Bitcoin IS basically DESTROYED - page 8.

skyway1

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Quote from: coingamblingreviews on May 08, 2016, 05:33:19 AM

Why would they do anything detrimental to Bitcoin? It would hurt them more than anyone financially.

Because they as a society, are greedy. Being blinded by this fact, they do not see this as a mindless act that will backfire on them.
Satoshi thought of this in his creation of bitcoin. Keeping it decentralized was his plan all along people tend to forget this.

lakisis

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Quote from: Kprawn on May 08, 2016, 09:23:20 AM

Quote from: boyptc on May 08, 2016, 08:38:56 AM

Quote from: From Above on May 08, 2016, 05:15:25 AM

Quote from: TPTB_need_war on May 05, 2016, 10:19:55 AM

Bitcoin is basically destroyed now with 70% of the mining controlled by China, soon to be 98+%, and with Blockstream implementing their SegWit soft fork Trojan Horse so as Matonis admits can end up increasing the 21 million coins limit.

The entire ecosystem is headed for a clusterfuck.

I honestly believe this is the truth. What is there to add ?

~CfA~

These Chinese people really wants to conquer all things that includes money.
They are really greedy, anywhere that there is money they come into it.

Like the Capitalist West have been doing for years? The Chinese took a opportunity when they saw it and they used it... How can you blame them? If the same scenario {cheap electricity} existed in

the USA, people would do the same. The USA can dominate the Bitcoin scene tomorrow... They just have to shift a small percentage of their war funding to Bitcoin mining and focus Silicon valley

development on ASIC chip manufacturing and they can dominate the scene. You chose your own battles... Wink

The US has better things to do then to play around with this. Like fixing their country and policing other ones.
You think that Russia with Putin won't come to yours and kick the sh*t out of you if there wasn't some one standing in the way? Huh!? It is just like your rebuttal on bitcoin mining because there is an opportunity there to do it without any opposition to deter them from doing it. So there is free reign.
Scary isn't it .

RawDog

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Quote from: baristor on November 25, 2016, 01:00:53 PM

Mining is not the only thing about Bitcoin ,

It can never be destroyed unless the NWO start's regulating it like they do with Europol and other nonsense.

Even then it is illegal if people stand up for their rights.

wtf?

baristor

sr. member

Activity: 637

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Mining is not the only thing about Bitcoin ,

It can never be destroyed unless the NWO start's regulating it like they do with Europol and other nonsense.

Even then it is illegal if people stand up for their rights.

abel1337

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Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: eternalgloom on November 25, 2016, 12:26:03 PM

Quote from: kiklo on November 22, 2016, 07:57:14 AM

16 hours does not seem very usable to me Tongue

https://bitcointalksearch.org/topic/transaction-queue-size-1689151

Quote from: dreamer81 on November 22, 2016, 04:57:45 AM

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

FYI:
38605 Unconfirmed Transactions as of this post , it is getting worse.

Oh god, that will get solved soon, you haven't been around long enough to see that this is just a temporary problem.
A few days ago it was more than 50.000 unconfirmed transactions, so for me, it's getting better.

We'll forget all about this in less than 2 weeks.

Hope this problem will solved fast
I have transaction that has traffic in confirming.
I pay high for the trasaction but still it is not confirm.
Ive experience this before it tooks 2 days before it is cofirmed.

eternalgloom

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Quote from: kiklo on November 22, 2016, 07:57:14 AM

16 hours does not seem very usable to me Tongue

https://bitcointalksearch.org/topic/transaction-queue-size-1689151

Quote from: dreamer81 on November 22, 2016, 04:57:45 AM

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

FYI:
38605 Unconfirmed Transactions as of this post , it is getting worse.

Oh god, that will get solved soon, you haven't been around long enough to see that this is just a temporary problem.
A few days ago it was more than 50.000 unconfirmed transactions, so for me, it's getting better.

