Eric Mu



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Sr. MemberActivity: 471Merit: 500 A Chinese miner's response to "Bitcoin is Dead" January 15, 2016, 03:33:50 PM

Last edit: January 16, 2016, 02:46:08 AM by eric@haobtc #1 HaoBTC will continue to increase hashrate, support Bitcoin and support block size increase.

By Wu Gang



The Bticoin blockchain is a proof-of-work blockchain. In the past, it has been one chain and in the future, will continue to stay one. However, the consensus mechanism means that those who own 51% of the hash rate of the entire network will determine the future of the chain.

Everyone is free to decide how much hash power they want to hold. Those who have greater faith in the technology express such faith by holding more. Thus it is a matter of faith how much hash rate one choose to own.

The reason that China own over 50% of the total hash rate is because that we have great faith in the prospects of the Bitcoin. This has motivated us to devote great amount of labor, money and other resources. The fact that we own over 50% hash rate is a natural consequence of the faith rather than seeking to dominate Bitcoin.

The Bitcoin supporters outside China are also free to increase as much hash rate they like. We are pleased to see them owning more. The proof-of-work mechanism has been proven to be the fairest among all alternatives, thus the current situation should be seen as a manifestation of faith.

The Chinese mining pools accounts for over half of the entire networks total hash rate, but the hash rate is not controlled by one entity, but many ones and in a distributed fashion. Every party has its own interest and agenda; most of them are well aware of the fact that the long-term prosperity of Bitcoin represents the greater interest.

We support block size increase. The most ideal would be that the increase will be realised via the Bitcoin-core. We will also support Bitcoin-classic, if it proves to be the most agreed-upon. As long as a proposal is reasonable and reliable, we will give it our support.



Source: By Wu GangThe Bticoin blockchain is a proof-of-work blockchain. In the past, it has been one chain and in the future, will continue to stay one. However, the consensus mechanism means that those who own 51% of the hash rate of the entire network will determine the future of the chain.Everyone is free to decide how much hash power they want to hold. Those who have greater faith in the technology express such faith by holding more. Thus it is a matter of faith how much hash rate one choose to own.The reason that China own over 50% of the total hash rate is because that we have great faith in the prospects of the Bitcoin. This has motivated us to devote great amount of labor, money and other resources. The fact that we own over 50% hash rate is a natural consequence of the faith rather than seeking to dominate Bitcoin.The Bitcoin supporters outside China are also free to increase as much hash rate they like. We are pleased to see them owning more. The proof-of-work mechanism has been proven to be the fairest among all alternatives, thus the current situation should be seen as a manifestation of faith.The Chinese mining pools accounts for over half of the entire networks total hash rate, but the hash rate is not controlled by one entity, but many ones and in a distributed fashion. Every party has its own interest and agenda; most of them are well aware of the fact that the long-term prosperity of Bitcoin represents the greater interest.We support block size increase. The most ideal would be that the increase will be realised via the Bitcoin-core. We will also support Bitcoin-classic, if it proves to be the most agreed-upon. As long as a proposal is reasonable and reliable, we will give it our support.Source: https://www.bikeji.com/t/3114#reply10

Amph



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LegendaryActivity: 2422Merit: 1008 Re: A Chinese miner's response to "Bitcoin is Dead" January 15, 2016, 03:49:50 PM #2 are those farms that own 60% combined, ever work together, i'm seeing a good competition, there, the same you can see between a USA farm and one chinese farm



so i don't think they can be considered 1 entity, thereby they are not centralized in my view, and none of them will ever harm the network since they have big profit, it would be utterly stupid

AliceWonderMiscreations



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Full MemberActivity: 182Merit: 100 Re: A Chinese miner's response to "Bitcoin is Dead" January 15, 2016, 03:56:56 PM #3 Hilary Clinton proposed a manhattan style project to break encryption. Obviously a stupid thing for her to say.



