China is able to do 50%+1% attack. It means, China dominating the crypto's. Or?

[Eugenar]

When it says bitcoin dominance doesn't mean that a country or state is attacking it. Real market dominance can be obtained by how many people are contributing to the development of it, not by hash rate and control. But with a great technology they can bring to the world.

For me, china isn't dominating the market yet, they need to contribute first.

[alexsandria]

Such threats are already spreading by words. Still it is under development they haven't tested it yet. But if it were to be true then it would be easy for them to cracked down Bitcoin to pieces and it would make sense that they could quantum computers could dominate in the market. However China are opposing Bitcoin I don't think they would go battle head on over that as if they were also creating their own crypto currency.

[secretgirl]

I think it's just FUD. many people say Google will release a quantum super computer but until now it hasn't been realized. and I think the bitcoin developers have thought about this. so if one day this quantum computer has been released bitcoin already has a more sophisticated and powerful security system so it is not easily broken into by this quantum computer. so I think we don't need to worry.

[ifinta]

I should say - I use only my brain - and I have more worry against the change in the climate of our world. Please see the threads in the OP
Maybe a change in the art of mining a good thing then.

I immediately regret my decision to post on this thread. Since you only use your brain, you don't need discussion.
Mining is working perfectly, as intended. "If you don't believe it or...."

Also, don't worry about climate change

"I use only my brain" = it is only my opinion, I would like to diskuss it...
Please don't hesitate to ask, if you don't understand, what I wrote. I am not raw English, and I do mistakes, many, I know.

Of course, mining will working perfectly - also with this new kind of computers, and maybe google (and other US firms) able to avoid China's dominance later...
I have hopes for climate change also, but we should use our brain and our time to do things against it - to avoid or constrain it...
Simple "don't worry, be happy" don't helps in both cases.

... Most Chinese businessmen would still think of profits over any other things any day, though some of them might even submit to the orders of the higher echelons but for the most part, the former becomes true. Sure, they have the most hashing power, ...

You will be better understand, what the Chinese State would like to do, if you seeing China as a heavy type of a state monopoly capitalism. It isn't "communism", I know. I lived in east Europa before 1989... It wasn't a "communist dictatorship", it was a kind of state monopoly capitalism - with a kind of mafia above. It means - the Chinese business-mans, living in other countries, will be - mostly - a tool to reach and control that state also - through a such well centralized organization and a such good tool as a crypto ( a Chinese one ).

I think it's just FUD. many people say Google will release a quantum super computer but until now it hasn't been realized. and I think the bitcoin developers have thought about this. so if one day this quantum computer has been released bitcoin already has a more sophisticated and powerful security system so it is not easily broken into by this quantum computer. so I think we don't need to worry.

Please read the OP, and the thread thoroughly, I think, you don't understand, what a role can this new google's computer to get in the Bitcoin Network... We don't talking about Quantum resistance......
We talking about mining and dominance... Which country will get it.

[binhvo1505]

I criticize Bitcoin since 2011...
I "predicted" our situation today, I think. ((I explained, what is wrong in the system, and I told, what will be done in the future - today...))
Google has quantum supremacy.
It isn't enough to crack the encription of bitcoin network, but maybe enough to mine Bitcoin with more power as other technologies before...
Will google publish a such technology? Or google will get the dominance from china over the Bitcoin Network?
What are you thinking?

- "best effort" = "power" => The network should be redesign too.

Sorry but your posts are really hard to understand and don't appear to be complete ideas in any case. Can anyone rephrase this stuff so it's easier to read?

Critical question:
Do you want a central authority? If so no-one will be interested because getting rid of central authority is the best thing BitCoin ever did.

I think current Bitcoin-System will have a central authority - it's needed only some time... See my post:

I think, it is a must, that the miners personally identified. Think an history of bitcoin - and a possible future:

• firstly CPU mining. (technology A - public)
• then GPU mining. (technology B - public (fortunately) but technology A not an opponent)
• ... some other public technology, pools, merged mining, and so on...
• in future: technology X coming - (not published - owned by some (or one) persons/firms/...) AND (technology A and technology B and other public technologies aren't an opponent) - the controll of members of Bitcoin forum over bitcoin (and our "money") loosed!

...

