What if China wants to takeover bitcoin? (Assuming controllable majority of hash

[leea-1334]

It has been discussed many many times before and the consensus is that there is no one with any amount of hashpower enough to successfully do this.

And in the worse case scenario that it can happen, the majority of hashpower does not equal the majority of blockchain users. They will simply reorganize and throw out that bad actor.

[1714882254]

1714882254

[1714882254]

1714882254

[1714882254]

1714882254

[1714882254]

1714882254

[1714882254]

1714882254

[Lorence.xD]

I"m not sure that I understand what you mean by"takeover" Bitcoin and how that could be possible. By government, by miners?
I don't think that any of such scenarios is even possible and I don't know why so many are focused on China like enemy number one of Bitcoin or some country that wants to be Bitcoin superpower. I don't think that any of these hypothesis are true.

The only thing that I can think of in this hypothetical situation is that it will be for a long time before they can takeover and it will be an arduous task because mining a block takes longer than what it used to be. The 51% will be difficult because that will mean that they will have to beat those other miners.

[stompix]

~

That was well stated in the website I linked, in previous replies to mine and also in the subsequent paragraph of my reply;
"Chinese mining pools are favoured currently, so more miners from all over the world tend to join them increasing the overall hashrate"

Then why even bring it up? Simply, why? What was the reason to mention the location of the pools when you know it doesn't mean that the gear is located there also?  And if we talk about wording, you didn't choose your words that careful either:

This site puts the figure at approximately 81%, regardless of which is totally accurate, the majority of hashrate is concentrated in China, especially when compared with other countries;

You didn't say pools located in china, you said the hashrate is concentrated in China.
Saying something confusing in an already confusing topic is not going to help.

And in the worse case scenario that it can happen, the majority of hashpower does not equal the majority of blockchain users. They will simply reorganize and throw out that bad actor.

It's actually the opposite, the ones owning the majority of the hashrate can block your transactions mining empty blocks and throw you out.

[bitcampaign]

I don't think that's possible, even though most of the miners from China don't all have a unit, they work individually so it's difficult to unify it and take advantage of the situation as you think, unless the Chinese government takes over the mining I think it's possible

[YOSHIE]

Was just watching https://www.youtube.com/watch?v=45Ac-5y2ofg and wanted to hear your opinions on China having 'over 90% of the hash rate'.

No, China can't do that, Bitcoin has been going on for 12 years, all the ways have been done by the government, however, nothing has been successful, starting from prohibitions etc., now China wants to take over Bitcoin, it doesn't make sense.

I watch YouTube, it's still a "if-if" draft, I'm sure it's just an idea from YouTube, maybe the Chinese government doesn't know what to do about Bitcoin.

OP, it's just just youtube, the more you watch, the more money comes into the account that makes youtube, don't worry about bitcoin china won't take over, the world can't control Bitcoin, you should be proud of satoshi.

Satoshi made the way Bitcoin works for the world not for China, no way, people all over the world have to buy Bitcoin through China, it doesn't enter my brain memory.

[NelfiNovita]

How can China take over bitcoin, just take it that bitcoin is not a centralized currency, it is decentralized. Although, China has the high bitcoin miners but that does not mean they will take over bitcoin, it is not possible. People will only want to say what may not happen or what can possibly happen in the future, but as for bitcoin, no country can take over bitcoin, it is decentralized and open source and getting adoption from all over the world

yes you are right, that no one can take over bitcoin because bitcoin is decentralized and is already widely owned by bitcoin users throughout the country. China can only buy bitcoins or mine a very large amount of bitcoin but China cannot do anything about bitcon prices because bitcoin prices depend on buying and selling bitcoin transactions in the crypto market.

[7788bitcoin]

If 'China' (you probably mean the chinese government) wants to 'takeover Bitcoin' (whatever that means...) they will quickly learn, that this operation will cost them billions of USD and the result will most likely be another shitcoin fork instead of a 'takeover'. Guys will say 'Oooops! Didn't work' and they will kick a sack of rice.

It is possible that they could kick a sack of rice after trying something stupid  . It is a crazy dictatorship regime and i wont be surprised if they do something crazy like this and burn away billions of dollars and the business of a few individuals.
Even if someone or any government tries to take a hostile step to control the hash rate it can be restored and it is not a big deal and it is an expensive business to control something like this.

[lifeforcepools]

They don't need bitcoin. China is only interested in the digital yuan.

[concept2]

Lots of money is requires in order to obtain majority of hash rate. And what do they have to do that. Bitcoin is decentralized. Destroying the decentralization only make people from different countries losing money without harming any other government. So this theory will never happen.

China has many other issues to concern. They have to compete with the US. Tons to restrictions are imposed on China so as to stop their power. Balancing the economy while dealing with those new international laws is a hard task

They are also focusing on CBDC which is more promising than destroy a cryptocurrency