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In April a power outage in China caused Bitcoin hash rate to drop by 45% - https://news.bitcoin.com/bitcoin-hashrate-drops-xinjiang-blackouts-blamed-btc-price-s
by taywrobel 5y ago
In April a power outage in China caused Bitcoin hash rate to drop by 45% - https://news.bitcoin.com/bitcoin-hashrate-drops-xinjiang-blackouts-blamed-btc-price-slides/ https://news.bitcoin.com/bitcoin-hashrate-drops-xinjiang-bla...
In the idealized little crypto world no one person has control, sure, but we have one country with the majority of the raw compute power on the earth and a government that has no problem seizing control over that compute power when it suits them.
One of the many reasons I am bearish on crypto and have been since 2014.
- etaioinshrdlu 5y agoIt's definitely not perfect and potentially more fragile than it looks -- but when was the last time a 51% attack happened on Bitcoin? Clearly this shows there is real potential for networks outside anyone's control...
- cyberge99 5y agoAnd bitcoin powered through it all the same. The price dropped briefly, but recovered. That’s pretty resilient if you ask me.
- taywrobel 5y agoThe risk isn't the price drop, it's China deciding that it wants to own the bitcoin market one day, seizing control of the hashers, and then doing whatever they want with the network. For instance, refusing to process transactions from American IPs. Would love to see how BTC's price holds up to a state sponsored hijacking of the network using raw compute power.