Re: Chinese miners rejecting transactions originating in the US
How would they determine where the transaction originates?
Maybe, by web wallets from which the transaction is coming? I guess a lot of bitcoiners are using the Coinbase web wallet (I use it too, for the record) which is the US company, so the Chinese miners may just start rejecting all transactions that are coming from this wallet. I also suspect that a few other notable web wallets (Xapo anyone?) are also primarily the US companies...
There may also be American exchanges and mixers which could be heavily hit by this
All Exchanges keep track of your Name / Email Address /IP Address , even if you use a fake name and email, using cross reference techniques your location can be determined by your IP alone.
All China has to do is get an approved list of BTC address from the Chinese Exchanges and just block the rest.
EASY.
Huh? That does not break Bitcoin. It would just mean that blocked transactions are processed not in China but somewhere else.
It would mean that China is disconnecting itself from the BTC network, not the "rest"
Correct me if I'm wrong but blacklisting only works if the blacklisters control (almost) every block and (almost) every node
I posted Numerous Links, look up 51% attack,
at no point would the over 51% miners disconnect their selves from the network , they stay connected , and block or approve your transactions based on their criteria alone. Even if you forked a new Block Chain , if you are still using ASICS, they can take that over too.
That is the Greatest Flaw of PoW coins.
