RT @urbanarson: Bring it on. When you fail, and you will fail, the network will be stronger than ever, China will be broke and trying to get people to use freshly printed worthless fiat. HODLers will be wealthy and buy Chinese assets for Satoshis.
Yep, decentralizable is not decentralized. All PoW systems tend to centralization because of pools; as soon as you get a small group of pool owners who make most of the blocks, effective decentralization is lost.
Thats an interesting concept.
Decentralization definitely clashes hard with the overwhelmingly centralized governance in China
Id argue more general purpose blockchains beyond SOV would be more harmful to China bc citizens can wholely bypass the State through a decentralized financial system (that really can only be built on a general purpose blockchain)
Academics from Princeton and Florida International Universities
More nonsense from clueless academics
Cryptocurrency miners have banded to such an extent that “over 80 percent of Bitcoin mining is performed by six mining pools,” with five of those managed directly by individuals or companies based in China
The primary threat to Bitcoin’s infrastructure is the “51-percent attack,” which consists of mining pools teaming up to control a majority of the hash rate (Bitcoin’s overall processing power), allowing them to directly influence much of what happens on the Bitcoin network
Not likely. The flaw in this argument is the "us and them" characterisation - the mining pools are in China, therefore they all have the same interests, therefore they will cooperate to destroy Bitcoin. Academic racism
“Because managers are responsible for assigning mining jobs and propagating completed blocks, they control the inputs and outputs of their miners, allowing Chinese authorities indirect control over that hash power”
The fallacy here is - because it happens in China, the Government can control it. More academic racism
Also technically false - completed blocks are propagated automatically when discovered by one of the pool's miners, not selectively by the pool manager. Yes, the program which propagates the new block is operated by the pool manager, but the pool has no means of choosing not to propagate a newly found block. There is no time for human intervention. Any delay will give the block reward to a competing pool
If the Chinese government assumed control of domestic hash power
Here it is again, stated explicitly
The blatant fallacy here is - mining pools control miners. There are hundreds of thousands of miners in the "Chinese" mining pools, and most of them are not in China. If there was authoritarian coercion of pool managers, the miners would most likely abandon those pools
Yes, the concentration of pool managers in China is a centralisation issue. Currently, the pools do not censor which transactions get included in a block, except that transaction fees influence choice of transactions, as they always have
Mining centralisation issues are mostly mitigated by the fact that miners are independent operators. If a pool becomes corruptly managed, the miners will choose a different pool
More, the proposed BetterHash mining protocol will allow individual miners to choose transactions themselves, removing censorship power from the pool manager. If any pool becomes corruptly managed or unduly influenced by external authority, miners can be expected to leave the centrally controlled pools and choose to mine in BetterHash pools
Id argue that Bitcoin is GREAT for the US Dollar at a time where superpower China would love to assert there brand of currency on the world. Very timely, Bitcoin coming along toward the end of market cycle and emergence of Chinas 1 belt 1 road looking to plug themselves into their own supply chains.
My tinfoil hat is that Bitcoin is a coordinated hedge against a potential binary geopolitics monetary system (which favors US). But BTC was never the end game, far from it.
The US is doomed based on demographics change alone. It will become a socialist extension of Mexico within 20 years. Young White Americans will flee as the antiwhite persecution ramps up. So China and Russia don't have to do much to win.
Well with the current leadership we are being set back socially, in my opinion. (but what do i really know whats going on behind the scenes. Maybe Trump is a US clandestine operative many years in the making to sort of \*assume\* all the dirty work that needs to be done to balance with the East)
But, I dont know if you live in the US, but we are very resilant and essentially good people with good ideals. I think this will eventually triumph. There is not many people in the US like Trump. Thats why many voted for him. Im sure most people are not as manipulative as Putin either. (only the whole im sure they are \*good\* people) I hope the same triumph for our friends in China and Russia. But there too the current leadership is setting all of us back, socially and geopolitically.