However that is why I as an american am glad there is a lot of mining going on in China.



I trust the current mining pools there far more than I trust what Hilary (likely our next president) would do if she decided the US government should do a manhattan style mining project in an attempt to control bitcoin.



In an ideal world to me, no single nation would have more than 30% of the mining capacity, but given the resources the US government has, I am glad China is already putting considerable resources into mining so that it is more difficult for our government to try and take over the blockchain. I hereby reserve the right to sometimes be wrong

thejaytiesto



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LegendaryActivity: 1358Merit: 1004 Re: A Chinese miner's response to "Bitcoin is Dead" January 15, 2016, 04:59:49 PM #7 Bitcoin blockchain size will remain at a reasonable level, in other words 1, no matter how much these guys cry about it, just let them cry and they will slowly go away. We have enough time to wait for Lightning Network now that segregated witness is coming as well. I can't believe people is still mentally masturbating about bigger blocks almost a month in 2016.

Erkallys



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LegendaryActivity: 1120Merit: 1000 Re: A Chinese miner's response to "Bitcoin is Dead" January 15, 2016, 05:39:18 PM #10 Quote from: eric@haobtc on January 15, 2016, 03:33:50 PM Everyone is free to decide how much hash power they want to hold. Those who have greater faith in the technology express such faith by holding more. Thus it is a matter of faith how much hash rate one choose to own.

The reason that China own over 50% of the total hash rate is because that we have great faith in the prospects of the Bitcoin. This has motivated us to devote great amount of labor, money and other resources. The fact that we own over 50% hash rate is a natural consequence of the faith rather than seeking to dominate Bitcoin.



No, how much you have depends mainly on the money you have and your electricity rate. In China, your electricity rate is dirt cheap and thus you can have a lot of miners and make a big profit from it. If such condition happened in other countries, your percentage of the total hashrate wouldn't be 50%. No, how much you have depends mainly on the money you have and your electricity rate. In China, your electricity rate is dirt cheap and thus you can have a lot of miners and make a big profit from it. If such condition happened in other countries, your percentage of the total hashrate wouldn't be 50%.

AliceWonderMiscreations



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Full MemberActivity: 182Merit: 100 Re: A Chinese miner's response to "Bitcoin is Dead" January 15, 2016, 06:31:35 PM #12 Quote from: Erkallys on January 15, 2016, 05:39:18 PM Quote from: eric@haobtc on January 15, 2016, 03:33:50 PM Everyone is free to decide how much hash power they want to hold. Those who have greater faith in the technology express such faith by holding more. Thus it is a matter of faith how much hash rate one choose to own.

The reason that China own over 50% of the total hash rate is because that we have great faith in the prospects of the Bitcoin. This has motivated us to devote great amount of labor, money and other resources. The fact that we own over 50% hash rate is a natural consequence of the faith rather than seeking to dominate Bitcoin.



No, how much you have depends mainly on the money you have and your electricity rate. In China, your electricity rate is dirt cheap and thus you can have a lot of miners and make a big profit from it. If such condition happened in other countries, your percentage of the total hashrate wouldn't be 50%.

No, how much you have depends mainly on the money you have and your electricity rate. In China, your electricity rate is dirt cheap and thus you can have a lot of miners and make a big profit from it. If such condition happened in other countries, your percentage of the total hashrate wouldn't be 50%.

I was thinking about that.



Here in the United States, energy isn't as cheap but I would support government incentives to PRIVATE mining companies just in the interest of helping keep some (say 15% to 20%) of the bitcoin hash power in the US.



Maybe for example in addition to normal business incentives, additional tax breaks could be given if you are a private company in the US that is able to sustain 0.5% of the bitcoin hash rate. Many of our utility companies for example may jump on board, they already have access to power at cost of production so use some of it to mine and get additional tax breaks in addition to block rewards.



