Chinese Government seems not interested on BTC because they have fully control on it and they want to control and manipulate everything that's why they are pursuing to launch there own cryptocurrency. They will not waste money on things that they will benefit the most. They once the majority holder of hash rate before but decided to ban it anyway.
I don't think China is a threat to BTC.
Topic: What if China wants to takeover bitcoin? (Assuming controllable majority of hash - page 2. (Read 341 times)
November 15, 2020, 04:52:22 AM
November 15, 2020, 04:41:58 AM
Hmm bitcoin has the biggest hashing power. Hmm if only there was a smaller coin that was already hit with 51% attack. That could answer your question...
F.e. the majority of shitcoins? One of the biggest 51% attacks that was done recently was ETC (what was ETC's third time). What happens? Nothing. You do a fork, you isolate "infected blocks", implement update to node (if possible) and carry on.
https://www.coindesk.com/ethereum-classic-blockchain-subject-to-yet-another-51-attack
F.e. the majority of shitcoins? One of the biggest 51% attacks that was done recently was ETC (what was ETC's third time). What happens? Nothing. You do a fork, you isolate "infected blocks", implement update to node (if possible) and carry on.
https://www.coindesk.com/ethereum-classic-blockchain-subject-to-yet-another-51-attack
November 15, 2020, 03:42:28 AM
With enough capital and hardware, China can generate enough hash to do a 51% attack on bitcoin but the investment won't be worth as miners and developers can reverse and split the blockchain to bring it back. If anyhow they controlled the developers, anyone can still fork it to create another bitcoin. The coin that most of the people believe would be the real bitcoin.
November 15, 2020, 03:33:47 AM
I"m not sure that I understand what you mean by"takeover" Bitcoin and how that could be possible. By government, by miners?
I don't think that any of such scenarios is even possible and I don't know why so many are focused on China like enemy number one of Bitcoin or some country that wants to be Bitcoin superpower. I don't think that any of these hypothesis are true.
I don't think that any of such scenarios is even possible and I don't know why so many are focused on China like enemy number one of Bitcoin or some country that wants to be Bitcoin superpower. I don't think that any of these hypothesis are true.
November 15, 2020, 03:24:14 AM
I don't think that China has 90% of the hash rate though
This site puts the figure at approximately 81%, regardless of which is totally accurate, the majority of hashrate is concentrated in China, especially when compared with other countries;
If they wanted to abuse this, how far could they get?
Chinese mining pools are favoured currently, so more miners from all over the world tend to join them increasing the overall hashrate, if there were to be a coordinated attempt to take over the network by the pools or the government, the minerscan always take their individual mining power out to another pool or mine solo, this would reduce the hashrate concentrated in China and with it their influence. November 15, 2020, 02:48:52 AM
I don't think that China has 90% of the hash rate though, and I doubt that they are or at least Chinese miner are going to collude to take over bitcoin because it will cost millions if not billions or dollars just to do that. And there are no incentives for them, on the contrary, they will just destroy the business that they have established in the beginning.
November 15, 2020, 02:22:09 AM
The common misconception has always been Chinese mining pools = miners; as if miners couldn't switch to a different mining pool whenever they want to. That, and the fact that having a "takeover" over Bitcoin isn't just as simple as gaining 51% hashpower and suddenly they have total control over the network forever.
November 15, 2020, 01:58:45 AM
How can China take over bitcoin, just take it that bitcoin is not a centralized currency, it is decentralized. Although, China has the high bitcoin miners but that does not mean they will take over bitcoin, it is not possible. People will only want to say what may not happen or what can possibly happen in the future, but as for bitcoin, no country can take over bitcoin, it is decentralized and open source and getting adoption from all over the world
November 15, 2020, 01:43:13 AM
If 'China' (you probably mean the chinese government) wants to 'takeover Bitcoin' (whatever that means...) they will quickly learn, that this operation will cost them billions of USD and the result will most likely be another shitcoin fork instead of a 'takeover'. Guys will say 'Oooops! Didn't work' and they will kick a sack of rice.
November 14, 2020, 09:31:51 PM
Hope this is in the right forum section.
Was just watching https://www.youtube.com/watch?v=45Ac-5y2ofg and wanted to hear your opinions on China having 'over 90% of the hash rate'.
If they wanted to abuse this, how far could they get?
What role would full nodes play in defence?
Thanks
Was just watching https://www.youtube.com/watch?v=45Ac-5y2ofg and wanted to hear your opinions on China having 'over 90% of the hash rate'.
If they wanted to abuse this, how far could they get?
What role would full nodes play in defence?
Thanks
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