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Topic: If the Chinese government takes over bitcoin mines - page 2. (Read 607 times)

newbie
Activity: 37
Merit: 0
if it were to happen, very unlikely, there are a few things Bitcoin could do to protect itself, including banning certain nodes (for the short term). worst case scenario, change algo and roll back. (that would be something acceptable only in case of a monumental disaster).

this said, won't be easy for them to get to 51%. and 51% doesn't automatically make you god.


Banning certain nodes and changing the algo? Who makes those decisions and who has the power to do that? Is it a vote? If the Chinese have 51% then how would the vote get through?
newbie
Activity: 26
Merit: 0
A government declares something illegal, takes over the "illegal" business.. only to continue running it.

Lacks principle. Big Hypocrisy and very immoral


Why would that stop them though? All China has to do is declare that Bitcoin is a foreign currency and for the Good of the People (!) they are going to take it over and nationalize it.  
Ucy
sr. member
Activity: 2674
Merit: 403
Compare rates on different exchanges & swap.
A government declares something illegal, takes over the "illegal" business.. only to continue running it.

Lacks principle. Big Hypocrisy and very immoral
sr. member
Activity: 328
Merit: 252
if it were to happen, very unlikely, there are a few things Bitcoin could do to protect itself, including banning certain nodes (for the short term). worst case scenario, change algo and roll back. (that would be something acceptable only in case of a monumental disaster).

this said, won't be easy for them to get to 51%. and 51% doesn't automatically make you god.
newbie
Activity: 37
Merit: 0
So lets say that the Chinese government declares mining illegal & takes over the mines (likely to happen). Seeing that the vast majority of mining takes place in China, couldn't the government hypothetically reach over 51% of the bitcoin hashing power and basically centralize global bitcoin?
What cryptos, if any, are immune to this "51% attack" ? Is it even an issue? I'm not that well informed on the details of this subject so excuse my ignorance.

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