Topic: Bitcoin IS basically DESTROYED - page 24. (Read 47260 times)

After knowing bitcoin exist started to know more and when I found out about bitcoin mining specific hardware my first impression was,
Who ever suggested such system like bitcoin wanted big hardware manufacturers to sell and continue selling their products.

I mean bitcoin is going towards what end exactly? by the looks of it 5 years from now planet earth becomes a giant mining pool.
I wonder what would have happened if instead of computing and hash power every one could just use internet bandwidth and just listening on the open port then bitcoin could reward all the members equally.
By the way the smartest miners found cheapest electricity and best places to run huge mining farms and as I see it they all are adding to their hash rate  and again results in diff increase, it is just so fu**ed up when think about it but bitcoin never become central.
Whole point and idea and use of bitcoin is freedom and low fees, any one tries to take them away then people turn away from it.

Haha, Bitcoin was already destroyed 10 times and is still alive.

Sure, and if the price does increase they'll hold, because look how the price is going up.
And if the price doesn't increase, they'll also hold, because it takes a while for the price to adjust after the halvening.
And if the price tanks, they'll also hold, and buy more, because ideal buying opportunity, the price is clearly down-manipulated by Wall st. and bankster j00z, who'll eventually run out of coin and then CCMF! Bang, zoom! To the moon, Alice!
I remain cautiously optimistic.

It's called free speech and healthy debate. Don't be scaird.

I'm looking at those big letters DESTROYED..
I don't think this is th case for real, and i dont know why those nonsense topics are allowed at the first place? All this causing panic and fear..We don't need this. Without proper "evidence" we must close those topics almost immediately.

Well that'd be obvious since more than half of the bitcoin holders are expecting for an increase in value.
More and more people are getting into bitcoins because of possible profit.

Bitcoin that's not decentralized is not Bitcoin but a berry berry inefficient bank. Stop with the pedantry.

The title is misleading, as the quoted post was about the hypothesis that Bitcoin's decentralization is being destroyed.

don't you think a country which have 50% of total bitcoin miners in china can control bitcoin? they simply make a regulation that forbid bitcoin and bitcoin prices will falling,that's how they can control bitcoin

There's still demand and supply. Now awaiting the results of halving

ftfy

Answer: none of the CC currently envisioned. Neither will Lightning Networks (Bitcoin) nor Dash Evolution meet those specifications.

You and Armstrong are both wrong on the future of BitCON:

https://bitcointalksearch.org/topic/m.14854131

As for the price action I predicted, stay tuned...


It is not clear if it will destroyed or merely turned into a tool to confiscate wealth, and a better Paypal for the masses. My bet is the totalitarian variant of the future. Click the link above to find out why. Men need a tyrant.

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I see even an oligarchy controlled Bitcoin as better than Paypal, because:

1. Bitcoin is a global politik; and thus even the Chinese mining oligarchy (cum banksters pulling the strings behind the curtain) can't do anything which isn't politically correct globally.

2. Thus Bitcoin will retain many attributes that Paypal as a corporate offering can't provide such as inability to deny any person in any account equal opportunity to access, inability to enforce holdbacks, block certain industries, and other arbitrary shit Paypal does which make my head want to explode. Bitcoin is a trojan horse launched by the global elite to subvert any localized attempt to block/control the shift to digital currency.

3. Thus I predict enormous adoption for Bitcoin, but just remember it will be owned and controlled by the global elite (aka the banksters). And the global socialism will enforce a global confiscation/expropriation of those with wealth, in the coming years. It will be a bittersweet success.

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For the moment Bitcoin is only a gambler's paradise, but the conversion to instant microtransactions is the key to launching it into mass adoption.

That is why the block chain size debate has been so contentious, because it is a battle over who (Chinese mining cartel + Blockstream, all controlled behind the curtain by the banksters) owns Bitcoin as it is scaled out.


Agreed, but they didn't create Bitcoin as the primary escape hatch from fiat collapse (which will instead be the one world currency reserve unit basket), but rather because they want to subvert any one nation's control over the digitalization of currency. They don't want a bastardized fragmentation of the digitalized commerce world. That is all good. The bad part is they control the global politik, and thus they control Bitcoin. They can easily incorporate capital controls and expropriation into the politics of regulation of Bitcoin and then they can easily implement it since they are funding and arranging the Chinese mining cartel and Blockstream's $74 million funding.

Edit: my take on the opportunities ahead:

https://bitcointalksearch.org/topic/m.14855669

Dudes the point was not whether it is a lot of waste, but whether it represents a sizeable fraction that would pressure China to abandon the alleged corruption. At 1%, it is not a pressure to abandon the alleged corruption.

Yeah it is still a lot of electricity but that wasn't the point being made.

I wish you guys would improve your reading comprehension. 

Stealing (scams, oligarchy, etc) is not the exception, rather it is the norm of human nature. Always will be.

The Lord warned us that this is the nature of man.

Don't forget the Iron Law of Political Economics.

Maybe ? Yes in the first place they are the on who first to hurt if they do damage bitcoins , but there's a chance that if they do that they are the only who will doesn't affected whatever they wil do .they will do more for them to earn much more..

i dont think china would do anything to damage bitcoin if they control so much it seems like they would hurt themselves more than anyone else

Yeah 1 percent of over 1 billion is a fucking shit tonne. I really have no idea what you are talking about? Is 5.6 GW 1 percent?

You're kidding, right? 1% of the electricity consumption of a country with more than a billion people is HUGE! It is a whole lot of power plants wasting their energy into something that can basically be done by 1 PC.
Without redoing the math for myself I assume the 5.6 GW is correct. See if you can get a tour in a 1 GW coal fired power plant, it is a huge facility where you can really feel the power.
Especially in China that also means lots of people will die for mining bitcoin: the miners who work in real life coal mines and do IRL mining.
Not a pleasant scenario.

When you have comprehended my posts in this thread, then you will realize that being borderless is irrelevant to the point of this thread.

You comment indicates you do not even understand. Perhaps you are too lazy to read and study carefully. Perhaps due to some ideological bias that blinds you.


Indeterminate money supply is not the attribute that allows us to use the term fiat. Fiat means someone else is in control.

fi·at
ˈfēət,ˈfēˌät/
noun
noun: fiat; plural noun: fiats

    a formal authorization or proposition; a decree.

I agree with you, if the Chinese people will get most of the bitcoins. Cycle of bitcoins will just rotate to them and it is not good.
Because the supply is only limited and if big percentage of bitcoins were holding by them. They could control the price by selling it to someone if supply doesn't last.

the concept that bitcoin is borderless seems to be beyond most in this threads comprehension