Topic: Bitcoin IS basically DESTROYED - page 31. (Read 47260 times)

No we do not have to be worried about that , it is only a thread in order to destroy the image of bitcoin and to make people to invest in some other crypto currency which they want to increase in value.

probably true that many miner originating from China ? I also get and buy a stuff minning from hongkong and china
it proves that they are the largest in bitcoin miner. probably more than 50% comes from china

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.

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:

Incorrect. You are ignoring part of the logic as to why the fascist command economy in China is facilitating the bitCON:


Don't forget how the Chinese mining cartel lied to us and claimed the GFW was their excuse for blocking Bitcoin XT and Classic.

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Running another wallet won't help you. Your inaction and lack of understanding means they can put the Trojan Horse in and then there is nothing more we can do about it. We are screwed. You are very much a sheep and I hope you remain a sheep for the rest of your life. I won't be able to stop the fact that the masses like you are dumber than horse shit. That is why the-powers-that-be don't care if I warn you all here. They know you readers are sheep and will always be sheep. They laugh. I am starting to laugh at you all too. I tried my best to explain to you all, and instead I get these inane replies. Sorry if my reply is ad hominem. I really prefer to not think you are dumber than horse shit. I really do. You don't afford me that opportunity. I am frustrated. I give up. I will not talk to you fools any more. Have it your way.


BitCON is also a privately issued corporate scrip issued to a few owners of mining farms. The electricity is charged to the taxpayer, not to the-powers-that-be which defacto "own" these mining farms.

There is not difference. It is just an ideological obfuscation to make you wet your geek-fanboys pants.


I mean it can't be fixed to not be a centralized fascist tool.

Of course it will function. Fiat functions also.

Enjoy your 1984. It is rapidly approaching.

I wrote two longish posts upthread with many rebuttals and explanations:

1. https://bitcointalksearch.org/topic/m.14789764
2. https://bitcointalksearch.org/topic/m.14793818

The community's posts that have followed are indicative that most people are naive and easily duped. It boggles my mind how readers have misconstrued the situation.

Let me try again to unravel all your egregious misunderstandings.

