4 ms·
As the supply goes down, so too does the price rise. They will become more expensive the more governments try to do this. This is like saying that "a governme
by _iao 9y ago
As the supply goes down, so too does the price rise. They will become more expensive the more governments try to do this. This is like saying that "a government can buy all the gold in the world to prevent this" .. inherently false and shallow statement ignoring the complexity of the issue
- foepys 9y agoAnd again a novelty account pops up and talks about how complex Bitcoin is and how Bitcoin is like gold despite both not sharing similarities. Bitcoin is not gold. It never was and never will be. The anarcho-capitalists who think that Bitcoin exists outside of government control and will be able to replace national currencies are wrong. China can at any point order the top miners to shut down their pools. Bitcoin is simply not relevant enough to be attacked by more than the local police that is underfunded for those endeavors anyways. Always remember this old XKCD: https://xkcd.com/538/ https://xkcd.com/538/
- sunshinerag 9y agoIf the Chinese miners are shutdown, the protocol allows for other global miners to replace them.
- andirk 9y agoThe difficulty is according to the amount of miners, right? So it's supposed to not matter if China shuts down their pools. And local police? Complete speculation, my friend.
- foepys 9y agoYou obviously don't know enough about Bitcoin to argue the way you did. If there is X hashing power and you need X/2 to control the network, then reducing X by 50% means that you only need X*0,5/2 to control the network. The difficulty is only adapted every 2010 blocks which equals around 2 weeks but if you suddenly cut the hashing power in half, this will take up to around 4 weeks and slow the network down immensely.