6 votes

Is BitCoin controlled by China?

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 ...
chytrik's user avatar
  • 18.3k
4 votes

Don't miners control who is allowed to make transactions?

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 ...
David Schwartz's user avatar
2 votes
Accepted

Don't miners control who is allowed to make transactions?

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 ...
chytrik's user avatar
  • 18.3k
2 votes

Don't miners control who is allowed to make transactions?

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 ...
Saxtheowl's user avatar
  • 2,800
2 votes
Accepted

Is BitCoin controlled by China?

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 ...
Enrique Alcazar's user avatar
1 vote

What are some potential scenarios that a state actor can harm bitcoin if they control more than 51% of the hashing power?

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 ...
chytrik's user avatar
  • 18.3k
1 vote
Accepted

What are some potential scenarios that a state actor can harm bitcoin if they control more than 51% of the hashing power?

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. ...
Matthew Cruz's user avatar
1 vote

Bitcoin is attacked by China miners by screwing with the network, what will Bitcoin do?

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. ...
JBaczuk's user avatar
  • 7,388
1 vote

Is BitCoin controlled by China?

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 ...
richcoin's user avatar

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