Topic: Bitcoin IS basically DESTROYED - page 9. (Read 47260 times)
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.
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.
Agree, bitcoin is just fine even miners are 80% location in China because they developed more and reliable nodes to mining process. it doesn't matter for us, bitcoin remain decentralized (it's peer to peer system) and the price keep increasing. 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.
Because China has a business minded people, when bitcoin mining is just starting up they invest to build miners compare to others and they continue doing that so no doubt china will take the large pie of the 21 million pie.
No bitcoin is not destroyed. let China rule the network but when government will impose ban on it they all will have to give up and then we will have bitcoin in our control. let's motivate Chinese government to ban bitcoin. then see the magic
If I understand this correctly, txes will only be confirmed once a miner mines a block(assuming nothing happens other then the reward being given) right? How will we be able to transfer bitcoins if all the blocks are mined? There are about 21 million bitcoins in the world that will exist.
Yes, Well we'll be transferring just as now, I don't understand what you really meant.
Regarding on your question bitcoin will not be destroyed and all the blocks were mined then that will make bitcoin stronger and will make it higher value in the market. Because the lesser supply of bitcoin in the market then it will make the demand higher and people who are hoarding will get profit for this since the demand is high, value will increase.
It would surely increase because of the law of supply and demand. If the demand is high over than to its supply for sure bitcoins value would be high and should be expected. Bitcoin would be mined completely but it would took many years as of now.
The demand for the bitcoin is rising for the last few years. You can see there are more transaction daily.
If I understand this correctly, txes will only be confirmed once a miner mines a block(assuming nothing happens other then the reward being given) right? How will we be able to transfer bitcoins if all the blocks are mined? There are about 21 million bitcoins in the world that will exist.
Yes, Well we'll be transferring just as now, I don't understand what you really meant.
Regarding on your question bitcoin will not be destroyed and all the blocks were mined then that will make bitcoin stronger and will make it higher value in the market. Because the lesser supply of bitcoin in the market then it will make the demand higher and people who are hoarding will get profit for this since the demand is high, value will increase.
It would surely increase because of the law of supply and demand. If the demand is high over than to its supply for sure bitcoins value would be high and should be expected. Bitcoin would be mined completely but it would took many years as of now.
Well one question will would have to think is that China holds majority of the coins, so is Satoshi a Chinese - Possibility isn't it/
Another thin in China there were be millions people holding the coins and just 5-10 players controlling the majority of the share so it should not be a worry some factor.
Or else do anyone know the share of the organization or individual in China who holds how much %
Another thin in China there were be millions people holding the coins and just 5-10 players controlling the majority of the share so it should not be a worry some factor.
Or else do anyone know the share of the organization or individual in China who holds how much %
Why would the fact that China is basically controlling mining do anything to Bitcoin?
Absolutely right.No matter who controls the mining,the real power lies in the hand of bitcoin users.If people stop using bitcoin,all miners will go bankrupt because of huge investment they have in mining.It is a false fear that because most miners are located in China,bitcoin will die
Of course, I agree with you, the Internet has no borders. Technology Blockchain does not matter what part of the world's computing power. The threat arises only when 51% of the computing power is in the hands of one pool. And at this point collecting such big power is impossible.
If I understand this correctly, txes will only be confirmed once a miner mines a block(assuming nothing happens other then the reward being given) right? How will we be able to transfer bitcoins if all the blocks are mined? There are about 21 million bitcoins in the world that will exist.
Yes, Well we'll be transferring just as now, I don't understand what you really meant.
Why would the fact that China is basically controlling mining do anything to Bitcoin?
Absolutely right.No matter who controls the mining,the real power lies in the hand of bitcoin users.If people stop using bitcoin,all miners will go bankrupt because of huge investment they have in mining.It is a false fear that because most miners are located in China,bitcoin will die
If I understand this correctly, txes will only be confirmed once a miner mines a block(assuming nothing happens other then the reward being given) right? How will we be able to transfer bitcoins if all the blocks are mined? There are about 21 million bitcoins in the world that will exist.
Yes, Well we'll be transferring just as now, I don't understand what you really meant.
Exactly, mining will be eventualy stopped when the final quantity of Bitcoins will be reached. But by that time the number of Bitcoin users will be very much increased so the demand for the coins will be huge. That will also affect the price which will also be significantly increased.
So, no, Bitcoin is not destroyed.
So, no, Bitcoin is not destroyed.
But that will happen too far from now, but yes that is going to be the result when there's no more halving that will happen. But that is not going to make the bitcoins destroyed as you said, this is going to be the better thing for us as the bitcoin will be no more supply in the chain and lucky people who will have it eventually.
Never wait for the time that bitcoin will be expensive and your earning potential will be lowered. Now is the only time to buy bitcoin so we should not hesitate on that,, I am right all the while that this halving has brought good success like what happen to bitcoin now..
If I understand this correctly, txes will only be confirmed once a miner mines a block(assuming nothing happens other then the reward being given) right? How will we be able to transfer bitcoins if all the blocks are mined? There are about 21 million bitcoins in the world that will exist.
Exactly, mining will be eventualy stopped when the final quantity of Bitcoins will be reached. But by that time the number of Bitcoin users will be very much increased so the demand for the coins will be huge. That will also affect the price which will also be significantly increased.
So, no, Bitcoin is not destroyed.
So, no, Bitcoin is not destroyed.
But that will happen too far from now, but yes that is going to be the result when there's no more halving that will happen. But that is not going to make the bitcoins destroyed as you said, this is going to be the better thing for us as the bitcoin will be no more supply in the chain and lucky people who will have it eventually.
Even if I think that there's a chance miners might ultimately destroy bitcoin, the fact they are now mostly from China is irrelevant. Greed doesn't have a nationality.
Why would miners destroy bitcoin, they make money in that way, and I don't understand why would they cut the tree where they are sitting. There is no logic in that.
Greed doesn't have nationality, but not all the greedy people have suicidal thoughts. They will not destroy something that brings bread in the house.
Miners from China, for me are samw lkke miners from U.S. Both are different natiom and both are thousand miles from me.
Exactly, mining will be eventualy stopped when the final quantity of Bitcoins will be reached. But by that time the number of Bitcoin users will be very much increased so the demand for the coins will be huge. That will also affect the price which will also be significantly increased.
So, no, Bitcoin is not destroyed.
So, no, Bitcoin is not destroyed.
Now, miners are selling coins.. it is normal. Everything will change when minning will finish. Free market will make his job! In other words, supply (that now is quite big) will be zero, but demand will be growing!
Now, miners are selling coins.. it is normal. Everything will change when minning will finish. Free market will make his job! In other words, supply (that now is quite big) will be zero, but demand will be growing!
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.
Destroyed? I think no because of the following reasons. Even if Chinese owns many of the bitcoin mining farms and stuff, it will not kill bitcoin since they invested a lot of money here, so why would they want to see bitcoin's price dumping if it will be their loss? Of course they will support it too since they have a very very big investment with bitcoin and they will not let it die easily.
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