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/biz/ - Business & Finance

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11350286 No.11350286 [Reply] [Original]

A new study shows China controls 74% of bitcoin. Does that sound decentralized to you?

>The paper establishes its thesis by proving the Bitcoin mining ecosystem has become “heavily centralized.” Cryptocurrency miners have banded to such an extent that “over 80 percent of Bitcoin mining is performed by six mining pools,” with five of those managed directly by individuals or companies based in China.

https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

>> No.11350294

Could we take a lesson from this that economic systems need constant redistribution mechanisms built in to resist the natural inclination towards the concentration of power?

>> No.11350298

74% of the newly created bitcoin, which is very little anyway.

>> No.11350304

>>11350298
If they can control mining they can start delaying/censoring transactions. It's more than just getting new coins

>> No.11350305

>>11350298
this

>> No.11350308

>>11350286
>Does that sound decentralized to you?
Yes actually, individuals owning a large share of a free market because they are more successful than their competitors is entirely fair. Thinking otherwise is socialist bullshit,

>> No.11350309
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11350309

>>11350286
What do you think of this hairline?

>> No.11350355

>>11350309
$589 eoy

>> No.11350425

>>11350286

/biz/ is retarded when it comes to what decentralisation actually is

>> No.11350441

>>11350304
When they start maliciously cripple the network, it will be obvious and people will start using some altcoin instead.

>> No.11350460

>>11350294
Mine Btc then, fag.
You talk like a fag.

>> No.11350488
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11350488

>>11350308

>> No.11350500

>>11350488
It ends in famine when we penalize people for being successful.

>> No.11350531

>>11350286
A new study shows that mammals control 100% of bitcoin. Does that sound decentralized to you?

>> No.11351243
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11351243

Crazy commie chink chonks doing dirty work by polluting their lands while providing kike free banking for rest of developed civilized world ?
Sounds good to me

>> No.11351274

>>11351243

>implying the companies which mine bitcoin dont belong to the chinese goverment
>implying the chinese government does not controll the crypto market

Kek...they will split your asshole

>> No.11351308

>>11351243
>t.chink
how does it feel to have the US soon nuke your ports for meddeling with the petro dollar

>> No.11351874

>>11350286
>thenextweb.com

>> No.11352803

a new study based on outdated data

>> No.11352821

>>11351243
>The EU and USA will not fight tooth and nail to ensure they can fuck over BTC at ever single opportunity.

>> No.11353051

>>11350441
>people will start using some altcoin instead
What? Who the fuck is using BTC? It is used for speculation right now, nothing else. The second use case is avoiding capital control from failed governments in Iran, Turkey, Venezuela etc.

>>11350298
The equation for the ratio is not (mined BTC) / (existing BTC) but (mined BTC) / (available BTC).

Example with all 17 million BTC:
657,000 / 17,000,000 = 3.8% * 75% = 2.85%

However, we need to deduct the BTC lost - assuming 5 million lost:
657,000 / 12,000,000 = 5.5% * 75% = 4.11%

Assuming this to continue for the next 2 years and not counting the BTC they already have, we speak of about 5-10% of all BTC to ever exist. Adding the ones they already have, it is likely to be already above 25%.
Much decentralized.
Such anti-government.

God, I swear... ancaps get more retarded day by day.