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Topic: Bitcoin IS basically DESTROYED - page 29. (Read 47245 times)

sr. member
Activity: 378
Merit: 250
May 11, 2016, 02:16:12 AM
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
Yeah exactly. If there is only one country controlling the whole thing, then the whole point of Bitcoin is gone. It is not really their fault though, no one else wants to mine.
newbie
Activity: 28
Merit: 0
May 11, 2016, 02:07:28 AM
erhaps an american™ fork will appear that bans all Chinese nodes.  (If Trump is president and has a good technological advisor), that is. Bitcoin-West being the result. China then running its own fork. Oh I guess China does love Bitcoin after all # who deserves controlling the Bitcoin network? Isn't this intentional? Arms race.  Competition means more nodes being deployed.  Don't you worry folks, Bitcoin's doing just fine. Deploy more nodes if you don't like the Chinese doing it more than yourself!
sr. member
Activity: 252
Merit: 250
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.
full member
Activity: 196
Merit: 100
May 11, 2016, 01:48:52 AM
no its not so. i think is not destroyed. its looking to me that bitcoins has a bright future, most of the people are entering in bitcoin form people are taking interest in bitcoin, i am hopeful that in future it will be more benificial/
legendary
Activity: 1241
Merit: 1005
..like bright metal on a sullen ground.
May 10, 2016, 11:41:34 PM
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~



If nothing else bitcoin blockchain(s) will continue to exist as an antique.
hero member
Activity: 3024
Merit: 680
★Bitvest.io★ Play Plinko or Invest!
May 10, 2016, 10:04:25 PM
Should we be worried? Should we trade our BTC now for other coin like ETH?
I think now about 75% of bitcoins are mined and very sooner all of the bitcoins will be mined, I think, so then we should have to care that who is mining it. We just have to adopt the bitcoin for our use, in the coming future the power will be with those who have adopted it.

Better if you will stick to bitcoins as all people do now. Waiting patiently for bitcoin halving, there is a possibility that bitcoin will be destroyed, but as of now it is still on the go and having its fluctuation.
legendary
Activity: 3416
Merit: 1142
Ιntergalactic Conciliator
May 10, 2016, 08:48:35 PM
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~

and what altcoin you support? Always there is an altcoin behind post like this
hero member
Activity: 3024
Merit: 745
Top Crypto Casino
May 10, 2016, 05:52:08 PM
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~
if bitcoin controlled by china,why dont we move to china?or at least we can consolidate with china,and ask them have a good control. bitcoin on china was very ood,but i dont think they try to control bitcoin,because i'm sure china know that bitcoin is cannot controlled.
The first thing is that bitcoin is really uncontrollable by any specific power and if any power want to involve in it  with full potential then it will be a great support to bitcoin, I will say that someone among the major power have to come forward to give strength to bitcoin.

I think if media comes in support of bitcoin then it can make a huge difference, as people starts believing what they hear in news, if that happens then bitcoin  can gain more attention from the people.

I think so media will help to report about bitcoin, if they are going to report good news about btc, probably banks or other treasury bureau would pay the media to disappoint people of what bitcoin is. That is always the work of medias.
newbie
Activity: 42
Merit: 0
May 10, 2016, 05:34:18 PM
And yet I still bet this thread wouldn't exist if it did happen to be miners from a western democracy.
Possibly, though this doesn't weaken his point in any way.

Quote
If he's not, then can he please STFU about communists already?
But why? China has nationalized the means of production in the past, that's pretty much the core tenet of Communism.
Are you saying that's not a concern, or that you simply don't like the word "Communism"? I'm a bit irked by the "Fascist" bit, but Communism is pertinent, especially with China flipflopping all over the place re. legality of Bitcoin itself.
legendary
Activity: 3724
Merit: 3063
Leave no FUD unchallenged
May 10, 2016, 05:12:54 PM
...
No, I'm pretty sure even people in the US should be recognising this as the toxic, paranoid, prejudiced, xenophobic drivel it is.  I can assure you I feel no non-American angst, nor am I attempting to instil it in others.  You can't rationally claim that a certain group of people within a set border are a problem whilst also stating that geographic location is irrelevant.  Unless, y'know, you're insane, which I'm not ruling out as a possibility.
Don't particularly care about this guy's sanity, but sure, he can state that "a certain group of people within a set border are a problem whilst also stating that geographic location is irrelevant." He'd be right, too Smiley

