No one mining Bitcoin would want the price to decrease.
It would make your investment in hardware lose value.
But I do agree that we need a bit more de-centralization.
It's never good in any economic situation to have one group holding a large amount of the currency,
unless you happen to be a member of that group.
Topic: Bitcoin IS basically DESTROYED - page 12. (Read 47260 times)
maybe chaina is contolling a huge percent on the mitcoin mining but bitcoin is designed so it can adjust itself on every situations amd i am also curious that what will happen when all the 21million bitcoins will be mined completly will these coins really will be moved to mempool or something else
The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.
That's why some ppl hate Chinese very much. They only think about themselves and money. bitcoin will killed by those greedy miners
Wow, strong language. Sounds like the issue is yours.
Greedy?
They have invested more into the network than any other group.
They also BUY more BTC than any other group, hands down, keeping the price high. View world BTC buys here, in real time: www.fiatleak.com
We should thank them.
The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.
That's why some ppl hate Chinese very much. They only think about themselves and money. bitcoin will killed by those greedy miners
Ridiculous! Why would China "destroy" their Golden Goose??
The Proof is in the Maths. BTC is Forever.
The Proof is in the Maths. BTC is Forever.
I think the Chinese will try their best to protect the bitcoin. They can make a lot of money from the mining.
Ridiculous! Why would China "destroy" their Golden Goose??
The Proof is in the Maths. BTC is Forever.
The Proof is in the Maths. BTC is Forever.
this is just a wrong statement and bitcoin is not going to destroy, bitcoin is going to become more and more stronger and powerful as more people are entering in the world bitcoin and they are investing their money here in bitcoin, hope that a time will come when bitcoin will become on the world most popular currency of the world and all the people of the world will be using bitcoin instead of their fiat currency.
The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.
The miners aren't all in China because of the electricity costs, but it definitely is a factor that helps them to have a larger miner population.Competition, on the other hand, is a hard thing to do without any sort of native ASIC manufacturer in the west (or wherever) and it is even harder to give miners a reason to keep running without cheap electricity rates.
Majority of the miners are from China that is why many are migrating to China because of their cheap electricity but I don't think they are going to be able to destroy the bitcoin network because of their majority miners are CHinese. It is just going to be destroyed if no one is already using it or probably big group is able to make an adoption to other coin.
The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.
The miners aren't all in China because of the electricity costs, but it definitely is a factor that helps them to have a larger miner population.Competition, on the other hand, is a hard thing to do without any sort of native ASIC manufacturer in the west (or wherever) and it is even harder to give miners a reason to keep running without cheap electricity rates.
Majority of the miners are from China that is why many are migrating to China because of their cheap electricity but I don't think they are going to be able to destroy the bitcoin network because of their majority miners are CHinese. It is just going to be destroyed if no one is already using it or probably big group is able to make an adoption to other coin.
The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.
The miners aren't all in China because of the electricity costs, but it definitely is a factor that helps them to have a larger miner population.Competition, on the other hand, is a hard thing to do without any sort of native ASIC manufacturer in the west (or wherever) and it is even harder to give miners a reason to keep running without cheap electricity rates.
The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.
Literally has nothing to do with electricity.
All the chips/pcb's are manufactured there, so they take advantage of this fact and keep it all 'in house'.
Additionally, since the pipe to the outside world is limited by the GFC (Great Firewall of China), all of the pools run dead-miners on each others stratum servers; selfish mining on each others headers, ignoring transactions etc.
I've personally watched F2Pool find three blocks in a row, without announcing the found blocks to the world (at the time this was 75BTC worth) - and lose all three because another pool chose to announce a found block in a legitimate matter. I might add two of the blocks contained no transactions - literally $30,000 USD straight into the pockets of the pool owner.
This happened during the peak of the 'blocksize debate'.. while people were bitching about blocksizes, the pool owners were sitting pretty.
The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it.
Bitcoin, in fact, as a proven mathematical theory, is something truly ETERNAL.
thats true, in my opinion bitcoin is going to become huge in the future, in my opinion bitcoin is not destroyed and it never will be destroyed what a dumb thread why has anyone posted in here?
""Bitcoin is basically destroyed now with 70% of the mining controlled by China""
going by this metric you would have to be atleast semi-retarded
why wasnt the thread deleted
??
as long as there are still investors who want to buy bitcoin and hold for long periods of time does not need to worry even 90% of mining is controlled by china.""Bitcoin is basically destroyed now with 70% of the mining controlled by China""
going by this metric you would have to be atleast semi-retarded
why wasnt the thread deleted
??Some day in the next century when the difficulty gets so high, we might all be grateful for the Chinese investing so much into the network.
