They are making a lot of money of this. And why does it matter anyway?
It is not like China itself owns all the miners. Most of the miners are owned by investors and they dont want to see their money fountain get shot.
Topic: Bitcoin IS basically DESTROYED - page 37. (Read 47267 times)
So there masterplan is to invest millions of dollars into a mining farm, collaborate with other farms that have done the same, destroy bitcoin and lose everything?/ sounds like a solid business model...
You do understand that when miners "invest millions of dollars into a mining farm," that investment becomes worthless in less than half a year, because increasing hashrate & having to invest more millions of dollars on new gear? Or do you think those Butterfly Labs rigs you invested millions in are still worth millions?
@AlexGR: Mining is centralized in china due to government-subsidized electricity. Production is centralized for the same reason everything else is made there: dirt-cheap labor.
The invisible hand works in mysterious ways, in this case through Communist government trying to modernize its country.
Personally I'd be more worried if the hashrate was under NSA's jurisdiction.
Chinese miners have acted OK so far, and the chinese exchanges seem to have pretty large volumes. Actually the chinese may need bitcoin way more than westerners in RL, due to devaluation dangers and capital controls.
The real question of centralization that the westerners should ask themselves, is how is it even possible to have a tremendous edge on IT / chip manufacturing / chip architecture etc etc, and then don't even use that advantage in creating competitive ASICs that make the Chinese ones seem like ancient tech.
Why is no large western industry creating bitcoin-related equipment? Why is there an "invisible hand" that prevents them to do so? This type of centralization where every large western manufacturer has "ignored" bitcoin hardware is one of the primary reasons why the situation is like it is in terms of hashpower distribution. Cheap power exists in several US and European locations too - so it's not just the power cost.
Chinese miners have acted OK so far, and the chinese exchanges seem to have pretty large volumes. Actually the chinese may need bitcoin way more than westerners in RL, due to devaluation dangers and capital controls.
The real question of centralization that the westerners should ask themselves, is how is it even possible to have a tremendous edge on IT / chip manufacturing / chip architecture etc etc, and then don't even use that advantage in creating competitive ASICs that make the Chinese ones seem like ancient tech.
Why is no large western industry creating bitcoin-related equipment? Why is there an "invisible hand" that prevents them to do so? This type of centralization where every large western manufacturer has "ignored" bitcoin hardware is one of the primary reasons why the situation is like it is in terms of hashpower distribution. Cheap power exists in several US and European locations too - so it's not just the power cost.
So there masterplan is to invest millions of dollars into a mining farm, collaborate with other farms that have done the same, destroy bitcoin and lose everything?/ sounds like a solid business model...
China can have most of the bitcoins and most of the transaction but i don't think they will destroy bitcoin, what will they do after destroying bitcoin?
Count the IRL actual money you gave them, fart through silk, and laugh?
You do understand that when teh halvening commeth, mining will become unprofitable for most miners until roughly half of them go out of business, correct?
China can have most of the bitcoins and most of the transaction but i don't think they will destroy bitcoin, what will they do after destroying bitcoin? They produce their own mining rig which is cheaper than anywhere else on the world and using the cheap electricity increases their economy.
Why would they do anything detrimental to Bitcoin? It would hurt them more than anyone financially.
The same argument applies to central banks: Why would they debase the very currency they issue, how does that even make sense
Bitcoin is basically destroyed now with people listening to Anonymint's delusional ramblings and giving them even the slightest semblance of credence and legitimacy.
The entire ecosystem is headed for a clusterfuck.
The entire ecosystem is headed for a clusterfuck.
FTFY.
Instead of a tinfoil hat, I swear the guy has an entire tinfoil skull. The sky is perpetually falling every day and it's always Armageddon forever. A healthy dose of skepticism is fair enough, but don't take it to extreme, bordeline-crackpot, levels.
Bitcoin is just fine.
why do people always rant on about china this and china that
just because btc are being mined in china
it is not chinese government
and some miners MOVED to china from other countries
The farms are not all run by chinese people or china as a country
why do people still talk about this dribble
One other point, everyone seems to be missing, maybe i just wasnt brainwashed to hate other nations, but many seem to hate china instead of seeing the benefits China brings to bitcoin.
