Topic: Bitcoin IS basically DESTROYED - page 7. (Read 47260 times)

If the Chinese have 67% of the mining capacity why have they not acted on it, and why has no one else acted on it? Maybe because they don't? Hmmmm.

The Community responded by the miners pointing to other pools making sure Ghash no longer had 51%.

IF 20% of the miners pointing to the combined Strength of the Chinese mining pools, point to a Non Chinese Pool,
IE. 67%-20% = 47%  (Less than 51%)
The Chinese Mining Pools would no longer control BTC and you would have a Decentralized coin instead of this Centralized mess it has been for a year.
For over a year the other Miners have done nothing in response,
which means they don't have the numbers to pull 20% and the Chinese actually do have 67% of the mining capacity.

The Community lack of response has been deafening, to those waiting to see one. (And a response never came.)
Over a year , the rest of the world is too weak to stop the Chinese Mining Pools.
BTC is theirs, the community has failed to keep it decentralized, now it is no different than the Yuan.
They will determine its future design and no one else can stop them.

If they ever have a squabble with your country, don't be surprised when they block all transactions from anyone that disagrees with any of China's Policies.
Over 51% gives them that power, don't be surprised when they use it.
Art of War is to defeat an enemy without conflict, controlling their money supply can cripple any country.

196 countries in the world and only 1 controls BTC. 

 

I don't understand what you're saying. What does "The Chinese Mining Pools has not seen a 20% reduction" mean? You just said yourself miners left to stop ghash from obtaining 51%, so what exactly has the community given a flaccid response to over the past year?

Besides, the 51% attack isn't as big a threat as everyone makes out to be. Troubling? Sure. A serious threat? Not as much. 

With Ghash, Miners left to stop them from keeping 51%.

The Chinese Mining Pools has not seen a 20% reduction (It has been over a year) , so like I said the community is flaccid in their response.

Your attempt at logic to discredit actual reality , is quite weak and flawed.  

If you are pointing your mining equipment to a Chinese mining pool and helping it to maintain control of BTC, you are just stupid unless you are Chinese and you want the Chinese Mining Pools to Control BTC. (Which they do.)


 

How so? Antminer is a Chinese mining pool that everyone from around the world uses. By your same logic everyone that uses electronics in America is actually Chinese because that's where they're made.

LOL,  
That is exactly what it means, what medication are you on , that you can't see that.
It has been over a year , all of the Chinese miners are staying with the Chinese Mining Pools, guess they don't care about what you or the community thinks.


Chinese Miners control BTC , all of the rest of you have no say, like how they totally are blocking segwit.
Hey , if you got the gavel exile me from BTC, it makes no never mind to me, I betting on a different Crypto horse not controlled by China.  
The Delusion that they are not in control is just going to be worse for you , when they tell you to call them Daddy.  

 

FYI:

Just because Chinese pools have a majority of the hashing power does not mean that Chinese miners have a majority of the hashing power. Any miner, inside china or out, could point their hashing power to any pool. You should be smart enough to know that.

Besides, what is this "Chinese Miners won, you posers lost"? Bitcoin is one community trying to make a difference in the world. A community that from the sounds if it you should be exiled from.

It has been over a year, the community has done nothing. (FYI : There is nothing you can do!) 
Chinese Miners won, you posers lost.

BTC = Better Trust China

 

Doesn't matter, the second they get close the community would protect bitcoin, just like we did last time.

BTC = Bitcoin. 

It is funny how everyone freaked out when Ghash had over 51%,

Now that the Chinese Mining Pools have ~67 % , none of you are worried in the least. 

Chinese are smarter than you bunch of yahoos, as they would never be stupid enough to place over 51% on 1 Pool.

But they will let you Genius think , that little pie chart makes BTC safe. 

Fact 51% means they can block any transaction, meaning they can make sure you can't send your BTC anywhere to pay anyone. 

BTC= Better Trust China

 

bitcoin price really still rising too much faster and you are right that bitcoin more increasing its value too much faster and more people adopting bitcoin in high amount so we know bitcoin will be never destroyed.

It's rare that I have to take a thread off of my watchlist because it's so annoying, but this one certainly qualifies.  Why the hell does it keep getting bumped?  No individual has 51% of the hashrate and there's no evidence of collusion.  Bitcoin is borderless, so stop all this mindless drivel about how people within a certain arbitrary set of borders are somehow basically the fucking Borg, have no free will of their own and take commands directly from a hive queen.  It's asinine.  They're just ordinary people.  Are you colluding with people from your own country?  No.  Then why do you naturally assume they are?

Plus, even if all that nonsense did end up turning out to be true (hint: it won't), there's still the alignment of incentives to consider.  A 51% attack has never been as dangerous as some people like to pretend it is.  The potential gains that could in theory be gained by a successful attack are offset significantly by a multitude of consequences.

So to summarise:

• Bitcoin is not destroyed, basically or otherwise
• If you think Chinese people are akin to the Borg, you're probably a bit prejudiced and need to develop as a human being
• No individual or country has control and there is no evidence of collusion
• Even if they did have control of the network, a 51% attack isn't an attractive proposition when you consider the resulting fallout
• Let this almighty turd of a thread die already

*unwatch*

Guys, dont talk facts if everyone is just speculating.
Everyone who did a bit more reading beyond this forum knew that a small sommunity was holding a large amount of BTC.

What is to be expected?? they buy up and they all cash out... why...?!?!
because half a day later the market dropped so deep, everyone is selling out ... so they can buy 10% more BTC with the exact same cash.


What can you do for yourself? keep calm!! yes this is a set back worth a week... but panic and swapping currencies is foolish.
This moring when i saw the first big drop i (and lots with me in my cirquit) all swapped to ETH

why, because its a smaller coin with a good long term potential. (agree with me on that or not, debating it is beyond my point here)

Buying in to smaller coins (1 BTC buys 100 ETH) means you have a larger marnin over this. If enough people do this. you minimize the damage on that particular coin.
BTC will drop more maybe, but later on, you can see BTC is getting stable again and you can buy in then.

If you think that makes kinda sense, or at least more sence then most of the panic footbal here. just swap to ETH (or any other smaller altcoin) but the more people in the same coin makes the biggest difference.

remember you up against people that buy and sell thousands of bitcoins at once to influence the market.
try to go with the flow and not forget to swim...

P.S. i dont have a propaganda or promote any altcoin, ETH is just my personal opinion at this moment in time. so dont debate me on this as im not much of a forum poster...
(I live in the shadows ;-))

I can't say how often I have read that Bitcoin is dead, but it's still around!

yes there is no doubt about that the future of bitcoin is really bright, because poeple are adopting bitcoin both as investment as well as currency and that is the reason that the price of bitcoin is contentiously increasing.

Please read more before making a silly thread!

Bitcoin was the first of its kind. It is a fairly recent technology and we will still see a lot of transformations to it.
Regarding mining, even if 70% of the mining is being carried out in China that doesn't mean that they totally control it. There are a lot of mining companies own China and all of them are competing with one another. If they were trying to reach a 51% attack that would be a bad play that would only compromise the validity and value of the coin

I have similar experience.

The future of Bitcoin is very bright since many people have recognized its benefits and advantages. Satoshi is the genius and thanks to his design, we have found many new things about the computer, as well as the algorithm.

The creation of satoshi was awesome because until now we are still using it. Before I came in the crypto world, I was thinking of a way to invest but ever since I am already a fan or unique ideas and it's just timely I was able to find bitcoin and until now I am enjoying my stay here.

I think I will be here for long, as bitcoin is very successful now, I cannot let this opportunity to just slip away in my life.