For example, submissions like "Buying BTC" next "Selling my bitcoin for bitcoins" disorder not belong here. But yeah, I next think that's likely -- more likely they intend to squeeze the miners along with adjustment exchanges to allow China to continue difficulty profit from crypto while stemming the flow of bitcoin assets out difficulty the country. I think Adjustment is alone with his scam attempt. Don't you get it? Guess that leaves hiding in someone's trunk or hiding in cargo. Even further centralisation of mining pools poses a very disorder threat.
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Bitcoin subscribe unsubscribe , readers 11, users here now Bitcoin is the currency of the Internet: I do not advise AD being set too high, because in the third stage miners should simultaneously begin working on the chain with bigger blocks. Cause if you're talking about selling you free coin from august 1st, then why didn't you sell a really long time ago? Bitcoin Cash is Bitcoin. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. The second stage is the preparation phase, which should last for two difficulty adjustment periods, giving the community time to upgrade their software to be in consensus with the impending hard fork.
And the hashrate tanked during the bcash hardfork, we survived Yeah its nothing to be worried about at the point. Or am I wrong next You disorder also use Bitcoin Core as a very secure Bitcoin wallet. If the hashrate is split somewhat evenly between difficulty clients, then Bitcoin faces the danger of splitting into two different coins. Or they are trying bitcoin prop adjustment asicboost, yup that's a good way to ignore any opposition.
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And after the target is adjusted they just connect those nodes back, but they only produce blocks containing a single coinbase tx. After blocks, they disconnect again, another blocks, they connect back, not processing any real tx, and blocks later they disconnect again, repeat.
Problem will be less acute but more spread out in time if it occurs in the middle of a readjustment period. I'm a miner in China, and China is not saying anything about banning miners This is more FUD. The article says since the exchanges or banned, how will miners pay for the costs to mine. Well simply by buying the hardware with coins form Bitmain or what ever supplier.
Chinese still can trade OTC It will mean basically that mining will become more profitable as hashrates are needed, the amounts of bitcoins generated per day will be less thus the price will go up. So although we might recover in weeks people are delusional is they think this won't hurt bitcoin and affect the price. It'll take more than double the time a normal retarget takes so as I said we might recover but it'll hurt the network badly for a month at least.
People love the intrigue, plus if you are trading you want to be ahead of the curve, or the candle stick, I should say. If i wake up tomorrow and bitcoin is down to i will just laugh and enjoy my sip of coffee, see the news what happened ico ban? Realistically imagine Janet Yellen saying, "Bitcoin is making our policies, interest adjustments, etc. People are acting like bitcoins are all new.. Its the next best thing, its gonna happen, nobody can stop it. I agree and hopefully you are right. I just can't see them letting price get too high.
But then again they are very distracted and have bigger issues on their hand like the balance sheet and interest rates.
So perhaps the beaurachacy of government will be too slow to react. Call me crazy, i wont even sell it it gets 15k now. No, if China bans mining, the Chinese miners will move their operation right across the border into Mongolia.
It's speculative at the moment more news is emerging about mining is the next step but we won't know until we get a confirmation. While seemingly a blessing, the expression is always used ironically, with the clear implication that 'uninteresting times', of peace and tranquillity, are more life-enhancing than interesting ones, which from historical perspective usually include disorder and conflict.
Despite being so common in English as to be known as the "Chinese curse", the saying is apocryphal, and no actual Chinese source has ever been produced. The most likely connection to Chinese culture may be deduced from analysis of the lateth century speeches of Joseph Chamberlain, probably erroneously transmitted and revised through his son Austen Chamberlain.
If we suddenly lose all Chinese miners we would get perhaps up to 20 minutes per block for a couple of weeks. But more people would start up old miners that are suddenly useful again and it's very likely that the Chinese mining hardware would leave the country either legally or not and be set up in neighboring countries. This works out to exactly 2 weeks if a block is found every 10 minutes, which is what the target is.
I would imagine we could survive. Transactions might have a higher fee for a couple weeks, but aren't we running way under block capacity at the moment? No, difficulty adjusts every blocks, usually 2 weeks with 10 minutes of average blocktime. Because the lost hashrate will slow block production rate, it will take more time for difficulty to adjust.
It would take 20 minutes for average block to come out, and adjustment would take 4 weeks. Hashrate was supposed to adjust in a week more blocks, 1 week but because blocks are produced slower, it would take 2 weeks to adjust.
I thought the difficulty was adjusted with the average block rate over the previous period. So if every Chinese miner would drop just a day before the difficulty change the new difficulty would just be slightly lower? Or am I wrong here? Yeah its nothing to be worried about at the point. Except there is nothing stopping someone from creating their own ICO.
I don't see any dips on the chart. Which I find amazing, as it implies that the previous wave let everyone get the panic out of their system. I dont really think this should have any impact on the price. If anything, it should increase the price as BTC becomes more scare for a few weeks, then just back to equilibrium. Do you mean China would sell the rigs? If they get confiscated, I don't think that would happen. Usually when they confiscate stuff here in China, they put it in storage.
I'm wondering what will happen when all of China's neighbors even N. So who is really shocked here? China is a communist dictatorship with mimicry capitalism. Next they will confiscate their wealth, and that can be extended on any business, not only Bitcoin businesses. Any Chinese entrepreneur should be worried and leave the country as quickly as possible.
Establishment has been positioning on this since the beginning. Shame, i was counting on being able to cashout on segwtwit2x coins! Guess the fork won't happen: How can someone not based in Beijing in first place "not leave" Beijing. It's not like most business wasn't based in Shanghai. Also how do they enforce people not leaving a landlocked city?
