I wouldn't say Bitcoin is destroyed.
Look the thoughts of a 21 million units of currency with some really small denominations does not sound really easy for common use.
Most people can't do simple math
Topic: Bitcoin IS basically DESTROYED - page 19. (Read 47260 times)
the sky is falling......
Please stop with the stupid threads.
Bitcoin has died over 100 times, been destroyed a few dozen times and is trading at over 500 usd.
Stop with the fud and lies and please stop posting stupid threads about this.
Please stop with the stupid threads.
Bitcoin has died over 100 times, been destroyed a few dozen times and is trading at over 500 usd.
Stop with the fud and lies and please stop posting stupid threads about this.
OP IS basically DESTROYED
Maybe op was a paid to do something bad for bitcoin. Because there are people that wants to destroy a thing if they see the potential of it.
Op is just jealous on what is happening with bitcoin. And bitcoin will not be destroyed easily because the foundation of it is very good.
the sky is falling......
Please stop with the stupid threads.
Bitcoin has died over 100 times, been destroyed a few dozen times and is trading at over 500 usd.
Stop with the fud and lies and please stop posting stupid threads about this.
Please stop with the stupid threads.
Bitcoin has died over 100 times, been destroyed a few dozen times and is trading at over 500 usd.
Stop with the fud and lies and please stop posting stupid threads about this.
OP IS basically DESTROYED
the sky is falling......
Please stop with the stupid threads.
Bitcoin has died over 100 times, been destroyed a few dozen times and is trading at over 500 usd.
Stop with the fud and lies and please stop posting stupid threads about this.
Please stop with the stupid threads.
Bitcoin has died over 100 times, been destroyed a few dozen times and is trading at over 500 usd.
Stop with the fud and lies and please stop posting stupid threads about this.
in the end does it really matter that china is controlling 70% of the mining scene, when few % of people are holding 90% of all bitcoin?
Where did you come up with that stats from ? I know they own a most of the mining scene but no 70% of it.If at all your case is true ,it actually matters.But not with the reasons you have mentioned.Controlling the mining scene is not exactly controlling a lot of bitcoins.We can't ignore the fact they're only getting a very small fraction of coins for solving every transaction.They can be labelled as good bitcoin labors but not the most coin possessors.A lot of bitcoin still lives in European countries and utilized to the fullest. Quote
now this is just worse than mining not being "correctly" decentralized
What's the alternative ? Fore people to mine ? Its not China's fault anyway ,if they have the idea socio-economic conditions to run mining with profits to this date,what's wrong with doing it.Everyone would have been a miner if the electricity rates were cheap .Halving is another factor which can't be ignored. 
Well just because of China controlling most of the hashrate and bitcoin does not mean that the crypto currency itself is destroyed.
I agree; we should just accept reality...
That reality:
LN ... doesn't scale well decentralized (but we may eventually get there with Bitcoin highly centralized, although being that this is fighting for who will control it, it will not come without battles as we've seen with Bitcoin Classic and XT versus Blockstream and the Chinese mining cartel):
Quote from: https://www.reddit.com/user/blessedbt
Now all we have to do is wait countless months for segwit which no doubt'll be batted around by the various parties too. Whoopee.
...
The mass use case of Bitcoin is very weak because the technology doesn't scale decentralized and decentralization and permissionless qualities were the original reason to want CC instead of digital fiat, and Bitcoin is a very tiny, miniscule market right now.
The less decentralized Bitcoin is, the slower its network effects will grow. Because turf battles turn it into a morass.
Well just because of China controlling most of the hashrate and bitcoin does not mean that the crypto currency itself is destroyed.
I agree; we should just accept reality; at the end of the day bitcoin is just like any other currency; like gold is still being mined today, im certain even bitcoin could be mined the same way even though there might seem to be limit right now.
in the end does it really matter that china is controlling 70% of the mining scene, when few % of people are holding 90% of all bitcoin?
now this is just worse than mining not being "correctly" decentralized
now this is just worse than mining not being "correctly" decentralized
If you are a trader than no, you don't see how the ideology of bitcoin is being corroded. If you are a trader all you see is price going up,up, UP and that is why you feel it is a strong and healthy, etc. And if the halving causes the price of a BTC to double I suppose you would be happy. But I know unless the price doubles, I'm closing down the shop. And I could ask for 2x the price but if the market Disagrees I'm out of business.
interesting what shop do you have?
