Why is the last block mined more than 6 hours old?
https://blockchain.info/
Edit: seems to be just a glitch on the timestamp displayed.
Topic: China will destroy bitcoin (Read 3081 times)
With China now owing about 75% of the mining power i think in all their greed they will destroy bitcoin.
They will never allow the protocol to change to accept larger blocks since it's not in their interest.
You don't have much time left to sell your bags.
When they have 75% of bitcoin mining power,why would they allow bitcoin to be destroyed?I think there must be a difference of opinions within Chinese mining community and some of them will try and persue for larger blocksThey will never allow the protocol to change to accept larger blocks since it's not in their interest.
You don't have much time left to sell your bags.
Help me with this fairy tale conundrum:
1. Most Ford factories are in Equestria.
2. Ponies won't destroy Ford because they make Fords, they're earning from Ford.
3. (Problem): GM (altcoin) offers ponies a better contract; Equestrian machinery can make GM cars with minimum of retooling; RIP Ford.
wat do?
With China now owing about 75% of the mining power i think in all their greed they will destroy bitcoin.
They will never allow the protocol to change to accept larger blocks since it's not in their interest.
You don't have much time left to sell your bags.
When they have 75% of bitcoin mining power,why would they allow bitcoin to be destroyed?I think there must be a difference of opinions within Chinese mining community and some of them will try and persue for larger blocksThey will never allow the protocol to change to accept larger blocks since it's not in their interest.
You don't have much time left to sell your bags.
Would people be as worried if 70% of the hashing power was in the US or Europe?
Of course. It's not about the country, it's about basically a hand full of people owning and controlling the entire network.
Would people be as worried if 70% of the hashing power was in the US or Europe?
With China now owing about 75% of the mining power i think in all their greed they will destroy bitcoin.
They will never allow the protocol to change to accept larger blocks since it's not in their interest.
You don't have much time left to sell your bags.
When they have 75% of bitcoin mining power,why would they allow bitcoin to be destroyed?I think there must be a difference of opinions within Chinese mining community and some of them will try and persue for larger blocks They will never allow the protocol to change to accept larger blocks since it's not in their interest.
You don't have much time left to sell your bags.
...
Sorry, lambie. If you can't work out what "it's ridiculous to say that 70% of miners are Chinese because 70% of mining currently occurs in Chinese pools" means all by your lonesome I doubt I can't help.
No. I'm saying "it's ridiculous to say that 70% of miners are Chinese because 70% of mining currently occurs in Chinese pools." Again. Do pay attention.
Sounds strangely similar 
Quote
"It is unreasonable to infer that most miners are Chinese from the fact that most of the mining pools are located in China. Though all available data point to this conclusion,
http://s10.postimg.org/6eb2y2f7t/Capture.png
and all a priori reasoning, from lower electrical costs to ASIC manufacture/labor/shipping etc., the evidence is purely circumstantial"?
I might've been overly helpful by filling in a few blanks for you, but you go ahead and tell me the part s you disagree with, and I'll correct 'em http://s10.postimg.org/6eb2y2f7t/Capture.png
and all a priori reasoning, from lower electrical costs to ASIC manufacture/labor/shipping etc., the evidence is purely circumstantial"?
Quote
I'm not sure why you believe miners don't change pools. I tend to look at this every few days and the wedges are rarely static. Even assuming you were right, and miners haven't been switching pools recently - it's a bit of a stretch to assume that that will remain the case.
I, in turn, am unsure why you think I think that they don't change pools. Again, If you just cite the part that led you to such an erroneous conclusion, I'll try to fix it.Quote
I'm also not sure why you think I should be surprised that miners' interests may not align with hodlers' interests. Aside from it being kinda obvious, I accepted that miners were the decision makers when I first read the whitepaper and in the years since nothing has changed.
Ditto. English is a bitch for me, so if you could point to the bit that mislead you, I'd be forever in your debt.Quote
I'm also also not sure why you think a group of pool operators and devs meeting should worry me. They were deciding a development roadmap, one that will be presented to miners. Who will then be free to accept or reject. Which rather sounds like... exactly how it's always been.