I will that the Bitcoin (or Greencoin) - community do not lose later the control.
Please, see my first post too... I change it continuously.
This posts are a kind of 'Brainstorming', it is not about a real or implemented money. But it will be later implemented, I hope.

Thanks for criticism, and questions.

Maybe it is possible to use this technology to mine Bitcoin ASAP. For google only - i.e. Or?

FYI

https://www.sciencenews.org/article/google-quantum-computer-supremacy-claim

Google could not. Look no further, Facebook's Libra coin is now suffocated by parliament and it seems to have stopped working.
things that create manipulation only bring about benefits in the first time, but when the organization grows, the government cannot control it, the gangster power will emerge. That is why the US government must bind Libra coin so much.

[ifinta]

I criticize Bitcoin since 2011...
I "predicted" our situation today, I think. ((I explained, what is wrong in the system, and I told, what will be done in the future - today...))
Google has quantum supremacy.
It isn't enough to crack the encription of bitcoin network, but maybe enough to mine Bitcoin with more power as other technologies before...
Will google publish a such technology? Or google will get the dominance from china over the Bitcoin Network?
What are you thinking?

Google could not. Look no further, Facebook's Libra coin is now suffocated by parliament and it seems to have stopped working.
things that create manipulation only bring about benefits in the first time, but when the organization grows, the government cannot control it, the gangster power will emerge. That is why the US government must bind Libra coin so much.

Please read the OP, and the thread thoroughly, I think, you don't understand, what a role can this new google's computer to get in the Bitcoin Network... We don't talking about Quantum resistance......
We talking about mining and dominance... Which country will get the dominance in crypto market, and how it is possible to avoid a such influence.

Facebook Libra has a big big issue (as Tether or Ripple has also) - I should explain: it was through Facebook centralized, dominated. It is a bug - but Mark don't send the parliament ( or me , me would be Bitcoin better ) the 10000 dollars / bug, as he promised, I know

If I would be in place of Mark - I replace Libra with XRP simple - and then I ask the Parliament: "Well, I did. I choosed an other crypto from existing Market. Many thanks for support.". Maybe it needs some clever negotiation with XRP, but I would like to see, what Parliament doing after a such step and answer...

Or QTUM. QTUM is from Singapore. Xapo is also from Singapore AND in the community of Libra in. QTUM a real P2P system - worldwide used, supported...

[abhiseshakana]

If indeed Google's claim about quantum supremacy is true, it is an achievement that deserves appreciation. It's just that in my opinion the potential of a quantum computer to threaten or break the encryption blockchain and bitcoin does not need to worry, because the blockchain can change its algorithm to be resistant to quantum supremacy. If it is feared that a quantum computer can mine bitcoin with its excess the chance is still fifty-fifty because it is not yet clearly known how the specifications of the quantum computer (It doesn't mean that quantum computer always has a big hash power and it's probably not worth it if the operating costs are greater than income).

With regard to China, we must be able to remember that the Chinese nation was a nation that used to like imitations but is now developing in addition to copying and modifying innovation. Other countries or outside China may be excited or booming with all kinds of technological innovations created by the West but in China, they don't have fangs, for example:

RenRen = China's Facebook
we chat = China's whats ap
Alibaba = China's Amazon
Baidu = China's google
QQ = China's Gmail
Weibo = China's Twitter
Youku = China's Youtube

For cryptocurrency technology, I think China has prepared it, of course, China's crypto. This is inseparable from China's foreign policy, namely one belt one road. This initiative is closely related to economic problems, the economy is synonymous with money. China has made a grand plan to become a world power, and this grand plan has been carried out long before other countries realize it.

We do not know for sure, how many bitcoins China has. Because before it was banned, China was one of the countries with the largest mining activity in the world and data from UNCTAd showed that the development and blockchain patents of 75% were concentrated in China and America. I think the amount of bitcoin owned by China is very large.

[fiulpro]

Google won't actually do something like this to be honest , Google is too secure to start creating plans like this , even if they publish such technology do you think the government and all would uninterrupted let them do whatever they want with this ?
If Bitcoins could be hacked using it then trust me ... Those low security governmental websites will also be at a high risk .
They won't simply let this go like this and not everyone would be able to afford it.

