Topic: Bitcoin IS basically DESTROYED - page 34. (Read 47294 times)

What's your point?  Obviously China will be mentioned if it's subject matter in OP...you mining signature payouts or something?

It's interesting how often China is mentioned in this thread!

You know, that would sorta make sense if the miners had to store their profits in BTC.
Which they do not -- they can sell BTC for USD.
Assuming that miners (who may not be planning to even stay in the mining game once their gear becomes unprofitable) have the same interests as the hodlers ... it doesn't make sense.

What would be the point in hitting 51% all they would do is devalue the coins they own.

Without btc, I don't think so - for a very large number of altcoins. BTC is the gold of the ecosystem. Most altcoins are so volatile that you can't trust them as store of value. Even if you believe in your altcoin it will most probably have worse economic characteristics compared to BTC, and thus you are mathematically certain that you will be "diluted" or devalued in the long run. In most cases, keeping your alts in ...btc, will allow you to buy more of the same alt later on.

It's not any coincidence that the btc=gold of crypto principle has been recognized by multipool miners where you can switch between various coins all the time (to maximize profitability) and then get paid in btc directly.


Some want to sell for usd, some want to hodl. The same applies even to asic btc miners.


Lol... there are various scenarios where it doesn't involve theft. And if you are paying, well... it's not theft.

Apart from Ether - you can trade it against USD on BTC-e, Kraken, and now Gemini. These exchanges are hedging their bets in case bitcoin fails. All we need now is for Coinbase to join them and we have full house.

The vast majority of altcoins don't even have altcoin X / USD pairs. You are forced through BTC first to cash them out. It's not that big of a step, or so twisted.


Mining (alts)=>btc (with GPU) is happening. As I said we don't need to theorize about it. It is happening. Now.



Lol


Well someone is mining with those GPUs and it ain't the Chinese...

So if I flip burgers and buy BTC, I'm indirectly mining BTC? (Minimum wage paycheck) => (BTC), voila?
Some twisted thinking, but K.


Mining BTC with GPUs is only feasible if by "subsidized power" you mean stolen, as in stolen from Mom or your national grid.


Flat electricity bill doesn't mean you can run an aluminum smelter in your apartment, or run bitcoin mining gear, or run an extension cord to your next door neighbor, who *doesn't* have a flat electricity bill.

You are simply looking for sneaky ways to swindle your landlord, and, in the process, fuck ordinary folks who don't steal electricity, because their rents go up because of *you*.  You're actually *worse* than Chinese miners stealing subsidized power, because you are *literally costing your neighbors money.*
No wonder people shy away from bitcoiners

TL;DR: There is no such thing as free electricity. Unless by "free," you mean "steal without getting caught."

Bitcoin might be destroyed (I think it's not) but there are successors anyways

Bitcoin started all this and all this won't die. It's about the idea.

Oh i believe its destroyed but for entirely different reasons

I believe it was regulated into redundancy into a decentralized paypal

If some population in some determined country use and hold Bitcoins a lot more than the other people worldwide, that's don't mean that Bitcoin itself is destroyed, because in fact that's mean that those people are interested about Bitcoin more than others

Bitcoin destroyed because of china ? If it wasn't china buyers = bitcoin will worth nothing !

1. GPU mining for bitcoins is alive and well. But it has to be done indirectly, through altcoins. GPU =>altcoin=>bitcoin, voila!

2. GPU miners are different than ASIC miners in that you can resell the hardware (PCs, CPUs, RAMs + the GPUs themselves) after a few years and get something back or even repurpose the systems for something else. It has even less CAPEX if you start with used hardware. Obviously, buying older GPU hardware is not the same in terms of speed and power efficiency but people with subsidized power wouldn't care that much, would they? (Kind of like saying that no matter how slow the mining hardware is, it can still be profitable with extremely cheap or free electricity)

Still, it ain't happening (China centralization of GPUs).

What the west lacks, is access to cheap and fast ASIC equipment. There are people who can run mining hardware for free (flat electricity bill) or very cheaply for various reasons related to their power setup, location, etc etc, yet they don't have access to cheap and fast ASICs. Theoretically they can use older hardware and still be profitable, but in the grander scheme of things, they will not represent a significant percentage of the hashrate pie while using outdated hardware. The situation would be different if there was cheap access to efficient ASIC hardware for westerners, provided by western chip industries. The situation where mining companies keep their miners for themselves and simply create farms, or sell to outsiders with very big profits, is creating mining asymmetries.

Even though a country holds a large portion of the mining power, it doesn't mean it is destroyed, it just means there are a lot of people who are interested in it there, and have the money to invest in new hardware.

Also, it seems a bit melodramatic to say "they're going to have 98+%", even though they have a significant portion right now. A country having mining power doesn't mean they control it lol. As I said, it just means there are people there with money, and not all of them are interested in following orders.

"Tsk. Tsk" are the words I expect to hear from your grandmother calling you to have your daily scolding. I don't cowtail to theymos' delusions, technical incompetence, and censorship.

If I may express some frustration w.r.t. to desire to troll and censor, "Fuck you and theymos too". TPTB_need_war doesn't care. He can always subvert any ban.

Any way, TPTB_need_war is too busy programming. He has provided a public service.

And yes he was banned for revealing a potential back door in Bitcoin[1]. Just goes to show how theymos and gmaxwell are protecting you.

And yourself, how about you grow up and learn to tolerate open dialogue.

P.S. permanently banning TPTB_need_war is perfect for his plans. I hope theymos has the balls and the technical knowledge to attempt it.

Also I didn't start this thread. I didn't ask for this thread. I wasn't intending to post in this subforum at this time. Blame the person who created this thread. I read so much misunderstanding and slander of TPTB_need_war that required clarification and correction.


[1] In the ban message and in theymos's private message which is quoted by TPTP_need_war, theymos indicated the reason for the ban in addition to his incorrect claim of spouting technical nonsense, he also alleged spamming of messages in several threads and the ad hominem attacks against others. Theymos appears to be protecting Foxpop who hurled ad hominemfirst, and CIYAM who also hurled ad hominem first. TPTB_need_war had stated that the reason for posting in numerous threads, is because the mods allowed people to make numerous duplicate threads on the same topic about Craig Wright claiming to be Satoshi Nakamoto. Do take note that at the time he was having the debate with CIYAM, he had thought that Craig's signature had matched the hash of the Sartre text because he was misled by sloppy reporting and sloppy writing of those who did the technical analysis. It was only later that he learned that was not the case. And after all, his alleged back door in Bitcoin remains potentially true. You don't ban people for these incorrect reasons and expect to remain respected and expect others to not want to overcome inappropriate use of influence. There is too much ignonymous influence in Bitcoin.

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^^Wow, you're a real rat, aren't you?

Lol ban evasion? Tisk tisk. Keep your posts in Meta or the ban will be longer bruh . I wouldn't suggest continuing posting outside of Meta at all, on any account.

I think they are just jealous, because they cannot grow at China's pace.

CRY!!! 

well good for them if they are able to steal unfair and legal scam from government, called tax

You do realise that 'China' isn't one person / organization right? I know people feel threatened by China but it's still decentralized. If they all start merging then that's another story.