• Geographical Location Is Irrelevant: please stop making the inane disingenuous strawman alleging this thread is concerned about where the concentration of hashing power is located. The problem is that the economies-of-scale of profitable proof-of-work forces the concentration the mining control into a few ASIC mining farms. I explained why this is technically and economically inexorable and unavoidable in my prior two posts, which are linked for you above. The only relevance of China, is that China has the right Communist corruption to facilitate building these ASIC mining farms with much lower cost, because the electricity is likely subsidized at near 0 cost to the miner by the State. For example, the $billions spent by the taxpayers to construct the environmental disaster Three Gorges Dam (actually in China the tax is the low interest rate paid on savings accounts offered by State controlled banking which the LGUs then borrow at near 0%). The ostensible fact that China is a totalitarian/fascist command economy is relevant in the sense that it means the owners of the mining farms are necessarily beholden to the Communist Party leaders and their commands.
• Bitcoin Has Already Been 51% Attacked: to argue that the oligarchy of miners and mining pools in China won't abuse their control is disingenuous because they already have! They blocked Bitcoin Classic and XT and appear to be deciding for the us that SegWit is the protocol hard fork that will be forced on all of us. And there is not a damn thing any of us can or will do about it. Note the Great Firewall (GFW) of China is not a valid argument to be against larger blocks, because the pool server could be located outside and only the hash of the block needs to be sent across the GFW. So please stop the inane argument that they won't 51% attack BitCON when they have already done so. Ostensibly the reason they are supporting SegWit is because what the miners want is the ability to constrict the block size so that they can maximize transaction fees at the maximum level the market will bear, i.e. maximize the equation: (fees per transaction) × (transaction rate). They obviously won't allow transaction fees to go so high that no one uses BitCON any more, i.e. they will allow block size to increase in a constricted controlled increase in order to maximize the aforementioned equation, but they also will make sure they extract more than the $1million a day they are extracting from our pockets now. Through their bankster friends system, I posit they effectively bought off Blockstream by indirectly providing Blockstream's $70 million in vulture capital funding, in order to insure the necessary control over BitCON's protocol. It's a "I'll scratch your back, if you scratch mine" network often referred to colloquially as The Bilderberg Group. We tinfoil hats complain about how the government steals from us with fiat inflation, yet then we don't complain when the oligarchy of miners are doing the same thing! We are so gullible and stoopid, it is not surprising that the-powers-that-be think we are useless eaters and cattle fodder.
• Segregrated Witness Includes A Diabolical Trojan Horse: the technology for scaling in SegWit is dubious, but that is not the major issue of concern with it. Instead of issuing SegWit has a normal hard fork which miners can vote on by which protocol they mine, Blockstream (Bitcoin core devs) is changing the Bitcoin protocol in such a way that in the future they can introduced versioned "soft fork" changes to the protocol. This is actually very diabolical if you think carefully about it. What this means is that there can exist transactions on the block chain which can only be handled by a miner who supports the version of the protocol which that transaction was signed to. So while they label this as a "soft fork", meaning that it is optional for miners, in reality it is a very insidious way of forcing a hard fork on all miners because little-by-little new transactions are written to the new version of the protocol and then miners who don't switch to the new version can't process the newer transactions. So in effect this puts Blockstream in control of the protocol of Bitcoin and we the users basically lose our power to rally a political decision about a hard fork. Why? Because insidious changes are very difficult for people to rally a group to defend against. This is a very clever paradigm of divide-and-conquer that was employed by the Rothschilds and Rockefellers. They always want to destroy you insidiously while you are not aware. And I believe my criticism is the underlying real reason that Gregory Maxwell is nuking my posts and fighting me. Apparently theymos is also corrupt, or has been hoodwinked by the Gman.
• Decentralization Is The Only Difference From Fiat: those who argue that decentralization is not that important, are in effect arguing that fiat is acceptable. Those who argue that "Satoshi" intended Bitcoin to centralize over time are probably correct. "Satoshi" may have even intentionally put a back door in BitCON. I also argue that "Satoshi Nakamoto" is the House of Morgan's creation, he is not one person but rather a diabolical group, and BitCON was designed to con those tinfoil hat geeks who want "a better gold". Did you not read the Bitcoin white paper carefully where it seems to attack the existing system of financial institutions for internet transactions in the first page and then in distribution section it pitches BitCON as a better gold. The white paper wasn't an academic only paper, but also a very well targeted marketing advertisement. That you all idolize Satoshi as giving us some great technological gift is all the more hilarious, because obviously "Satoshi" did not solve the Byzantine Generals Problem, and he gave us a profitable proof-of-work design which MUST centralize. However there is another wrinkle to this. The design Satoshi gave us, leads TPTB_need_war to a new design which is UNprofitable proof-of-work, and that design may not centralize (so easily). So it is possible that while I believe "Satoshi Nakamoto" was a secret group formed by the-powers-that-be to siphon $1 million a day from the tinfoil hat crowd, it is possible that one of those intelligent men working in that group actually expected that maybe someone would be resourceful enough to figure out how to fix the design. So in that way, maybe the good spirit of human kind is still in play.
  
  AnonyMint warned you all about this when he first joined this forum in March 2013. The-powers-that-be have a golden rule by which they abide. They always warn you of their plans, and this is so you sheep have your free will. They know damn well that you sheep are too asleep and disorganized to do anything to stop them.
• Bitcoin Can't Be Fixed: those who are deluded into thinking that Bitcoin could somehow morph and be fixed from its current design and circumstance, are dumber than horse shit. Do I really need to explain.   Fixing Bitcoin with all the ingrained inertia and vested interests is equivalent to those who argue that the governments can be fixed and that world won't collapse into a horrific global debt implosion Minsky Moment roughly 2018. These are the same type of people who don't put plywood on their windows when a hurricane is approaching and then blame for FEMA for not rescuing them.

