/biz/ - Business & Finance

> Chinese Government forces order 66 on Bitcoin through Bitmain.
> Starts their own Global Cryptocurrency, China backed.
> USA launches e-coin one day later

>>10012406
Who is our shizo boy tho? Sminem?

>>10012406
Jihan will do the same to Ethereum before PoS is ready.

This is literally gg for every PoW coin

>>10012380
>42%
>near 51%
>in a hashrate uptrend
thanks for the useless information

>>10012429
The article and pie chart tells you exactly the opposite, how can you claim this to be useless? Bitmain has 42% of BTC mining power, tendency increasing. Additionally, Bitmain has basically a monopoly on asic mining hardware. Bitmain almost controls bitcoin. I get that you are scared but don't call everything fud just because you don't like it.

APOLOGIZE

Roger Ver: secretary of Commerce goes on TV and speaks about how Xi Jinping hasn't complied with the UN on giving up ASICs of mass mining.

>jihad cucked into segwit
>95% of miners cucked out of segwit2x
>implying miners have unilateral power

>>10012437
>m-muh bitmain controls bitcoin
first of all, they objectively don't, don't try to spin this.
if they fuck with the network, they'll be left with a useless coin and not nearly enough volume to exit scam proper, after which their assets will be seized.
What you cashies should worry about is them redirecting power to BCH, where it'll be much easier for them to 51%.

>>10012460
please fork btc to POS

bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash bcash

>>10012472
>muh cashies

HAHAHAHAHAHAJHAHAHAHAHAHAHAH fucking kill yourself

>>10012380
FORK IT

Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

An under-reported story, Ripple’s CEO insisted, is how BTC is “owned by China.” He noted, “The smartest thing you’ve done is not have ‘bit’ or ‘coin’ in your name. I’ll tell you another story that is underreported, but worth paying attention to. Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin. How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”

lol

>>10012494
I'm in BCH just as much as in BTC, but your fud is gay, weak, and degrades the BCH "brand".

>>10012501
>>10012406

All as planned through the psyop.

>>10012501
China loves the idea of decentralised money and they will make it go mainstream. Would be fucking retarded not to put 50% of your porfolio into chink coins desu

>>10012501
in the 1930's nobody could imagine the dollar ever being world reserve currency, now look where we are 90 years later

>>10012420
Jiahn is as small as the canary, if he can sustain and demonstrate ongoing value he will be BTFO by bigger players. He does not own, develop or manufacture computing power on a global scale

>>10012517
>china likes decentralisation
>is a centralised dictatorship
I realise you have lost a lot during this bear market, but come on, this is too much

>>10012558
They hate their own money, and hate the current burger dollar standard, like a lot of shitholes internet money is at the least, an option

He has well over 51%, a bunch of other pools are just front groups for bitmain.

>>10012515

explain

>>10012485
>hell fell for the PoW alternative meme

>>10012571
It doesn't matter. The whales will slaughter Jihan if he tries anything stupid, and he knows it.

>>10012638
Jihan is a tentacle of the Chinese government. He's actually expendable, and he knows it.

All he needs to do is move the power towards BCH.

>>10012517
>>10012558
>>10012568
chinese businessmen are being held back by
1. their own government
2. tariffs that other countries/trade blocks impose on their goods
for chinese industrial royalty, the types that control cities and factories, decentralized trade would be an immense boost
for their government, holding usd is like a ticking time bomb because the usa might devalue at any time

>>10012380
Get the beans while it's cheap. This is the safe harbor, guys.

>>10012663
Chink government knows Bitcoin whales are more powerful than them, because they have Rothchild tier amounts of BTC. Chink government (and US government) is desperate manipulating the market trying to hoard as much BTC as possible since years ago to try to defeat the whales (after they understood trying to fork it is useless). They know Bitcoin will be world reserve currency in 10 years when governments default on unpayable debts.

>>10012472
they already got billion think they care? this is why poorfags are poor

>>10012501
>CEO of centralised Crypto currency explains why centralisation is bad.

