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
A majority of the large pools have a majority of their hashing power coming from Chinese sources, and a large amount of hashing power in general comes from China, presumably due to the cheap electricity, cheap storage and relative ease of accumulation of materials or labor from the local area.
Technically they
could reverse transactions if they accumulated all of their effort in a single pool, but that is unlikely.