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I don't want to offend anyone as I know this is an international forum.  I just have a question.

What threats does this pose for the future?

image.png.c0256056daeabcedff8ff11783379f93.png

 

Validation of the blockchain is more diverse but largely done in the U.S., this may cause concerns for others. 

 

image.thumb.png.f8b8cab4853364a7dd1d1faac6c4b4dd.png

 

Are these nodes appointed by an "authorized" party?  How are they created?  What concerns should there be in regards to mining?

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14 minutes ago, XRP_Almighty_Q said:

Why isn't this mentioned on any news outlets covering Bitcoin?

@galgitron is part of the Ripple/XRP community and also keeps tracks of xRapid volumes. 

Many news sites covering Bitcoin are pro-bitcoin and anti-XRP because Ripple holds the majority of XRP and works with governments and regulators. Ripple's ideology is the opposite of bitcoin maximalist's ideology. This is why you may never heard about it in any news outlets.   

However as the general public becomes more educated, specifically the US, with the centralization of bitcoin in China, the US will never adopt it as a sovereign currency, EVER.  

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A lot of people have a big interest in pushing the value of Bitcoin as high as possible. There are people with a lot of Bitcoin that plan on making a lot of money before the fat lady sings.

People are naturally ignorant and gullible so as long as you have enough people saying that “Bitcoin mining is awesome” and saying it loud and repeatedly, then the general public won’t care that most of it is in China. If they don’t know they won’t understand why it matters and thus won’t care.

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Man ive been preaching that on here for so long to the people that are like

"BuT mUh GaiNZ R sO gOOd"

yea well what if the Chinese double spend millions and millions and you don't even know it until its too late and everyone has lost their hard earned cash. You wont be thinking that.

I have posted this http://galgitron.net/Post/How-China-Can-Kill-Bitcoin too many times. I will not buy any btc or let any friends or family, and also NO fiduciary financial assistant will recommend their clients invest in btc if they know this.

Edited by Finesse
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2 hours ago, XRP_Almighty_Q said:

Reading now...

Why isn't this mentioned on any news outlets covering Bitcoin?

This is a real problem. Galgitron is correct, although he isn't the only one who has written about this. It's pretty well understood among people who really understand cryptos. He does connect the dots very well.

And in fact, it isn't just bitcoin that is supposed to be decentralized (but in fact is just the opposite). It's a problem with some other large caps, including (particularly) EOS, which is proof-of-stake but still requires mining.

It has to do with the way mining evolved and the cost of electricity. China subsidizes mining by making the electricity dirt cheap. They have a lot of  hydro power, it's true, but BTC mining isn't all accomplished with clean surplus hydro...not by a long shot.  

The high power demands of mining have lead to it only being profitable in certain places in the world, like China...and Iceland. We have a lot of wind power here in Texas, and there is a nascent crypto mining industry here....but in reality, mined crypto is NOT sustainable. It's a huge energy hog.

Geographic centralization of bitcoin mining and the energy waste are  two of the several potential fatal flaws with bitcoin. There are others.....It can't be what it was intended to be by Satoshi, which was "the cash of the internet". It might persist for a long time...the idea of it being "digital gold" makes a certain amount of sense, but in time, it has to be largely supplanted by better designed tech....XRP is an obvious alternative, but it isn't the only one.

 

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1 hour ago, Finesse said:

Man ive been preaching that on here for so long to the people that are like

"BuT mUh GaiNZ R sO gOOd"

yea well what if the Chinese double spend millions and millions and you don't even know it until its too late and everyone has lost their hard earned cash. You wont be thinking that.

I have posted this http://galgitron.net/Post/How-China-Can-Kill-Bitcoin too many times. I will not buy any btc or let any friends or family, and also NO fiduciary financial assistant will recommend their clients invest in btc if they know this.

But no one here owns (much) Bitcoin. And if they do we just make fun of them.

The answer is simple. Find a coin that is worth as little as possible, preferably 1 sat and buy truckloads of it. The only way is parallel to Bitcoin, or up. Ergo, that's why CSC is a better hedge than Bitcoin.

d-uh.gif

Edited by Zerpaholic
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China is full of trust crises everywhere, distrust businesses and governments, but it is difficult to resist the temptation of interests. This is one of the reasons why we believe in btc. People always think that only btc will not be cheated, because btc's father is missing. 
It doesn't belong to any company. 
Part of the difficulty in promoting blockchains in China comes from policy risks. 
Bitmain tends to arouse my sympathy, and in the eyes of some bright people, the fall of bitmain may not be bch's problem. 
In fact, bitmain executives said something that impressed me, and we were embarrassed so we tried to be silent. 
As a matter of fact, the whole industry is embarrassing in China, and people outside the industry see it as an ignominious industry. People in the industry feel that people outside the industry are backward and benighted.

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5 hours ago, XRP_Almighty_Q said:

This is a threat to crypto as a whole.  We need to do something.  Seriously.  If China crashes Bitcoin, no one will ever trust any crypto again.  WE WILL ALL LOSE OUR MONEY!!!

That's a risk factor.

But hang around here and you can learn MANY valuable techniques that will help you lose your money on a variety of cryptos.

A bitcoin 51% attack is just one of those ways. There's a long list.

 

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6 hours ago, XRP_Almighty_Q said:

This is a threat to crypto as a whole.  We need to do something.  Seriously.  If China crashes Bitcoin, no one will ever trust any crypto again.  WE WILL ALL LOSE OUR MONEY!!!

Cryto Eri says Kitao/SBI are building a BTC infrastructure outside China so that China will not have a controlling stake.

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