It doesn't matter where bitcoin mining is centralized, as long as *it's centralized somewhere.* If that "somewhere" happens to be China, then Chinese miners are responsible for [the problem of] Bitcoin centralization. If Bitcoin mining was controlled by handful of wholesome American boys in Detroit, Michigan, then American miners would be responsible.
Seems self-evident to me Undecided

And yet I still bet this thread wouldn't exist if it did happen to be miners from a western democracy.  But fine, go ahead and give credence to Chicken Little.  It's not the first time he's gone off on some half baked rant about how we're all doomed and it certainly won't be the last time that he's been completely wrong about it.  Credibility.  Equals.  Zero.


Quote
Also, fun fact, not everyone in China is a communist, you stereotyping screwball.
Did he suggest that all Chinese were Communists?

If he's not, then can he please STFU about communists already?
newbie
Activity: 42
Merit: 0
May 10, 2016, 04:43:04 PM
...
No, I'm pretty sure even people in the US should be recognising this as the toxic, paranoid, prejudiced, xenophobic drivel it is.  I can assure you I feel no non-American angst, nor am I attempting to instil it in others.  You can't rationally claim that a certain group of people within a set border are a problem whilst also stating that geographic location is irrelevant.  Unless, y'know, you're insane, which I'm not ruling out as a possibility.
Don't particularly care about this guy's sanity, but sure, he can state that "a certain group of people within a set border are a problem whilst also stating that geographic location is irrelevant." He'd be right, too Smiley

It doesn't matter where bitcoin mining is centralized, as long as *it's centralized somewhere.* If that "somewhere" happens to be China, then Chinese miners are responsible for [the problem of] Bitcoin centralization. If Bitcoin mining was controlled by handful of wholesome American boys in Detroit, Michigan, then American miners would be responsible.
Seems self-evident to me Undecided

Quote
Also, fun fact, not everyone in China is a communist, you stereotyping screwball.
Did he suggest that all Chinese were Communists?
hero member
Activity: 812
Merit: 1000
May 10, 2016, 04:36:04 PM
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~
if bitcoin controlled by china,why dont we move to china?or at least we can consolidate with china,and ask them have a good control. bitcoin on china was very ood,but i dont think they try to control bitcoin,because i'm sure china know that bitcoin is cannot controlled.
The first thing is that bitcoin is really uncontrollable by any specific power and if any power want to involve in it  with full potential then it will be a great support to bitcoin, I will say that someone among the major power have to come forward to give strength to bitcoin.

I think if media comes in support of bitcoin then it can make a huge difference, as people starts believing what they hear in news, if that happens then bitcoin  can gain more attention from the people.
legendary
Activity: 2996
Merit: 1188
May 10, 2016, 04:32:04 PM
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~
if bitcoin controlled by china,why dont we move to china?or at least we can consolidate with china,and ask them have a good control. bitcoin on china was very ood,but i dont think they try to control bitcoin,because i'm sure china know that bitcoin is cannot controlled.
The first thing is that bitcoin is really uncontrollable by any specific power and if any power want to involve in it  with full potential then it will be a great support to bitcoin, I will say that someone among the major power have to come forward to give strength to bitcoin.
legendary
Activity: 924
Merit: 1132
May 10, 2016, 04:07:57 PM

also he can not start another pool out of thin air, you know that a pool require a good infrastructure behind it that is not free, he can't just hope that magically, the miners will come and mine to pay the fee, for the cost of the server etc...

WTF?  Seriously?  How stupid do you think a pool owner would have to be to have that problem?  The problem is caused by him already having too much infrastructure, and if he's smarter than a post it's the obvious solution.

Pool owner:  Oh noes, my massive server farm is now providing 48 per cent of bitcoin hashing!  If someone else drops out for even an hour or so I risk annoying all those clowns who don't want to see one pool with 51%, and might not be able to dump bitcoins for as much money!

Pool Owner's IT guy:  No problem, let me reconfigure a bit, and you'll be two pools each with 24 percent of bitcoin hashing.  Or, y'know, we could call larry down the street who's got 20% of bitcoin hashing power and put, say, a third of our servers on his pool.  

