Topic: Bitcoin IS basically DESTROYED - page 32. (Read 47260 times)

If mining was easy to setup creation of hash power could be achieved by any device linked to the internet then I would worry about Chinese domination more.
But ASICs are not cheap, setting up mining farm is not easy business you can find in every Chinese basement. It is now multi million dollar investment.
And I think the further from NSA, CIA, FBI, IRS etc. 'centralized' mining farms are - the better.

I doubt that that would be the case as even thought China will soon own a lot of the hashing power of bitcoin you guys won't be complaining if another country was doing this. Bitcoin is spread across all over the world and it will never be centralized as look at how many Chinese there are.

if you had the patience to read below, i explained why they are more akin, because they are basically the same thing, working only on a different chain, so no coal mine has nothing to do with bitcoin, you don't do it with the same hw

you can still mine bitcoin with cpu and gpu, the same you do with alt, it's just not profitable, which is a different thing

Not really. i dont belive

The initial poster has definitely a point. Most of the hash power comes from one single country which happens to be China. That's just the way it never should be. The idea about Bitcoin was decentralization and having almost all the hashing power in one single country now is quite bad imo. The POW with SHA-256 should be replaced by something far more complicated that can't be done in an ASIC for years to come. That way more people all over the world would be encouraged to run a full node (again) with some minor mining capabilities instead of having hundreds of warehouses stuffed with ASICs in China.

i don't care about mining 100% decentralization, because it was an utopia since the beginning, and the current scenario was intended by satoshi, so it's fine

the point is that you can mine altcoin with profit, without stealing any energy like you mentioned before, just that

and your post is more spammy and trolling than mine, so bringing the whole bullshit about signature is utterly useless, as i'm also payed for only 100 post per week, yet i'm posting like 200 or more, so again don't post no-sense

But bitcoin can evolve. It might be destroyed as they first thought about it (decentralized, everybody mining at home, hard 21 million limit). But it may become a different animal and still survive.

At this point I think PrimeDice have money to burn on advertising, and they'll let anyone in. Whatever kind of exposure for them is basically the same at this point now.

As for Donu, there is no point to trade your coins for other, weaker coins. As some users in this topic have said, there is no reason to lose your mind over a geographical location as hashing power is something at could be manipulated or moved into different pools digitally, and none of the hashing power actually matters when it comes to a geographical location. It matters more when a pool has high numbers, nothing else.

You cannot be seriously worried about China as an area having the most of a resource that can be digitally moved. Would this be such an issue if the US had 70% of hashing power?

you are mixing things up just for the sake of finding a bad argument on this subject, those are not akin to bitcoin mining, instead altcoin is pretty much the same thing, only on a different chain

Is it the Chinese government or just individuals? If it's just individuals that are into mining and owning a lot, then they may not be working together.

As far the the OP goes, it's nonsense. The 21 million coin cap can't be altered without a specific change that would alter the block reward. That would require a discrete change that has nothing to do with Segwit, and such a change would face tremendous opposition from the userbase of current bitcoin owners since it would dilute the value of all existing bitcoin.

Likewise, the 51% fear is overblown. Even if the 98% figure is not a wild exaggeration (and where does such a prediction come from?), China is a huge country with many miners. (Keep in mind that the number of miners is much larger than the number of mining pools).The notion that some of the largest will collude to execute 51% attacks apparently runs like this:

Chinese Miner A: We have hundreds of millions of dollars invested in bitcoin mining. Let's form a cartel to execute 51% attacks!
Chinese Miner B: Yes! We'll be able to double-spend whenever we want! People will be helpless as we rip off other bitcoin users with our control of 51% of the network!
Chinese Miner C: Yes! And won't it be a wonderful thing when disillusioned and panicking bitcoin users all dump their coins in response to our attacks!
Chinese Miner A: We'll revel in our domination of bitcoin even as the price of bitcoin goes into a death spiral after the first couple double-spends!
Chinese Miner C: Thus rendering worthless the hundreds of millions of dollars we've invested in mining hardware, as we kill off our profitable businesses! It's brilliant!

That, apparently, is the logic...

Does my sig bother you? lol

Should we be worried? Should we trade our BTC now for other coin like ETH?

Pretty much this.....

From Above, you keep on trollin mate

Very, very little is impossible in China business-wise. There is a lot of cheap work available, a lot of buyers outside of China, and cheap parts abound within the Chinese economy.

Mining in China is able to take off because of these factors. It is insane just how much they can do there, and even though the conditions and the government might not be top-notch (It isn't in the west either) they can still aim to make a lot of money over a decent amount of time.

As I've been saying, though, there is no issues with a geographical location holding a lot of hashing power. It isn't a resource that is moved like a physical mining apparatus or gold is. China's hashing power means nothing unless they collaborate with each other, and even then it can be done by anyone with a number equally as large.

Bitcoins can never be destroyed

no because that isn't mining, you don't mine burger at macdonal


wrong, it's very profitable tnx to etheruem, at least for now, hell it's profitable for those with expensive electricity yet

The mainland Chinese are able to product cheap parts for miners with cheap labour and they have almost free electricity in some parts of China.

With the right connections and the right amount of money, nothing seems impossible in mainland China.

Its not destroyed but the coin has no publicity any more thats why people think hes dead or
they call it destroyed. But there will be one day the coin disappears and never comes back.

is this forum the house of trolls or what?