yes will make China have some control of bitcoin "bitcoin deep dip after china ban".
Chinese will keep mining and support bitcoin "can move them miners to any other country"
Topic: 81% of BTC mining hashratre is concentrated in China . (Read 193 times)
A little bit, because China is under a heavy evaluation by the government, and ever heard that the government plan to banned crypto, but then they change their mind, China is known for the brave move to banned something, when the government decided to banned crypto and mining operation then we will screwed, it's going to caused huge crash in market and need time for other country to fill in the mining spot
Does that bother anyone ?
I had heard somewhere that the figure is 70 %. And yes it should bother everyone that a crypto that was supposed to be decentralized is clearly not.
Does that bother anyone ?
The reality is that does not bother any one.We recently saw china taking severe actions against bitcoin which led to shutting down of bitcoin exchanges there.But we should also note that it has not yet banned bitcoin mining there and even it would not ban even in the future.The reason is bitcoin mining is revenue for the government and even we hear that it facilitates some mining farms by providing them electrical facilities.Bitcoins mined there are sold all over the world which gives revenue to bitcoin miners which would in turn boost the economy of china.So we need not have to fear about china ever trying or thinking to ban bitcoin mining.But very soon,we could expect a fierce competition from japan and other countries since GMO,a big internet giant of japan has took initial steps and invested millions of dollars to manufacture miner equipments hich would affect Bitmain,the chinese company which still has the lion's share in manufacturing mining equipments.
If these are official listed businesses in china, which I'm sure some are, the government is involved. Any business in china that is valuable or influential has government in it. I dont trust government in general
For sure it is a big concern , But lets be real and look back a little when was the news all over the net that china banned BTC , BTC totally ignored that and in fact took a nice pump . Some time I am really wondering why every one leaving the area clear for Bitmain to do whatever they want . Why no big entity entered into producing BTC miners .
Most COINS miners are concentrated in China, this is obviously a bad thing, will lead to similar BCH such tokens, and concentrated in the hands of the miners, they are free to control prices, as more and more countries recognize COINS, there should be more companies to join this competition.
If you relly think individuals can compete with nation states
like the size of China ; i am not sure what to tell you.
But i would like to know that how possible it is for a nation state like China to
to launch a 51% attack.
Snce bitcoin blockchain is pretty long; how probable is it that a 51%
Attack can be lauched (i don’t understand bitcoin tech 100%) but i read somewhere
That longer the chain, the difficult it is for fraud. Because they will have to recreate all the blocks to create a new chain.
Is it true ?
like the size of China ; i am not sure what to tell you.
But i would like to know that how possible it is for a nation state like China to
to launch a 51% attack.
Snce bitcoin blockchain is pretty long; how probable is it that a 51%
Attack can be lauched (i don’t understand bitcoin tech 100%) but i read somewhere
That longer the chain, the difficult it is for fraud. Because they will have to recreate all the blocks to create a new chain.
Is it true ?
Does that bother anyone ?
Well, if there's something wrong with having all of that percentage of hashing power being located in one location there's always the opportunity for you to invest into your own mining farms and reduce the percentage they control, right?if they have cheap electricity, cheap hardware and a lot of space that they can set up their investments in, why not make use of that? There's nothing that should be preventing them from getting to do whatever they want with the opportunities they have. It's up to the market, in this case, the miners, to start to compete against their rivals in other countries if they want to see change. It's not the Chinese's fault they're doing the best they can.
The problem is that unlike rest of the world, China is not a democracy.
I like chinese people, but i don’t trust the chinese govt. Who knows, they might be plotting or coordintating a
51% attack right now.
My question is; is it possible ?
Can Chinese Govt. coordinate at 51% attack, assuming they somehow manage to control
The mining pools in China (which is really possible).
I like chinese people, but i don’t trust the chinese govt. Who knows, they might be plotting or coordintating a
51% attack right now.
My question is; is it possible ?
Can Chinese Govt. coordinate at 51% attack, assuming they somehow manage to control
The mining pools in China (which is really possible).
Not really. It's not like 'China' is a person. It's also not a group of people working together. Thinking that somehow they're lumped together or all know each other is actually really strange. If your country was the biggest mining country, does that make you bad in some way if you mine too? Does that mean your bitcoins are now more centralized because you and all of your friends mine bitcoins? Not at all.
I think that if the Chinese government does something like banning mining in China then the network would take an initial hit, but then recover for the better. Break up the big bottleneck. I do believe that the issues that Bitcoin is facing today with transactions is due to the miners shifting to Bitcoin Cash mining instead of keeping the network up and running like they should be. That needs to change.
Does that bother anyone ?
Yes and no.
Bitcoin still has a big peer-to-peer network of full nodes that enforce the same rules - if miners would produce an invalid block, like stealing someone's coins or printing coins out of thin air, then this network would reject this block as invalid. There are attacks that produce valid blocks - double spending and partial/full DOS. If such attack will be detected, the full nodes will have the power to fork to a new algo to essentially fire all legacy miners forever. Bitcoin is relatively safe for as long as the network of full nodes is decentralized and has low entry barriers (low blocksize).
However, I don't like the fact that miners create shitcoins with the same PoW and hop between them to profit from difficulty adjustments, as well as attacking Bitcoin to boost the value of those shitcoins to increase their mining rewards. If mining was decentralized, this wouldn't be a thing.
Does that bother anyone ?
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