>>10012439
sir, you can suck my fat cock

>10012577
It's always the jews

>>10012510
>got 1:1 from the fork and didn't sell bcash at $2,500
Aaaaahahahahahaha

Gmo's miner starts shipping in october and it's more efficient than an s9.
The japs got this.

>>10013165
Jihan is mining already with newer asics that will hit the market in the Fall... wtf is wrong with you?

>>10012380
If you haven't transferred all you coins to BCH you are a fucking idiot. That is all

>>10012493
You keep using that image. I do not think it conveys what you think it conveys.

>>10012380
You know how hard will it be for them to gain 10% of hashrate even if there will be no competition(we know that there will be competition btw) right?

>>10012856
>CEO of centralised Crypto currency
you are retarded

>>10013699
Bcashies are literal subhumans.

>>10014051
Right, because Ripple isn't even crypto

>>10014141
i will leave this here
>more decentralized than bitcoin

>>10014115
>tfw subhumans are gonna make it and not non-bcashies

>>10014141
Exactly, it's a company.

Haha corecucks on suicide watch!

>>10012744
hot beandubs

>>10012380
BitMain has already gotten more than 50% hashrate on SEVERAL different coins (although unprovable since they mined as an anonymous entity) including Monero for over a year in secrecy which is why Monero now has to do a mining algorithm change every 3 months.

Bitmain owns all of crypto right now, they have the power to literally make unlimited mining resources.

almost to finish that shit coin btc off for good

>>10012406
mfw mr robot was just a distraction for the real thing

>>10014825

>>10012380
It's time to move to Monero boys.

Why do chinks fucking ruin everything

>>10015046
exept for xrp wich will be the standard

Instead of dumping core for cash, he can transfer all the BTC to multiple exchanges, swap them at BCH/BTC, crash BTC price while increasing BCH price. This way, there won't be a market crash, instead, only BTC crashes while BCH goes inversely up, riding on the ratio change.

>>10012543
This is like saying Google is small because they don't manufacture their own hardware.

Kys retard.

What the fuck are you complaining?
Its open markets so compete like GMO does!

>>10015602
Bitmain is probably just a front for the chinese communist party, good luck outspending an entire country.

>>10014197
>le Anonymoose face.

>>10012380
at 51% they can just start printing BTC right? The system only has integrity if less than 51% are mining rather than hacking?

>>10016315
no they still can't print btc but they can double spend more easily if they want to.

>>10016369
and also of course they can effectively censor bitcoin transactions at that point and can arbitrarily increase the tx fees. you either pay up or you never make the blockchain because their chain will always be the longest.

>>10015744
Please explain why nation level adoption is problem?.
Its not an issue if whitepaper and NAP are honored.
Remember our end goal? Free the markets, free the world!

>>10016369
>>10016400
Seems to me like this is a pretty fucking important aspect of the system that has been glossed over until now.

Also, they don't have to get to 51% they just have to wait until other miners drop out, which I think increasingly occurs as the price of BTC decreases and mining becomes unprofitable.

At what $ per BTC do enough miners drop out to make them 51%.

>>10015744
Please explain why nation-level adoption would be problem?
Its not an issue if whitepaper and NAP are honored, otherwise we'll fork again.
Remember our end goal? Free the markets, free the world!

>>10012414
Sminem wouldn't kill younglings.

guys, don't worry, I'm sure pension funds and other institutional investments will go balls deep into a market/coin that is controlled and can be fucked be some virgin chink

>>10016461
doesn't really matter how they get 51%
and it has not been glossed over people have been talking about this the past 5 years.

>>10016559
well maybe the die-hards have been talking about it, but I couldn't count on one hand the people I know who bought BTC and know about this.

>>10016579
then they didn't read a single page about bitcoin before getting into it don't feel sorry for them!

centralization of mining in china and in a single actors hand is a big problem. it's not the end of the world necessarily but it takes a lot away from bitcoins intended fairness.

