China can destroy bitcoin

[daddyvandan]

a huge sell off could do just that. I'm as much as I can now. 

[wizardcrypto]

china is the fastest developing world power country in this new dispensation , even now china is threat to the united state of america they hold the economic sector now . if they fight a against cryptocurrency it will posssibly affect the entire crypto market negatively which is not good and with their population withdrawing from mining there will no transaction of blockchain confirmation or long period of delay in  confirmation as we experience in late 2017.

[Msworld83]

There is always a way out when it comes to technology issue like this , china happen to be the first in the mining work and other country is taking over now which is a way it should be having only china is like a centralized thing but country like Malta and other Europe country are backing crypto now which is a good sign for the technology.

[Epimetheus]

China cannot destroy as globally but it can ban it in their country.. Chinese government is the first government who ban bitcoin in their country. Chinese government also passively influence its neighbours country to ban bitcoin like cryptocurrency in their country.. Chinese government ban it because it affects their national currency value at international market and because of this their is a negative effect show on their country economy. Another thing cryptocurrency also affects their country national bank profits and progress.

[TopT3ns]

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  ?

There is solution, but will be hard. China as we know control bitcoin price almost every year. When they made good news, pump will come and they can make bad news that will make bitcoin dumped. But if people not panic anymore,i think we can solve that problem.

[ranman09]

So does this mean China is into mining again? I thought people in China are not allowed to do mining?

[mcneLubB]

I think that in case of danger, measures will be taken that will help solve the problem. Businessmen do not dare to lose their profits!

[Klausi]

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  ?

There is solution, but will be hard. China as we know control bitcoin price almost every year. When they made good news, pump will come and they can make bad news that will make bitcoin dumped. But if people not panic anymore,i think we can solve that problem.

The people who always been actively driven out by bitcoin's manipulation from those bigger investors who been doing shady strategies. Long term traders who remain standing after all eventually became skillful behind closed doors of crypto. They didn't even care what may happen, but right now some traders started putting back their trust on bitcoin. With regards to china, I am still confident that all certain scenario will still become fair enough no matter what happens in their next moves.

[nikola22]

China cannot destroy as globally but it can ban it in their country.. Chinese government is the first government who ban bitcoin in their country. Chinese government also passively influence its neighbours country to ban bitcoin like cryptocurrency in their country.. Chinese government ban it because it affects their national currency value at international market and because of this their is a negative effect show on their country economy. Another thing cryptocurrency also affects their country national bank profits and progress.

China can ban but can't destroy bitcoin. Miners are businessmen so they prefer to earn money rather than to serve communist ideology.

[Olayinka225]

Well...I don't see anybody, any country destroying bitcoin unless bitcoin destroys itself. Though China might be a very large stakeholder in cryptocurrency through there participation and lot's of innovation in crypto, but still yet I don't see them destroying bitcoin. They can only cause damages and only slow market down

[Ucy]

AThis sort of Politics in Crypto is unnecessary and childish. We all know that attacks and Centralization can come from any country. The company/guy who has most of the hashing power is not even allowed to mine in his country. I think he is currently in US mining and paying taxes.

[pat4cryptoreal]

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

I am highly informed by your clarification of the topic at hand. So with the information you have given here it means that China alone cannot make a decision and it will affect bitcoin for a long time.

[truongdhnh]

We can see that the Bitcoin market share in china is huge. Because the number of people that China is dominating is so great that once the policies put in place by the Chinese government will have a big impact on the crypto and bitcoin markets, both good and bad.

[satriagedhe]

just wondering that guys from china buy RIG to mining just for to destroy Bitcoin , they are playing businnes there and will not destroy it

[bloodyvio]

not only bitcoin, China can also destroy the world (in this case the world economy) lol
if you want a solution to prevent the potential of bitcoin that will be damaged by China
only one thing, stop using pools made by China
they control 71% of bitcoin hashrate (according to info from this site: https://www.buybitcoinworldwide.com/mining/china/)
71% that makes bitcoin centralized by them

[White Christmas]

No change,  who the hell told u that china can destroy the bitcoin,  if China doesn't accept it doesn't matters there are other countries

I agree, china doesnt have that kind of power. Maybe they can ban bitcoin in their country but not in the whole world. Thsy are not that powerful to do. It and people wont let that happen. I cant see any reason for them to do it. All. Country will be their enemies once they start doing it

[xfaqs01]

so they are spent billions of dollar manufacturing and  building bitcoin farm on a large scale to destroy the bitcoin and to lose peoples trust all over the world on bitcoin and the people then transfer their trust to other crypto like litecoin etc? where is the logic behind these? and then after btc destroyed china then will spend another billions of dollar to destroy the next crypto that people put trust on and so on and so on. LOL! stop this non sense! if btc destroyed we still have thounsands of crypto out there. what the heck!
i bet chinese wont do that thwy love crypto, theyr not building something just to destroy when they spend billions on it, this is just a fud!

[gesdan]

we know that the circulation of bitcoin is big in China, and we know that the bitcoin mine farm is biggest in the farm but i believe that china is not enough for destroy bitcoin around the world

[Finestream]

we know that the circulation of bitcoin is big in China, and we know that the bitcoin mine farm is biggest in the farm but i believe that china is not enough for destroy bitcoin around the world

Yes.China may be a big and strong country but i believe it cannot totally break the foundation of bitcoin.A lot of countries are already into bitcoin even without China on it.China may cause some damages on the part of bitcoin but it cannot ruin bitcoin in the long run.

[Shannon98]

China holds threatening influence over Bitcoin - perhaps even the ability to attack and ultimately destroy the entire Bitcoin network.

They have the capability and strong motives to perform on variety of attacks against Bitcoin. Even worse, it is already exerting its power over Bitcoin in a myriad of ways.

Research shown that the Bitcoin mining ecosystem has become heavily centralised. The level of centralisation found in the Bitcoin mining ecosystem is the biggest issue for the peer-to-peer digital cash system today. As a technology depends on decentralisation in order to provide a censorship-resistant bearer electronic, any trend towards centralisation should be viewed as problematic. Having so much mining power centralised in any single country exposes the Bitcoin network to a worrying degree of political risk. This can be seen as a threat to china’s economy or a competitor to their own planned digital currency, they could wreak untold havoc in the Bitcoin ecosystem.

Cryptocurrency miners have banded to such an extent that over 80 percent of Bitcoin mining is performed by six mining pools, with five of those managed directly by individuals or companies based in China.

Chinese mining pools control more than 70% of the Bitcoin network’s collective hash rate. Not only does China manufacture most of the world’s mining equipment, but massive mining farms are located there to take advantage of extremely cheap electricity prices.

The fact that Chinese mining pools control so much of the Bitcoin ecosystem has direct consequences.

In my opinion, china will have the upper hand in making a huge impact on Bitcoin.