Bitcoin Is Recentralizing - And It's a Problem - The Hated One
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Date: 2022-03-20
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Comments and reviews: 10
Largo
I think you are jumping after a false flag issue. Chinese control over BTC has less apocalyptic consequences. They get to choose operation rate and -prefer- exchanges with the Yuan or their blockchain Yuan. This basically freezes out most non-yuan operations, and gives the Yuan preferential access to the 300 billion in liquidity frozen in BTC. Also, let's say BTC is annonymous, it isn't but lets say. if you find yourself having to wait 5 days for a US based exchange, but your friendly neibourhood Chinese exchange can release hard cash or Cardano within 10 minutes, for the simple cost of connecting your public WeChat to your account - you will chose that - and bang, you just gave your whole history to the chinese government as well as your real financial data. And let's take this a step closer, what if Beijing pulls the big one and basically offers tax payments, housing and business contracts under BTC. That means 2 billion people that want to jump on a network they control, at once. The moon is a cab ride by comparaison. And all the benefits of that pump will go back into the caufers of chinese control miners that basically hedged their assets against a global inflationary enviroment and introduce 300 bn in foreign capital into their economy, without actually giving up monetary control.
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I think you are jumping after a false flag issue. Chinese control over BTC has less apocalyptic consequences. They get to choose operation rate and -prefer- exchanges with the Yuan or their blockchain Yuan. This basically freezes out most non-yuan operations, and gives the Yuan preferential access to the 300 billion in liquidity frozen in BTC. Also, let's say BTC is annonymous, it isn't but lets say. if you find yourself having to wait 5 days for a US based exchange, but your friendly neibourhood Chinese exchange can release hard cash or Cardano within 10 minutes, for the simple cost of connecting your public WeChat to your account - you will chose that - and bang, you just gave your whole history to the chinese government as well as your real financial data. And let's take this a step closer, what if Beijing pulls the big one and basically offers tax payments, housing and business contracts under BTC. That means 2 billion people that want to jump on a network they control, at once. The moon is a cab ride by comparaison. And all the benefits of that pump will go back into the caufers of chinese control miners that basically hedged their assets against a global inflationary enviroment and introduce 300 bn in foreign capital into their economy, without actually giving up monetary control.
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Lex
Even if China mines the majority of bitcoin it means nothing. They're just strengthening the system by helping strengthen the network. Double spending crypto is virtually impossible, but that's the theory and being an authoritarian gov. it threatens them to thier core. However, quantum computing will be a game changer. This will render most current cryptos useless within 1-2 years after implementation. The first crypto implemented after that jump with sufficient complexity to allow intrinsic security will become the new standard. I don't see that being bitcoin, after all, how do you update something no one owns? You can't. That's the rub. Let this be the trial run, let bitcoin be the beta. When quantum comes into play. The real game starts.
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Even if China mines the majority of bitcoin it means nothing. They're just strengthening the system by helping strengthen the network. Double spending crypto is virtually impossible, but that's the theory and being an authoritarian gov. it threatens them to thier core. However, quantum computing will be a game changer. This will render most current cryptos useless within 1-2 years after implementation. The first crypto implemented after that jump with sufficient complexity to allow intrinsic security will become the new standard. I don't see that being bitcoin, after all, how do you update something no one owns? You can't. That's the rub. Let this be the trial run, let bitcoin be the beta. When quantum comes into play. The real game starts.
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Captain
-the hated one you misunderstand mining and mining pools. china can't 51% attack bitcoin, if mining pools go bad there is incentive to switch to -well behaved- mining pools or form new ones. if the chain is attacked, full nodes also guard enforcement of rules, and as we saw in 2017 in the big blocker attack full nodes defended Bitcoin. basically bcash was the attempt of chinese miners (bitmain etc) to take over Bitcoin, and it failed. Bitcoin is the most decentralized cryptocurrency, and game theory ensures it will remain so.
watch Andreas Antonopolous for more information.
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-the hated one you misunderstand mining and mining pools. china can't 51% attack bitcoin, if mining pools go bad there is incentive to switch to -well behaved- mining pools or form new ones. if the chain is attacked, full nodes also guard enforcement of rules, and as we saw in 2017 in the big blocker attack full nodes defended Bitcoin. basically bcash was the attempt of chinese miners (bitmain etc) to take over Bitcoin, and it failed. Bitcoin is the most decentralized cryptocurrency, and game theory ensures it will remain so.
watch Andreas Antonopolous for more information.
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Anarchist
Bitcoin is not centralized, end of the story. And if you don't understand this you are behind and losing the opportunity to get a piece of the pie now while you still can make a difference in your life. Fiat currencies are useless long term and only designed to make a few people richer and a lot of people poorer wake up
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Bitcoin is not centralized, end of the story. And if you don't understand this you are behind and losing the opportunity to get a piece of the pie now while you still can make a difference in your life. Fiat currencies are useless long term and only designed to make a few people richer and a lot of people poorer wake up
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Lori
Bitcoin mining is not profitable until you find the right way to invest, I lost almost all my btc last year, but this 2020 has been a profitable year for me, I just withdrew 2. 6 btc last week working with a bitcoin professional trader, Mr Paul. It feels good to be out of a 'Novice zone contact -software_team via instagram
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Bitcoin mining is not profitable until you find the right way to invest, I lost almost all my btc last year, but this 2020 has been a profitable year for me, I just withdrew 2. 6 btc last week working with a bitcoin professional trader, Mr Paul. It feels good to be out of a 'Novice zone contact -software_team via instagram
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alfawarrior
Beautifully done! I would just say that the protocol could have aspects of it changed into a consensus fork of code with a 51% attack no? Also the role of nodes needs to be taken into more consideration but overall great job!
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Beautifully done! I would just say that the protocol could have aspects of it changed into a consensus fork of code with a 51% attack no? Also the role of nodes needs to be taken into more consideration but overall great job!
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Just
I just want an answer to this. If I buy something with Monero in the UK do I have to pay tax and how? (Usually in UK tax is included in the price, called VAT) but what if the seller doesn't pay the tax is that your fault too?
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I just want an answer to this. If I buy something with Monero in the UK do I have to pay tax and how? (Usually in UK tax is included in the price, called VAT) but what if the seller doesn't pay the tax is that your fault too?
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Silver
doesn't the constant need to upgrade equipment, prevent china from taking over bitcoin. Or do they not need to upgrade as often, because its all about how many mining machines they have. whether they are outdated or not.
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doesn't the constant need to upgrade equipment, prevent china from taking over bitcoin. Or do they not need to upgrade as often, because its all about how many mining machines they have. whether they are outdated or not.
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Jack
If the chinese communists are involved in it - what ever -it- is - I will not participate. In my opinion anyone, be it an individual or western democratic nation, who trades with communist china is committing treason.
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If the chinese communists are involved in it - what ever -it- is - I will not participate. In my opinion anyone, be it an individual or western democratic nation, who trades with communist china is committing treason.
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RandomHumanBeing
i met this one person who said there was something wrong in the blockchain and he said he could take the bitcoin from it i still dont 100% believe him but okie
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i met this one person who said there was something wrong in the blockchain and he said he could take the bitcoin from it i still dont 100% believe him but okie
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