In order for bitcoin to suceed and in turn increase in value the demand needs to increase,
so mass adoption is required by the general public
DO YOU KNOW HOW MANY FKKN PEOPLE ARE IN CHINA, FKKN SHTLOADZ !!!!!!!!
so the sooner they all start using bitcoin the better,
bitcoin does not discriminate.
just because btc are being mined in china
it is not chinese government
and some miners MOVED to china from other countries
The farms are not all run by chinese people or china as a country
why do people still talk about this dribble
One other point, everyone seems to be missing, maybe i just wasnt brainwashed to hate other nations, but many seem to hate china instead of seeing the benefits China brings to bitcoin.
In order for bitcoin to suceed and in turn increase in value the demand needs to increase,
so mass adoption is required by the general public
DO YOU KNOW HOW MANY FKKN PEOPLE ARE IN CHINA, FKKN SHTLOADZ !!!!!!!!
so the sooner they all start using bitcoin the better,
bitcoin does not discriminate.
Look to be straightforward BTC hasn't been destroyed yet. It is very much living. I would suggest you to not worry about China and mining and focus on making profit with this system now. 
So when is the big dump coming? When chinaman gets 100%? 
During upcoming halving?
So when is the big dump coming? When chinaman gets 100%?
Trading volume for chinise exchange is a joke, it's filled with fake trade
I think not only does most volume come from China, most mining takes place in China.
China China. Was Satoshi Nakamoto an American who intentionally chose a Japanese Pseudonym to mock China?
Will we ever know?
Does the US love Bitcoin more than China?
Bitcoin is doing well, you're right.
BTC will do right when there will be decentralized exchangers.
You mean something like this? https://bitsquare.io/
Quote
Bitsquare - The decentralized Bitcoin exchange
"Blockstream implementing their SegWit soft fork Trojan Horse"
Lmao this guy is losing it. The blockstream FUDsters know no limits on their nonsense. The trojan horse was the Bitcoin XT, then Bitcoin Classic hard fork attempts, not segregated witness, segwit is actual advance in scaling Bitcoin. Whatever, it's a waste of time dealing with this shit.
Lmao this guy is losing it. The blockstream FUDsters know no limits on their nonsense. The trojan horse was the Bitcoin XT, then Bitcoin Classic hard fork attempts, not segregated witness, segwit is actual advance in scaling Bitcoin. Whatever, it's a waste of time dealing with this shit.
The Chinese government won't allow a 51% attack, right?
Most of these Chinese mining firms are pools, so like most pools that are extremely big, if they get too big, miners will hop to a different one.
Most of these Chinese mining firms are pools, so like most pools that are extremely big, if they get too big, miners will hop to a different one.
Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%,
The entire ecosystem is headed for a clusterfuck.
The entire ecosystem is headed for a clusterfuck.
I honestly believe this is the truth. What is there to add ?
~CfA~
how is that centralised? there's over a billion chinese
if 70% of the mining was from the USA most of you wouldn't be prattling on about it being centralised.
To say that bitcoin is destroyed because a certain country controls the majority of the hashrate is an overstatement. There are several people outside of China that are mining in Chinese pools out of convenience, fact of the matter is that Chinese pools are very competitive and run by companies whereas most pools outside of China are smaller operations.
But that doesn't really make that big of a difference, Chinese miners aren't necessarily bad intentioned just because of their location, the fact that bitcoin is receiving so much adoption in a jurisdiction with so much censorship is rather positive.
But that doesn't really make that big of a difference, Chinese miners aren't necessarily bad intentioned just because of their location, the fact that bitcoin is receiving so much adoption in a jurisdiction with so much censorship is rather positive.
China selfish also here in bitcoin. they have a large mining farm and looks like they owning it now..
Also here in philippines we have found one island in the north of our country its near in our country but they want to get this island too.. and they are planning to start a war..
Also here in philippines we have found one island in the north of our country its near in our country but they want to get this island too.. and they are planning to start a war..
China is just as selfish as everyone else... the difference is that they're beginning to have a lot of power.
They like Bitcoin, it's profitable, it's minable, they can, so they do.
I support the view that those who care most will have the biggest farms.
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
why they should destroy their own business? 51% will never happen, with their cheap electricity they are earning a shitload of money...
China selfish also here in bitcoin. they have a large mining farm and looks like they owning it now..
Also here in philippines we have found one island in the north of our country its near in our country but they want to get this island too.. and they are planning to start a war..
Also here in philippines we have found one island in the north of our country its near in our country but they want to get this island too.. and they are planning to start a war..
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