How will we stop the evil free market Chinese?

[digitalindustry]

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Massive ASIC productive capacity.

In most cases free electricity.

A healthy sense of free market capitalism.

= mining monopoly lost.

[digitalindustry]

One positive for Australians

Australia economic survival relies on just the iron ore price.

If the Chinese furiously move capacity into building mining facilities this could prop the iron ore price and save the Australian economy.

Otherwise its Detroit.

We really should have tried to globally corner the market on iron ore.

[Watoshi-Dimobuto]

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Massive ASIC productive capacity.

In most cases free electricity.

A healthy sense of free market capitalism.

= mining monopoly lost.

Sadly there are nothing we can do to stop the Chinese from taking over the world.

[MineForeman.com]

I am sorry... why are they evil?

[azguard]

Sadly there are nothing we can do to stop the Chinese from taking over the world.

You're right about it.
There is no way to spot them so this is not a debate.
They are all over the place and all over the world.

[Swordsoffreedom]

I am sorry... why are they evil?

No idea, also since when do we complain about the Free Market  
He-he unless its because now that the coin in the literal sense of Bitcoin has turned towards most ASIC production coming from China were going to complain about the free market and want strong regulations. (Classic American arguments XD)

http://www.investopedia.com/terms/f/freemarket.asp

Anyways by definition your arguing that the Government should control ASIC mining ?

A market economy based on supply and demand with little or no government control. A completely free market is an idealized form of a market economy where buyers and sellers are allowed to transact freely (i.e. buy/sell/trade) based on a mutual agreement on price without state intervention in the form of taxes, subsidies or regulation.

But as an aside is that Friedcats facility who else could get that much hash built up in China?

[eid]

Sadly there are nothing we can do to stop the Chinese from taking over the world.

You're right about it.
There is no way to spot them so this is not a debate.
They are all over the place and all over the world.

On the contrary, they have quite distinct features!




I'll get my coat..

[cccarnation]

My grandfather worked in the bitcoin mines during the Depression. Have you ever seen what ion lung does to a man? It's not pretty.

[unexecuted]

My grandfather worked in the bitcoin mines during the Depression. Have you ever seen what ion lung does to a man? It's not pretty.

Kids today got it all so easy. They will never have to download a 10 seconds porn at 2.5 KB/s while praying to the connection not fall, and all thank to us.

[BitCoinNutJob]

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

Massive ASIC productive capacity.

In most cases free electricity.

A healthy sense of free market capitalism.

= mining monopoly lost.

Sadly there are nothing we can do to stop the Chinese from taking over the world.

I disagree, we can beat their efficiency by allowing greater innovation with things like bitcoin etc.  Think about it they are still corrupt right? while they are corrupt they must have weak points.  How are the people going to feel about bitcoin being blocked? they know its not "evil".  Unhappy people are less productive.   China wont be able to stifle innovation if they want happy people.

& if china dont stifle innovation there is no problem because we'll end up with more decentralization, less single point of failures, borders having less meaning. 

[illymoka]

What's going to happen to all that hardware when every block has been found?
Are the processors too specific to to anything else?, or will we see some interesting projects that create new algorithms to make use of all that running infrastructure?

[StatusSeeking]

What's going to happen to all that hardware when every block has been found?
Are the processors too specific to to anything else?, or will we see some interesting projects that create new algorithms to make use of all that running infrastructure?

If the 1mil per month figure was accurate, they'd need a pretty profitable gambit to keep the infrastructure going. I'd imagine they'll sell what they can at bulk rate, or it'll be outdated enough at that point they just sell it for scrap.

[Bitcoinpro]

My grandfather worked in the bitcoin mines during the Depression. Have you ever seen what ion lung does to a man? It's not pretty.

u sure it wasn't sweat rash

[digitalindustry]

I am sorry... why are they evil?

they have too much free market aspirations.

the free market is really taking off.


the free market failed in 2008 (didn't you see that?), that's why taxpayers had to give the Banks all the money and doom the rest of their lives. (and probably their children's)

If we had of had more centralized regulation the the people and taxpayers wouldn't have been as irresponsible and would have done the right thing, now they are paying the price.

clearly the people and taxpayers were doing free market type things which caused the Bank failures.

now its all happening again, don't you know that Bitcoin could crash in price??

if this happens we ultimately need a Central authority and a global ID to save it as no one is going to bail it out

(not even selfish taxpayers)

[digitalindustry]

I am sorry... why are they evil?

No idea, also since when do we complain about the Free Market  
He-he unless its because now that the coin in the literal sense of Bitcoin has turned towards most ASIC production coming from China were going to complain about the free market and want strong regulations. (Classic American arguments XD)

http://www.investopedia.com/terms/f/freemarket.asp

Anyways by definition your arguing that the Government should control ASIC mining ?

A market economy based on supply and demand with little or no government control. A completely free market is an idealized form of a market economy where buyers and sellers are allowed to transact freely (i.e. buy/sell/trade) based on a mutual agreement on price without state intervention in the form of taxes, subsidies or regulation.

But as an aside is that Friedcats facility who else could get that much hash built up in China?

no one is arguing that a government should control mining, but it should be properly moved to an independent central authority, like a "Global Central Bitcoin bank"

something efficient like that.

because in this free market the original monopoly holders will not be able to compete.

[digitalindustry]

What's going to happen to all that hardware when every block has been found?
Are the processors too specific to to anything else?, or will we see some interesting projects that create new algorithms to make use of all that running infrastructure?

If the 1mil per month figure was accurate, they'd need a pretty profitable gambit to keep the infrastructure going. I'd imagine they'll sell what they can at bulk rate, or it'll be outdated enough at that point they just sell it for scrap.

how can you possibly asses the costs?

do you know the operating budget?

do you understand exchange rates?

[digitalindustry]

My grandfather worked in the bitcoin mines during the Depression. Have you ever seen what ion lung does to a man? It's not pretty.

I had ion lung - but it cleared up, it was better than E-bowl-a, that was a cricket app I downloaded on my blackberry. (it was terrible)

[Datcracktho]

Weren't you out of the bitcoin game? 

[BitCoinNutJob]

China hardware can only strengthen the network and more people interested the more who will find ways to keep the ship floating.

[PalmerLaura]

My grandfather worked in the bitcoin mines during the Depression. Have you ever seen what ion lung does to a man? It's not pretty.

I'm sorry for your loss