[BigBoom3599]

Google won't actually do something like this to be honest , Google is too secure to start creating plans like this , even if they publish such technology do you think the government and all would uninterrupted let them do whatever they want with this ?
If Bitcoins could be hacked using it then trust me ... Those low security governmental websites will also be at a high risk .
They won't simply let this go like this and not everyone would be able to afford it.

Google can not attack encryption at this moment. The quantum supremacy they claimed is very niche and rather controversial. To really attack modern encryption (such as bitcoins) with a quantum computer you would need a quantum computer that is orders of magnitudes more powerful than what anyone currently has. I personally think we there is still decades of research and development necessary before we have to worry about QCs cracking encryption.

[ifinta]

FYI

I criticize Bitcoin since 2011...
I "predicted" our situation today, I think. ((I explained, what is wrong in the system, and I told, what will be done in the future - today...))
Google has quantum supremacy.
It isn't enough to crack the encription of bitcoin network, but maybe enough to mine Bitcoin with more power as other technologies before...
Will google publish a such technology? Or google will get the dominance from china over the Bitcoin Network?
What are you thinking?

- "best effort" = "power" => The network should be redesign too.

...

...

...

We should find "best effort" for us. I think, real power lies in maintaining and advancing life.  This should be the "best effort" for us, for human race...
How should this kind of crypto-algo called?
Maybe:

Proof of Stake in (maintaining and advancing) Life

PoSL

[Google+]

I think the country of China only has a variety of technologies and many citizens who already know bitcoin and many people who know how to buy bitcoin even in China also have a very large and very large bitcoin mining company so that it can make the country of China able to control the conditions a little cryptocurrency market.

[stompix]

I criticize Bitcoin since 2011...
I "predicted" our situation today, I think.

Nope, you didn't!

I think current Bitcoin-System will have a central authority - it's needed only some time.

More than 9? I would not use "sometime" for 9 years.

I will that the Bitcoin (or Greencoin) - community do not lose later the control.

How's Greencoin doing?

The biggest farms are in China. They had already more as 50% many years before... I think, this portion is more at this time.

And do you have any kind of proof for this apart usual China owns bitcoin bs?

[ifinta]

...

I will that the Bitcoin (or Greencoin) - community do not lose later the control.

How's Greencoin doing?
...

Greencoin = every not PoW coins, as i.e. NXT or later Ardor, OByte, ...

[Reid]

The biggest farms are in China. They had already more as 50% many years before... I think, this portion is more at this time.

And do you have any kind of proof for this apart usual China owns bitcoin bs?

I read  page 1 and 2 and up until now there is no answer to this.

Okay, your point is about google taking the larger power of mining and then China? So 50-50 to them then there will no more miners that could do it?
So are you saying they have the control with bitcoin afterwards because of that capability?

Look at your surrounding, specially here in bitcointalk forum. Dont you see  greed?
I don't think they will be focused on mining bitcoin. They will create their own and try to bring down bitcoin. That is what I see which could happen in the future. But due to the support of the people bitcoin might stay alive even if brought down by those companies.

If I have that futuristic technology then forget about bitcoin. I will create something better.

[ifinta]

The biggest farms are in China. They had already more as 50% many years before... I think, this portion is more at this time.

And do you have any kind of proof for this apart usual China owns bitcoin bs?

I read  page 1 and 2 and up until now there is no answer to this.

Okay, your point is about google taking the larger power of mining and then China? So 50-50 to them then there will no more miners that could do it?
So are you saying they have the control with bitcoin afterwards because of that capability?

Look at your surrounding, specially here in bitcointalk forum. Dont you see  greed?
I don't think they will be focused on mining bitcoin. They will create their own and try to bring down bitcoin. That is what I see which could happen in the future. But due to the support of the people bitcoin might stay alive even if brought down by those companies.

If I have that futuristic technology then forget about bitcoin. I will create something better.

Yes, I see greed. And I will do also, if the bitcoins will have 0 value. I started a diskussion about it - at right time, I think. If you have only greeds, then please, my answer is here:  

[Wintersoldier]

I think the country of China only has a variety of technologies and many citizens who already know bitcoin and many people who know how to buy bitcoin even in China also have a very large and very large bitcoin mining company so that it can make the country of China able to control the conditions a little cryptocurrency market.