Meh. Pool owners & devs decide on the roadmap, miners and Bitcoin hodlers unaffected How you get that figure of 70% of total miners are from china? is there any source and any source of their statement of them not accpting huge block? THis is just a pointless hype in my point of view.
70%? I assume it's based on pools - https://blockchain.info/pools. It's like, back in the day, saying that every (non-solo) miner comes from the Czech Republic because Slush's pool is the only pool. Except no one thought that, because obviously it would have been nonsense.
Are you saying it's ridiculous to assume that most of the mining (both pools and mining farms) is done in China?
No. I'm saying it's ridiculous to say that 70% of miners are Chinese because 70% of mining currently occurs in Chinese pools. At one point 100% of pools were Czech (all one of them - Slush's pool) - 100% of miners were not Czech! (Well, to be fair it's possible that "100% - me" were Czech. But frankly I doubt it).
and all a priori reasoning, from lower electrical costs to ASIC manufacture/labor/shipping etc., the evidence is purely circumstantial"?
... other miners from other parts of the world could just connect to those pools and work under it to get some stable or increased profit (?).
They could, and could possibly overcome disadvantages like x2 - x20 electrical costs, shipping costs, real estate costs, economics of scale, etc., etc., but what does it matter when it's the pool operators, not the miners, who set the rules? The only thing they can do is switch pools, but ...they clearly don't.
No. I'm saying "it's ridiculous to say that 70% of miners are Chinese because 70% of mining currently occurs in Chinese pools." Again. Do pay attention.
I'm not sure why you believe miners don't change pools. I tend to look at this every few days and the wedges are rarely static. Even assuming you were right, and miners haven't been switching pools recently - it's a bit of a stretch to assume that that will remain the case.
I'm also not sure why you think I should be surprised that miners' interests may not align with hodlers' interests. Aside from it being kinda obvious, I accepted that miners were the decision makers when I first read the whitepaper and in the years since nothing has changed.
I'm also also not sure why you think a group of pool operators and devs meeting should worry me. They were deciding a development roadmap, one that will be presented to miners. Who will then be free to accept or reject. Which rather sounds like... exactly how it's always been.
How you get that figure of 70% of total miners are from china? is there any source and any source of their statement of them not accpting huge block? THis is just a pointless hype in my point of view.
70%? I assume it's based on pools - https://blockchain.info/pools. It's like, back in the day, saying that every (non-solo) miner comes from the Czech Republic because Slush's pool is the only pool. Except no one thought that, because obviously it would have been nonsense.
Are you saying it's ridiculous to assume that most of the mining (both pools and mining farms) is done in China?
No. I'm saying it's ridiculous to say that 70% of miners are Chinese because 70% of mining currently occurs in Chinese pools. At one point 100% of pools were Czech (all one of them - Slush's pool) - 100% of miners were not Czech! (Well, to be fair it's possible that "100% - me" were Czech. But frankly I doubt it).
http://s10.postimg.org/6eb2y2f7t/Capture.png
and all a priori reasoning, from lower electrical costs to ASIC manufacture/labor/shipping etc., the evidence is purely circumstantial"?
... other miners from other parts of the world could just connect to those pools and work under it to get some stable or increased profit (?).
They could, and could possibly overcome disadvantages like x2 - x20 electrical costs, shipping costs, real estate costs, economics of scale, etc., etc., but what does it matter when it's the pool operators, not the miners, who set the rules? The only thing they can do is switch pools, but ...they clearly don't.
Oh it's you again! 
Seriously, dude, 70% of the hashpower of the whole network doesn't necessarily mean that all of those miners are Chinese; other miners from other parts of the world could just connect to those pools and work under it to get some stable or increased profit (?).
This is a bold statement. Where'd you get this information?
Seriously, dude, 70% of the hashpower of the whole network doesn't necessarily mean that all of those miners are Chinese; other miners from other parts of the world could just connect to those pools and work under it to get some stable or increased profit (?).
-snip-
They will never allow the protocol to change to accept larger blocks since it's not in their interest.
