BurtW
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Activity: 2646
Merit: 1130
All paid signature campaigns should be banned.
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December 11, 2011, 03:13:59 PM |
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All good. China really gets into this and starts mining, buying and hoarding, price goes up, more miners come on board, more security for the chain. Price goes up more. More publicity, etc.
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Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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BitcoinPorn
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December 11, 2011, 04:27:26 PM |
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I like the path this is going down.  I hope China DOES "take" the network. Watch the value drop before their eyes as everyone jumps on Namecoin, Litecoin, or hell, even possibly SolidCoin. Then when another country tries to take a dip in this pool, watch the hydra of digital currencies fly. I love it, go for it China. |
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jwzguy
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December 11, 2011, 05:34:35 PM |
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The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
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ineededausername
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December 11, 2011, 05:36:34 PM |
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The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
Right now, yes. However, a mining farm built for a takeover would not cost very much (to a government). |
(BFL)^2 < 0
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Shawshank
Legendary
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Activity: 1623
Merit: 1608
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December 11, 2011, 05:46:58 PM |
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Right now, yes. However, a mining farm built for a takeover would not cost very much (to a government).
True, because they have the control of their own fiat currency supply. They can fabricate as many yuans as they want, out of thin air, and buy real Bitcoins to buy real GPUs. |
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Phinnaeus Gage
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Merit: 1570
Bitcoin: An Idea Worth Spending
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December 11, 2011, 05:52:13 PM |
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I firmly believe that this guy--地图集--needs to be stopped from spreading fud in forums in China.
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JohnOliver
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Activity: 28
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December 11, 2011, 06:09:39 PM |
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I firmly believe that this guy--地图集--needs to be stopped from spreading fud in forums in China.
If it's not too much trouble can you please post some links to his postings? I'd like read what he's spreading (economic takeover or mining takeover). It's one thing to be trolling the intertubes, but it's another thing altogether if he abuses his (albeit minor) position at the PBC to influence bitcoin. |
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Gabi
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Activity: 1148
Merit: 1008
If you want to walk on water, get out of the boat
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December 11, 2011, 06:10:48 PM |
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The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
Pointless comparison. The 500 supercomputers are all CPU supercomputers. While we use GPUs |
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farfiman
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Activity: 1449
Merit: 1001
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December 11, 2011, 06:57:57 PM |
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Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?
Why waste the time and effort mining? They can buy every single btc in existence for what is to them a very small sum... and continue buying till the last of the 21 M... Basically any goverment or reasonable sized entity could do it if they wanted to kill Bitcoin. |
"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
Martin Armstrong
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jwzguy
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December 11, 2011, 07:02:14 PM |
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The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
Pointless comparison. The 500 supercomputers are all CPU supercomputers. While we use GPUs Did you bother to check the list? Because you're wrong. |
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ineededausername
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December 11, 2011, 08:18:46 PM |
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I firmly believe that this guy--地图集--needs to be stopped from spreading fud in forums in China.
If it's not too much trouble can you please post some links to his postings? I'd like read what he's spreading (economic takeover or mining takeover). It's one thing to be trolling the intertubes, but it's another thing altogether if he abuses his (albeit minor) position at the PBC to influence bitcoin. Successful troll is successful. http://translate.google.com/ |
(BFL)^2 < 0
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evoorhees
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Merit: 1021
Democracy is the original 51% attack
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December 11, 2011, 08:35:07 PM |
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Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?
Why waste the time and effort mining? They can buy every single btc in existence for what is to them a very small sum... and continue buying till the last of the 21 M... Basically any goverment or reasonable sized entity could do it if they wanted to kill Bitcoin. False. Buying every bitcoin is impossible as price would approach infinity. They could buy a few million, but doing so would make Bitcoin the number 1 financial news topic and instead of "killing bitcoin" it would almost guarantee its success. |
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tvbcof
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December 11, 2011, 08:50:18 PM |
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The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
Pointless comparison. The 500 supercomputers are all CPU supercomputers. While we use GPUs Just a guess, but I would imagine that most GPU's and FPGA's are cultivated in fields which are distinctly in the Chinese sphere of influence. FPGA's, at least, have been at one time contemplated as a device who's use had national security implications (although not for hashing.) In the (seemingly unlikely) event that hashing became a matter of national security, I have little doubt that availability of GPUs, FPGA's, and eventually ASICs could and would be controlled to the extent which would be as effective as deemed necessary. |
sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
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proudhon
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Merit: 1311
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December 11, 2011, 09:02:37 PM |
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Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?