Nah I don't think anything bad will happen to the Bitcoin network if the Chinese control 98% of the hashing power. They have invested so much capital in these ventures that they would be absolutely insane to be messing with any 51% attacks when their entire livelihood is dependent on the Bitcoin price. If the Chinese try any funny business they will be shooting themselves in the foot because they risk going bankrupt 100% when everyone bails out of the Bitcoin market and the price crashes to the ground.

That's your unabridged understanding of economics, amirite?

Why would it falter? It's not like others are making cheaper products, right?

Even the CNY devaluation scenario makes them stronger exporters and leads to a bigger domination of the industrial goods sector.

Heck, even their mining operation will be stronger. If Kyle Bass and Soros are right about possible devaluation dangers, then BTC revenue will go up by 20-40% in a CNY devaluation scenario of 20-40%. It will be more profitable for them.

Actually, I worry more about what's going to happen when the Chinese economy falters.

The programs they put in place to recover from the 2008 crisis?  Still in place.  Government debt has doubled, and the rate of growth in government debt has tripled, while the Chinese economy has grown only 15% or so, over the last four years. 

Growth twice as fast as the rest of the world is entirely reasonable when a nation is rising in a single generation from ox farming and hand-picking crops, to first-world status.  But maintaining that growth rate is impossible once you've gotten close to caught up, and Chinese economic controls are still targeting (read: spending a buttload of money to prop up) a growth rate over twice the rate of the rest of the world. 

So, yeah, China is probably going to hit an economic readjustment.  If they do something, it will be painful to most Chinese and a drag on the world economy for a long time.  If not, they're headed for a debt collapse and possibly a Great Depression of their own.  I don't think it'll happen this year though; probably toward first quarter 2018?  Maybe?  Depends on what they do from now to then, but it's probably too late to avoid it entirely. 

I'm worried that a lot of Chinese will feel betrayed when the economic development of the last two decades grinds to what they're going to see as a sudden halt.  They'll likely look around for scapegoats to blame.  There may be ethnic violence, or they could possibly attack Japan, which would suck the US into it.

Diamonds, LOL

Diamonds can be MANUFACTURED in a laboratory.  They have literally no value any more (besides what de beers/market value imposes).

Gold, on the other hand...

it's still bitcoin distribution, done via mining on different chain, different fork

satoshi did intend that only big farm in the future will mine bitcoin, and casual miners will fade away quickly, go read his quote

That's not quite the same. Once real diamonds are mined and sold they don't have a connection to the mine anymore. That's not quite the case with Bitcoins. Bitcoins depend on miners even after they are mined.

If you want to use diamonds as an example then de beers basically controlled the diamond market for a long time.

They maintain an artificially high price through the restriction of supply although they recently lost control and the monopoly.

Hundred times NO. Why the fact that most Bitcoins are mined now in China should be a problem? Most diamonds are mined in Central and Southern Africa and how exactly this affects the valuableness of diamonds?

I dont know it would be pretty easy to audit that information...
and determine how true it is... You should probably do more research.

Lol!  Controlled by "China".  What would that even mean?

我们都是中国人
(somos todos americaños)

Anyway, your ability to toss loose identifiers (such as "chinese") into a conversation doesn't destroy diddly squat. 

Bitcoin doesn't care what language you speak nor what so-called borders you live within.  Grow up already.

"Please don't disrespect TPTB_need_war. His is working as furiously as he can, and no one helps him. Maybe one day he will get some assistance and be recognized for his efforts. But he doesn't care! He is doing what he is doing as a labor of love and because he loves the challenge."

I'm reading, but struggling to keep up on many threads.
On this thread, segwit worries me more than China at the moment.
Or more specifically the soft fork and untestedness of it all in the timeframe.

But bitcoin is not destroyed yet on these counts?
More likely "destroyed" by other points by TPTB in other threads?
(TPTB was temp banned for his hard to keep up with, but def relative efforts for serious readers. sig spammers run amok.)

i think you missed the part were i said it was intended, by satoshi so it's no longer a problem

also with altcoin mining more people can actually mine bitcoin(indirectly), this mean that the bitcoin distrubution(from mining) is still decentralized, which is what matter in the end