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comment by b_b
b_b  ·  3245 days ago  ·  link  ·    ·  parent  ·  post: The resolution of the Bitcoin experiment

If that's true, then it wouldn't it have to point to China? Aren't there enough Chinese miners that their adoption makes or breaks updates? Are you suggesting that the government of China controls the large mining operations that are based there?





mk  ·  3245 days ago  ·  link  ·  

Yes, Chinese miners have enough hashing power that they determine the fork status. I doubt the CCP does, but that'd be a pretty awesome conspiracy, yet there is no reason to believe that at all. If you make a lot of money in China, it is difficult to stay clear of complications, however, and the CCP has gone back and forth on their bitcoin stance. Chinese miners have crappy internet, so they are at a disadvantage if the blocksize increases too much. Several months ago, they agreed that 8MB was doable, but it seems they have mostly walked that back.

kleinbl00  ·  3245 days ago  ·  link  ·  

It's almost cute the way you think public policy statements about a cryptocurrency have anything whatsoever to do with clandestine policy actions.

mk  ·  3245 days ago  ·  link  ·  

The CCP first cracked down, then let up on bitcoin. I could see it as reflecting a shift in strategy.

kleinbl00  ·  3245 days ago  ·  link  ·  

...or co-opting the miners.

mk  ·  3245 days ago  ·  link  ·  

could be.

b_b  ·  3245 days ago  ·  link  ·  

Right so you have a clear incentive from a huge bloc of miners, coupled to the fact that the btc power circle has their little lightning chain company, another powerful negative force on the block size. Whence, then, is the government?

mk  ·  3245 days ago  ·  link  ·  

Two tinfoil hat hypotheses: 1) Chinese government doesn't like something that escapes capital controls. 2) US government would like to delay to see if something like R3 can take hold, as it will surely have less anonymity.

am_Unition  ·  3244 days ago  ·  link  ·  

Doesn't sound very tinfoilly to me.

As for the anonymity, last I heard, the current policy for US taxation is to report BitCoin USD value owned on the honor system :D. Even though it may be next to impossible (and sitting on BTC flies in the face of what it was created for, pisses the community off, etc.), IRS probably wants to get in on any collections from that. At least to some degree, they view it like a novel stock/bond, and I'm sure you know that the total BTC in circulation is something like $6 trillion. Hah, that number sounds ridiculous to me. That's a lot of wealth.

Now, for my tinfoil: Apparently R3 will be open source? It's backed by BIG banks. Do I think they've recently rediscovered their moral compasses? Nope. Any current "open source" claims could be undermined in the future if they achieve monopolization of the cryptocurrency market. And when you've got a widely-adopted infrastructure in place... well, America still calls Comcast for tech support, but prays for a Google Fiber. I know this isn't the same as a physical infrastructure, but still, R3 has at least some potential for strong-arming, no?

Never did pony up, myself. I would have almost broken even as of a few days ago (1 BTC was $430 when I was looking to "invest"). Shoot, I might throw five bucks worth of BTC at Hubski just to be able to say I've made a transaction and have a wallet. Sorry if it's worth next to nothing a few units of time away from now. I'd be curious how many BTC donations you've seen, but if you don't/won't divulge, that's perfectly reasonable.

Also, great thread. Thanks to both you and b_b for hashing ;) it out here and not face-to-face. YOUR PERSONAL FRIENDSHIP IS CONSTANTLY ROBBING THE COMMUNITY OF VALUABLE CONTENT. Edit: Oh sorry, that was just my cat stepping on my keyboard at the end part there.

But seriously; all corrections, proverbial face-punching, and/or ridiculing is welcome.

b_b  ·  3245 days ago  ·  link  ·  

I don't disagree that the us government could benefit from btc's failure. They have motive, but not means or opportunity. The source code is out there, and who are the cia to stop Chinese miners from installing it?