>>10016678
It doesn't just make it unfair. If we want mass adoption it means a completely unusable system. Imagine the damage a chain reorg of just 10 blocks could cause if we were all using bitcoin to buy our coffee, pay bills, etc.

"Now is not the time for fear mr Jihan, that comes later"

>>10016952
this doesn't make sense because bitmain already made a miner in the present day that is able to mine using future tech.... sort of like a remote computer. So present day bitcoins are being mined from the future and when the market finds out about this the price will crash and the future mining will be unprofitable.

>>10016952
well if they abuse the system someones will fork btc in a way that the pow algorithm would be asic resistant. that way jihan is out of business with his asic farms and again gpu farms will be the ones doing the work for a while. hard fork would be announced beforehand so that people what want to get rid of the chinks can consolidate their transactions and business as usual from then.

to kick asic miners off of bitcoin it would be enough to change the hash function really their hardware would become worthless overnight. it wouldn't stop them building up new capacity tho.

>>10013795
but it does and its funny you sound buttmad

>>10012380
Wow, I’m here because of my son. I wasn’t going to post because there are so many children here but you’ve inspired me. My son keeps screaming in his room “WRECKED, WRECKED”. I didn’t understand what he was so upset about, he told me he put all of his savings from his summer job (around $2,000) into a cryptocurrency called Request Network and wanted to kill himself, so I’ve been trying to do some research to help him get his money back and calm him down. We really need to do something to stop this crypto currency stuff as parents since it’s ruining our children’s lives.

>>10016988
does this remote computer involve a flux capacitor?

>>10016494
They will try and leverage their position to hurt crypto sooner or later, only question is if a pre-emptive hardfork is worthwhile.

>>10017066
ignore him anyone who could get any information from the future would take over the entire worlds finances in about 2 months top.

>>10012460
they have now, this trend is only gonna continue to increase as the price goes down and soon they'll pretty much decide what transactions go through or not.

While typing this out I realized Satoshi is a retard (he saw this coming but hoped it would work out or something), look at every trend in companies ever, in a capitalistic society, the good ones grow exponentially bigger and the average ones fail eventually, this is literally what will happen with bitcoin miners as bitmain grows stronger and once the next bull run comes, they'll probably be more powerful than pretty much every company on earth.

>>10012515
Wtf that pic looks identical. They do this on purpose don't they? They really get a kick outta fucking with your mind. Is this some next level mandella effect type shit. What is this world.

>>10012638
>The whales will slaughter Jihan
He is the whale though and the biggest one.

>>10017015
The problem with that is you're also screwing over all the honest miners with asics. It might not be that easy to have a clean fork where everyone agrees on a new algorithm.

>>10017015
>well if they abuse the system someones will fork btc in a way that the pow algorithm would be asic resistant. that way jihan is out of business with his asic farms and again gpu farms will be the ones doing the work for a while. hard fork would be announced beforehand so that people what want to get rid of the chinks can consolidate their transactions and business as usual from then.
That is why he is pushing bcash. He wants to kill BTC before they have a chance to fork a PoW change. If he succeeds no one will do a PoW change for bcash and he can turn it into an inflationary currency with endless block rewards.

>>10017147
>It might not be that easy to have a clean fork where everyone agrees on a new algorithm.
well not now no, but once anyone abuses 51% power trust me it will be a lot of outrage and people will scream for blood and they will be vengeful. so screwing over anyone with asic would be an acceptable sacrifice. doesn't mean about 20% wouldn't stay with btc as is now. i wouldn't expect a clean fork.

>>10017147
Why can't bitcoin do what Monero does? Everyone 6 months just fork

>>10017015
>muh deux ex machina
as soon as you have to resort to hypotheticals.. I have to stop listening

>>10017193
yeah sure if you don't like something just cover your ears and say "blablabla i can't hear anything you say!!" like a 5 year old! that makes it better sure.

