China can destroy bitcoin

[jseverson]

The study OP is talking about is tackled here:

https://www.newsbtc.com/2018/10/09/report-china-has-capabilities-and-strong-motive-to-destroy-bitcoin/

You can also find a link to the actual study within the article.

This is targeted towards the Chinese government. The entire thing basically hinges on the assumption that the government can seize control of all Chinese pools just because they're based there:

At the time of writing, 74% of the hash power on the Bitcoin
network is in Chinese-managed mining pools. Pool miners cannot be directly
controlled by China, but the managers are located within China and as such
are subject to Chinese authorities. Because managers are responsible for
assigning mining jobs and propagating completed blocks, they control the
inputs and outputs of their miners, allowing Chinese authorities indirect
control over that hash power.

This is obviously not a sound assumption to make because these pools have begun to diversify, and have become a lot more geographically distributed. China still has a lot of influence over Bitcoin (just by virtue of the hashrate coming from behind the great firewall), but there's practically no way they can bring the whole house down alone. I don't think they have any reason to either.

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[Juggy777]

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  ?

I feel this is a newbies favourite topic every time something happens and one starts to blame the chinese or starts to fear them which is absurd if you see. These people follow the media religiously that they don't even understand the ground reality, I'll agree China has the highest hash, but it's pertinent to note it's not one person in china or few governments officials who hold it, it's spread all over china which indicates there're several persons with several mindsets behind it's usage. It's high time newbies need to use logic, why would China people destroy the very thing that's minting them money, and the very currency which is not controlled by USA.

I'll add one more name to the list who fear China maybe someone can tweet him and explain him he's the current president of USA, link : https://www.forbes.com/sites/billybambrough/2018/10/16/chinas-bitcoin-dominance-is-worrying-trumps-white-house-and-pushing-it-toward-ripple/

[Agatha-Akina]

I  don't believe much in this point, I think they don't inhibit bitcoin as bitcoin can bring us many benefits, it enrich the country,

[sehoon]

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  ?

No. You're already talking about control and those things which China are topped or what China holds are things that could greatly affect bitcoin. However, I don't think that bitcoin can get destroyed easily.

[spyderbilt]

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  ?

the right solution is that if China has the advantage of bitcoin China might not do that to destroy bitcoin, that is very detrimental to many things. so I think that is something that won't happen easily even though China has everything against the step of bitcoin.

[Malam90]

China can't destroy Bitcoin mining although Chaina controls or dominates lion's share of Bitcoin and Bitcoin miners. It would be difficult for the rest of miners if China destroys mining for China, Hash rate will be affected.

[jbarcenas18]

As all I know bitcoin cannot stop even the government of each country but they can prohibits to use or ban it. China can ban bitcoin in their country but outside territory bitcoin can still be use.

[team87]

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.

Does that mean China is very influential in crypto stability ?? If we talk about bitcoin, bitcoin decentralized. Then how far will this affect the development of bitcoin in the future? Thank you.

[digitalcryptocoin]

Not actually, But can be impact on total environment of Bitcoins. China basically controls more hashing power contributing to give security, speed and transparency for overall environment of  Bitcoin, which is based on Blockchain and Cryptography.

[valkarale]

China has made every effort to reduce its domestic electronic money collection activities. The country has shut down many electronic money exchange companies and exploited electronic money, however, Bitcoin diggers are still present in the country. And the destruction of bitcoin is something that China can't do.

[xbossJ]

While young Chinese who are exposed and tech savvy, see a future in $Bitcoin and cryptocurrencies,  government sees more of a rebellious tool that can dismantle the strict laws that may be the undoing of communism! The Chinese have spent the last 9 to 10 months beginning from August 2017, wedging a war they can't win! Did the try to shutdown ICOs yes, Did they try to Shutdown $Bitcoin mining farms yes they did! One thing I know for sure is that while they do all of these young Chinese believers are relocating to saner climes, so killing $Bitcoin is like blocking water from flowing, one way or another it will find its way around so its "Indestructible" So I think.

[oppasong]

if to stop it is difficult because China is one of the most numerous investors there especially if it is associated with mining, bitcoin can be a protocol in their country.

[ZzV1Finn]

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  ?

Until a sufficiently large number of people will not come to b that it nafig not needed, since the money can be great to translate and with the help of the ether or Litvinov, and so on.

[Cacingkemi]

Interestingly China is not a country that can destroy BTC in anyway Communities are scattered in various parts of the world who use or mine BTC and not just China dude.I'm sure that in various issues in the past at china it will not destroy BTC.

[Diced90]

The worst case scenario is that if China decides to limit Bitcoin then there will be some damage but this damage won't be destroying cryptocurrencies because this mining monopoly of China may change in a few year down the line because of new renewable and cheap energy.

[ShadowBits]

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  ?

They ca, but it will only happen to their country and not the whole world. I know that they play a big role to bringing Bitcoin and other crypto into a good shape, but that doesn't mean that Bitcoin can not operate without them.

[yurekaa]

In my opinion. That is not true. bitcoin will be there anytime. China can destroy the price of bitcoin that could happen. but to destroy and eliminate bitcoin from this world cannot. everyone can manipulate or make a conspiracy so that the price of bitcoin falls or rises it could happen. so don't panic when getting news that is not necessarily the truth and don't panic with any news.

[bitcoinVPSD]

I worry about this issue. The Chinese government has issued a ban on bitcoins, but the factories that serve the purpose of bitcoin extraction are mainly concentrated in China. I think with bitcoin they exploit in the future they can control the market and can make it grow according to their own purpose.

[petrcoin]

No they can't destroy it.

If they stop, other people will start and difficulty would adjust. So there is not a probability.

[hacekd]

China have destroy bitcoin and make all of mining bitcoin project at their country have closed, many ICO investment was die by China have banned of regulation for ico investment at their country, China have more power fo destroy how bitcoin price.

how not because China is the first country to spread bitcoin and make bitcoin popular until several countries around the world, because bitcoin originally came from China, the destruction of bitcoin can be determined by China because some big investors came from China and many news China began to make Their own digital currency means that bitcoin will become very worthless. Although bitcoin will not be completely destroyed but the price of bitcoin will be of no value at all and will be defeated by their competitors ETH.