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6

Here is Blockchain.info's chart showing the current estimated distribution of the bitcoin network's hashrate. Keep in mind: some pools are composed of many individual miners, so in the event of an attack, those individuals may simply redirect their hashpower to a different pool that is not involved in the attack. In general, controlling the hashrate is not ...


4

The Chinese are intense savers and frugal. Their interest in Bitcoin will involve relatively small price corrections. Do you want to say the will be resistent to price drops (in the bubbles for example)? Yes. Bubbles will still happen, but the correction would be less severe because Chinese investors tend to buy-and-hold through the ups and ...


4

The stakeholders of bitcoin don't want miners to do that. If miners do that, the stakeholders (the people who are paying for the miners to mine) would change the rules. For example, they'd change the mining algorithm. That would turn the miners expensive ASICs into space heaters (a little faster). Don't miners have way to much power in the current system? ...


4

Yes, data has shown, that GFW has effects on packet propagation, but not much. The major cause of delay is distance. As you can see here, the median propagation time is comparable for various locations.Complete details can be seen here. Interestingly, this issue highlights that more than the effect of GFW, it is the effect of large blocks propagation delay &...


2

All you need to do is find someone to sell the amount you are looking for of bitcoins. After the bitcoins get to your address, you can spend them the way you like, anywhere in the globe (as long as you have internet access). So, if you wanna send them to someone abroad, all you need is get the bitcoin address of this person and transfer the amount you choose....


2

Simple question really, considering theres a very small group of miners controlling the chain ATM. Miners are distributed around the world, many of them may join the same mining pool to even out the variance in payouts though. Do not confuse the number of mining pools for the number of miners. Really, it is not possible to know the number of distinct mining ...


2

What you are describing is a majority attack which a miner own more than 51% of the hashing power, it has happened once in 2014 but the miner then decided to lower its power to allow the bitcoin to work as intended, you should also notice that the things a miner owning this power can do is limited, see this answer: https://bitcoin.stackexchange.com/a/662/...


2

ViaBTC, a mining pool that favors Unlimited, tweeted “hashpower is law”. Greg Maxwell (from the Core side) replied “Bitcoin’s security works precisely because hash power is NOT law”. Introduction There are lots of people scared of the 51% attack, but in practice, thanks to some changes that have been implanted for years, performing this attack would be ...


1

As reported recently, China controls more than 51% of the hashing power and just in one province in China controls 54%. This is technically incorrect: there is no way to measure what percent of hashpower is actually located in China, these reports simply look at what percent of hashpower is pointed at each mining pool (some of which are located in China). ...


1

There may be a lot of miners in China, but the People's Republic of China do not control the mining power. A 51% attack on Bitcoin may be theoretically possible, but it is definitely not feasible. Andreas Antonopoulos addressed this question and answers it better than I could. Here's a video of this Q&A: https://youtu.be/yWTQgmCuiCw?t=8


1

One may speculate on this, but this was already taken into account in the design of Bitcoin. Essentially an attacker would not choose to attack the network because it would hurt their own investment. In the whitepaper, Satoshi states: if a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using ...


1

I would rather say 'dependent' but not 'controlled'. Meaning, China doesn't control Bitcoin on some governmental level, it's just because many miners are based in China and they have a direct impact on Bitcoin's growth. Sure it's a matter of personal opinion, so correct me if I'm wrong.


1

He can sell for cash with local trader on mycelium.


1

There are services that allow you to withdraw bitcoins to a third person's bank account. In that case your friend will not need to convert bitcoin to cash. I believe it will be quite easier - there also are bitcoin to bank/cash exchanges in China, but due to their regulations, such exchanges are operating using personal accounts or some schemes that are ...


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