Topic: Bitcoin IS basically DESTROYED - page 21. (Read 47245 times)

Quote from: X badapple X on May 17, 2016, 05:31:08 PM

Quote from: anders lokka on May 21, 2016, 04:14:44 PM

Even if China controlls 80% of the mining power that doesn't mean that we should fear a 51% attack. Do you actually think that the guys who control mining, being Chinese or not want a 51% attack??? of course not, otherwise their investment would be worth 0....

Come the halvening, their investment will be worth 0 (unless other miners stop mining/BTC price doubles), so not that improbable :-

no, you don't know what you're talking about, after the halving miners with 0.1 cent in electricity can still mine for good profit

Miners with .1 cent electricity? $0.001? Why would they keep mining? They aught to be out riding their unicorns.

you didn't grasp at all what i was saying, i was saying that even mienr with 0.1 electricity would profit after the halving, let alone chinese farm with 0.05 or lower

0.1 cent is = $0.1 btw not 0.001...

1 dollar is 100 cents, the word cent , according to MW, means:
"a unit of money that is equal to 1/100 of the basic unit of money in many countries : one percent of a dollar, euro, rupee, etc."

The word cent has a Latin root, centum, 100. That's where the Roman numeral "C" comes from. See how things start to make more sense (no pun) as you learn things?

The prefix "centi" comes from the same word, but here it means 1/100. Like a cent is " 1/100 of the basic unit of money," centimeter is 1/100 of a meter, centigram is 1/100 of a gram, etc., etc.

So next time you get the urge to teach me about my own money, mining, or anything else for that matter, show some restraint, K?

i hate people like you that try to argue with retarded semantic, just to be right about a topic, when someone say 0.1 cent, it mean 1/10 of $, it is well known

all your other interpretation have no meant to exist, so next time do not invoke semantic, for your need, just because you were wrong

I dont know if it would be pretty easy to audit that information or proof this information and also determine how true it is... You should probably do more research on it. You cant just trust Chinese exchanges that easily.

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

Bitcoin 8 months ago was 200 usd and was dead.
Now is 440 usd and is dead.
I like dead coin that encrease value. Grin

A week later it's 520 dollar! Next week 600 if this continues.
Totally destroyed indeed Cheesy

Amph

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Activity: 3248

Merit: 1070

Quote from: pariahbit on May 18, 2016, 03:21:52 PM

Quote from: X badapple X on May 17, 2016, 05:31:08 PM

Quote from: anders lokka on May 21, 2016, 04:14:44 PM

Even if China controlls 80% of the mining power that doesn't mean that we should fear a 51% attack. Do you actually think that the guys who control mining, being Chinese or not want a 51% attack??? of course not, otherwise their investment would be worth 0....

Come the halvening, their investment will be worth 0 (unless other miners stop mining/BTC price doubles), so not that improbable :-

no, you don't know what you're talking about, after the halving miners with 0.1 cent in electricity can still mine for good profit

Miners with .1 cent electricity? $0.001? Why would they keep mining? They aught to be out riding their unicorns.

you didn't grasp at all what i was saying, i was saying that even mienr with 0.1 electricity would profit after the halving, let alone chinese farm with 0.05 or lower

0.1 cent is = $0.1 btw not 0.001...

1 dollar is 100 cents, the word cent , according to MW, means:
"a unit of money that is equal to 1/100 of the basic unit of money in many countries : one percent of a dollar, euro, rupee, etc."

The word cent has a Latin root, centum, 100. That's where the Roman numeral "C" comes from. See how things start to make more sense (no pun) as you learn things?

The prefix "centi" comes from the same word, but here it means 1/100. Like a cent is " 1/100 of the basic unit of money," centimeter is 1/100 of a meter, centigram is 1/100 of a gram, etc., etc.

So next time you get the urge to teach me about my own money, mining, or anything else for that matter, show some restraint, K?

i hate people like you that try to argue with retarded semantic, just to be right about a topic, when someone say 0.1 cent, it mean 1/10 of $, it is well known

all your other interpretation have no meant to exist, so next time do not invoke semantic, for your need, just because you were wrong

katrimans

hero member

Activity: 882

Merit: 500

Quote from: ?? on ??