I hope they crash lightning(BTC)

so should i all in bch? serious question

>>10012472
yeah but that's doing what the devs don't want, hardfork, because that's centralized apparently. if jihan does that and they fork bitcoin cash wins by default because
1) bcuck becomes bcash 2.0
2) jihan gets the coins on both chains
3) we get three bitcoins because some people wouldn't want the hardfork, again

that would be pretty funny, even if the market doesn't respond and make BCH #1, it will strengthen it

>>10017213
savvy investor talk right there. I will surely back any fund you start.

>>10017187
>Why can't bitcoin do what Monero does? Everyone 6 months just fork
They can but Jihan will dump BTC on markets in retaliation and try to flip everyone to bcash. Potentially he has 1 million or more BTC he can dump and bcash supporters have put all of crypto at risk by helping Jihan keep bcash alive.

>>10017187
You would still likely end up with asics mining secretly within 6 months. The massive drop in hashrate also makes it much cheaper to attack.

>>10015238
>mr robot
Kys commie plebbitor.

>>10017187
exactly asics developed -> change algo, asics developed again -> change algo again. but you have to understand something mining will still centralize in china without asics just not to that degree over time because they practically use free electricity freshly stolen from the plant to mine. if you want the western countries to to be able to compete you need an algo that actually requires less power and more standardized hardware to run. but since computer chips are all made in the east it's again a losing proposition. you can get memory cpus and gpus cheaper in china. they just fucking got the edge period as far as pow concerned. but at least malaysia and thailand and korea will also play that way.

>>10017220
>so should i all in bch? serious question
It's more likely he destroys all crypto markets than succeeds. If he didn't think that was a risk he would have done it already. He appears to be taking some measures to prepare, such as a bitmain IPO so he isn't all in on crypto if it goes wrong.

>>10017256
where did you get the idea i'm handing out investing advice you mongrel?

>>10017220
it will only overtake core if some devs pull out because of the fuckery, people follow people. but if you're a holder it's inevitable the day of the flippening will come and it's a good buy. Ethereum is also gaining traction, despite being a scam. If you're a long timer holder and already have some money and only need a 10x or something, this is what you do, wait till BCH is around $500 and go 50% ETH and 50% BCH, can't go wrong. I don't know if that's the bottom and I will trade but if you hold, and plan to buy now (soon) that's the best you can do

>>10017387
>ethereum scam
opinion discarded

>>10017387
i'm thinking in the next btc bull run, when the networks capacity with the 1mb blockchain will be severely stressed and transaction fees again go into the $50 or above territory, that's when people realize this bch thing is almost the same except it works. will it flip? not sure, but the price will close in. which means bch should be a bigger profit in the next bubble than btc. in theory...

>>10017288
Son, ever heard of the West Texas Oilfields? Give it a little time...

>you think china can produce cheap energy? tippity top

>>10012558
Correct

>>10012517
You're right for the wrong reasons. Chinese (and asians in general) are way more forward-thinking and adoptive towards new tech. Blockchain makes perfect sense for them. Govt still dislikes it a lot, not so much because of taxes (chinese govt is incredibly relaxed on this issue. They make most of the money off of the big players, there is very little tax on consumer goods and small businesses, and public services are great, is this the power of no jews?), but because they hate capital flight. They want all the profits from their massive exporting and from the now huge middle class to stay inside. While exporting manufactured goods is greatly encouraged, you dont even have permission to leave the country on tourism unless you're very rich (and thus spend a lot of money inside).

t. lived in china for a couple of years

>>10017430
cheap energy is nuclear and sometimes hydro plants what the fuck does oil have to do with it?

