Topic: Bitcoin IS basically DESTROYED - page 15. (Read 47260 times)

Quote from: Moneroman88 on June 27, 2016, 01:27:41 PM

Bitcoin's mining may be centralized due to the Chinese mining monopol. But fear not, you're always welcome to switch to Monero.

Well you are right, but still they can't control and destroy bitcoin with that kind of act. Yes, they have the majority of miners.
But they don't have the majority of users.

i think chine is the biggest supporter of bitocin. so how can they think to destroy it. i think it is also wrong to say that china is controlling and centralizing the bitcoin. i think now it becomes impossible because bitcoin have become more popular in all over the world and now not a sing country can centralize it.

http://www.bloomberg.com/news/articles/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions

I wouldn't feel safe with most hash in a totalitarian regime.

that quote is from 2013...things might have changed since.

It's just the point. Can you trust that it won't happen tomorrow? You have heard of the Great firewall of china right?

https://en.wikipedia.org/wiki/Great_Firewall

If I was a maximalist I would take it serious.

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Quote from: Hueristic on July 08, 2016, 05:33:13 PM

Quote from: Superbitzz on July 08, 2016, 03:16:32 PM

Quote from: Moneroman88 on June 27, 2016, 01:27:41 PM

Bitcoin's mining may be centralized due to the Chinese mining monopol. But fear not, you're always welcome to switch to Monero.

Well you are right, but still they can't control and destroy bitcoin with that kind of act. Yes, they have the majority of miners.
But they don't have the majority of users.

i think chine is the biggest supporter of bitocin. so how can they think to destroy it. i think it is also wrong to say that china is controlling and centralizing the bitcoin. i think now it becomes impossible because bitcoin have become more popular in all over the world and now not a sing country can centralize it.

http://www.bloomberg.com/news/articles/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions

I wouldn't feel safe with most hash in a totalitarian regime.

that quote is from 2013...things might have changed since.

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OP you are correct. Send all of your destroyed BTC to me. PM me for my wallet. Grin

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Quote from: Superbitzz on July 08, 2016, 03:16:32 PM

Quote from: Moneroman88 on June 27, 2016, 01:27:41 PM

Bitcoin's mining may be centralized due to the Chinese mining monopol. But fear not, you're always welcome to switch to Monero.

Well you are right, but still they can't control and destroy bitcoin with that kind of act. Yes, they have the majority of miners.
But they don't have the majority of users.

i think chine is the biggest supporter of bitocin. so how can they think to destroy it. i think it is also wrong to say that china is controlling and centralizing the bitcoin. i think now it becomes impossible because bitcoin have become more popular in all over the world and now not a sing country can centralize it.

http://www.bloomberg.com/news/articles/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions

I wouldn't feel safe with most hash in a totalitarian regime.

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Quote from: Moneroman88 on June 27, 2016, 01:27:41 PM

Bitcoin's mining may be centralized due to the Chinese mining monopol. But fear not, you're always welcome to switch to Monero.

Well you are right, but still they can't control and destroy bitcoin with that kind of act. Yes, they have the majority of miners.
But they don't have the majority of users.

i think chine is the biggest supporter of bitocin. so how can they think to destroy it. i think it is also wrong to say that china is controlling and centralizing the bitcoin. i think now it becomes impossible because bitcoin have become more popular in all over the world and now not a sing country can centralize it.

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Quote from: mayax on July 08, 2016, 08:31:44 AM

Quote from: Cresciuanto on July 07, 2016, 05:13:33 PM

Quote from: quentincole32 on June 27, 2016, 01:39:53 PM

Quote from: hermanhs09 on July 08, 2016, 10:39:01 AM

I don't think so, bitcoin is growing up and if in mining you mean there are some companies outside of china that mining bitcoin. Grin

you might right,but leets see how china take control on some exchange,and big farm on china have biggest bitcoin mining,we can't deny that china have better power consumption and can handle any problem related miner,and also their exchange have better price than coinbase or itbit.

Farms are big in China and as well as mining sites. But the thing is I don't know if they are really controlling the price of bitcoin or they can control or predict that is going to happen with bitcoin.
Because we all know that if something has in favor of majority then they can control it.

The Chinese are controlling about 70% of the mining at the moment. But their proportion has been reducing.

i don't think so that Chinese are holding bitoicn and they have 70% hold of bitocin. i think it is not easy to tell the right figure of the number of the bitcoin user.

Over 90% of all bitcoin exchange-traded volume is traded on Chinese exchanges, and around 80% of all bitcoin mining is controlled by Chinese miners or mining pools.

http://bitcoincharts.com/charts/volumepie/

The words are useless. China owns Bitcoin

there wouldn’t be much to worry about even if the majority of mining continued to take place in China. In fact, Bitcoin’s incentive structure persuades everyone in the system to act properly.