Basically what they can have is a huge volume of the hashing power that the cryptocurrency needs in order to process transactions. But in order to dominate bitcoin, they need to have huge control over it. That control would not be considered to be the hash power, but the power of whales to manipulate bitcoin. As the main reason why bitcoin is known worldwide is its capability to produce huge market price. And being able to control that huge market price will be classified as the dominance.

[ifinta]

What are you think, what is a 50% + 1% attack?

A miner is able to create extra bitcoins, or decide which transactions will be done - maybe invalid transactions also.
What are you think, what value will 50000 Bitcoin have, if the united Chinese miners will be doing such things? I think 50000 BTC will have the same value in dollar, as 500000 BTC ...
What a dominance will have one or more whale then? I think, the same.
0 dollar economical power...

I think the country of China only has a variety of technologies and many citizens who already know bitcoin and many people who know how to buy bitcoin even in China also have a very large and very large bitcoin mining company so that it can make the country of China able to control the conditions a little cryptocurrency market.

Basically what they can have is a huge volume of the hashing power that the cryptocurrency needs in order to process transactions. But in order to dominate bitcoin, they need to have huge control over it. That control would not be considered to be the hash power, but the power of whales to manipulate bitcoin. As the main reason why bitcoin is known worldwide is its capability to produce huge market price. And being able to control that huge market price will be classified as the dominance.

[beerlover]

Just because they can (and they can't) doesn't mean they are capable of . Remember the segwit period for example, almost all of china's miners got together and turned their pools into non-segwit approach but they failed, they made a hard fork that was bitcoin cash in the end but they couldn't change bitcoin itself hence why we can use segwit right now for cheaper.

It means miners can't make as much money as they used to but it means everyone else will be able to do transactions for cheaper and faster. Do you really think all those miners accepted this? Of course, not they were against it but since they didn't had the majority they couldn't. Sometimes when you need to change the blockchain from one to another you need a lot more than just 50+1% so china still doesn't have the control.

[mu_enrico]

From an economic perspective, a 50%+ attack (or double-spending attack) is not feasible because miners need to invest in mining equipment, buildings, power facilities, etc. These investments are way more expensive than the profit they will get from such attacks (double spend). They are thinking long term, just like what Satoshi said in the whitepaper. Hence, Google et al., would choose to secure the network instead of ruining their investment.

If the attackers split the network by changing the rules, other honest miners will keep extending the honest chain. Then you will have "Forked BTC" and "Honest BTC." The honest BTC will prevail for sure.

Last, quantum computing is still far-far away from being used in cryptography. Researchers need to deal with more qubits and its error rate. QC is more like an analog device at the moment with too much noise.

[Kakmakr]

Quantum supremacy is but words for now. And although it is a possibility that is coming nearer in reality, there is nothing to be afraid of. This is only a big deal for FUD spreader and their victims. Quantum technology in computers is not monopolized by Google. The geniuses in the crypto world has already anticipated it long before it will even hit the market. In fact, steps have been done both in planning and in actual development that will somehow address this Quantum hype and FUD.

You don't understand me. Maybe you not read everything in the first post.
I think, google can change the software in this new kind of computer - and mine a little on the Bitcoin Network, to show, what a kind of efficiency this new computer has.
Maybe with some similar computer can google (alone or with partners) decrease the mining power of China below 50% ... And then... As I wrote:

...

• firstly CPU mining. (technology A - public)
• then GPU mining. (technology B - public (fortunately) but technology A not an opponent)
• ... some other public technology, pools, merged mining, and so on...
• in future: technology X coming - (not published - owned by some (or one) persons/firms/...) AND (technology A and technology B and other public technologies aren't an opponent) - the controll of members of Bitcoin forum over bitcoin (and our "money") loosed!

...

You do not understand how the protocol adjust the difficulty when massive amounts of hashing power are introduced. The difficulty will simply go up and it will become a lot harder for people with powerful computers to compete with massive mining farms.  

Also, even if Quantum computing are introduced, stronger encryption will be implemented to protect people's coins. There are stronger encryption out there already, but it was not practical at the time to use it, because there were nothing strong enough to decrypt it.

Remember, Bitcoin is a piece of software and software can be changed to adopt to the changing needs or threats to it's users.