Probably never happen though. Too much red tape with too many greedy politicians wanting a slice of the pie. I was thinking about that.Here in the United States, energy isn't as cheap but I would support government incentives to PRIVATE mining companies just in the interest of helping keep some (say 15% to 20%) of the bitcoin hash power in the US.Maybe for example in addition to normal business incentives, additional tax breaks could be given if you are a private company in the US that is able to sustain 0.5% of the bitcoin hash rate. Many of our utility companies for example may jump on board, they already have access to power at cost of production so use some of it to mine and get additional tax breaks in addition to block rewards.Probably never happen though. Too much red tape with too many greedy politicians wanting a slice of the pie. I hereby reserve the right to sometimes be wrong

ebliever



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LegendaryActivity: 1680Merit: 1022 Re: A Chinese miner's response to "Bitcoin is Dead" January 15, 2016, 07:14:50 PM #14 Quote from: AliceWonderMiscreations on January 15, 2016, 06:31:35 PM Quote from: Erkallys on January 15, 2016, 05:39:18 PM Quote from: eric@haobtc on January 15, 2016, 03:33:50 PM Everyone is free to decide how much hash power they want to hold. Those who have greater faith in the technology express such faith by holding more. Thus it is a matter of faith how much hash rate one choose to own.

The reason that China own over 50% of the total hash rate is because that we have great faith in the prospects of the Bitcoin. This has motivated us to devote great amount of labor, money and other resources. The fact that we own over 50% hash rate is a natural consequence of the faith rather than seeking to dominate Bitcoin.



No, how much you have depends mainly on the money you have and your electricity rate. In China, your electricity rate is dirt cheap and thus you can have a lot of miners and make a big profit from it. If such condition happened in other countries, your percentage of the total hashrate wouldn't be 50%.

No, how much you have depends mainly on the money you have and your electricity rate. In China, your electricity rate is dirt cheap and thus you can have a lot of miners and make a big profit from it. If such condition happened in other countries, your percentage of the total hashrate wouldn't be 50%.

I was thinking about that.



Here in the United States, energy isn't as cheap but I would support government incentives to PRIVATE mining companies just in the interest of helping keep some (say 15% to 20%) of the bitcoin hash power in the US.



Maybe for example in addition to normal business incentives, additional tax breaks could be given if you are a private company in the US that is able to sustain 0.5% of the bitcoin hash rate. Many of our utility companies for example may jump on board, they already have access to power at cost of production so use some of it to mine and get additional tax breaks in addition to block rewards.



Probably never happen though. Too much red tape with too many greedy politicians wanting a slice of the pie.

I was thinking about that.Here in the United States, energy isn't as cheap but I would support government incentives to PRIVATE mining companies just in the interest of helping keep some (say 15% to 20%) of the bitcoin hash power in the US.Maybe for example in addition to normal business incentives, additional tax breaks could be given if you are a private company in the US that is able to sustain 0.5% of the bitcoin hash rate. Many of our utility companies for example may jump on board, they already have access to power at cost of production so use some of it to mine and get additional tax breaks in addition to block rewards.Probably never happen though. Too much red tape with too many greedy politicians wanting a slice of the pie.

Please, no. 90-95% of federal spending is already such unconstitutional stuff as this. If you think it's so important, do it with your own money. It's this sort of mentality that has set up fiat currencies for a financial apocalypse in the first place, as governments spend on every "good idea" someone floats like a drunken sailor on shore leave. Please, no. 90-95% of federal spending is already such unconstitutional stuff as this. If you think it's so important, do it with your own money. It's this sort of mentality that has set up fiat currencies for a financial apocalypse in the first place, as governments spend on every "good idea" someone floats like a drunken sailor on shore leave. Luke 12:15-21



Ephesians 2:8-9

Biomech



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Anarchy is not chaos.







