Bitcoin centralization

[Anonymous No.19034275]

Please explain to me why people keep raving over how Bitcoin is decentralized when China owns the vast majority of the mining power of the network?

[Anonymous No.19034283]

>>19034275
china doesn't own mining power
private companies do

[Anonymous No.19034296]

>>19034283
>chinese communist party
>private
choose one

[Anonymous No.19034313]

>>19034275
Because anyone can add a miner to the network, jackass. As control becomes more important, less energy-efficient miners can turn on.

[Anonymous No.19034315]

>>19034283
Yeah until the government requests control over the companies. What happens if and when the Chinese government wants to take control over the miners?

[Anonymous No.19034367]

>>19034313
I get that, but say the entity that wishes to control the network is a government that has a vast amount of computing resources to throw at the network or the means to take over the existing miners resources? How could the network protect itself from a 51% attack then?

[Anonymous No.19034381]

>>19034296
>chinese
>communist
china is turbo-capitalist, yeah they own some national companies, but how is that different from FED bailing out private corps?

[Anonymous No.19034397]

>>19034315
how is this different?
https://www.bbc.com/news/technology-51207744

[Anonymous No.19034426]

Peter Schiff is right, bitcoin is a SCAM

[Anonymous No.19034449]

>>19034397
Well it isn't, and that's that my whole point. I only took the Chinese government as an example, because currently most of the hashpower resides in China.

[Anonymous No.19034451]

>>19034315
>Apple, Google, Microsoft admit US law obliges companies to work with government, under conditions
ZERO DIFFERENCES, Z-E-R-O
https://www.zdnet.com/article/yes-the-fbi-and-cia-can-read-your-email-heres-how/

[Anonymous No.19034474]

>>19034367
pretty easy. when they have that much computing power its far better off for them to play by the rules and get rich

[Anonymous No.19034492]

>>19034275

It is different from the situation when a single russian fat fuck owns 2/3 of the supply.

[Anonymous No.19034521]

>>19034367
>US senate bills to approve billionaire budget spending for useless energy consumption operations and chinese mining equipment purchase to attack bitcoin network
r-right, approved instantly
just imagine a bill like that, it would kickstart a BTC resistance group stronger than ever
the more you attack BTC the more your make it stronger

[Anonymous No.19034626]

>>19034275
The chinks were the first ones to make ASIC miners solely to control BTC. First mover advantage cannot be overstated here. It's probably just a conspiratorial rumor, but some say the idea of ASICs did not come from our dimension/time. The chinks received 'help' in coming up with the idea to destroy and/or control BTC. Whoever controls BitCoin possess the nuclear arsenal of financial weaponry. However, worry not. Craig Wright knew the chicks were going to try and do this and we are close to reversing the shit-show that is BTC/China.

[Anonymous No.19034711]

Gold/silver will be good for when there is no electricity and society as we know it collapses. Thats at least a decade away, btc has room for at least another bullrun if not two until then. The second one you might not be able to cash out or nowhere to spend your money.

This may be the golden bullrun in the sense that you can live off it for several years and actually spend your profits under somewhat of a normalcy.

[Anonymous No.19035170]

>>19034275
quite op, your not supposed to say that.

[Anonymous No.19035176]

>>19034521
US has Quantum computers that can take over the bitcoin network in half a second.

XRP Ledger entire power consumption is 7 light bulbs.

[Anonymous No.19035200]

>>19034626
>but some say the idea of ASICs did not come from our dimension/time. The chinks received 'help' in coming up with the idea to destroy and/or control BT
do you have a sauce fren?

[Anonymous No.19035213]

>>19035200
asics have been around decades, you are talking about quantum computers.

[Anonymous No.19035216]

>>19034275
What is the largest crypto currency not largely controlled by the lying chinks?

[Anonymous No.19035223]

>>19034381
does the fed install their own people into the board of directors and do they have veto rights for major decisions?

[Anonymous No.19035224]

>>19035216
XRP is a US based company
ETH is a russian Crypto
BTC is a Chinese crypto

[Anonymous No.19035226]

>>19034275
btc is not deventralized unless you think 10 people controlling >50% of the hashpower is (((decentralized)))
>>19034283
>private companies do
and china or any govt can simply walk into a building and shut it down. good luck relocating wharehouses full of servers in the early hours of the morning.

[Anonymous No.19035231]

>>19034626
Durr, ASIC was the next logical step after FPGAs

[Anonymous No.19035236]

>>19035224
I thought XRP was Swiss?