-snip-
They will never allow the protocol to change to accept larger blocks since it's not in their interest.
-snip-
This is a bold statement. Where'd you get this information?
How you get that figure of 70% of total miners are from china? is there any source and any source of their statement of them not accpting huge block? THis is just a pointless hype in my point of view.
70%? I assume it's based on pools - https://blockchain.info/pools. It's like, back in the day, saying that every (non-solo) miner comes from the Czech Republic because Slush's pool is the only pool. Except no one thought that, because obviously it would have been nonsense.
Are you saying it's ridiculous to assume that most of the mining (both pools and mining farms) is done in China?
No. I'm saying it's ridiculous to say that 70% of miners are Chinese because 70% of mining currently occurs in Chinese pools. At one point 100% of pools were Czech (all one of them - Slush's pool) - 100% of miners were not Czech! (Well, to be fair it's possible that "100% - me" were Czech. But frankly I doubt it).
Miners have a choice which pool to use - or even if they mine in a pool, or go solo (though this choice really isn't much of a choice anymore, obviously, but still).
Edit: sorry, just realised the Slush comment was redundant. Apparently I can't read my own comments.
How you get that figure of 70% of total miners are from china? is there any source and any source of their statement of them not accpting huge block? THis is just a pointless hype in my point of view.
70%? I assume it's based on pools - https://blockchain.info/pools. It's like, back in the day, saying that every (non-solo) miner comes from the Czech Republic because Slush's pool is the only pool. Except no one thought that, because obviously it would have been nonsense.
Are you saying it's ridiculous to assume that most of the mining (both pools and mining farms) is done in China?
it is and there are 2 parties here at play.
The Chinese Government who wants to regulate bitcoin as much as they can. And the companies who are into bitcoin mining or bitcoin itself (exchanges).
So it could be dangerous because the chinese government is not being praised for their democracy.
How you get that figure of 70% of total miners are from china? is there any source and any source of their statement of them not accpting huge block? THis is just a pointless hype in my point of view.
70%? I assume it's based on pools - https://blockchain.info/pools. It's like, back in the day, saying that every (non-solo) miner comes from the Czech Republic because Slush's pool is the only pool. Except no one thought that, because obviously it would have been nonsense.
Except that it's not nonsense because the chinese are in control of that mining power that people put to their pools.
Oh, sorry, I knew the PRC was totalitarian but preventing miners from leaving pools takes it to a new level. Crikey.
How you get that figure of 70% of total miners are from china? is there any source and any source of their statement of them not accpting huge block? THis is just a pointless hype in my point of view.
70%? I assume it's based on pools - https://blockchain.info/pools. It's like, back in the day, saying that every (non-solo) miner comes from the Czech Republic because Slush's pool is the only pool. Except no one thought that, because obviously it would have been nonsense.
Are you saying it's ridiculous to assume that most of the mining (both pools and mining farms) is done in China?
Although China dominating mining but still the they cant rule the bitcoin.
How you get that figure of 70% of total miners are from china? is there any source and any source of their statement of them not accpting huge block? THis is just a pointless hype in my point of view.
70%? I assume it's based on pools - https://blockchain.info/pools. It's like, back in the day, saying that every (non-solo) miner comes from the Czech Republic because Slush's pool is the only pool. Except no one thought that, because obviously it would have been nonsense.
Except that it's not nonsense because the chinese are in control of that mining power that people put to their pools.
How you get that figure of 70% of total miners are from china? is there any source and any source of their statement of them not accpting huge block? THis is just a pointless hype in my point of view.
70%? I assume it's based on pools - https://blockchain.info/pools. It's like, back in the day, saying that every (non-solo) miner comes from the Czech Republic because Slush's pool is the only pool. Except no one thought that, because obviously it would have been nonsense.
How you get that figure of 70% of total miners are from china? is there any source and any source of their statement of them not accpting huge block? THis is just a pointless hype in my point of view.
China is helping Bitcoin, by banning it they help more 
Bitcoin is not banned in China. It is recognised officially as a commodity. You can trade it legally there.
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