Why would someone buy something which is controlled to a degree of 80% by Chinese miners? Whywould I, as an investor, invest hundreds, millions w/e in this?
I want to get into BTC but all the mining process is centralized and controlled by a single entity. This is not what real centralization looks like...
Please, explain maybe I am missing something.
You're 100% correct, OP. I suspect that institutions will be much more interested in DPoS coins like Ethereum and Tezos.
Ain't nobody got time for BTC when Bitmain can 51% attack it at any time. Would be way too risky to pour billions of dollars in at this point of time.
So what if it's controlled by chinese miners?
inb4 >muh chinese gubt has full control over them
The fact that it is not really decentralized as people claim it to be - this is the problem.
The network is under the control of China. This is worrisome at least for me, as an investor.
You want to sell me something which is not true...
Would you trust BTC if you had a billion dollars to invest with? The centralised mining is a huge problem
it's not controlled by the miners. UASF proved that the users are the ones in control.
With the hash rate usurped by China 51% attack is a viable option. IF this happens everyone would lose trust in the network. As of now, we're hoping that the chinese miners wouldn't act maliciously and that they have the economic incentive not to do so but from an investor stand point this is simply not good enough.
This is why big money will never enter this space imo. Right now it is all speculation and ponzi.
BCore always FUDs their own cult with "let's change the PoW" when in reality they aren't going to do in the foreseeable future, while the tx's on the magical LN aren't even going onchain! That all goes to show Blockstream's real endgame isn't to succeed.
OP here. Well it seems no one could convince me to invest. Time to go to bonds I guess...
>bonds are at their ATL profitability
kek
Most BTC holders are out of touch with reality, the chinese mining situation is a disaster. For less than the cost of most ICOs the network could be secured but bitcoiners are greedy and short sighted, they won't spent a cent on securing the network even if they have $100M+ USD worth of BTC.
because the chinese miners dont "control" it, they keep it up and running because it makes them money
if they dont keep it up, other people will
Op is confused. BCHina $BCH is chink coin. $BTC is real coin. Japs are mining it too.
Not yet, GMO doesn't even have their miners in production until late this year. People's constant denial about the situation isn't helping, as it stands right now bitmain can control around 70% to 80% of the hashpower if they turn on 100% of their miners and target the BTC chain.
>tl;dr: just sell already you stupid goy!
duly noted, Mordekai
>bitmain
>btc
pick one
no one is making anyone mine
>Bitmain can 51% attack it at any time
They can't, you drooling nigger. Bitmain owns Antpool and BTC.top, but the large chunk of contribution to those pools is done by small time miners. Seriously, just go back to Jow ForumsBitcoin where you can drink your kikestream overlords' piss.
And that's why I don't have any of my money in BCH since the fork happened. Imagine how easy it would be to do a 51% in that blockchain.
But they could attack BCH easily though.
Bitmain, BTC.top, Bitcoin.com, coingeek.com, all these miners are pro-BCH. They want the flippening to occur, it's in their best interest to defend the BCH blockchain and that is what is happening.
A 51% attack against BCH will be vigorously defended and would result in a lot of people placing more trust in BCH and buying more - as a result a 51% attempt is extremely unlikely.
>They want the flippening to occur
I think they already gave up on that. Which makes sense, because it's never going to happen.
because they are brainlet that understand neither cryptography nor currency and dissmiss every investment common sense as fud
Bitcoin is the best investment
>completely bTFO the banks
>10000% ROI
>Price 100% non manipulated
>Funds are safe
Only retards don't understand this.
>THE JOOS CONTROL ALL BANKS WE NEED OUR OWN FREE CURRENCY
>THE CHINK JOOS CONTROL ALL BITCOIN? PERFECTLY NORMAL.
Dream big user. You dreams is the only thing they can't reposses.
JUST LOOK AT THE GRAPH YOU RETARD
BITCOIN HAS ALREADY RECOVERED COMPLETELY FROM IT'S DIP
I BOUGHT IN AT 1 CENT. OF COURSE I'M NOT GOING TO PROVE IT TO YOU
>miners control Bitcoin
You understand now OP. Good. That's the first step. I'll leave a hint for what the solution to this problem is. You'll figure it out.
user, how come your statements are 100% true but the image you posted (of yourself i assume) is of a dribbling tard? Your smart user, you got this!
It's not antpool and BTC.top, it's antpool and BTC.com you stupid asshole and they currently control 43% of hashpower and this is the first time they've broken 40% in months
>UASF
All that did is cause a chainsplit which damaged the ecosystem for at least the next 3-5 years.
Pick both. Why don't people understand mining at all on this board?
You're a liar, SBI is mining BCH, not BTC!
UASF didn't do a chainsplit. Jihan forking bcash right before segwit is what caused the fork.
Segwit is necessary to fix maleability. And it also basically increased the amount of transactions that can be in each block.
It also helped us not get segwit2X later when users said no to 2x, which would have actually literally broken bitcoin.