[Anonymous No.19035240]

>>19035176
shut up faggot, current limit is 53 qubits and the difficulty to add a single one increase exponentially
having a machine with 256 qubits working in a reliable state it will be impossible for 50 years at least
XRP is a premined shitcoin, owned by a company and permanently dumped on retail brainlets using banks/VC/exchanges as middle men to avoid SEC regulations on securities

[Anonymous No.19035247]

>>19035236
its headquarters is in silicon valley.

[Anonymous No.19035253]

It´s becoming more and more centralized, therefor losing its last strenght. It was obvious from the beginning that this would happen. Every system trends towards centralization.

[Anonymous No.19035255]

>>19034313
irrelevant when 10 people control 50% of the hashpower. your 2000 - 50,000 mining farm adds nothing

[Anonymous No.19035263]

>>19035231
And one day, ASICS will replaced by another thing, which only big miners will be able to afford. In the end, only big centralized facilities will mine bitcoin

[Anonymous No.19035269]

>>19034426
based Jiren telling it straight

[Anonymous No.19035285]

>>19034521
no, people would panic sell, leading to a downwards spiral u moron

[Anonymous No.19035291]

>>19035176
>US has Quantum computers that can take over the bitcoin network in half a second.

[Anonymous No.19035294]

>>19035176
XRP Schizo

[Anonymous No.19035305]

>>19034626
> The idea of putting the mining code on specialized hardware is so radical and unique it may well have been given to us by aliens
The sad part is I don’t know if you are satirizing these idiots or if you are in fact a breathless bsv fool

[Anonymous No.19035308]

>>19035240
Bitcoin was premined 1 million bitcoins on release, it starts out decentralized and becomes centralized over time, it requires more power than the top 149 countries. Ironically back when bitcoin was just new people were calling it a scam and using the same talking points as bitcoin maxipads use against XRP.

https://www.congress.gov/bill/115th-congress/house-bill/6227


XRP is Older than Bitcoin by 30 years

[Anonymous No.19035311]

>>19035223
seems like the Chinese actually makes investments then. seems more capitalist then bailing out failing companys

[Anonymous No.19035316]

>>19035285
>dumb people would panic sell
yes
>leading to a downwards spiral
yes, and i will be there with a bag of cash waiting to buy cheap cones AS ALWAYS

[Anonymous No.19035320]

>>19035269
https://www.youtube.com/watch?v=Hp5kUmni5Dk

[Anonymous No.19035326]

>>19035176
Quantum computing is a spook and will never go beyond experimental stage.

>>19035263
Do you have an exact idea how this ASIC replacement would look like?

[Anonymous No.19035343]

>>19035326
>Quantum computing is a spook and will never go beyond experimental stage.
wrong fren, but implementing quantum resistant algos is trivial.

[Anonymous No.19035347]

>>19035326
quantum computers are already far more advanced than you can possibly imagine, the technology the public is allowed to see is years old. technology is slowly trickled down. the cellphone changed our entire world view and society in under a decade, imagine if they release a flood of technology that people aren't ready to use.

imagine if the nuclear bomb was around during the 1800's or 1910's.

[Anonymous No.19035348]

>>19035326
No, but it will be here one day. And the result will be further centralization.

"A new technology will supplant ASICs who themselves replaced FPGA boards. However, the pace of this type of innovation is nowhere fast enough to prevent miners from forming dominating positions for long period of times; and such innovation would benefit but a new (or the same) small clique of people who initially possess the new technology or eventually amass the capital to repeat the same pattern."

[Anonymous No.19035362]

>>19035347
give me the most recent best youtube for it

[Anonymous No.19035382]

>>19035348
ASICs are already fully custom chips and newer and more efficient version will be out in the future, but what non-sense "new technology" are you talking about?
Tech illiterate should just keep silent and avoid talking bullshits

[Anonymous No.19035385]

niggers, there's almost always a classical algorithm that is equivalent in complexity to a given quantum algorithm. study.

[Anonymous No.19035449]

>>19035316
and thats why the nework will never work and be successfull in the long term. Just one of the reasons

[Anonymous No.19035556]

>>19035308
>premined
SCHIZO
>XRP is Older than Bitcoin by 30 years
Retard
BTC is mentioned in the XRP whitepaper. Ripplepay isn't even blockchain retard

[Anonymous No.19035560]

>>19035449
of course it will work, there are only two possible equilibrium points, one it's zero, the other is > 0
guess which one it's impossible in practice...