Why would the fact that China is basically controlling mining do anything to Bitcoin?
The whole concept of bitcoin was based around decentralization.
If China controlls a large % of the hash power then it would only take the collaboration of a few to hit the dreaded 51% control point
China owns over 80% from the mining and the trading market as well. China owns over 95% from BTC transactions too.
The centralization is a reality.
https://blockchain.info/pools?show_adv=no
http://bitcoincharts.com/charts/volumepie/
Why is that classed as centralisation? It just means they use it more lol.
I dont think its destroyed I think if we stayed around 300
even after halving we would be in trouble because there would
be no ROI to mine
even after halving we would be in trouble because there would
be no ROI to mine
If you are a trader than no, you don't see how the ideology of bitcoin is being corroded. If you are a trader all you see is price going up,up, UP and that is why you feel it is a strong and healthy, etc. And if the halving causes the price of a BTC to double I suppose you would be happy. But I know unless the price doubles, I'm closing down the shop. And I could ask for 2x the price but if the market Disagrees I'm out of business.
Explain to me why the hell it matters having a large portion of the hashing power in a geographical location.
It is much easier to drive up with tanks to commandeer geographically clustered hashpower.But destroyed? "We are told to remember the idea, not the man, because a man can fail. He can be caught. He can be killed and forgotten. But four hundred years later an idea can still change the world. I've witnessed firsthand the power of ideas. I've seen people kill in the name of them; and die defending them."
Explain to me why the hell it matters having a large portion of the hashing power in a geographical location.
It is much easier to drive up with tanks to commandeer geographically clustered hashpower.But destroyed? "We are told to remember the idea, not the man, because a man can fail. He can be caught. He can be killed and forgotten. But four hundred years later an idea can still change the world. I've witnessed firsthand the power of ideas. I've seen people kill in the name of them; and die defending them."
Well just because of China controlling most of the hashrate and bitcoin does not mean that the crypto currency itself is destroyed.
Yeah, that's true. Let's admit it that China has a big percentage in bitcoin for most of the miners are Chinese. But still bitcoin will not depend on their
manipulation. Still we are here all of us who are using bitcoin and we can contribute to the big rise of bitcoin. And bitcoin being destroyed is just
an overheard rumor.
Are you guys retarded?
Having a large portion of mining power in a single geographical location (or country in this case) means nothing. It means nothing having all the hashing power in the US, Russia, China, Germany, whatever. If they were all a part of the same pool it would matter, but to my knowledge not every Chinese miner is a part of the same pool and would just switch pools at the flip of a coin.
Explain to me why the hell it matters having a large portion of the hashing power in a geographical location.
OP. can I have some of what you are smoking
?
?
Well just because of China controlling most of the hashrate and bitcoin does not mean that the crypto currency itself is destroyed.
Yeah, that's true. Let's admit it that China has a big percentage in bitcoin for most of the miners are Chinese. But still bitcoin will not depend on their
manipulation. Still we are here all of us who are using bitcoin and we can contribute to the big rise of bitcoin. And bitcoin being destroyed is just
an overheard rumor.
But are there really any Westerners who have moved their mining operations to China? Everyone involved in Bitcoin mining in China I have ever seen are Chinese themselves. The problem with China is that the government is striving to become an economic superpower and if they could achieve that by controlling the miners and the Bitcoin mining farms in the country do you think they would shy away from doing that? The Chinese have demonstrated bad business practices before and I think they will take full advantage of Bitcoin if the opportunity arises. China will not want to destroy Bitcoin if they can gain profits off it.
Yep, Perv Vern*
edit: (*Paul "Big" Vern from Cryptsy)
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
You are in big wrong. First the mining is decentralized. So even in China the new bitcoins are not at the hand of few people but at to many. Second it is already produced more than 60% of the bitcoins which are at the hands of to meany others. Third, the remaining part will be produced in more than 100 years. So no one can have most of the new bitcoins. It is not the first time that can be read such thoughts without any kind of basis.
Bitcoin is destroyed, that's why people trying to buy bitcoins and price nowdays $580 for 1btc. Are u serius? Bitcoin nowdays is so high and big, i hope it will continue.
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