We'll forget all about this in less than 2 weeks.

rababo

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Activity: 490

Merit: 250

Bitcoin comes up and down all this time, but no matter what happen to bitcoin, it always stay strong as the best cryptocurrency.
Bitcoin is getting more popular by day, many people begin to know bitcoin and start to use it. Bitcoin keeps grow everyday and still go on.

mastica

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Activity: 938

Merit: 500

Just because the big miners are at China that doesnt make them control bitcoin, we know that if they try to control it they will end killing bitcoin, and people will swicth to another altcoin almost instant. I doubt even with they forcing those big farmers to give them the plenty control over the process wont damage bitcoin, since it has been mined already 16 milions of bitcoin, and early adopters has the biggest ammount of coins, then whales groups, as well some big exchanges. Sure they can affect the transactions with the hash but delaying or trying to control those can once again damage bitcoin and make people leave bitcoin.

stark101

newbie

Activity: 42

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Bitcoin is basically destroyed maybe because almost a big percent was controlled by china. But is their any solutions about this? Actually, we don't have basis nor proof that bitcoin was destroyed. If the users would continue to use it, if people would continue to trust it then there's no reason to be destroyed. Maybe it would become more progressive.

Gotimour

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Quote from: Positid on November 23, 2016, 04:42:41 AM

Quote from: Shenzou on November 23, 2016, 03:27:11 AM

I really think that bitcoin is not being destroyed but instead it is growing a lot the fact that china is racing to get her hands on it shows how much it is worth it and the potential of bitcoin,and since we are on the verge of global crysis and the dollar about to lose its worth i think that the bitcoin is gona be the solution and everyone is gona start using it

The current market status is enough already to tell that bitcoin was not or is not destroyed, people are telling lies without basis but for us bitcoin supporters we know what we believe and we believe that bitcoin is the future.

The price of the bitcoin is still rising. But it could be faster or more valuable when more people use it for daily transactions.

Positid

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BULL RUN until 2030

Quote from: Shenzou on November 23, 2016, 03:27:11 AM

I really think that bitcoin is not being destroyed but instead it is growing a lot the fact that china is racing to get her hands on it shows how much it is worth it and the potential of bitcoin,and since we are on the verge of global crysis and the dollar about to lose its worth i think that the bitcoin is gona be the solution and everyone is gona start using it

The current market status is enough already to tell that bitcoin was not or is not destroyed, people are telling lies without basis but for us bitcoin supporters we know what we believe and we believe that bitcoin is the future.

Shenzou

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Activity: 1400

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I really think that bitcoin is not being destroyed but instead it is growing a lot the fact that china is racing to get her hands on it shows how much it is worth it and the potential of bitcoin,and since we are on the verge of global crysis and the dollar about to lose its worth i think that the bitcoin is gona be the solution and everyone is gona start using it

groll

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Activity: 336

Merit: 250

Quote from: jekjekman on November 22, 2016, 07:55:35 AM

If it's basically destroyed then why bother?, do China intend to monopolize bitcoin?, maybe yes or maybe no but the biggest issue here is, it's not destroyed and it's not even broken. As long as someone uses bitcoin and circulating the world or virtual world it's still alive and well, not basically destroyed.

You're so true. Many people are using bitcoin and many are still joining the community. No one controls bitcoin and no one destroys it. Bitcoin is not destroyed for a lot of people benefits from it and many people will not allow that bitcoin will be destroyed because they already have large investments on bitcoin that has to be protected. If bitcoin users will just ignore the destruction of bitcoin, a lot of money will be wasted and for sure no one wants that his investment for a long period of time will just go to nothing.

kiklo

legendary

Activity: 1092

Merit: 1000

16 hours does not seem very usable to me Tongue

https://bitcointalksearch.org/topic/transaction-queue-size-1689151

Quote from: dreamer81 on November 22, 2016, 04:57:45 AM

What is the normal amount of bitcoins transactions in queue? Currently it is close to 30000 transactions.
I have a transaction waiting for over 16 hours now. It has a fee, so am I guarenteed that it will be confirmed?

view the queue length here
https://blockchain.info/unconfirmed-transactions

FYI:
38605 Unconfirmed Transactions as of this post , it is getting worse.

jekjekman

sr. member

Activity: 378

Merit: 250

If it's basically destroyed then why bother?, do China intend to monopolize bitcoin?, maybe yes or maybe no but the biggest issue here is, it's not destroyed and it's not even broken. As long as someone uses bitcoin and circulating the world or virtual world it's still alive and well, not basically destroyed.

