Topic: Bitcoin IS basically DESTROYED - page 14. (Read 47260 times)
If you are really concerned about chinese bitcoin miners and china's greed in general, you can try to stop using chinese made stuff. But can you? While the big US companies manufacture their stuff mostly in China, what can you do? Nothing.
"Blockstream implementing their SegWit soft fork Trojan Horse"
Lmao this guy is losing it. The blockstream FUDsters know no limits on their nonsense. The trojan horse was the Bitcoin XT, then Bitcoin Classic hard fork attempts, not segregated witness, segwit is actual advance in scaling Bitcoin. Whatever, it's a waste of time dealing with this shit.
Lmao this guy is losing it. The blockstream FUDsters know no limits on their nonsense. The trojan horse was the Bitcoin XT, then Bitcoin Classic hard fork attempts, not segregated witness, segwit is actual advance in scaling Bitcoin. Whatever, it's a waste of time dealing with this shit.
True..
Why would they do anything detrimental to Bitcoin? It would hurt them more than anyone financially.
i strongly and secondly agree with you..
this is it. if bitcoin is their source of income why would they destroy it?
I think op has a point here. If majority of bitcoin is controlled under one roof (country), the purpose of a decentralized currency will be lost because it will become a centralized currency. If all chinese miners decided to act as one, they can easily control the price of bitcoin through organized dump and pump. Users trust to bitcoin will be lost in the process.
Mining farms don't really have control over the price of Bitcoin (unless they chose to which they won't because it's counter to profit). They have a lot of power over its form but not its price. Bitcoin basically has no real economy. It has no velocity of money, only a moderately large investor/speculator fan base. Mining farms trickle btc into exchanges off book (illegal in stock exchanges and most businesses) to keep from regularly tanking the price. Whale investors (possibly large businesses like BitPay) manipulate the market to keep the price moving in the right direction or at least keep it flat. A million or so peon investors buy and hold a large share of the available bitcoins. Institutional investors are now buying large amounts of the mined bitcoins off book. A few hands full of brick n mortar and online businesses occasionally get purchases with Bitcoin which are immediately exchanged for local fiat. Every piece of info I can find online points to the real lack of a natural economy. That makes the exchange rate a complete manufactured fraud. How many years can it be propped up artificially?
Bitcoin is not destroyed , and especially because of Chinese mining we cannot say that it is destroyed, if you want to have the same number of mining in your country also then invite all of your countrymen to start mining then you also will have that control and still we will not say that bitcoin is destroyed but it will give more strength to the technology of bitcoin.
$2000 a bitcoin seems the latest call from Kim Dotcom! Interesting project on the works with Mega 
Why would they do anything detrimental to Bitcoin? It would hurt them more than anyone financially.
i strongly and secondly agree with you..
this is it. if bitcoin is their source of income why would they destroy it?
I think op has a point here. If majority of bitcoin is controlled under one roof (country), the purpose of a decentralized currency will be lost because it will become a centralized currency. If all chinese miners decided to act as one, they can easily control the price of bitcoin through organized dump and pump. Users trust to bitcoin will be lost in the process.
Proof of Work is a joke. It will always end in disaster (centralization of mining power, mining cartel, waste of energy, collusion, ease of attack).
Just look at how easy it is to attack/destroy a PoW altcoin (pro tip: it's really easy).
Well guess what, Bitcoin IS the "altcoin" in the real world of mega-banks, it's really easy to destroy Bitcoin by buying out PoW miners and attack.
Only a proper implementation of Proof of Stake system can work for the long term and resist any attacks.
Just look at how easy it is to attack/destroy a PoW altcoin (pro tip: it's really easy).
Well guess what, Bitcoin IS the "altcoin" in the real world of mega-banks, it's really easy to destroy Bitcoin by buying out PoW miners and attack.
Only a proper implementation of Proof of Stake system can work for the long term and resist any attacks.
So china is taking bitcoin also? Do they also think that it is a scarborough? Haha well i am just kidding but yes i think this would be a sign that other country supported bitcoin must collaborate
OP you are correct. Send all of your destroyed BTC to me. PM me for my wallet.