What do you mean "setting us back"? The US is a cultural trash heap. The music it produces is mumble rap. Its women are all shrill, demanding whores. Its men are children trapped in adult bodies, watching comic book movies and playing videogames, barely making $15 an hour. Fertility is below replacement level for the smartest people, and above replacement for the dumbest people.
The US is a sinking ship.
Look at China and Russia geographically. Are they totally surrounded by 2 oceans like the United States? Are they surrounded by allies like the United States?
I wish the people of China and Russia very well and over course all the people of the world. We should wish everyone prosperity esp Mexicans, S. Americans and young white Americans as well.
Being surrounded by an ocean doesn't matter. The southern border is porous, and legal immigration is massive. Over time the US will become a one-party state like China, with Democrats winning every election. That will cause the borders to open even wider, and socialist policies to ramp up even higher. And of course, the antiwhite, anti male culture will reach a fever pitch.
Mexicans already have their own country. White Americans will lose theirs. And they will flee. Likely to Russia and Eastern Europe. That will drive up the GDP and HDI of those nations while the US collapses into a cesspool of GloboHomoCorp.
I never thought I would see this opinion on this sub but you are 100% correct. This is the unfortunate destiny of the white man in America but also for all of Western Europe. If Hungary and Poland is taken over by the cultural marxists then Whites will be bred out of existence entirely. Eastern Europe is the last hope to preserve whites. The anti white male hate has infiltrated all of the west. This was all planned and is working brilliantly.
I think we'll see a sharp reaction over the next 10 years. White nationalism is only going to grow, and the Overton window on race and genetics is only going to shift in our direction as the science continues to prove us correct. So we'll win over a bunch of elites, both financial and intellectual. We will lose territory, but we aren't going to go extinct. And we will come out of this stronger than ever.
I really hope you are right, but I remain skeptical. Google and all of the tech companies are planning on continuing to censor "wrong-think". Did you hear about the recent leak from Google? I just read a breitbart article about a leak from Google on an internal memo stating that the American tradition of free speech on the internet can go on no longer. That it is Google's duty to censor for the good of mankind. I pray that decentralized tech will ultimately crush these tech oligarchs for good because if whites can't openly discuss nationalist ideas and race, then the overton window will not budge an inch from where we are now. That's a huge problem.
You can’t see the obvious. Demographics matter and non whites are overwhelmingly left wing and are buying into the anti white hatred being pushed. With whites being encouraged all over mass media and commercials to interbreed with non whites, it’s only a matter of time before whites are done here in America and Western Europe. The whites who get tribal will leave the USA and move to Eastern Europe. Then China will laugh as the USA collapses like Rome from internal conflicts. Trump getting elected will only delay the inevitable. White people in the West are encouraging their own demise. It’s really sad.
No. Truth is, China *could* inflict billions of dollars in damage to Chinese companies in order to cause a small amount of inconvenience to bitcoiners, but that's not a great strategy (or headline) for anyone.
Maybe, but the concentration of hashpower inside a nation such as China is rather concerning.
There is no limit to what the Chinese government can do to force pool operators to do their bidding. While attacking Bitcoin would hurt their economic prospects, doing so under threat of a death sentence on fake charges of “corruption” would be a pretty good motivator to say fuck all to one’s economic future since they will have no future at all if they don’t comply.
The authors may be professors but I suspect they are of the Professor Bitcorn variety. If the Chinese aggressively moved to shut down their bitcoin miners, the overall network difficulty level would fall commensurately, thus pricing in miners around the world who had earlier been priced out. The network would percolate right along and even be stronger than ever for the increased decentralization outside China. The gov't could require miners to pay full market price instead of the subsidized rate that encouraged mining there in the first place. But for an avowedly socialist/communist gov't, that would be anathema and open the door to a big problem -- paying full price would entitle miners to a degree of independence and indeed power. No way could that be tolerated. So to compel miners to do its bidding, the gov't would have to subsidize them! I wonder what the incentive would be for subsidized miners to keep upgrading their ASIC chips.