a vast majority of miners are in china, so I’d say if they shut down their machines the network would be heavily affected.
this isn’t 's final form… what is there to actually “destroy” ?
If the Bitcoin miners shutdown in China, the difficulty rate is reduced and thus becomes more profitable for other miners who will pick up the slack. It’s designed right to incentivise miners, so I don’t see an issue.
Excellent answer. Thanks!
It’s similar to saying bitcoin is dead once all the coins are mined and there’s no block reward anymore. The space will continue to evolve and change to address these types of situations. When one torch goes out, there’s a half dozen right behind them who’ve been waiting for the opportunity to light theirs.
Fork another 21 million, what scarcity?
I was tempted to post this myself. I am glad someone else did. What scares me is the 51% attack they could launch, right now if they chose to. This would destroy Bitcoin’s reputation, and it’s nearly ten years of uninterrupted function. I like the answers you were given. Still seems like a problem to me, especially with Bitmain backing b-cash in the past.
In the end, I choose to continue my Friday dca and keep moving forward to the future.
Two minutes will change that thought process thoroughly. Take it away Andreas…
One would have to Have invested a lot of money into btc to be able to do 51% attack. Thethey would only gain to lose all that money in carrying out the attack. I don’t see the light at the end of the tunnel
In the video. It covers a government report. The report states that nearly 80% of the mining power of Bitcoin is located in the boundaries, or in the power structure of China.
China is notorious for controlling and meddling with nearly everything in it’s borders. All they have to do is confiscate the miners by force.
This what governments do.
In the end, they would still be killing the goose that laid the golden egg. No one would do that. They would be free to affect the adoption of privacy and other features.
The video was good. I am eased by seeing this.
Like I said before, I am continuing with my dca. China is bit crazy, but not stupid.
I am interested to see what happens in the future.
If all the miners were confiscated/offline then the difficulty would drop and more people would start mining. This 80% number is not accurate all. It fluctuates around 60% currently. Not to mention that number includes the mining pools combined with the mining farms. Two very different things. Bitmain aka Antpool mines roughly 25% of all blocks. So if they were to try any attack, users would simply switch to a different pool. As Andreas stated it would simply be a waste of money and resources. Within the next block there’d be a hard fork and they would have wasted all those resources on one double spend. Know anyone that would willingly mine a state sponsored coin? Me neither friend. These are simply the facts of the matter. It’s impossible for anyone to control or disrupt the chain for longer than a single block.
Very informative, great video
China should work on resurrecting NEO as a policy stratagem.
yes they can. Maybe they already are. It is impossible to tell if someone’s bitcoin account is being suppressed by looking at a block explorer.
This is total BS. Lazy sensationalist reporting is worse than bad journalism.
China also possesses 100% manufacturing power of iPhone. Does anybody worry about their next Christmas shopping plan?
The trade war is hitting the CCP regime much harder than CNN tries to cover up:
- International manufacturing sector is moving out: https://goo.gl/bbkKx3
- The PBC USD reserve is bleeding so quickly that the authority is confiscating citizens’ passports so that they could not spend hard USD overseas.
- The centration camp in the Muslim region requires extra public funding that the state does not have.
- The airport customs started to scrutinize personal purchase in people’s luggages for extra tax income:
And you are telling me the CCP regime is willing to shut down the Bitcoin mining pools to cut a stable USD income source? How would it pay for the astronomical internal policing cost?
Nobody, including tyrants and mafias, is against sound money.
can “they” make protocol changes to BTC?
If they start using full nodes, they can affect consensus for future changes. Long story short this is good info, but don’t worry too much.
They can waste resources and double spend attack, but that is a one shot deal. The reckoning would come quickly for them.
None of this changes anything. There is an incentive for china to have that power in order to surpress accounts.