LegendaryActivity: 1372Merit: 1018Anarchy is not chaos. Re: A Chinese miner's response to "Bitcoin is Dead" January 15, 2016, 07:22:54 PM #15 Quote from: ebliever on January 15, 2016, 07:14:50 PM Quote from: AliceWonderMiscreations on January 15, 2016, 06:31:35 PM Quote from: Erkallys on January 15, 2016, 05:39:18 PM Quote from: eric@haobtc on January 15, 2016, 03:33:50 PM Everyone is free to decide how much hash power they want to hold. Those who have greater faith in the technology express such faith by holding more. Thus it is a matter of faith how much hash rate one choose to own.

The reason that China own over 50% of the total hash rate is because that we have great faith in the prospects of the Bitcoin. This has motivated us to devote great amount of labor, money and other resources. The fact that we own over 50% hash rate is a natural consequence of the faith rather than seeking to dominate Bitcoin.



No, how much you have depends mainly on the money you have and your electricity rate. In China, your electricity rate is dirt cheap and thus you can have a lot of miners and make a big profit from it. If such condition happened in other countries, your percentage of the total hashrate wouldn't be 50%.

No, how much you have depends mainly on the money you have and your electricity rate. In China, your electricity rate is dirt cheap and thus you can have a lot of miners and make a big profit from it. If such condition happened in other countries, your percentage of the total hashrate wouldn't be 50%.

I was thinking about that.



Here in the United States, energy isn't as cheap but I would support government incentives to PRIVATE mining companies just in the interest of helping keep some (say 15% to 20%) of the bitcoin hash power in the US.



Maybe for example in addition to normal business incentives, additional tax breaks could be given if you are a private company in the US that is able to sustain 0.5% of the bitcoin hash rate. Many of our utility companies for example may jump on board, they already have access to power at cost of production so use some of it to mine and get additional tax breaks in addition to block rewards.



Probably never happen though. Too much red tape with too many greedy politicians wanting a slice of the pie.

I was thinking about that.Here in the United States, energy isn't as cheap but I would support government incentives to PRIVATE mining companies just in the interest of helping keep some (say 15% to 20%) of the bitcoin hash power in the US.Maybe for example in addition to normal business incentives, additional tax breaks could be given if you are a private company in the US that is able to sustain 0.5% of the bitcoin hash rate. Many of our utility companies for example may jump on board, they already have access to power at cost of production so use some of it to mine and get additional tax breaks in addition to block rewards.Probably never happen though. Too much red tape with too many greedy politicians wanting a slice of the pie.

Please, no. 90-95% of federal spending is already such unconstitutional stuff as this. If you think it's so important, do it with your own money. It's this sort of mentality that has set up fiat currencies for a financial apocalypse in the first place, as governments spend on every "good idea" someone floats like a drunken sailor on shore leave.

Please, no. 90-95% of federal spending is already such unconstitutional stuff as this. If you think it's so important, do it with your own money. It's this sort of mentality that has set up fiat currencies for a financial apocalypse in the first place, as governments spend on every "good idea" someone floats like a drunken sailor on shore leave.

I actually see this as a good thing, as it will become unsustainable that much faster. The more the governments spend on boondoggles, the more they have to inflate the currency, the better Bitcoin and alts begin to look to the common man, and the faster the Imperial paradigm goes the way of the passenger pigeon. Central governments are probably the worst idea in human history. I'd say nuclear bombs, but without central governments, they wouldn't have come to be. I actually see this as a good thing, as it will become unsustainable that much faster. The more the governments spend on boondoggles, the more they have to inflate the currency, the better Bitcoin and alts begin to look to the common man, and the faster the Imperial paradigm goes the way of the passenger pigeon. Central governments are probably the worst idea in human history. I'd say nuclear bombs, but without central governments, they wouldn't have come to be. Equaliser! Bringing the Blockchain Home New exchange New exchange new exchange coming soon Looks like it could be a contender. Disclosure: This is an affiliate link. Costs you nothing, might make me something. Cypherfunks will rise Again! https://bitcointalk.org/index.php?topic=469407.0