Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
billyjoeallen
on 21/01/2016, 21:13:39 UTC
Quote from: Sitarow on January 21, 2016, 08:57:22 PM
Quote from: billyjoeallen on January 21, 2016, 08:44:23 PM
Quote from: Sitarow on January 21, 2016, 08:25:34 PM


I think you may be trolling Smiley however for those that may be reading your reply then please indulge further.

#1 The "hashpower" is migratory and can move in less time than it takes for you to wire funds to your

The physical bitcoin mines cannot be moved easily.  The ChiComs can nationalize them, merge the pools and double spend until we fork away from them. Then they can point at the new fork and do it again. Only forking away from SHA256 can stop them.  You can imagine the damage that will do.

Physical bitcoin mines tend to shutdown due to obsolete hardware when new technology goes online. Most recently the new ASIC chips 0.06J/GH vs the best bitmain has to offer that was recently sold at 0.25J/GH or the older hardware of 0.55J/GH.

What I was making reference to is that people who point hardware at the pools can point them to other pools rather simply. Many have backup pools pre-programmed for any downtime the primary target pool has.

That doesn't matter. If the Chicoms want to shut us down now, they can.  It is completely irrelevant how much their electricity costs because they won't be mining for profit. They will be using stolen gear to double spend and they only need to do that for a short while to destroy the market's faith in our currency. As long as they have enough asics in China to create a megapool, they can double spend and keep double spending until we fork away from SHA256 or until 51% hashpower goes online outside of China.