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Quote from: takingthis4 on June 27, 2016, 12:04:04 PM

Quote from: Bit_Happy on June 22, 2016, 09:19:51 AM

Quote from: somacoin on May 08, 2016, 05:38:19 AM

Bitcoin is destroyed because China owns it?
Does it matter if most miners are in the USA or now China?

How long ago was there mass panic related to China banning Bitcoin use/mining/exchanges?
~2.5 or 3 years ago?
Now "Bitcoin IS basically DESTROYED", since China is successfully participating?
My how times have changed...

bitcoin is not destroyed and none of such events can destroy it because in my opinion bitcoin is invincible as people will always use it more or less from time to time

i think it is easier to destroy humanity than bitcoins, as long as there are people and internet bitcoin will definitely be used by some of the people because its perfect currency

Why the hell do you think like that?
Nothing is invincible,especially bitcoin.
It would be destroyed if someone would find a loop-hole allowing him to mine the rest of the pool in no time.
Believe me,bitcoin would probably die.

I agree. There are several exploits that have done with bitcoin. People being greedy in nature would be having a hard time controllling themselves once they saw an openning to take advantage over other people. Now if Chinese government centralized the operation of this mining company and directed an order to attack bitcoin , it would surely create chaos. Users can't do anything about Blockchain stuff, only miners can prevent this from happening. Or is there a chance for the developer to make BTC a POS coin?

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Quote from: takingthis4 on June 27, 2016, 12:04:04 PM

Quote from: Bit_Happy on June 22, 2016, 09:19:51 AM

Quote from: somacoin on May 08, 2016, 05:38:19 AM

Bitcoin is destroyed because China owns it?
Does it matter if most miners are in the USA or now China?

How long ago was there mass panic related to China banning Bitcoin use/mining/exchanges?
~2.5 or 3 years ago?
Now "Bitcoin IS basically DESTROYED", since China is successfully participating?
My how times have changed...

bitcoin is not destroyed and none of such events can destroy it because in my opinion bitcoin is invincible as people will always use it more or less from time to time

i think it is easier to destroy humanity than bitcoins, as long as there are people and internet bitcoin will definitely be used by some of the people because its perfect currency

Why the hell do you think like that?
Nothing is invincible,especially bitcoin.
It would be destroyed if someone would find a loop-hole allowing him to mine the rest of the pool in no time.
Believe me,bitcoin would probably die.

Hueristic

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Quote from: Cresciuanto on July 07, 2016, 05:13:33 PM

Quote from: quentincole32 on June 27, 2016, 01:39:53 PM

Quote from: Cresciuanto on July 07, 2016, 05:13:33 PM

I don't think so, bitcoin is growing up and if in mining you mean there are some companies outside of china that mining bitcoin. Grin

you might right,but leets see how china take control on some exchange,and big farm on china have biggest bitcoin mining,we can't deny that china have better power consumption and can handle any problem related miner,and also their exchange have better price than coinbase or itbit.

Farms are big in China and as well as mining sites. But the thing is I don't know if they are really controlling the price of bitcoin or they can control or predict that is going to happen with bitcoin.
Because we all know that if something has in favor of majority then they can control it.

The Chinese are controlling about 70% of the mining at the moment. But their proportion has been reducing.

i don't think so that Chinese are holding bitoicn and they have 70% hold of bitocin. i think it is not easy to tell the right figure of the number of the bitcoin user.

I don't think that Chinese are holding 70% of bitcoin because allocation of bitcoin is not still finished to its limit of 21 million.
As the halving comes it is going to add another supply of bitcoins in the market.
They are just mining it but they are selling it after they mine.

They are also behind the latest (as in last few months) Pump, When the expected moonshot does not occur they will try a final pump and if that fails (which my money says it does) there will be an EPIC dump and you might as well just give up on BTC (as an investment for growth) at that point. Go ahead and quote me on that.

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Quote from: quentincole32 on June 27, 2016, 01:39:53 PM

I don't think so, bitcoin is growing up and if in mining you mean there are some companies outside of china that mining bitcoin. Grin

you might right,but leets see how china take control on some exchange,and big farm on china have biggest bitcoin mining,we can't deny that china have better power consumption and can handle any problem related miner,and also their exchange have better price than coinbase or itbit.

Farms are big in China and as well as mining sites. But the thing is I don't know if they are really controlling the price of bitcoin or they can control or predict that is going to happen with bitcoin.
Because we all know that if something has in favor of majority then they can control it.

The Chinese are controlling about 70% of the mining at the moment. But their proportion has been reducing.

i don't think so that Chinese are holding bitoicn and they have 70% hold of bitocin. i think it is not easy to tell the right figure of the number of the bitcoin user.