I admit that I am not a programmer but still I think, it doesn’t matter who owns the mining power especially if you saying that it’s going to destroy bitcoin. Yes bitcoin is a decentralized currency and still there are few groups from a specific country holding majority of mining power but that doesn’t mean they are going to control the whole scene. I think, time will decide the future of bitcoin and such incidents are not going to affect it.
While we're wasting our time trying to find out whether the Bitcoin is destroyed or not, people are getting rich from trades and bets. China controlling the BTC mining doesn't mean it's going to be dead sooner or later.
yep confirmed bitcoin gone.
is that what you want to hear? you say bitcoion is destroyed we say the same while thousands of people are using/mining/trading and taking advantage over it's features.
is that what you want to hear? you say bitcoion is destroyed we say the same while thousands of people are using/mining/trading and taking advantage over it's features.
Why would they do anything detrimental to Bitcoin? It would hurt them more than anyone financially.
i strongly and secondly agree with you..
this is it. if bitcoin is their source of income why would they destroy it?
How come that bitcoin is basically destroyed? Why until now is continously growing in the market and more people are joining in the bitcoin world industry. It is because many people in the online businesses are now becoming aware to it in any countries to accept the system of bitcoins. So its all an hearsay only. 
The bitcoin price dropped recently due to a hack to a big exchange. We need more secure exchanges to protect the reputation of the bitcoin.
How come that bitcoin is basically destroyed? Why until now is continously growing in the market and more people are joining in the bitcoin world industry. It is because many people in the online businesses are now becoming aware to it in any countries to accept the system of bitcoins. So its all an hearsay only.
The bitcoin price dropped recently due to a hack to a big exchange. We need more secure exchanges to protect the reputation of the bitcoin.
How come that bitcoin is basically destroyed? Why until now is continously growing in the market and more people are joining in the bitcoin world industry. It is because many people in the online businesses are now becoming aware to it in any countries to accept the system of bitcoins. So its all an hearsay only.
The bitcoin price dropped recently due to a hack to a big exchange. We need more secure exchanges to protect the reputation of the bitcoin.
How come that bitcoin is basically destroyed? Why until now is continously growing in the market and more people are joining in the bitcoin world industry. It is because many people in the online businesses are now becoming aware to it in any countries to accept the system of bitcoins. So its all an hearsay only.
hmm i think he means that the more bitcoin is in the hand of china as they have bigger mining farms so they can easily manipulate the price of bitcoin doing bumping and dumping..and yes people are joining bitcoin more and more as world is being more digitalize ! 
How come that bitcoin is basically destroyed? Why until now is continously growing in the market and more people are joining in the bitcoin world industry. It is because many people in the online businesses are now becoming aware to it in any countries to accept the system of bitcoins. So its all an hearsay only.
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
Instead of saying that bitcoin is destroyed it is much better and the right thing to say that bitcoin will prosper. china having the highest percentage of the world's bitcoin mining farms does not mean catastrophe but instead it will help stabilize bitcoin as a currency. Increase of bitcoin limit is also a good news. With the statement being said you imply that there is a discrimination with China. I don't know what's the issue but it will not lead bitCoin to its doom.
Yes, destroyed is hyperbole but endangered is not an incorrect term. If the chinese hash was suddenly cuttoff and that coincided with a attack then...
I find it interesting that I don't see this being talked about. I contribute it to bagholder fear.
Any of you maximalists out there better take heed and get that hash distributed before your worst nightmares become a reality.
Disclaimer: I hold ZERO VC ATM sans a few worthless alts.
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
Instead of saying that bitcoin is destroyed it is much better and the right thing to say that bitcoin will prosper. china having the highest percentage of the world's bitcoin mining farms does not mean catastrophe but instead it will help stabilize bitcoin as a currency. Increase of bitcoin limit is also a good news. With the statement being said you imply that there is a discrimination with China. I don't know what's the issue but it will not lead bitCoin to its doom.
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