Topic: PoS Coins (ZEIT) are Stronger than PoW Coins when facing a Hostile Government (Read 343 times)

Hmm,

70% of the mining hashrate disappears overnight, that will affect Bitcoin at its core,
the # of blocks found will not be at the 10 minute interval, it will be much much longer,
the only question is, will it be enough to cause a death spiral where the chain freezes for days at a time.

 

FYI:
Miners are more important that the exchanges.
If Bitcoin stalls for 2 or 4 weeks , I think its effect on the price will be devastating.
It really just depends on how many blocks can be found by the 30% that remain.
But you can guarantee one thing BTC transactions will be slower than crap for weeks until the difficulty readjusts (that is the best case scenario). Worse case scenario is a complete freezing of the blockchain for weeks.
* A hard fork could prevent that, but we all know blockstream is frighten by hard forks.* 

ZEIT is ZEIT, there is no other,

you stick with BTC and I will stick with ZEIT and we will compare in 3 years.  


 

ASIC mined coins do have a certain level of centralization, but remember even if china bans mining that won't affect bitcoin itself, it may affect the price for a little while but ultimately bitcoin can survive without china.

ZEIT is at the level of  PACCOIN. I think i said enough.

https://twitter.com/yhaiyang/status/909309756220653570
Founder and CEO of ViaBTC


South China Post
http://www.scmp.com/tech/start-ups/article/2112339/viabtc-launch-bitcoin-exchange-overseas-after-beijing-bans-trading


 

FYI:
My sources are the South China Post and Founder and CEO of ViaBTC.
Your Sources are random posters with no links to a news source.

China is not banning Bitcoin :
https://bitcointalk.org/index.php?topic=2175725.new#new
And here is reddit :
https://www.reddit.com/r/Bitcoin/comments/6zzmyy/official_press_of_china_it_is_impossible_to_ban/

they are just trying to regulate bitcoin also this is very hard to do. I don't say its impossible but its really hard to do.
Also there are many altcoins which are not traceable. Goverments are not happy with them.

China is banning exchanges according to the news.
Rumors are Bitcoin Mining will also be banned not long after.

Why is Bitcoin so weak, it is because due to the economic nature of PoW coins,
Mining always becomes centralized by a few big players to a few locations.
The problem being China controls ~70% of the BTC mining.

So either just a official having the power turned off or the military blowing it up with a missile.
Ends your Bitcoin Mining career.
If you are lucky , they let you just leave with your ASICS unharmed.
Now you have the added expense of finding another cost effective locations and paying the shipping costs and setup costs. But here is your big problem, those few weeks it takes you to move and get setup in another country, just a week or two with 70% of the mining has removed may cause a death spiral.
Basically the blockchain freezes up since their is not enough PoW to find the next block.
In less than a week , this will destroy all faith in BTC and cause a price collapse like no one has ever seen before, probably never to recover.

Verses
A Energy Efficient Proof of Stake Network, like ZEIT
China passes a law outlawing all Crypto coins,
As a ZEIT user all you have to do is setup a VPS in a ZEIT friendly country,
download and install our blockchain snapshot and viola , you are completely operational within a few hours.
*Even if China did destroy your laptop , as long as you had an offsite hidden backup copy of your wallet, you are good to go. *

Compare the time and money required to move a warehouse full of ASICS and find them a new home,
verses the time to setup a VPS online in another country.
Plus ZEIT Difficulty adjusts every block, BTC Difficulty adjusts every two weeks,
which is why ZEIT never has to worry about a death spiral.  

 

FYI:
Consider if China was really unfriendly and removed all ASICS as contraband and destroyed them.

Where as Moving ZEIT out of China, is impossible to stop as you could do it through the Internet or flash drives or even book ciphers.  



FYI2:
China may go after ETH/ETC GPU miners at the same time they go after BTC & LTC ASICS Miners.