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Your logic seemingly reduces to "Governments are too tyrannical to allow revolution against their tyrannical practices, therefore it's ridiculous to try."
by TheBlight 6y ago
Your logic seemingly reduces to "Governments are too tyrannical to allow revolution against their tyrannical practices, therefore it's ridiculous to try."
- foepys 6y agoChina is controlling over 50% of the mining power for Bitcoin. Giving away control over currency to Bitcoin equals giving China control over currency. A 51% attack to rewrite blocks with new transactions doesn't even need to happen. The miners just have to not include certain transactions to inflict massive economic damage. This is the case for all decentralized crypto currencies. If you don't know who's appending the chain and thus creating currency and/or including transactions, you cannot be sure it isn't your enemy.
- jcbrand 6y agoThis is FUD. There is competition between miners and even if some miners for whatever reason don't want to include certain transactions (and how would they even know which transactions they want to exclude?), other miners will, because there are transaction fees to be earned.
- foepys 6y agoChina is a one party communist state. When the party says that somebody has to do something in regards to national security, it gets done. Otherwise it's time for prison or death and somebody else does it anyways. That's has been China's MO since Mao. No mining incentive beats men with guns.
- jcbrand 5y agoEven if that was the case, miners from outside of China would include the transactions that the Chinese miners don't want to include.