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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
JayJuanGee
on 15/02/2016, 23:51:13 UTC
Quote from: billyjoeallen on February 15, 2016, 11:21:33 PM
Quote from: BlindMayorBitcorn on February 15, 2016, 10:09:58 PM
Quote from: billyjoeallen on February 15, 2016, 10:05:39 PM
Quote from: AlexGR on February 15, 2016, 09:23:27 PM

If users are going to be put off by, say, 10-20 cents in fees, then perhaps they can buy plenty of lube and go get fucked by the banks and the paypals instead. Having 1-2-3 cents in fees and complaining that it's the end of the world if we go upwards and that it's crippling adoption, when RL banking payments are charging the hell out of us (and they are being used everyday by billions of people) and we get fucked by them constantly, is somewhat hypocritic.

Besides the main selling point of BTC shouldn't be an addiction to near-zero cost txs (which we know that is not sustainable in the long run), but rather its decentralized nature and its advantages over central banks (as a token/currency) and commercial banks in terms of controlling your money, paying without trusted 3rd parties which could withhold or confiscate your money, the non reversibility of (confirmed) txs etc etc.

It's not 20 cents in fees. It's $8 and it's being subsidized by you and me, the buyers of BTC.

And it's not decentralized with 75% of the mining in China.  We are operating under the required consent of The People's Democratic Republic of China.



The centralization of mining power doesn't ipso facto mean the centralization of Bitcoin, does it? Do you think it does?

Yes, because the Chinese government could nationalize the mines and then double spend. The Red Chinese government has a long and storied history of nationalizing industries when it suits their purpose. 


BJA, in your attempt to spread FUD, you are taking your scenario too far.


Let's say hypothetically that the chinese took over the various bitcoin mining operations throughout the country.

What would they do next?  double spend, you say?  Don't be so fucking out there with your scenario.

First of all, it would be quite a monumental task to attempt to nationalize various bitcoin mining that is continuing to evolve, and maybe if they did it, they would have to make a coordinated effort to attempt to take them over at once, because since bitcoin is decentralized, the various miners may take various evasive actions before the chinese government could completely get control over the mining operations.

And, even if they were successful to take it over, there is no evidence that they would double spend.  That's ridiculous.

Maybe if the chinese government took over chinese mining, that would be very bullish for bitcoin... Huh?

 Cheesy Cheesy Cheesy


You are crazy, dude, with your speculation!!!