Topic: China is able to do 50%+1% attack. It means, China dominating the crypto's. Or? - page 2. (Read 634 times)

I read  page 1 and 2 and up until now there is no answer to this.

Okay, your point is about google taking the larger power of mining and then China? So 50-50 to them then there will no more miners that could do it?
So are you saying they have the control with bitcoin afterwards because of that capability?

Look at your surrounding, specially here in bitcointalk forum. Dont you see  greed?
I don't think they will be focused on mining bitcoin. They will create their own and try to bring down bitcoin. That is what I see which could happen in the future. But due to the support of the people bitcoin might stay alive even if brought down by those companies.

If I have that futuristic technology then forget about bitcoin. I will create something better.

Greencoin = every not PoW coins, as i.e. NXT or later Ardor, OByte, ...

Nope, you didn't!

More than 9? I would not use "sometime" for 9 years.

How's Greencoin doing?


And do you have any kind of proof for this apart usual China owns bitcoin bs?

I think the country of China only has a variety of technologies and many citizens who already know bitcoin and many people who know how to buy bitcoin even in China also have a very large and very large bitcoin mining company so that it can make the country of China able to control the conditions a little cryptocurrency market.

FYI

Google can not attack encryption at this moment. The quantum supremacy they claimed is very niche and rather controversial. To really attack modern encryption (such as bitcoins) with a quantum computer you would need a quantum computer that is orders of magnitudes more powerful than what anyone currently has. I personally think we there is still decades of research and development necessary before we have to worry about QCs cracking encryption.

Google won't actually do something like this to be honest , Google is too secure to start creating plans like this , even if they publish such technology do you think the government and all would uninterrupted let them do whatever they want with this ?
If Bitcoins could be hacked using it then trust me ... Those low security governmental websites will also be at a high risk .
They won't simply let this go like this and not everyone would be able to afford it.

If indeed Google's claim about quantum supremacy is true, it is an achievement that deserves appreciation. It's just that in my opinion the potential of a quantum computer to threaten or break the encryption blockchain and bitcoin does not need to worry, because the blockchain can change its algorithm to be resistant to quantum supremacy. If it is feared that a quantum computer can mine bitcoin with its excess the chance is still fifty-fifty because it is not yet clearly known how the specifications of the quantum computer (It doesn't mean that quantum computer always has a big hash power and it's probably not worth it if the operating costs are greater than income).

With regard to China, we must be able to remember that the Chinese nation was a nation that used to like imitations but is now developing in addition to copying and modifying innovation. Other countries or outside China may be excited or booming with all kinds of technological innovations created by the West but in China, they don't have fangs, for example:

RenRen = China's Facebook
we chat = China's whats ap
Alibaba = China's Amazon
Baidu = China's google
QQ = China's Gmail
Weibo = China's Twitter
Youku = China's Youtube

For cryptocurrency technology, I think China has prepared it, of course, China's crypto. This is inseparable from China's foreign policy, namely one belt one road. This initiative is closely related to economic problems, the economy is synonymous with money. China has made a grand plan to become a world power, and this grand plan has been carried out long before other countries realize it.

We do not know for sure, how many bitcoins China has. Because before it was banned, China was one of the countries with the largest mining activity in the world and data from UNCTAd showed that the development and blockchain patents of 75% were concentrated in China and America. I think the amount of bitcoin owned by China is very large.

Please read the OP, and the thread thoroughly, I think, you don't understand, what a role can this new google's computer to get in the Bitcoin Network... We don't talking about Quantum resistance......
We talking about mining and dominance... Which country will get the dominance in crypto market, and how it is possible to avoid a such influence.

Facebook Libra has a big big issue (as Tether or Ripple has also) - I should explain: it was through Facebook centralized, dominated. It is a bug - but Mark don't send the parliament ( or me , me would be Bitcoin better ) the 10000 dollars / bug, as he promised, I know

If I would be in place of Mark - I replace Libra with XRP simple - and then I ask the Parliament: "Well, I did. I choosed an other crypto from existing Market. Many thanks for support.". Maybe it needs some clever negotiation with XRP, but I would like to see, what Parliament doing after a such step and answer...

Or QTUM. QTUM is from Singapore. Xapo is also from Singapore AND in the community of Libra in. QTUM a real P2P system - worldwide used, supported...