Bitcoin 8 months ago was 200 usd and was dead.
Now is 440 usd and is dead.
I like dead coin that encrease value. Grin

I don't know why people still calls bitcoin to be dead, as the price of it is getting higher and higher.
I don't think so it will be destroyed. It's just getting tighter and tighter as the time goes by.

Bitcoins cannot be destroyed so easily.

bob123

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Activity: 1624

Merit: 2481

Quote from: ?? on ??

Quote from: anders lokka on May 21, 2016, 04:14:44 PM

Bitcoin 8 months ago was 200 usd and was dead.
Now is 440 usd and is dead.
I like dead coin that encrease value. Grin

I don't know why people still calls bitcoin to be dead, as the price of it is getting higher and higher.
I don't think so it will be destroyed. It's just getting tighter and tighter as the time goes by.

You should read the update on OP to know why its called "dead".

mki8

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Quote from: jak1 on May 21, 2016, 11:52:30 AM

Quote from: nanonymousx on May 11, 2016, 01:58:59 AM

China didn't design the ASIC, the mining to say the least, software is provided by western. Just utilize their production capacity.
Even 98% hash from China, they are not from the same group. Last tie I read, the money/technology backing up the operation is from western.

I don't know where we will end up with all this. China definitely owns mining. If bitcoin controlled by china,why dont we go to china?or at least we can consolidate with china,and ask them have a good control. i dont think china is trying to control bitcoin because i'm sure china know that bitcoin cannot controlled. We all want bitcoins to be mined no matter where they are mined.

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.

salmanahmedone

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Activity: 602

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Quote from: anders lokka on May 21, 2016, 04:14:44 PM

Bitcoin 8 months ago was 200 usd and was dead.
Now is 440 usd and is dead.
I like dead coin that encrease value. Grin

I still think bitcoin can never die. but Well if you do believe there might be trouble in the future; it would be advisable to prefer for it. It might not happen but at least you would be prepared. You could start an SEO business or some other job with the bitcoins you earned.

anders lokka

sr. member

Activity: 700

Merit: 250

Bitcoin 8 months ago was 200 usd and was dead.
Now is 440 usd and is dead.
I like dead coin that encrease value. Grin

Superbitzz

full member

Activity: 196

Merit: 100

Quote from: jak1 on May 21, 2016, 11:52:30 AM

Quote from: nanonymousx on May 11, 2016, 01:58:59 AM

China didn't design the ASIC, the mining to say the least, software is provided by western. Just utilize their production capacity.
Even 98% hash from China, they are not from the same group. Last tie I read, the money/technology backing up the operation is from western.

I don't know where we will end up with all this. China definitely owns mining. If bitcoin controlled by china,why dont we go to china?or at least we can consolidate with china,and ask them have a good control. i dont think china is trying to control bitcoin because i'm sure china know that bitcoin cannot controlled. We all want bitcoins to be mined no matter where they are mined.

yes it is so. but why should we believe this. when there is nothing wrong about bitcoin still everthing is ok and their no such worries or sign which show us that bitcoin is dropping or destroying. so we shout not give any value to these thing but we should concentrate to your mining an bitcoin grading.

jak1

sr. member

Activity: 280

Merit: 250

Quote from: nanonymousx on May 11, 2016, 01:58:59 AM

China didn't design the ASIC, the mining to say the least, software is provided by western. Just utilize their production capacity.
Even 98% hash from China, they are not from the same group. Last tie I read, the money/technology backing up the operation is from western.

I don't know where we will end up with all this. China definitely owns mining. If bitcoin controlled by china,why dont we go to china?or at least we can consolidate with china,and ask them have a good control. i dont think china is trying to control bitcoin because i'm sure china know that bitcoin cannot controlled. We all want bitcoins to be mined no matter where they are mined.

katrimans

hero member

Activity: 882

Merit: 500

Quote from: miscreanity on May 13, 2016, 07:49:15 PM

Quote from: sockpuppet1 on May 11, 2016, 08:25:13 AM

The globalist elite are moving us towards a one world reserve currency new world order of control (and Bitcoin won't be the world's reserve currency, but rather is a digital totalitarian currency of global exchange not a reserve currency). China and Singapore will take over power from the West. We are entering a more totalitarian Technocracy world. There will be a smart meter on every home, etc..