Pool owner:  Oh, I didn't think of that because I have the IQ of a post!  Cool!  That way I can go on buying more servers!

IT guy:  You know, there's some other profitable shit you and Larry can do with 78% of the hashing power, if you're not too obvious about it....

Pool owner:  Awesome!  I didn't think of that, either!  'Cause I have the IQ of a post!  Oh, look!  Squirrel!
hero member
Activity: 1204
Merit: 505
May 10, 2016, 03:48:29 PM
Should we be worried? Should we trade our BTC now for other coin like ETH?
I think now about 75% of bitcoins are mined and very sooner all of the bitcoins will be mined, I think, so then we should have to care that who is mining it. We just have to adopt the bitcoin for our use, in the coming future the power will be with those who have adopted it.
legendary
Activity: 3724
Merit: 3063
Leave no FUD unchallenged
May 10, 2016, 03:16:36 PM
I posted this over a year ago when someone else was soiling themselves about a potential Chinese takeover and I'm pretty sure the same applies here:

Just because they happen to reside in the same arbitrary borders, doesn't mean they're some sort of hive-mind colluding to take over.  Stop jumping at shadows.  Also slightly disgusted with the double standard that no one cared when it was any other country with the largest hash rate (since there's obviously always going to be one with a higher hash rate than the others), but now just because it's China we should sound the alarm?  Are you trying to come across as racists or something?

The paid propagandists such as DooMAD will come here and try to appeal to the angst that non-Americans feel towards being bullied around by America, and in general the angst that oppressed people feel which is often labeled "racism" even when the oppression is not associated with race but rather other factors.

So the game DooMAD is playing with your minds, is he wants to switch off your pre-frontal cortex by spiking your cortisol to sway your attention away from the facts I presented, by inciting you to focus on your hate of oppression.

What he doesn't tell you is that China's fascist command economy is oppressing its own people! And has been since at least the time of Mao in the 1950s wherein 57 million Chinese peasants were slaughtered to make way for the globalist funded Communism.

We are always being turned against each other and take our eyes off the true source of the our problems.

DooMAD I don't know how you can look at yourself in the mirror.

No, I'm pretty sure even people in the US should be recognising this as the toxic, paranoid, prejudiced, xenophobic drivel it is.  I can assure you I feel no non-American angst, nor am I attempting to instil it in others.  You can't rationally claim that a certain group of people within a set border are a problem whilst also stating that geographic location is irrelevant.  Unless, y'know, you're insane, which I'm not ruling out as a possibility.

Also, fun fact, not everyone in China is a communist, you stereotyping screwball.



Oh, nearly forgot:

*Disclaimer* This is an AnonyMint / TheFascistMind / UnunoctiumTesticles / contagion / TPTB_need_war / sockpuppet1 related thread (seriously, how many more accounts are you going to make?  One for each personality disorder you suffer from?) likely to contain unrealistic and purely hypothetical scenarios that may be closer to fiction than any semblance of reality, along with false logic and copious amounts of clutching at straws.
newbie
Activity: 28
Merit: 0
May 10, 2016, 01:53:20 PM
sr. member
Activity: 350
Merit: 250
May 10, 2016, 10:20:46 AM
Why do people say that Bitcoin is destroyed or dead. First I only thought that is was because of the price being to stable for to long and people just becoming lazy.
But now I see that there is a whole other reason behind it. 
member
Activity: 84
Merit: 10
May 10, 2016, 09:55:44 AM
^You're either irreparably stupid, insane, or trolling. /ignored.
legendary
Activity: 3248
Merit: 1070
May 10, 2016, 09:53:23 AM
Lol, I should prove to you that "There's exactly zero evidence that this is not currently happening"? You don't believe me? Because you feel that there is evidence of this happening?

And you're telling me a server isn't free? Compared to the millions invested in mining gear to control more than 51% of bitcoin's hashrate, it might as well be. How old are you, BTW?

yes you make claim without proof, this is like shooting bullshit you know, you need to prove that there is an evidence that the same guy might running two pool because he then want to perform a 51% in the future at the right time liek you said

cheap talking calling the age of other, it's not relevant stay on the discussion....server aren't free, investing in them just because one guy want to do a 51% by hoping that miners will spread their hash on his second server equally, it's retarded

also more miners connected to the server more ram you need, i doubt one server alone can sustain 20% of the hashrate
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