In accordance with regulatory requirements, trading platform shareholders [ Since when are shareholders of a private limited company liable of anything at all? And why would they be in Beijing to start with?
They jail business people all the time in China. It's dramatically different than the West. Commercial enterprises basically operate at the grace of the government, which they can revoke at any time. I don't think you understand how communism works, at all. If they say you don't leave, then you don't fucking leave.
Or if you do try to leave it'll be with multiple bullet wounds in the back They have secret police, they know where your family is, where your money is, they own everything. People have been trying to leave your decades with very little luck. It's not quite like how the movies in the 80s represented communism. And the government generally prefers to use restrictions rather than bullets.
People have been leaving with loads of cash for decades now. That's exactly the capital flight the government doesn't like, but hasn't been able to stop.
There are a lot of restrictions that make it a again and difficult to get cash out. But for the truly determined, there are loopholes and workarounds that they use. Like banning Facebook here, they have tolerated the small number of people who have found their way around it, but don't want the majority using it. So far, Bitcoin and other crypto make up a tiny portion of that capital flight that is undesirable but tolerated to a degree.
The amount wasn't enough to bother the government, but it was super easy and fast and at the rate bitcoin was increasing in value, in a few years people wishing to take millions out of the country could potentially have done it in 20 minutes with a handful of coins.
That's a big threat. Plus with the rapid growth of the economy in the past few decades, people truly believe they can get rich quick because they have done it or they have been seeing it all around them all day every day.
So when there's an ICO and a huckster making ridiculous promises, a lot of people buy into it. I'm not saying your sentiment is wrong, but the idea of China running an extremely oppressive police state is a bit exaggerated. I know it seems like a long time ago and I'm not saying you're wrong.. It isn't as bad as it once was but point in trying to make is that it isn't that big of a stretch for them to hold someone against their will.
If one person can break the rules without consequence, then China would start to have a billion other rule breakers on their hands. Originally he said he didn't understand how China could keep someone from leaving a land locked city, I was just trying to make the point that with a few threats and some weapons it's not very difficult at all and certainly not beyond the realm of possibility. If a communist government says you shouldn't leave, it may be a good time to undertake a desperate attempt to GTFO immediately as the situation may soon become much worse.
Yes, that means losing all your wealth unless you have most of it in Bitcoin that you can trivially take with you. Yes, that means there is a decent chance you will be caught and executed or worse. I agree with you totally but in this case I think they already have those persons of interest under a 'soft' lock down.
I think the commenter above just dismissed the seriousness of the situation regarding communist regimes when they tell someone specifically you're not allowed to leave.
ID is mandatory when purchasing tickets on most forms of long-distance transport now. Ostensibly to prevent scalping, but obviously it can come into play here too. Major highways heading out of town are tolled, and toll booth staff are likely informed to look for certain license plate numbers. Even walking or bicycling out may not be an option due to omnipresent surveillance cameras and facial recognition. Guess that leaves hiding in someone's trunk or hiding in cargo. Technically, China can't ban bitcoin traffic, we have our own sync network.
But if China gov say mining is illegal, we are fucked. Well guess what Chicoms, the genie's out of the damn bottle and it's getting stronger day by day. Every day that Bitcoin doesn't die it hardens and grows more networking tendrils and robustness. There is likely legitimate concern that the exchanges will be insolvent in a couple weeks. This is for exchange executives, not miners. Everyone relax, Jihan is safe.
I know everyone would hate to see Jihan arrested by the Chinese government and put in a cell until BCH loses it's hashpower. But that's not happening. Did the article seriously try to imply that miners might move to Iceland because it's a "cold area"? Orrr maybe it's because most of their energy comes from renewable sources and is pretty cheap This can probably couse the increase of interest to bitcoins. As we now China has the biggest population, so everything begins here.
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That seems rather far fetched if you ask me. You could replace " Is China " with any country. Also, you have to agree on a PoW which is easier said than done.
How much is the security deposit? That would mean they are utterly incompetent. China's government doesn't want to mine bitcoin for a few peanuts here and there.
If its to make money If its to try and put an end to Bitcoin in China I'm about to dump this account and use a new one under a different name. Though I don't really see a point in doing so. Truth be told I do feel kind of sorry for them. And the hashrate tanked during the bcash hardfork, we survived If mining pools do not use the proper configuration, they open themselves up to the risk of a big block attack or a premature hard fork, both of which are very dangerous.
With more and more mining pools taking an interest in Bitcoin Unlimited, I recommend that they follow the following steps in order to implement the hard fork. The entire hard fork process should be broken down into three stages. The first stage is the miner signalling period. The second stage is the preparation phase, which should last for two difficulty adjustment periods, giving the community time to upgrade their software to be in consensus with the impending hard fork.
The third stage is the implementation stage, in which the hard fork actually occurs. If during this stage BU has minority hashrate and does not have the proper configuration, it may cause Bitcoin Unlimited miners to suffer significant damages.
If the hashrate is split somewhat evenly between two clients, then Bitcoin faces the danger of splitting into two different coins.
Improper configuration during the second stage may bring about a premature hard fork, causing confusion and disorder. This change is done by adding the following two lines into the Bitcoin config file:. This should be sufficient to proceed safely. I do not advise AD being set too high, because in the third stage miners should simultaneously begin working on the chain with bigger blocks.
AD6 ensures that even if a mining pool does not change their configuration in time, that they will still begin mining on the longer chain at the proper time and minimize potential losses. Mining pools must also set their block version and signal the maximum block size they will produce.