Why waste the time and effort mining? They can buy every single btc in existence for what is to them a very small sum... and continue buying till the last of the 21 M... Basically any goverment or reasonable sized entity could do it if they wanted to kill Bitcoin. False. Buying every bitcoin is impossible as price would approach infinity. They could buy a few million, but doing so would make Bitcoin the number 1 financial news topic and instead of "killing bitcoin" it would almost guarantee its success. I don't even think anyone could buy a few million right now. MtGox only has 190,000 or so on offer. There's undoubtably a large stash sitting in exchanges off the order books, but I'd be very surprised to discover that there are a few million sitting in the exchanges counting what's on the books and what's not. |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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BurtW
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Activity: 2646
Merit: 1130
All paid signature campaigns should be banned.
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December 11, 2011, 09:05:10 PM |
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China will not stop the flow of semiconductors OUT of China, they export goods - that is what they do. If they ever did stop the flow of any of these technologies the price would go up and fabs in other countries would start making them. China could only temporarily stop these things from being make.
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Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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Piper67
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Activity: 1106
Merit: 1001
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December 11, 2011, 09:14:04 PM |
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Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?
Why waste the time and effort mining? They can buy every single btc in existence for what is to them a very small sum... and continue buying till the last of the 21 M... Basically any goverment or reasonable sized entity could do it if they wanted to kill Bitcoin. False. Buying every bitcoin is impossible as price would approach infinity. They could buy a few million, but doing so would make Bitcoin the number 1 financial news topic and instead of "killing bitcoin" it would almost guarantee its success. True, Evor, but if they time it right, and do it in a calculated way, they could control enough of it, even as the price shoots up, to make it worth their while. And it would guarantee them that control on pretty solid fundamentals on how the markets work, as opposed to having to take over the network. It would be silly for China or any other government to attempt to "own" Bitcoin, when all they really need is to control it. Plus, in the specific case of China, it would give them control over a currency that isn't being kept artificially devalued, freeing the Yuan for their domestic needs. They'd have to be fools not to even be looking at BTC |
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JackH
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December 11, 2011, 09:24:15 PM |
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This is super good news if true! A war on the Bitcoin network is all we need to really push it into acceptance. If China joins, then the US wont like to see them taking over, thus adding hash power. And since they will try to control the network they will purchase coins, and at the end of the day, we will be the winners!
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<helo> funny that this proposal grows the maximum block size to 8GB, and is seen as a compromise
<helo> oh, you don't like a 20x increase? well how about 8192x increase?
<JackH> lmao
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casascius
Mike Caldwell
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Merit: 1136
The Casascius 1oz 10BTC Silver Round (w/ Gold B)
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December 11, 2011, 09:28:37 PM |
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If I were running a mining pool, I would strongly consider "branding" my blocks now with a digital signature in the coinbase, so if down the road, a 51% attack ever took place, my reputation might count favorably towards the possibility of the resulting countermeasures including increasing the priority or importance or value of the blocks I created (as well as all of those who did the same thing and built up the same sort of reputation).
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Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable. I never believe them. If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins. I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion. Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice. Don't keep coins online. Use paper or hardware wallets instead.
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jjiimm_64
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Activity: 1876
Merit: 1000
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December 12, 2011, 02:21:39 AM |
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Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?
Why waste the time and effort mining? They can buy every single btc in existence for what is to them a very small sum... and continue buying till the last of the 21 M... Basically any goverment or reasonable sized entity could do it if they wanted to kill Bitcoin. I would disagree with this... you cannot buy something if it is not for sale. I am not selling mine.......cheaply |
1jimbitm6hAKTjKX4qurCNQubbnk2YsFw
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jjiimm_64
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Activity: 1876
Merit: 1000
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December 12, 2011, 02:27:12 AM |
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wouldn't they just fork the code and make chinacoin?
that way, then can change the code in such a way as to make it easily regulated.
oh, and
italycoin
iraqcoin
rucoin
indiacoin......
I can see a future full of alt currencies.
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1jimbitm6hAKTjKX4qurCNQubbnk2YsFw
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