Maybe by then, solar electricity and better ASICs will lower the cost of mining as well.
what a dumb thread why has anyone posted in here?
""Bitcoin is basically destroyed now with 70% of the mining controlled by China""
going by this metric you would have to be atleast semi-retarded
why wasnt the thread deleted
??
as long as there are still investors who want to buy bitcoin and hold for long periods of time does not need to worry even 90% of mining is controlled by china. ""Bitcoin is basically destroyed now with 70% of the mining controlled by China""
going by this metric you would have to be atleast semi-retarded
why wasnt the thread deleted
??Bitcoin, in fact, as a proven mathematical theory, is something truly ETERNAL.
Roombot pretty much summed up what Bitcoin is, unless it is directly sabotaged it will last until the last node stands.
what a dumb thread why has anyone posted in here?
""Bitcoin is basically destroyed now with 70% of the mining controlled by China""
going by this metric you would have to be atleast semi-retarded
why wasnt the thread deleted
??
""Bitcoin is basically destroyed now with 70% of the mining controlled by China""
going by this metric you would have to be atleast semi-retarded
why wasnt the thread deleted
??How? I don't understand your thought Dude. I don't see any effect on bitcoin price, bitcoin's exchange market, bitcoin market, bitcoin's users demand, bitcoin's popularity. then how you can say bitcoin is/will be destroyed just because China mining most of bitcoin?
is this matter who mine bitcoin and where they mine bitcoin?
Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%, and with Blockstream implementing their SegWit soft fork Trojan Horse so as Matonis admits can end up increasing the 21 million coins limit.
The entire ecosystem is headed for a clusterfuck.
The entire ecosystem is headed for a clusterfuck.
I honestly believe this is the truth. What is there to add ?
~CfA~
UPDATE: https://bitcointalksearch.org/topic/m.14789764
They 21 million bitcoin is not a good option because afte reaching 21 million limit its price will go very very high and new user will quit using it and by such bitcoin wotld would get destroyed.
The limit is 21 million already.. idiot
Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%, and with Blockstream implementing their SegWit soft fork Trojan Horse so as Matonis admits can end up increasing the 21 million coins limit.
The entire ecosystem is headed for a clusterfuck.
The entire ecosystem is headed for a clusterfuck.
I honestly believe this is the truth. What is there to add ?
~CfA~
UPDATE: https://bitcointalksearch.org/topic/m.14789764
They 21 million bitcoin is not a good option because afte reaching 21 million limit its price will go very very high and new user will quit using it and by such bitcoin wotld would get destroyed.
Since you can divide BTC to .00000001, it will always be viable.
If you want to buy something gold, you don't have to buy a whole brick....
Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%, and with Blockstream implementing their SegWit soft fork Trojan Horse so as Matonis admits can end up increasing the 21 million coins limit.
The entire ecosystem is headed for a clusterfuck.
The entire ecosystem is headed for a clusterfuck.
I honestly believe this is the truth. What is there to add ?
~CfA~
UPDATE: https://bitcointalksearch.org/topic/m.14789764
They 21 million bitcoin is not a good option because afte reaching 21 million limit its price will go very very high and new user will quit using it and by such bitcoin wotld would get destroyed.
its a misleading thread title at least
i was expecting a hack or something similar
maybe a network weakness, but saying
that nodes/hashrate being located in a certain geographic
area makes a Crypto destroyed to me
seems like a FUD thread at best
he needs to go back to yr 10 physics
the shortest distance between to points is a straight line
i was expecting a hack or something similar
maybe a network weakness, but saying
that nodes/hashrate being located in a certain geographic
area makes a Crypto destroyed to me
seems like a FUD thread at best
he needs to go back to yr 10 physics
the shortest distance between to points is a straight line
where is the majority of mining equipment manufactured? china.
after the first 5-6 rounds of mining equipment were released and sold, who decided that hanging onto their own mining exports for much longer and selling for higher prices - as well as monopolizing sha256 power essentially forever? china.
where are antpool, btccpool, f2pool, bw's nodes located? china.
of course there are nodes outside of china, but due to the gfc and its echo-like delay qualities - do you think block propagation is done fairly outside of china? no.
where will you find the highest density of idiots per metre, sadly bitcointalk forums.
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