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

[error08]

China doesn't own 51% hashrate, it belongs to the mining pools which have left the country when the government crackdown bitcoin, ban exchanges and miners.
And those mining pools aggregate consists of miners come from various countries joining the mining pool.
Furthermore, China doesn't own the majority of nodes that support the bitcoin network. The U.S. is leading with 25.88% and China ranks 8th with just 3.26%.
Maybe that is the reason the Chinese government scraps plan to ban cryptocurrency mining.

Source

[1715199449]

1715199449

[1715199449]

1715199449

[coolcoinz]

So much FUD by OP. NOt only that China can do a 51% attack but also that Google will use quantum computer against us. This is really too much for me to handle.

Like it was said by some people China is not one company. It doesn't own private bitcoin mines and even those mines aren't cooperating and will not cooperate because not everyone wants to put the network at risk. Some of these miners hold Bitcoin and a 51% attack would make them lose money. This is how decentralized network works. None of the participants have enough power to damage it and all participants aim to protect their own interest, which may differ, making them all willingly or unwillingly work for the system, not against it.

[Linkkoin]

Like it was said by some people China is one one company.

This can be called "state capitalism", where you need to closely collaborate with government (or simply be a member of a party) in order for your business to grow/operate.

[enhu]

Even if the successfully destroy BTC using that quantum computing, they wouldn't be able to destroy blockchain. It would be pointless to destroy this technology and bitcoin because there are already forks. Anyone in fact everyone can create their own coin if they wanted to and will still have intrinsic value if we try to reboot and again start fresh with quantum resistance.

[Febo]

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

Google has quantum supremacy.

What are you thinking?

Who is China?  The biggest country? I dont think China have one single miner. But lest say tomorrow China buys tons of ASIC miners. What they will do then? Cheat people out of their Bitcoins. They will buy grain from someone and pay with Bitcoin and then revers transactions back? They will be thefts? That is what you believe China is? A country with 4000 years tradition will now suddenly start stealing peoples money? If Chian want to rob people they can do it without Bitcoin mining farms. They can steal any way they want.



Goggle have, I dont even know, a 40 qubit computer? 40 qubit computer cant break Bitcoin algorithm. You need 267 qubit computer for that. I dont understand why is that so hard to understand for some. It wil take at least 10 years that Bitcoin will be forced to just in case change algo.

[coolcoinz]

Like it was said by some people China is one one company.

This can be called "state capitalism", where you need to closely collaborate with government (or simply be a member of a party) in order for your business to grow/operate.

I meant to say "not one company" but it looks like you understood it despite that mistake.
Ok fine, governments say jump, companies jump, but how would the government coordinate a 51% attack? How would the government keep such a big operation involving thousands of people a secret? Many miners would rather sell everything and go out of business before the attack is executed than participate in it and lose everything anyway.
I just don't see something like that working out, especially now after the recent news from China.

[ifinta]

Like it was said by some people China is one one company.

This can be called "state capitalism", where you need to closely collaborate with government (or simply be a member of a party) in order for your business to grow/operate.

I meant to say "not one company" but it looks like you understood it despite that mistake.
Ok fine, governments say jump, companies jump, but how would the government coordinate a 51% attack? How would the government keep such a big operation involving thousands of people a secret? Many miners would rather sell everything and go out of business before the attack is executed than participate in it and lose everything anyway.
I just don't see something like that working out, especially now after the recent news from China.

Through army is it possible to constrain every miner to do, what the state wants. Simple.

[ifinta]

Any opinion about my post on the face?
https://www.facebook.com/vortexledger/posts/947582198992631

[ifinta]

We was before the pandemic... It is possible for miners to move away from China, other countries, ... just NOW?

China doesn't own 51% hashrate, it belongs to the mining pools which have left the country when the government crackdown bitcoin, ban exchanges and miners.
And those mining pools aggregate consists of miners come from various countries joining the mining pool.
Furthermore, China doesn't own the majority of nodes that support the bitcoin network. The U.S. is leading with 25.88% and China ranks 8th with just 3.26%.
Maybe that is the reason the Chinese government scraps plan to ban cryptocurrency mining.

Source

[Fortify]

While a 50%+1 attack is definitely something to be wary of, especially from a country like China, I wouldn't be so concerned about a quantum computing attack. It used to be something I considered and it might have put me off Bitcoin for a while, but once computing technology gets to that stage then all encryption will be rendered meaningless. At least until some sort of quantum encryption can be used to counter it, if such a thing were even possible. All banking institutions would be vulnerable to attack and the very bedrock institutions that we all rely on would be rendered defenseless against such quantum computing attacks - there would be no safe harbor so bitcoin theoretically should not suffer any more or less than other places used to construct transactions.

[ifinta]

While a 50%+1 attack is definitely something to be wary of, especially from a country like China, I wouldn't be so concerned about a quantum computing attack. It used to be something I considered and it might have put me off Bitcoin for a while, but once computing technology gets to that stage then all encryption will be rendered meaningless. At least until some sort of quantum encryption can be used to counter it, if such a thing were even possible. All banking institutions would be vulnerable to attack and the very bedrock institutions that we all rely on would be rendered defenseless against such quantum computing attacks - there would be no safe harbor so bitcoin theoretically should not suffer any more or less than other places used to construct transactions.

What are You think about quantum computing resist algo's as i.e. the protocol of IOTA? >;DO=

https://bitcointalk.org/index.php?topic=1216479.msg56759100#msg56759100

[ilovealtcoins]

Just maybe, it's a risk, but it won't happen. Miners make a living by mining Bitcoin, If they collude with each other to attack the Bitcoin network, it also means that they accept to crush their rice bowl. Not a single fool comes to see what he has created, crumbling.

[portergeiss]

Just maybe, it's a risk, but it won't happen. Miners make a living by mining Bitcoin, If they collude with each other to attack the Bitcoin network, it also means that they accept to crush their rice bowl. Not a single fool comes to see what he has created, crumbling.

Risk means for me - a risk. It can be happen. Nobody calculating with it, I see also... ... ... What an amount of wealth here just tends into a black hole. I am wonder.

[ifinta]

Just maybe, it's a risk, but it won't happen. Miners make a living by mining Bitcoin, If they collude with each other to attack the Bitcoin network, it also means that they accept to crush their rice bowl. Not a single fool comes to see what he has created, crumbling.

Risk means for me - a risk. It can be happen. Nobody calculating with it, I see also... ... ... What an amount of wealth here just tends into a black hole. I am wonder.

Only question is - WHICH wealth? Wealth in Yuan? in dollar? in ETH? in BTC? in GOLD?