>>10017404
Not exactly a scam but you know what I mean. I will gladly buy ethereum, it would be my top hold if I was a holder, but: it had an ICO (which incentivize a ponzi like mentality), Vitalik will gladly hardfork is someone does something bad with it, he says it's "intrinsic" value is like $2, smart contracts won't work (so soon at least, but more likely never) since they need to evolve a lot and the world will hardly adapt, just like with every other crypto, and it's most popular use right now is ponzi games, scam ICOs and dapps which no one uses even though they're fully functional.
If that's not a scam I don't know what is

>>10017288
sounds like we need tarriffs on cheap chinese computer parts...
>>10017430
as far as im aware oil doesnt produce electricity.

>>10017455
>t. lived in china for a couple of years
would you ever trust a chink not to abuse his position/power for monetary gains?

i would never but i barely know any in person. just heard the stories of their general attitude. jews got nothing on the chinks apparently.

>>10017425
that's what I think will happen too, but not exactly because of the fees (since the narrative stuck a lot of people will just use other coins) but because more and more people will understand over time, whales can make a lot, and the alts swings are just higher. A combination of these factors can do it, but I think Ethereum will take the #1 first, bitcoin cash can only be #1 is a few trusted devs and people in the community switch, otherwise the whales can't pump it without be holding bags

Heh nice centralized shitcoin kid

I don`t think ETH will take the first for sure, practically it`s impossible if they don`t put more effort in developing another algorithm strategy....

>>10017425
Your theory is "wrong", because "people" don't have money, and the financial elite is in BTC, not in BCHina. They can afford the higher fees to move their capital across the planet in a decentralized manner. Fees literally don't matter for Bitcoin to reach the moon.

>>10017425
Your theory is wrong, because what you call "people" don't have any money, and the financial elite is in BTC, not in BCHina. They can afford the higher fees to move their capital across the planet in a decentralized manner. Fees literally don't matter for Bitcoin to reach the moon.

Crypto is a failed experiment. All crypto will die, you're all wrong about everything and XRP and Ripple Labs' solutions will run the entire financial world in around 5 years. Ripple Labs' work predates Bitcon's development. PoW is bullshit and always ends with some chinks having control over your shit. Mining is a bullshit scam.

Screencap this and look back at it in 2 years.

Good thing we have, unironically, 0xBTC to pick up the pieces once the warring kings destroy each other and ETH lifts the crown from their mangled bodies.

>>10017123
They don't ahve any info about the future. In the future, they have a program that allows them to mine bitcions in the past--- which is the present day to us.

Don't you remember those Timebro larps? The guy said he could send info back into the past. Bitmain is mining todays BTC with hardware from the 2030s. As difficulty rose, they had to find a way to keep BTC profitable, so mining past coins was the obvious answer.

>>10018351
this is why hal said that btc will end up being a settlement layer and thats it ?

>>10018351
>Bitcoin China
>BChina
>BCh

>>10019300
>and that's it
Why you aspies don't get that there's more value in that than on-chain transactions centralized in datacenters?

>>10012380
>le starts up company to mine bitcoin
>makes billions in bitcoin mining, holds le billions in bitcoin
>xD gets 51% of network hashrate, uses it to destroy le currency and rek self and render all ur assets worthless xD
PSA: We need fair and equal mining more than ever. UPBOAT TO INTRODUCE SOCIALISM TO BITCOIN!! EVERYONE NEEDS TO SEE THIS!! GIVE LE SIGNEL BOOST xD

you core cucks love to insinuate bch is a china coin when reality is your core coin is controlled 100% by chinese miners, try living in reality for once in your life.

>>10012515
Hahahahaha

>>10020323
>>implying that controlling BCH is not easier.
I'm not the core enthusiast but BCH is...well an altcoin that is shittier than BTC.

>>10012472
btimain already runs bch dumbass same reason they wont mess with btc they wont with btch, they make more money when it works
being able to perform 51% attack on btc would mean that you either have a shitton of money to spend or have the hardware and already make a shitton of money

>>10012406
> Chinese Government forces order 66 on Bitcoin through Bitmain.
The chinks don't decide who gets an order 66.

>>10012725
>usd is like a ticking time bomb because the usa might devalue at any time
>/biz/ - the post