

China will always have a big impact. When China supported Crypto, the development of Crypto would increase and when China did not support Crypto, its influence on Crypto would deteriorate. This is unavoidable because China has a very large market share and this is always the case for every country that has great capability and influence. China currently dominates mining and this has a big impact on energy sustainability and usually the government will determine what they value far better.

[zwiggel]

Well. China is a country with a big economy in the world. China has a population of very densely. 70% of bitcoins are traded in China. If the Chinese government bans bitcoin, it will cause many bad effect to the electronic money market. I hope this will not happen. Bitcoin is still growing strong. Many bitcoin billionaire will appear.

[Johnyz]

not destroy it but cause it some damage

algo change could take care of that

shame it wasn't kept to gpu mining asics are annoying

China is very powerful country, and consist of huge population. If all the miners there will agreed to destroy bitcoin for sure it can happen, and they will just support the coin that China's made if ever. There are some possibilities for this one but I hope it will not happen in the next 10 years. 

[dothebeats]

And thinking on the same page that they have much power over something, why would they do some rash decision just to assert dominance knowing that it could topple the whole network and bitcoin's value as well? They may have been challenging the US for quite some time now in being the world's economic superpower, but one thing's for sure: they wouldn't lord over other countries' with their huge hashing power just to state that they are in control. Chinese are strict businessmen, and we all know that they have the means and power so why would they need to prove such a thing?

[Isabelle.Jaden]

No, but the Whole World is trying to Destroy Bitcoin

[franky1]

another racist and not well thought out topic

1. "china" is not a single entity of control. there are billions of people in it. if "america" was in the same seat you should be more afraid because there are less people under that entity thus far more easy to collude.

2. many pools defined as "china" are not actually located in china or run by employees who are chinese or actually managed by china. lets take the most propagandised of them 'antpool' most people dont realise this but antpool is not one location/farm/facility. if you look at the coin reward addresses. they are not completely random. nor are they all using the same single address. antpool has like half a dozen addresses, wach one for a different facility/manager. and if you look closer some of the addresses are bech32 and some are not. which shows that the different managers have different mindsets about if they want to use segwit or not. antpool facilities are in different countries

3. other pools like f2pool have farmers/asic owners all around the world. slushpool is actually managed in thailand and farmers/asic owners around the world

4. even if we moved to GPU. firstly mining per kwh would be wildly inefficient. and then the debate would spark you "OMG AMD(ATi)" own mining

5. pools can only collate data a certain way without having blocks rejected. essentially all pools can do is only include certain transactions they like or not add certain transactions they dislike. if people see this happening and they dont like the result of it causing a backlog of unconfirms. then they can just ban certain blocks that do certain things

its the developers that have control of rule changes. not pools

imagine it like a company.
developers are the management team(node developers) and users(merchant and individuals) are the shareholders who vote for the best management teams(node) to give/control the rules of the network.
with merchants having a more majority share hold voice as individuals usually follow the merchants as users cant spend funds if a merchant decided a different team that only accepts things a certain way, thus users wont get their transactions seen if they are not using the same tool as merchants

pools are just the secretaries/PA's that just collate the company(network) data in a format the management team find acceptable

the weak point is if there isnt management teams. but one managing team and just a bunch of supervisors that just follow the single management team. as that becomes a point where the single management team can get stuck in a rutt of circle jerking one narrative of their own cabin fever desire. and the share holders have no other options but accept the narrative as there is no other unique choice

in short the diversity of nodes is more important than the diversity of blocks

[wahyu wida]

not destroy it but cause it some damage

algo change could take care of that

shame it wasn't kept to gpu mining asics are annoying

China is very powerful country, and consist of huge population. If all the miners there will agreed to destroy bitcoin for sure it can happen, and they will just support the coin that China's made if ever. There are some possibilities for this one but I hope it will not happen in the next 10 years. 

indeed China has nature of being worthy of being self-sufficient. Last year China had banned BTC, and results were btc dump. but for some reason back again, until btc almost reached $ 20,000, of course China is a super power country

[ganlianshifu1]

The Chinese government is banned cryptocurrencies and is also banned from mining!
BTC mining is moving to other Asian countries, and Japan is a new mining center!
Japan now has more influence on BTC than China!

[kotajikikox]

China government decide to ban all cryptocurrency related transactions last year 2017 theres a big affect to bitcoin and cryptocurrencies.

Obviously we should know china are one of the most powerful country in the world in terms of economic capitalism.

Possible to destroy bitcoin if people around the world will quit to support bitcoin, but if people continue to support bitcoin i think nobody can destroy bitcoin.

[steampunkz]

China cannot officially kill bitcoin. But because of the almost 60% of all bitcoin miners are based on China. When China governments are in chaos like banning ICO and other cryptos. It will affect the bitcoins price rapidly.

[shendy]

I think China will not destroy bitcoin, but it is able to control bitcoin. Surely this will affect the value of other bitcoins and altcoins. China will continue to control this situation so that China will have the advantage of making it bitcoin chaotic or better.

[kifumi]

very interesting when we hear that academics from Princeton University and academics from the University of Florida have concluded that China has the potential to threaten stability, internet infrastructure, security and bitcoin development.

in the world of mining, China dominates using ASIC vendors. China controls mining hashrate, so they affect the bitcoin protocol.

Is there a solution to stop that potency  ?

not only the economy CHINA also dominate in people population. They colonize ur country with economy system. Thats why economy wars happen because today CHINA is strong country.  with their huge hashing power just to state that they are in control. Chinese are strict businessmen, and we all know that they have the means and power. i feel bad about this man.

[pooya87]

making China big and evil is starting to get too old. people should try to be innovative and come up with new scarecrows for their purposes because people don't  care anymore about what you say about China and the exaggerations that are made about them regarding "control" of hashrate and other things.

algo change could take care of that

yeah, for 10 years others have tried destroying bitcoin and failed. let us destroy bitcoin with our own hands now by doing this change.

[taiwww]

There is one stop solution for this problem : stop the FUD.

There you go you can't have best solution than that I guess. China has always been shown as the master of everything and that does start from the technological advances as well as myths about controlling the whole world. In the entire history we just heard that and nothing else has happened in reality.

Now just because they go for higher ranks in ASIC vendors then it doesn't mean they will overocme everything. That's complete FUD and what can I say misconception about the China.

[MMS2017]

It is true that most of the hash rate is controlling from China but it does not mean that China has a control over it it is the people there who are using Rigs for mining China will not affect bitcoin, China is not against of bitcoin but few of other regulations can affect bitcoin.

[princehandsome]

I think China will not destroy bitcoin, but it is able to control bitcoin. Surely this will affect the value of other bitcoins and altcoins. China will continue to control this situation so that China will have the advantage of making it bitcoin chaotic or better.

yes it is impossible for China to destroy Bitcoin, I think that might cause Bitcoin prices to fall because China controls Bitcoin. but China cannot completely make Bitcoin become chaotic because it is not China that makes crypto programs.