Quote from: BitThink on February 25, 2016, 04:50:15 AM

Quote from: billyjoeallen on February 25, 2016, 04:41:00 AM

Quote from: Cconvert2G36 on February 25, 2016, 04:34:58 AM

Quote from: billyjoeallen on February 25, 2016, 04:24:54 AM

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

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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 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.

It'd be a nightmare for sure, but not insurmountable I think. As gmax likes to say, the candidate code is ready. The chances of you seeing it are probably much higher than a hostile takeover by the PRC.

The probability of a hostile takeover by the PRC goes up as $/BTC goes up. So if we continue on our upward trajectory, the only question is what's gonna kill us first, the commies or fullblocalypse?

I feel in your imagination, China is a city and all miners are inside one room, and the government is a man with a gun who can shoot anyone he want at anytime.

No, China is a huge diverse nation under the political control of a single party government that has murdered more of it's own citizens than any other government in the history of civilization. What's not to love?