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23895902 No.23895902 [Reply] [Original]

>CCP controls everything in China, including all electricity infrastructure
>China accounts for 2/3 of BTC global hashrate
>China's Great Firewall slows down the entire global network
>Chinese mining pools collaborate to mine empty blocks, thus pushing themselves up the queue for less empty blocks, gaining the same rewards as mining less empty blocks while not processing transactions
>BTC is semi-anonymous and decentralised, which CCP is ideologically opposed to, so why would they allow significant amounts of national resources to be committed to mining BTC?

Fellas is it all just a big scam? I've got more than a few sats and I'm not trying to fud, but I don't trust the CCP one bit. I mean, the CCP weaponised bots and shills on both MSM and social media to push the rest of the world into lockdowns, they were caught selling tens of billions of dollars of fake gold a few months ago, as well as faking GDP numbers. You can't trust the CCP on anything, so why are they allowing so much BTC mining to happen?
They could quite easily perform any number of attacks on BTC once they've made their money, from simple Finney attacks to Goldfinger attacks. It doesn't add up.

https://arxiv.org/pdf/1810.02466.pdf

>> No.23896179
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23896179

Uhh bros? can anyone confirm this?

>> No.23896215

>>23896179
Exact reason I no longer buy PoW, Chinese control the whole cock sucking blockchain.. If they outright ban it, network goes to shit and your transactions probably lock into a queue for months. Price will fire sale down to zero.

>> No.23896262
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23896262

>>23896179
Hold me bro, I don't wanna get wrecked by the chinks. I've seen a lot of fud come and go, but when it comes to the CCP there's nothing off the table.

>> No.23896331

>>23896262
relax, at worst you lose all your money

>> No.23896383

Any chance the Chinese are using bitcoin for nefarious purposes? and they also have a stake in seeing the network maintained?

>> No.23896414

>>23895902
Ah yes, the China Ban Bitcoin FUD, right on time as usual

>> No.23896445
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23896445

>>23896414
Gimme a reason to not believe it anon, I've gone through all the different fuds since 2018 but after reading that paper I'm on edge

>> No.23896715

Seems like they would rather control it than end it.

>> No.23896776

>>23896215
Pedo Joe won - they're going to use it to subvert the dollar get in while you can

>> No.23896777

>>23895902
I thought mining wasn't that centralized in china anymore. Yea some of the largest pools are in china but that doesn't mean the miners within the pool are in china.
>>23896715
Also this. They want to get ahead of the US and the rest of the world.

>> No.23896820

>>23895902
Because their currency is going down the shitter too.
Their elites and party members need a way to hedge too.
On top of that in Chinese fashion they’ve made an art out of producing fake gold bars and they’ve got a lot those floating around their country.

>> No.23897014

>>23896777
think about it anon, if you were the CCP how would you steal billions more dollars from the US without starting a war? You use naturally cheap electricity to control the BTC hashrate, then use your army of bots and shills on social media to pump up the value (just like they used their army of bots to shill other countries into hard lockdowns for the rona:
https://www.tabletmag.com/sections/news/articles/china-covid-lockdown-propaganda
https://threadreaderapp.com/thread/1270925788389486593.html ), let the crypto shills and genuine believers in decentralised currency jump in and start shilling to others, then normies and capital investors start getting in, and when the time is right you dump it like hot shit.
>>23896820
China is dumping USD like crazy and buying commodities like lumber, iron ore, copper, and food. A lot of the world is blind to this.

>> No.23897449

>>23895902
No, proof of work miners are from Taiwan not china, china just has lot's of excess hydro power tough.

>> No.23898541

>>23897014
nig do you even understand how foreign exchange reserve works?

>> No.23898572

China will destroy BTC once it has served it's purpose. It's a trojan horse.

>> No.23898583

>>23898541
please, point out the flaws in my thinking anon, I want BTC to succeed and I want to be talked out of this