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/biz/ - Business & Finance

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16351522 No.16351522 [Reply] [Original]

>Bitcoin is good because it's decentralized!
>60% of mining is done in China.

hmmmmm

>> No.16351535

by the same chinese company or distributed among several entities? you know china are 1.3 billions people.

big texas mining company and a russian one are going to start next year.

>> No.16351546

>>16351522
Are you saying that separate chinese people are the only ones allowed to mine bitcoin? And that their % can never go down because of a hidden monopoly, China will forever have the most hashes because citizens have taken over and CENTRALIZED bitcoin forever.

hmmmmmm seek books

>> No.16351561

>>16351535
>big texas mining company and a russian one are going to start next year
This is pretty much the thing now. Only big miners are profitable nowadays. With the price being weak and halving coming in soon, even some of the big miners will start to get forced out. There will be little geographical centralization, but the only miners left in the game are going to be well preplanned massive mining complexes like to ones you are describing.

>> No.16351582
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16351582

>>16351561
Bitcoin seems like something that isn't very competative to mine.

Like at the beginning of bitcoins life cycle everyone could mine bitcoins on basically anything. But now only a few hyper efficient firms can afford to mine corn.

It seems to me in the long run a few or perhaps just one company will have total dominance over bitcoin mining and bitcoin itself destroying bitcoins decentralization.

>> No.16351587
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16351587

If a few massive companies have total control over bitcoin mining how is that any different then something like Libra?

>> No.16351607
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16351607

>>16351522
You could shut down BTC with 3 court orders

>> No.16351634

>>16351582
>>16351587
Satoshi has already stated that this will be the future of Bitcoin, server farms. He said this way back in 2009 or some shit. Look through the conversations and forum posts.

>>16351607
>You could shut down BTC with 3 court orders

Miners aren’t BTC you dumb fuck. You cannot ‘shut down’ BTC. If the biggest miners suddenly went offline, difficulty would adjust and everyone would go back to mining on fucking laptops again. Learn the basics of the shit you’re trying to talk about.

>> No.16351672

>>16351634
U cant shut down biffcoin he says read 2009 forum durrr

>> No.16351690
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16351690

>>16351522
that means china can seize btc if they want to

>> No.16351744

>>16351582
you don't understand it.
NOBODY has an incentive to get the monopoly on bitcoin. the moment one entity could do whatever they want bitcoin would become worthless. miners are not interested in a worthless bitcoin.
that's the whole point of bitcoin, everyone involved in bitcoin wants it to succeed.