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Lamberth

Galgitron’s blog: How China Can Kill Bitcoin

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Posted (edited)

Thanks for talking me out of ever hodling BTC.  You did it a while back., actually, with an earlier blog post......I saw it all immediately...Fwiw, I had my worries about China killing off BTC through other means, even before I understood what a 51% attack was, or how easy it would be to accomplish.

 There are just some good reasons for the Chinese government to outlaw it, through regulation or otherwise. My best guess as to why they have NOT....has to do with them not wanting to kill off ALL cryptos or stifle their own chances of becoming the global leader in blockchain technology. They get the significance of blockchain for the myriad of good use cases, some of which are very applicable to known problems the Chinese have, (like counterfeited goods).

Edited by dr_ed

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I think the biggest problem for Bitcoin is that payments (= using the system) are being sucked away from miners, into a layer around it (lightning network). Growth of the payment volume (=revenue) can ONLY take place in layer two, layer 1 is already saturated. Yet the security depends on layer 1, to be precise: depends on the assumption that it is more profitable to release found blocks immediately to the network, than NOT releasing a found block yet, but collude with other miners to attempt to reorg of a couple of hundred blocks. Do you see the problem? Bitcoin's security model CAN NOT WORK on 1Mb for a global payment system. They've dug their own grave.

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Thanks for reminding me why I sold my one and only bitcoin 2 years ago. (well before ATH)

And..... why i would never steal your spot in the supermarket car park :-)

A great read

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Having China control such a large portion of the BTC mining is certainly not healthy.

Crypto Eri puts a different view on what SBI is doing and how it might have a solution for the Chinese dominated mining operations - to me it seems a little too optimistic of SBI, but it certainly is a different view. In my view they would have to take a very large market share and very quickly too. I do however agree that the possible demise of BTC would have initial catastrophic  effects on all cryptocurrencies, unless as has already been stated, at that point where China may take control there has already been a desynchronisation of leading crytpcurrencies from BTC and in particular, from my perspective, XRP . 

She starts to make the point at 9.09

 

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Posted (edited)

Love the masculine language and imagery.  Love the analysis even more. 

My only observation is that it is in the miners, investors, whales and money scammers interest to get 30% of the mining pools situated outside China.  Is this difficult to do?  Do the hash tag owners have to belong to pools under Chinese jurisdiction?

Edited by Julian_Williams

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