Quote from: hobbymd on June 06, 2015, 03:34:05 PM

Quote from: QuestionAuthority on June 06, 2015, 02:29:21 PM

Quote from: hobbymd on June 06, 2015, 02:03:25 PM

Quote from: CIYAM on June 06, 2015, 01:02:02 PM

Quote from: favdesu on June 06, 2015, 12:59:21 PM

It doesn't matter if the china exchanges are against it or some other entitiy. it's all about nodes. if the people follow the fork, chinese exchanges have to follow.

What you don't get is that the major Chinese exchanges are very tightly tied to major Chinese mining operations and those nodes *matter* (as the majority or at least close to it of all Bitcoin hashpower is in China).

but but but majority of Chinese exchanges have fake volume, with organized pump and dump Grin

. It's beyond me to understand how people can trust any of these " major" Grin

Chinese exchanges . All it takes for them to crumble/disappear overnight with your bitcoin is a little bit of government crack down........ aaaaannnnnnnd its gone Roll Eyes

then you would see people start crying and complaining about their stolen coins Cheesy

IMO all these " major" Chinese exchanges are operating in grey area of law in China hence very susceptible to shutdown at any moment law changes or a ban comes to effect

As for Chinese mega-farms miner, they're simply greedy and are init to purely profit from it by dumping their mined coins every day. All they're are after is fiat money, they don't really give a fuck about bitcoin since it has ZERO utility in China.

Plus majority of mega-farm are located in very remote locations so obviously getting a proper internet connection would really hurt their profit margin hence if they could have their way, they would never want to upgrade at all. It's like asking a kid to give up it's candy voluntarily Grin

You're right. All mega farm owners are in it just for the fiat. That's not just a Chinese thing. In the Middle Ages alchemy was a study where people tried to convert base metals into gold. They wanted to figure out how to make money out of nothing. For farm operators, Bitcoin is modern day alchemy that actually works. They can take a bunch of electronic parts and manufacture money. I'm sure none of them said, "hey, I want the world to be a better place. I'm going to spend millions of dollars to mine Bitcoin to empower the people then donate all the mined Bitcoins to African relief, save the whales and feed the children." Mining farms are about profit. Profit doesn't come from holding Bitcoins. It happens when you sell them for fiat.

If the Chinese think about it long enough, they might decide to separate their Bitcoin from the rest of the world and mine their own version. They have most of the economy right now anyway and could increase their profit by excluding all of the other miners around the world. The Bitcoin hashrate would immediately drop by +50%.

that's equal to shooting yourself in the foot. Lets say hypothetical they go for it, what they gonna use the Chinese version of bitcoin for (they already had QQ coin)? passing hot potato from one hand to another Roll Eyes

do more speculation?!?! while the rest of the world uses the real bitcoin Grin

with better features and increased transaction per seconds.

As is stand today, bitcoin has no utility in China, expect for dumping and taking profit ( there is no real economy at all, it's all speculative) if they cut themselves from the rest of the world , then they have severely limited their market . Heck there might not be enough buyers alone in China to absorb the dumping from mega-farms Grin

hence price sinks and subsequently the mega-farms need to close down if they can't meet their operation cost. It would be their demise .

Also it might be better for the Blockchain as a whole since having majority of hashing power centralized in China is not a good thing at all. What if tomorrow their government starts to crack down on mega-farms? i think that would actually be good for bitcoin since it would result in spread of hashrate and take out their majority.

I'm thinking more along the lines of blocksize increase and their limited internet capability. We've been discussing Chinese farms fighting the increase. If the increase happened anyway they will be forced to take some kind of action. I do agree that it would be good for Bitcoin if they were out of the picture.