US Bitcoin Holders Worry About Chinese Control of the Mining Network

US Bitcoin Holders Worry About Chinese Control of the Mining Network

From cointelegraph.com

Could China take over the Bitcoin (BTC) ecosystem? It’s a very real possibility, and it could happen very quickly because China controls more than half of the world’s Bitcoin mining operations — upward of 65% of the computing power to mine Bitcoin. No other country is anywhere near that number. Additionally, according to Genesis Mining’s recent “The State of Crypto Mining 2020” report, 60% of Bitcoin owners have a real concern about that Chinese majority and what it could mean for the stabilization of the cryptocurrency. And they should be worried. China owning more than half of mining operations could ... (full story)

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May 2, 2020 2:40am

As they should be.

May 1, 2020 10:00pm

Consensus on some worthless shit, crypto psycho morons !

Consensus is not 'value', consensus is 'security' at most !
'Security' for tax evaders !

If you can hide your shit it doesn't mean your shit worth something... only if you can hide illicit earnings

Crypto is a crime tool. The more is spreading, the more crime is spreading

Not-KPMG

May 2, 2020 10:18am

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The undisputed victory of Bitcoin HOLDERS over Bitcoin MINERS was demonstrated in July 2017

Yes.

We rock

.... Because we're smart and the Bitcoin way is the only way forward
Read....

👏👏👏 2017 news . 👏👍
A controversial scaling proposal activated on bitcoin last night, though it happened quietly.
Bitcoin Improvement Proposal (BIP) 148, the much-discussed user-activated soft fork (UASF) activated at block 478,484 on the bitcoin blockchain, though its code changes were superceded by another proposal designed to disable it.

Sometimes branded as a protest effort, BIP 148 allowed bitcoin’s node operators a way to show their displeasure with miners, who they believed were blocking popular code updates, who should not have a say in such matters.
🤔👏
As such, BIP 148 emerged as perhaps the most controversial way for the network to enact Segregated Witness,👏 one that while influential, never achieved widespread endorsement. Then it spread massively 👍👏

The common good, as Not-KPMG often say, override any liars or selfish Miners hopes. 👏

The year began with a lot of uncertainty. Only about 30 percent of miners were signaling for SegWit...
Bitcoin passed $1,000 for the first time since 2013, and there was a real sense that the bear market had turned the corner...

The New York Agreement at the end of May and the subsequent 3 months leading up to August 1st were a time of a lot of fear in the bitcoin community. Many, were concerned that bitcoin would die from brand confusion, split communities and decreased network effect. Many saw the inevitable divorce between the “big blockers” and “small blockers...

the NYA managed to lock in Segwit on the network through BIP91. The community was soon blindsided by Bitcoin Crash aka Trash, though, which announced its intentions to fork very soon after. August 1st would become the day that bitcoin would change forever.👍👍👏

Bitcoin is technologically anti-fragile because the developers have the ability to react and strengthen the network anytime vulnerabilities are found.

We also discovered this year that HODLers give the bitcoin network economic anti-fragility. HODLers will hold through the fear and uncertainty. There is no panic selling with this group. They’ve been through a three-year bear market. It’s not easy to shake their confidence in what bitcoin can do. The mainstream media can lie about bubbles, the technologists can lie us about how it can’t scale,. .

We. Holders. Don’t. Care. We believe in bitcoin.
😳 👍👍👏

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