Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
billyjoeallen
on 25/02/2016, 04:24:54 UTC
Quote from: Cconvert2G36 on February 25, 2016, 04:14:46 AM
Quote from: billyjoeallen on February 25, 2016, 03:59:13 AM
Quote from: marcus_of_augustus on February 25, 2016, 03:54:42 AM
Quote
I've said that all along. It's the people who could point guns at the miners any time they want. That's what censorship is

... and then what, they shoot the blockchain into pieces?! omg bitcoin doomed

Shut them down if they are stupid, but they aren't stupid. The Chinese have a higher average IQ than Europeans and Americans. They would do what the Chinese do: they would manipulate the currency. 51% attacks, double spends or merely threaten to do so.  

This is the part where we change the PoW… just like some are threatening to do if 75% of the blocks start voting for 2MB.

The important difference… it would be unanimous in the case of chinese govt takeover of mines, far from it with a simple upgrade to 2MB max blocks with miners using soft limits along their supply curve.

15000, and a big delete buffer  Cool

How long would that take? How soon could we agree on a different hashing algorithm? How long to write the code and update the nodes? How much hashpower would secure the new fork? Face it, the ChiComs could damage Bitcoin beyond repair, or at least destroy our firstmover advantage and crash the price to pennies.