[Anonymous No.19035570]

>>19035253
>>19035263
This does seem to be the direction we are heading.
But could it at least theoretically change course back to becoming more decentralized if the consensus algorithm was changed drastically and somehow the network was incentivized to become more decentralized and punished for becoming centralized?
I guess one issue is defining what "centralized" means and how is it measured in this context, but are there projects that are solving this issue of seemingly inevitable centralization of these networks?

[Anonymous No.19035698]

>>19035216
RSR is an american crypto project. In fact, it's purpose is to facilitate the hyperdollarization. It's medium term goals is to liberate the latin people from their shit fiat economies and get them under the umbrella of crypto dollar

[Anonymous No.19035755]

>>19035570
>are there projects that are solving this issue of seemingly inevitable centralization of these networks?
oh yes anon

[Anonymous No.19035802]

Miners don't "control" the protocol, they can't change the rules, the only thing they can do, is once they have >50% hashing rate is fork the chain to try to do some double spends.

But think about how this work. You'd essentially have a massive portion of the hash stop on the current chain as it mined the fork. It would be incredible obvious and costly scam that would be hard to even profit on.

If china controlled 51% of the network and started rolling back 6 block+ chains and pulling off double spend scams, the rest of the wold could just roll back / fork and ignore any chinese miners.

[Anonymous No.19035816]

>>19035802
>the rest of the wold could just roll back / fork and ignore any chinese miners.
Even if the majority of hashing power is concentrated there?

[Anonymous No.19035835]

>>19035556
>yes bitcoin was released first so its mentioned in its whitepaper, including ETH which stole from Ripples codius.

>premined
>SCHIZO
oh so you are a fucking retard that doesn't know that Bitcoin was premined by satoshi.
Also you are a fucking retard that doesn't understand that XRP was never premined it was created in its first existence since there is no mining in xrp.

https://patents.justia.com/assignee/david-schwartz-enterprises-inc

[Anonymous No.19035853]

>>19035835
>XRP was never premined
shame you you are a fuckin schizo, ripple told the DOJ it was w premine.

So did ripple commit fraud?

[Anonymous No.19035863]

China owns at least 50% of the bitcoin supply. the US is so late to the game now they are fuked if bitcoin takes off

[Anonymous No.19035866]

>>19035853
>Premine
Define premine you stupid fucking rat

[Anonymous No.19035884]

>>19035816

With and established coin like bitcoin its pretty obvious when 6+ old blocks are reorganized, and pretty obvious when half the network's hashrate vanishes at the same time. So it would be easy to just roll back, then there would be no profit for trying to pull something like that off.

[Anonymous No.19035893]

>>19035866
https://www.justice.gov/usao-ndca/file/765721/download

Page 6 number 3
fuckin schizo

[Anonymous No.19035999]

>>19035853
Bitcoin is so shit it's actually sent over the XRP ledger to get by its shitty 10 minute block limit.

Faster and cheaper.

>Imagine thinking a Model T is going to win against a rocket.

[Anonymous No.19036010]

>>19035893
You can't use the word schizo if you have no clue what the word is or you are talking about you stupid fucking rat.

get the fuck off the internet you are too stupid to breath.

[Anonymous No.19036015]

>>19035999
>Schizo has no rebuttal to facts
what a fuckin surpirse, just avoid reality.
SCHIZO

[Anonymous No.19036022]

>>19036010
See >>19036010

SCHIZO RETARD

[Anonymous No.19036027]

>>19035802
cope

[Anonymous No.19036032]

>>19035863
Seems like china would want bitcoin to take off then.
Bullish?

[Anonymous No.19036038]

>>19036010

[Anonymous No.19036040]

>>19036015
Kys faggot, You still didn't Define the word Premine. and if you actually read the fucking paper it tells you exactly what i told you fucking retard. There is no mining in XRP you stupid fucking brainless piece of shit! Show me how you can Mine xrp.

[Anonymous No.19036062]

>>19036040
>You still didn't Define the word Premine
retard, it's a fact of law that ripple premined. disagree if you want, schizo

[Anonymous No.19036081]

>>19036062
Shut the fuck up nigger, Define premine or fuck off! You keep dodging the question and attacking me personally instead of providing facts. Next time you open your stupid ass fucking onions mouth tell tyrone to shove a dick in your mouth

[Anonymous No.19036098]

>>19036081
>instead of providing facts
i provided a legal fuckin document you total fuckin schizo.
R E T A R D

[Anonymous No.19036106]

>>19036098
YOU DIDN'T DEFINE PREMINE YOU JUST LINKED TO A DOCUMENT THAT SAID WHAT I FUCKING TOLD YOU!

