Hi
So i've been told that - because the Chinese currently mine majority of ALL bitcoins that get mined, they have the ability to reverse transactions...
Being the avid supporter of BTC that I am, I obviously fought back claiming "BTC transactions cannot be reversed" etc.
So what's the deal, is this true?
Cheers
So, yes, the miners in China are essentially the largest in the network and they do control a majority of the hashing power, and they're likely going to stay in a position like that for a long time unless other countries have miners that start to go hard with investing in infrastructure and getting their act together to try and beat the Chinese monopoly.
Some transactions can be blocked with enough hashing power, or "reversed", but it is unlikely for something like that to happen, yet.