Google could not. Look no further, Facebook's Libra coin is now suffocated by parliament and it seems to have stopped working.
things that create manipulation only bring about benefits in the first time, but when the organization grows, the government cannot control it, the gangster power will emerge. That is why the US government must bind Libra coin so much.

"I use only my brain" = it is only my opinion, I would like to diskuss it...
Please don't hesitate to ask, if you don't understand, what I wrote. I am not raw English, and I do mistakes, many, I know.

Of course, mining will working perfectly - also with this new kind of computers, and maybe google (and other US firms) able to avoid China's dominance later...
I have hopes for climate change also, but we should use our brain and our time to do things against it - to avoid or constrain it...
Simple "don't worry, be happy" don't helps in both cases.


You will be better understand, what the Chinese State would like to do, if you seeing China as a heavy type of a state monopoly capitalism. It isn't "communism", I know. I lived in east Europa before 1989... It wasn't a "communist dictatorship", it was a kind of state monopoly capitalism - with a kind of mafia above. It means - the Chinese business-mans, living in other countries, will be - mostly - a tool to reach and control that state also - through a such well centralized organization and a such good tool as a crypto ( a Chinese one ).


Please read the OP, and the thread thoroughly, I think, you don't understand, what a role can this new google's computer to get in the Bitcoin Network... We don't talking about Quantum resistance......
We talking about mining and dominance... Which country will get it.

I think it's just FUD. many people say Google will release a quantum super computer but until now it hasn't been realized. and I think the bitcoin developers have thought about this. so if one day this quantum computer has been released bitcoin already has a more sophisticated and powerful security system so it is not easily broken into by this quantum computer. so I think we don't need to worry.

Such threats are already spreading by words. Still it is under development they haven't tested it yet. But if it were to be true then it would be easy for them to cracked down Bitcoin to pieces and it would make sense that they could quantum computers could dominate in the market. However China are opposing Bitcoin I don't think they would go battle head on over that as if they were also creating their own crypto currency.

When it says bitcoin dominance doesn't mean that a country or state is attacking it. Real market dominance can be obtained by how many people are contributing to the development of it, not by hash rate and control. But with a great technology they can bring to the world.

For me, china isn't dominating the market yet, they need to contribute first.

One country might be able to get all the hashing power but that doesn't necessarily equate to them being one collective entity. Most Chinese businessmen would still think of profits over any other things any day, though some of them might even submit to the orders of the higher echelons but for the most part, the former becomes true. Sure, they have the most hashing power, but still the tech is way too crude to perform harsh attacks that could disintegrate bitcoin at its core.

I agree that most miners are from China and this because there are the miners created and also price of electricity, but i think they will never do a 50+1% attack because will only cause panic and will only make price go low and will affect them on long time.

I immediately regret my decision to post on this thread. Since you only use your brain, you don't need discussion.
Mining is working perfectly, as intended. "If you don't believe it or...."

Also, don't worry about climate change

The biggest farms are in China. They had already more as 50% many years before... I think, this portion is more at this time.
China isn't a democracy - it is simple - if the state wanted to get some firms under the control of China army - to get they.
But China want to tax bitcoin mining at this time.
The Market was happy.
Then we heard, China want to create a coin for China (to support Chinese interest around our World...). We told - ahhhhh it is only an Altcoin. Not more.
But we know, how difficult to act against a such economy.
China said later - the future is for the crypto-technologies...
The Market was very happy. (+40% in some hours...)

But, if the Chinese coin ready to start, China will be able through (the well detected <= because the tax) miners to act agains Bitcoin Network, and able to support his "Altcoin" in the whole World.
An attack a such Network at this time not a difficult act - it is nearly impossible.

Yes, I know - it is only my opinion at this time (not any article about it at Cointelegraph i.e.) - but for me seems this "simple" steps as a risk already.


I should say - I use only my brain - and I have more worry against the change in the climate of our world. Please see the threads in the OP
Maybe a change in the art of mining a good thing then.

What part of your post shows evidence of China being able to do a 51% attack, on bitcoin nonetheless? Quantum computers do not exist in this day and age and even Google's claim to have one has been proven to be lacking and not really useful.

Besides, China is different from Chinese miners (who are not necessarily unified as a single team), any news saying China can do 51% is FUD.

Having more than 50% of the hash rate is like being the strongest man alive. It doesn't mean that he will punch you in the face just because he can.

Source: https://bitcoin.org/bitcoin.pdf

As for Quantum thing, it's still nowhere near ready for mentioned purposes.

Don't worry too much