[Anonymous No.19036146]

>>19036106
I DON'T HAVE TO DEFINE IT, SMARTER PEOPLE THAT YOU ALREADY AGREED YOU FUCKIN SCHIZO

DO I LOOK LIKE A DICTIONARY YOU FUCKIN SCHIZO?

ALSO TAKE YOUR MEDS

[Anonymous No.19036197]

>>19036146
take your meds you fucking cuck, you keep repeating the same word over and over again.

Nigger next time you want to debate something learn what the fuck you are talking about.

Now you are deflecting and saying "SMART PEOPLE" fuck off already you fucking brainless turd. If you don't know what you are talking about then don't drag shit out. You don't know thats all you had to say.

[Anonymous No.19036216]

>>19036106
>>19036146
Writing in ALL CAPS is never a sign for good mental health.

[Anonymous No.19036227]

>>19035802
>Miners don't "control" the protocol, they can't change the rules, the only thing they can do, is once they have >50% hashing rate is fork the chain to try to do some double spends.
I guess that's not the main concern. These centralized miners (literally a handful of people control the pools, see pic) hold like 95% of the hashing power and while they can't change the rules directly, they can vote to change the rules in the direction they want. So if some powerful entity wanted to change the "rules" of bitcoin, all they need to do is get these few people in their back pocket, and they control the whole network.

[Anonymous No.19036242]

>>19036216
>>>reddit

[Anonymous No.19036268]

>>19034275
Because btc has the most bag holders. Eth is actually more decentralized. When a coin has that much of the spaces market cap people are going to shill for it hard. It's over half the mcap so you figure half the people own it. It is gonna get shilled hard despite sucking.

[Anonymous No.19036277]

>>19036197
>Denys facts
>claims not to be a schizo
What facts have you shown?
How can you argue against a legal document?
did you take your meds?
>>19036216
I LOVE fuckin with XRP tards. dumbest cunts on here

[Anonymous No.19036305]

>>19036277
>how can you argue against
DID you even read it? it literally states what i told the retard

[Anonymous No.19036329]

>>19035348

In less than 2 years no new asic miners will be developed its near max capacity

This is also dubbed the second halvening

[Anonymous No.19036362]

>>19036305
But you still deny that ripple premined, even though ripple has already agreed that they premined & signed a legally binding document.

Why argue with a legal agreement? schizo

& yes I've read it retarded schizo, don't know if you remember but i provided the link to your retarded schizo ass.

Please, please take your meds anon or seek help ASAP

[Anonymous No.19036374]

>>19035226
>and china or any govt can simply walk into a building and shut it down
The problem is not the govt shutting down the mining operation but the govt taking control of it...
Why has the average knowledge of blockchain fell to such low levels on biz?

[Anonymous No.19036381]

>>19035755
I’m all ears

[Anonymous No.19036587]

>>19036362
creation of all its coins at the beginning of its code is different from mining it retard.

"technically" its premined but its not actually a premine unlike bitcoin. satoshi premined blocks 1-15 and has around 1 million bitcoins.

[Anonymous No.19036642]

>>19036587
>"technically" its premined
good job schizo, you're coming back into reality.
sadly you are still arguing with reality though. It was a premine. ripple agreed, it just your dumb schizo ass that surprise surprise, doesn't like reality.

Again, please, please take your meds. Its the best way for you to get help

[Anonymous No.19036685]

>>19036642
If you understand what language is, Then you would understand what i am meaning you fucking retard. your 2nd grade understanding is laughable. Just Kys.

[Anonymous No.19036703]

>>19036685
>still does like facts or reality
take your meds

[Anonymous No.19036972]

>>19034381
>china is turbo-capitalist
>he thinks the real endgame of communism isn't a system like china
>he actually believes commies when they talk about caring for the workers of the world and being fair to everyone

imagine being this young and naive and thinking your opinion on anything is relevant

[Anonymous No.19037708]

>>19034381
(((They))) don’t control crypto but it’s actually the chinks

[Anonymous No.19038097]

>>19035308
>Bitcoin was premined 1 million bitcoins on release

This isn't true. Satoshi made sure everyone was on the same page for mining.

[Anonymous No.19038584]

>>19036972
>he actually believes anyone in this fucking neoliberal world cares for the workers
are you living on mars?

[Anonymous No.19039766]

>>19034426
Peter Bitcoin is right, Schiff is a SCAM

[Anonymous No.19040382]

>>19034283