Do you expect a basket of currencies as MA has suggested, or something else?

Quote from: sockpuppet1 on May 13, 2016, 02:59:07 AM

1. I agree doing nothing is not a solution. I am trying to do something, but my design requires that there be very significant transactions since the unprofitable proof-of-work share (not a block solution!) is sent with each transaction. So if I launch the thing with nearly no adoption and just HODLers, then it can be easily attacked by botnets. Thus before I can make the CC, I need to first create something that could drive a lot of demand for the use of the CC.

I came to the same conclusion. In addition, I would argue that anonymity must be incorporated or the system will suffer the same protocol attacks Bitcoin is currently experiencing. Even with anonymity it is possible that protocol erosion could occur.

A technical attack without anonymity could simply filter known addresses (and optionally, linked ones) at the centralised verification level, causing enough delay in transactions that participants will opt for a "new, improved version" that delegates power more directly to centralisation. With anonymity that isn't as easy, but there will probably be enough information gleaned through other methods to target the intended subject.

I'm left wondering whether a ZK routing method wouldn't be more effective. Of course, that might entail rebuilding the Internet as we know it.

That said, unprofitable PoW is currently be the best option enforcing skin-in-the-game.

I have a doubt in chinese exchanges

pariahbit

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Quote from: X badapple X on May 17, 2016, 05:31:08 PM

Even if China controlls 80% of the mining power that doesn't mean that we should fear a 51% attack. Do you actually think that the guys who control mining, being Chinese or not want a 51% attack??? of course not, otherwise their investment would be worth 0....

Come the halvening, their investment will be worth 0 (unless other miners stop mining/BTC price doubles), so not that improbable :-

no, you don't know what you're talking about, after the halving miners with 0.1 cent in electricity can still mine for good profit

Miners with .1 cent electricity? $0.001? Why would they keep mining? They aught to be out riding their unicorns.

you didn't grasp at all what i was saying, i was saying that even mienr with 0.1 electricity would profit after the halving, let alone chinese farm with 0.05 or lower

0.1 cent is = $0.1 btw not 0.001...

1 dollar is 100 cents, the word cent , according to MW, means:
"a unit of money that is equal to 1/100 of the basic unit of money in many countries : one percent of a dollar, euro, rupee, etc."

The word cent has a Latin root, centum, 100. That's where the Roman numeral "C" comes from. See how things start to make more sense (no pun) as you learn things?

The prefix "centi" comes from the same word, but here it means 1/100. Like a cent is " 1/100 of the basic unit of money," centimeter is 1/100 of a meter, centigram is 1/100 of a gram, etc., etc.

So next time you get the urge to teach me about my own money, mining, or anything else for that matter, show some restraint, K?

LoyceV

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Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: DimensionZ on May 18, 2016, 06:51:59 AM

0.1 cent is = $0.1 btw not 0.001...

It's a common (and confusing) mistake, but that doesn't make it right. Unless you think 0.1 cm = 0.1 m = 10 cm, or 0.1 dollarcent = 0.1 dollar = 10 dollarcent.

Cryddit

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I wonder how many coins the Chinese miners are left with after they have paid their electricity bills at the end of the month and any expenses that go into maintaining and replacing bad hardware. I highly doubt it that the Chinese would like losing their business and their profits by initiating a 51% attack on the Bitcoin network.

The 51% attack works only if nobody notices you're doing it. That's why people keep looking at the pool percentages to make sure no single pool goes over 51%.

But it's easy to arrange things so none of those numbers go over 51%. All you need do is put some fraction of the 51% attack under the name of a different pool.

If 70% of the hashing is being done at the same immense data center, in a business owned by the same set of people, I really don't give a crap if they pretend to be two or three different pools. The 51% is a reality. They allow other people to get blocks only as often as they have to in order to avoid arousing suspicion.

Amph

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Quote from: X badapple X on May 17, 2016, 05:31:08 PM