Topic: Bitcoin IS basically DESTROYED - page 20. (Read 47260 times)

Bitcoin can never be destroyed.

https://np.reddit.com/r/btc/comments/43bgrs/peter_todd_sw_is_not_safe_as_a_softfork/czhav9y?context=1

    The soft-fork deployment of SegWit is a political decision which is overriding the technical wisdom that this should only be done via hard-fork.

    Defending the political strategy requires tortuous positions on the block limit such as asserting that Back's 2-4-8 is OK, but Classic's 2 is not.

– /u/solex1

    Hard forks are "dangerous" because they put the market in charge, and the market might vote against "us experts" [at Core/Blockstream].

– /u/ForkiusMaximus

https://np.reddit.com/r/btc/comments/43bgrs/peter_todd_sw_is_not_safe_as_a_softfork/czheg0d?context=1

    They [Core/Blockstream] backed themselves into a corner with hard fork fear mongering, to the extent they're willing to push something ten times more risky as a soft fork just to avoid the precedent of a painless hard fork.

    Because painless hard forks mean the block size would probably rapidly be raised to 8 MB and their [Core/Blockstream's] sidechain subsidy would be gone.

– /u/persimmontokyo

    If they [Core/Blockstream] lose their status as "reference" implementation they lose the inertia effects that make it so much easier for them to push through everything as a soft fork. Use it or lose it, as they say.

    The incentive is for the dominant team to try to do everything by soft forks so as to avoid a market referendum on their implementation.

    XT messed with this, BU really threatened to make mincemeat of it, and for now it is Classic that is actually delivering the blow.

    They [Core/Blockstream] will bleat and bray about hardforks to get as many people as possible scared of them, but it is only they who are scared.

    They [Core/Blockstream] fear a hard fork will remove them from their dominant position.

– /u/ForkiusMaximus

So the Chines are smarter than everybody else. They even get around currency controls. Or maybe there are just more of them.

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.

if anything china would want to have bitcoin expand and become bigger with all the miners they have in china , if bitcoin become alot bigger china will have alot of power in form of money.

I don't understand HOW they can destroy btc ! Some one could explain please?

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.

Honestly i don't agree about centralization which is china involve they are greedy..  it can destroy bitcoin if it will happen..
We know china has a biggest part of proportion mining farm.. but i don't agree that bitcoin will be centralization..

china itself has nothing to do with bitcoin

Just because the location of mining farms are in china, does not mean they are owned by China (the country) or even chinese people

Many miners, MOVED their farms to china, so they could pay less electric.

If another country with very good internet and very low electicity fees pops up, you will see miners move from China to wherever their operating costs are lower, the geo location of mining farms is irrelavent

Also, even if the price of BTC is being manipulated by a few, why is that a bad thing ?
Just look at diamonds,
where the majority are never released on to the market so they can keep prices high and forever increasing.

Seriously 70% of mining is done in China? Wow... That's a large portion of mining. That's a lot of power being used, which I think is a waste. So much power, and computers are being used and made just to run BitCoin. It seems like it's pretty inefficient. That's why I like the idea of PoS coins better.

Why if bitcoin was destroyed by China, in fact. the price of Bitcoin is growing up. 70% mining controlled by China. I think you can give me a reliable source for this statement or independent research data.

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

~CfA~


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