If the Chinese government takes over bitcoin mines - page 2.

newbie

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Quote from: emuLOAD on September 21, 2017, 03:27:15 PM

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?

Cryptoraptor

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Quote from: Ucy on September 21, 2017, 03:33:06 PM

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.

kingcolex

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Quote from: MiddleFingerToTheMan on September 21, 2017, 03:20:43 PM

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.

Essentially a change of algorithm or some sort of check of IP to block the miners in china (if possible).

Ucy

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A government declares something illegal, takes over the "illegal" business.. only to continue running it.

Lacks principle. Big Hypocrisy and very immoral

emuLOAD

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.

MiddleFingerToTheMan

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.

Topic: If the Chinese government takes over bitcoin mines - page 2. (Read 600 times)