StarofBTC

hero member

Activity: 1148

Merit: 528

Quote from: Shady on October 26, 2016, 04:16:12 AM

China owning ~70% of this market creates a bubble in which only one country controls the marketplace for such amount.

As long as these miners sell on exchanges or in public venue there shouldn't be too much error with what to do about diversification.

No matter the criteria, the truth behind destruction is not relevant as at least every currency stake has a dominant member.

I do not even think that china's domination of the bitcoin mining market is a complete domination of bitcoin because most people cannot afford to spend a lot and spending so much time in mining but they can afford to buy the coins after they get mined. As long as Chinese mines and people buy the coins from there, so no complete domination is possible regard to that.

kiklo

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Quote from: NUFCrichard on November 11, 2016, 02:17:17 AM

One person or collaboration needs to have 51% to double spend, and as you know that would destroy Bitcoin so it wouldn't be in their interest anyway.
China is not a person or a collaboration, it is a country of 1.4billion people!

Satoshi Warned of even Governments having 51% being the Greatest Threat to BTC.

Gigahash was a company , not 1 person and the entire community freaked out.
http://heavy.com/tech/2014/01/ghash-io-51-percent-attack-bitcoin/

There are 195 countries in the world today.
And I have seen over 70% BTC mining during the last year being controlled by 1 country China.

Ignore at your own folly , the warnings of Satoshi the inventor of BTC.

Cool

FYI:
Reference: In his Bitcoin paper, Satoshi identified several issues, with the 51% attack being the greatest.
http://www.btcpedia.com/bitcoin-51-attack/

Quote

So what is the 51% attack? To understand that you have to understand how Bitcoin works. Essentially Bitcoin is a collection of nodes performing “virtual work”, the more work you do the higher your rating on the network. So what happens when malicious users get together and manage to do more “virtual work” than the “good people” ? Well that is the 51% attack, and it basically means you can wake up tomorrow with zero Bitcoins in your wallet. It means any business that accepts Bitcoins can get robbed and have all their goods taken with fake Bitcoins. It also means if they wanted, governments, large corporations or hackers can “shut down the network” by refusing to accept any new transactions. Complete network shutdown. Can’t do anything with your Bitcoins, neither can anyone else.

FYI2:
51% is 51% , because at the end of the Day ,
1 Guy Controls BTC Say Hello to your Daddy, BTC advocates Cheesy

NUFCrichard

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One person or collaboration needs to have 51% to double spend, and as you know that would destroy Bitcoin so it wouldn't be in their interest anyway.
China is not a person or a collaboration, it is a country of 1.4billion people!

n0ne

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DGbet.fun - Crypto Sportsbook

Quote from: Techie5879 on November 11, 2016, 12:42:08 AM

Nope, it isn't destroyed, mining will stop after 21 million is reached, but the price will increase until then and become massive and after that too, the circulation will continue even though production will be stopped.

As described the mining of coins might gets stopped after reaching 21million, but the generated coins will continue to be transacted. And based upon the achieved adoption the developer team might do further changes in source coding.

kiklo

legendary

Activity: 1092

Merit: 1000

Bitcoin IS basically DESTROYED

Answer: YES it is!

The People that are clueless on how the technology works, don't see a problem. Tongue

The People that do understand the technology , know it is serious problem.

1. It allows the Chinese to Double Spend, meaning they can counterfeit BTC tokens and the merchant can be ripped off.

2. Over 51% control allows them to Accept or Deny any transaction

3. They are also able to control what updates to the BTC Code are accepted by just not updating, they can block any changes, like how they blocked the block size increase to 20 MB, which BTC really needed to avoid the transaction overload problem that is slowing coin transfers.

Cool

FYI:
Maybe the BTC name should just be Changed to ChinaPal Cheesy

Althrought my favorite is Bitanic.

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