Over 90% of all bitcoin exchange-traded volume is traded on Chinese exchanges, and around 80% of all bitcoin mining is controlled by Chinese miners or mining pools.

http://bitcoincharts.com/charts/volumepie/

The words are useless. China owns Bitcoin

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Quote from: quentincole32 on June 27, 2016, 01:39:53 PM

I don't think so, bitcoin is growing up and if in mining you mean there are some companies outside of china that mining bitcoin. Grin

you might right,but leets see how china take control on some exchange,and big farm on china have biggest bitcoin mining,we can't deny that china have better power consumption and can handle any problem related miner,and also their exchange have better price than coinbase or itbit.

Farms are big in China and as well as mining sites. But the thing is I don't know if they are really controlling the price of bitcoin or they can control or predict that is going to happen with bitcoin.
Because we all know that if something has in favor of majority then they can control it.

The Chinese are controlling about 70% of the mining at the moment. But their proportion has been reducing.

i don't think so that Chinese are holding bitoicn and they have 70% hold of bitocin. i think it is not easy to tell the right figure of the number of the bitcoin user.

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Quote from: quentincole32 on June 27, 2016, 01:39:53 PM

Quote from: quake313 on June 27, 2016, 02:40:54 PM

I don't think so, bitcoin is growing up and if in mining you mean there are some companies outside of china that mining bitcoin. Grin

you might right,but leets see how china take control on some exchange,and big farm on china have biggest bitcoin mining,we can't deny that china have better power consumption and can handle any problem related miner,and also their exchange have better price than coinbase or itbit.

Farms are big in China and as well as mining sites. But the thing is I don't know if they are really controlling the price of bitcoin or they can control or predict that is going to happen with bitcoin.
Because we all know that if something has in favor of majority then they can control it.

The Chinese are controlling about 70% of the mining at the moment. But their proportion has been reducing.

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If one was to believe Chinese trading volume and mining share, one might conclude Bitcoin could be in trouble. However, this situation could change in the future. Bitcoin is not yet destroyed or invulnerable/untouchable. It is just too soon to have any realistic speculation on Bitcoin's future. Personally, I feel good about the short term and long term prospects but I been around since 2013 and have lived through the ups and downs since then.

true, there's not a thing that is impossible in the future about the bitcoin is going to be a very popular currency and is used by most people, because the controller does not have the Bitcoin in each system, the price is likely to depend on mining and Limited. Jik limited bitcoin is up, the price will experience increased bitcoin is very high, because the number of the world's population with Bitcoin who use the internet are very different

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Quote from: chaser15 on June 27, 2016, 01:57:42 PM

Quote from: quentincole32 on June 27, 2016, 01:39:53 PM

Quote from: From Above on May 08, 2016, 05:15:25 AM

I don't think so, bitcoin is growing up and if in mining you mean there are some companies outside of china that mining bitcoin. Grin

you might right,but leets see how china take control on some exchange,and big farm on china have biggest bitcoin mining,we can't deny that china have better power consumption and can handle any problem related miner,and also their exchange have better price than coinbase or itbit.

No doubt that China have some big whales and manipulators. They are the one who is starting the price rally starting from their exchanges. If succeeds it will now be dragged to other exchanges and the result? Price rally.

China is always been greedy when it comes to something that they can get profit. Like reverse engineering of original products. And now they are trying to manipulate bitcoin with by their mining power.
Because most of miners are they.

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Quote from: TPTB_need_war on May 05, 2016, 10:19:55 AM

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.

I honestly believe this is the truth. What is there to add ?

~CfA~

UPDATE: https://bitcointalksearch.org/topic/m.14789764

I dont believe that it is the case. Even though many bitcoin mining farm are established in China due to low labor and power expense the owners and stockholders are not 100% chinese. So that is to say that CHina has no 100% control over bitcoin mining industry. As of now there are new mining farm who uses alternative power source in other countries and not only in China.

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Quote from: Moneroman88 on June 27, 2016, 01:27:41 PM

Bitcoin's mining may be centralized due to the Chinese mining monopol. But fear not, you're always welcome to switch to Monero.

Well you are right, but still they can't control and destroy bitcoin with that kind of act. Yes, they have the majority of miners.
But they don't have the majority of users.

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If one was to believe Chinese trading volume and mining share, one might conclude Bitcoin could be in trouble. However, this situation could change in the future. Bitcoin is not yet destroyed or invulnerable/untouchable. It is just too soon to have any realistic speculation on Bitcoin's future. Personally, I feel good about the short term and long term prospects but I been around since 2013 and have lived through the ups and downs since then.

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Quote from: quentincole32 on June 27, 2016, 01:39:53 PM