http://thelibertarianrepublic.com/is-china-cornering-the-bitcoin-market/
I heard this from several sources. I was listening to a podcast on NPR, and although most of the podcast was so misinformed it was hilarious, they mentioned the same thing.. that Chinese miners are against scaling solutions so they can force higher transaction fees.
Is this true? I would think the Chinese miners have more incentive than anyone else to allow bitcoin price to rise. They are they biggest holders, and a price rise to $2000-$3000 will gain them more profit than forcing transaction fees on a congested network. The idea of purposely hampering growth for short term gains sounds foolish as a miner who are the biggest stakeholders.
The free market isn't perfect, but the miners should have all the incentive to not restrict adoption, or to scare people away via a congested network.
What is your take on this?
Also aren't all the Core Devs American and European? So, there's a balance? Heh
Here we can see that Chinese are quite powerful but I don't think we can say for sure that Chinese dominate.Quote
This April, when an American delegation went to China to discuss proposed changes in the Bitcoin protocol in order to make processing transactions more efficient, the Chinese Bitcoin companies were able to veto all the proposed changes. Their motive: by slowing down transactions they are able to collect a kickback from those willing to pay for faster processing.
I heard this from several sources. I was listening to a podcast on NPR, and although most of the podcast was so misinformed it was hilarious, they mentioned the same thing.. that Chinese miners are against scaling solutions so they can force higher transaction fees.
Is this true? I would think the Chinese miners have more incentive than anyone else to allow bitcoin price to rise. They are they biggest holders, and a price rise to $2000-$3000 will gain them more profit than forcing transaction fees on a congested network. The idea of purposely hampering growth for short term gains sounds foolish as a miner who are the biggest stakeholders.
The free market isn't perfect, but the miners should have all the incentive to not restrict adoption, or to scare people away via a congested network.
What is your take on this?
Also aren't all the Core Devs American and European? So, there's a balance? Heh
http://www.bbc.com/future/story/20160504-we-looked-inside-a-secret-chinese-bitcoin-mine
