181–190 of 278 posts
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The OP was not taking about the Chinese people, he was taking about China the Chinese government. It was very clear to me reading that, I'm not sure why you're all confused.
It is no better an assumption than assuming the OP is a man.
The linked Medium posts have a bit more content https://joekelly100.medium.com/how-to-kill-bitcoin-part-1-is... Note that this is from last July, when the price of BTC was significantly lower and thus the price of the attack is likely higher now. That said, this becomes more feasible in the long-run when mining is purely funded by transaction fees. Something I don’t see talked about much is the fact that, although Bi…
Hey, author here - I think you're absolutely right that there is a risk that demand for blockspace doens't generate sufficient block reward to provide useful security guarantees. If that is the case, it could cause the price of BTC to fall which could create a negative feedback loop. This would, at best, create an end of the 21m cap and at worst trigger a collapse of the game entirely.
Given we're currently floating around 10-15% fee-supported at the moment, I'd say most people are optimistic that we will succeed in moving Bitcoin into its final economic phase (i.e. in 10 years it will be 50% fees).
Personally, I still consider it a risk.
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> Note that China already controls ~65% of Bitcoin hash rate, so if they wanted to execute this right now, they probably could. When you say "China" do you mean like an actor that can make coordinated decisions? Or just a geographic region? I'm asking out of curiosity because yeah there's a lot of miners in China across many geographic regions but I never saw any evidence that they even talking to each other, even le…
I'd make a wild guess that when parent is talking about 'control', they mean that if a miner is located within China, the Chinese government has the ability to put a gun to that miners head and tell them what to do.
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> rather, it'll be because the U.S. has destroyed the dollar. There's value in cryptocurrency simply in it being an alternative that's readily available, so that civilization doesn't stop if the U.S. does end up miscalculating and hyperinflating the dollar. Even before Bitcoin, we had plenty of other alternative currencies that could have replaced the dollar. I’ve been reading headlines speculating about the dollar b…
US monetary dominance is up for grabs. This doesn't mean the US is necessarily supplanted as the world reserve currency, but it does mean lots of trade may dedollarize to some extent. My bet is there will be two major currency zones. Dollar/Euro in the West + Middle East + India, Renmimbi in the East + Australia + Africa. Given the explosion of debt to GDP in the west vs the east, I see no way the Renmimbi will not c…
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It is no better an assumption than assuming the OP is a man.
Again with the false equivalence. You're just doubling down on being wrong. I'm out of this conversation.
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I think I agree with you and think there's a parallel to other conventional currencies. Controlling the hash is similar to controlling a central bank - you've got the power to trash your currency, but that's coupled with you probably having the most to lose if you do so. You could maybe do something stupid short-term - Say you own a controlling amount of hash, but a fraction of the currency. You could seize the curre…
> More realistically, "Chinese Miners" aren't the government. I think that's largely the point, other comments are appealing that somehow the Chinese govt has a lot to lose by seizing control of bitcoin, but in reality they probably just have no reason to yet, it beggars belief that an authoritarian government would allow private citizens to control an important currency on their own soil. My own take is that they ar…
If country X had cheaper power than china, than the majority of mining would be in country X.
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Uh, no, other countries don’t have 65% of the hashing capacity. The USA could put a gun to miners heads, but it wouldn’t give them 51%, so there’s no point.
Uh-huh. The agencies of, let’s say, the US federal government, or the Kremlin, or similarly those of governments in the UK, France, Germany, all have no history of overseas intervention or onshore direct action to preserve economic interests. Got it.
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> so you execute a 51% attack that mass double-spends coins 51% attacks don't double-spend coins. It just means you get to control which blocks are accepted, it doesn't mean you can violate the rules.
Double-spending doesn't change the rules, it changes where coins get sent, so you can rip-off the original recipient.
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Casual racism? The Chinese government has 100% power to do whatever they want. If they want to kill you on an invented charge and send the bill for the bullets to your parents, they can do so (and have done so). Yes Western governments can use force to intervene with private companies and have done so in the past, but it's unusual for them to do that because people and companies have rights and they can contest the a…
The Chinese government is not China any more than the US government is America or the Kremlin is Russia. Having a go at authoritarian demagoguery and secret police is one thing, have at it. But doubling down on the casual false equivalence between a people, a country, a government, and a person, just reinforces the point. Oh, and when you find a free country, do let me know. I haven’t seen one yet. So far, from Austr…
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US monetary dominance is up for grabs. This doesn't mean the US is necessarily supplanted as the world reserve currency, but it does mean lots of trade may dedollarize to some extent. My bet is there will be two major currency zones. Dollar/Euro in the West + Middle East + India, Renmimbi in the East + Australia + Africa. Given the explosion of debt to GDP in the west vs the east, I see no way the Renmimbi will not c…
This is just silly, US military dominance is not anywhere close to up for grabs. They US might not have total dominance anywhere on earth anymore due to asymmetric weapons, but in a big fight the US is far and away the biggest dog still. It is not that it is not close, it is not even close to being close.
The idea that the US can use its military to reassert financial dominance in the modern age is silly especially after having exported near all manufacturing capacity to China.
US aircraft carriers are worthless in the pacific. They haven't accomplished anything significant in the South China Sea. Hell, even more aggressive annexations like that of Crimea were never blocked.
Modern warefare is no longer physicial. It's economic and online. If anything the information economy in the US and the West are more at risk from espionage, information manipulation and other attacks given the value of the intellectual assets are far greater and that China has a vice grip on communications. Additionally, our supply chain is incredibly dependent on the East. As local demand picks up and the region can afford to be less dependent on the US, they can afford to cut off supply chains with mild consequences compared to what the US would face.
Good luck with your guns.