Quote from: hugs1BTC on May 30, 2016, 08:19:20 AM

Quote from: talks_cheep on May 26, 2016, 06:00:05 PM

Some of the forum members are thinking this, but I believe I am the first to put it in writing on a public forum.

The Chinese Mining Cartel is real and is an existential threat to Bitcoin.

Who are the members of this cartel? They include all the major mining farms, mining gear manufactures and traders. Some of the members are vertically integrated, I e, they manufacture mining hardware, operate mining farms and actively engage in speculative trades.

What does the cartel have to do with the Bitcoin price?

TCMC wields an enormous amount of influence over the price. We know the members meet publicly, and I suspect they also meet privately. Bitcoin price is definitely one of the major topics they hold discussions on. I suspect they strategize how to maximize the profit,

Why is this bad for Bitcoin?

History is full of examples on what happens when leaders of an industry collude to corner the market and control the price. Only they will profit and everyone else loses.

Will history repeat itself? Are we too stupid or weak to let them? Have we forgotten the lessons of history?

China has cheap electricity and wages are lower, that's why most miners are there...am I wrong?

Missing the fact that they build the miners in China. This saves shipping , but the rest is right.