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+--- Thread: Failures of Bitcoin (/showthread.php?tid=6152735)
Failures of Bitcoin - shreder - May 7, 2021
Personally, I have some Bitcoin and this isn't looking good for BTC as a truly decentralized p2p currency anymore. First Xinjiang a single province in China had electrical grid issues which caused 49% of the BTC hash rate to vanish instantly. Now a government-compliant entity is censoring Bitcoin transactions as it mines BTC blocks. Along with government influence on the large chip manufacture, TSMC controls 56% of the market share of the semiconductor foundry market. Which makes up the majority of ASIC chips supply.
https://www.coindesk.com/marathon-miners-censor-bitcoin-transactions-ofac-compliant
![[Image: defd92744a0111846dad1b14fb5f9c1b.png]](https://i.gyazo.com/defd92744a0111846dad1b14fb5f9c1b.png)
https://news.bitcoin.com/bitcoin-hashrate-drops-xinjiang-blackouts-blamed-btc-price-slides
![[Image: 92523155f593ef53da1e8b8b93f9f597.png]](https://i.gyazo.com/92523155f593ef53da1e8b8b93f9f597.png)
TL;DR
The government CAN control & censor your BTC transactions, they control PoW through specialized ASIC semiconductor supply control, & a single province electrical outage caused 49% of the BTC hash rate to vanish leading the network to be vulnerable to 51% attacks.
In short, Proof-Of-Work failed sorry Focus but you lost buddy.
RE: Bitcoin Flippening is IMMINENT! - Marvelous - May 7, 2021
I have been watching my ETH value in BTC go up substantially the last few weeks. I think its just a matter of time until ETH flips BTC.
https://www.buybitcoinworldwide.com/flippening/
RE: Bitcoin Flippening is IMMINENT! - funtela - May 7, 2021
Makes me glad I have most of my money in ETH & ETC
RE: Bitcoin Flippening is IMMINENT! - Porn - May 7, 2021
I read an article this morning, New York senator is planning on banning bitcoin mining due to environmental impacts. The fact that you can run an Ethereum validator on your laptop to verify transactions is a huge threat to bitcoin in my opinion.
RE: Bitcoin Flippening is IMMINENT! - Aeowulf - May 7, 2021
(May 7, 2021 02:46 PM)Porn Wrote: ...due to environmental impacts. The fact that you can run an Ethereum validator on your laptop to verify transactions is a huge threat to bitcoin in my opinion.
One of the reasons I started shifting away from BTC (before I sold all of it) into other currencies. Transaction fee, time, and requirments do not lend favorable to BTC being a long-term viable coin.
RE: Bitcoin Flippening is IMMINENT! - Maskin - May 7, 2021
The BTC shit talk has been going on for 12 years. Yet it keeps mooning.
Here is a link to over 400 times that Bitcoin has been declared "dead" or "has no future".
RE: Bitcoin Flippening is IMMINENT! - funtela - May 7, 2021
(May 7, 2021 04:42 PM)Ocarina Wrote: The BTC shit talk has been going on for 12 years. Yet it keeps mooning.
Here is a link to over 400 times that Bitcoin has been declared "dead" or "has no future".
What's your opinion on ETH or a similar coin being priced close to or equal to BTC?
RE: Bitcoin Flippening is IMMINENT! - Maskin - May 7, 2021
(May 7, 2021 04:47 PM)funtela Wrote: What's your opinion on ETH or a similar coin being priced close to or equal to BTC?
If any crypto is going to flip BTC, it will be ETH, but I think it's unlikely.
RE: Bitcoin Flippening is IMMINENT! - .Infinity. - May 7, 2021
Delusional I think... people were spouting the same nonsense in 2017 and it led to the highest ratio ever of 1:0.15
I do think we might see such a ratio again because the narrative is even stronger for ETH this time around, but never will it actually flip BTC in my opinion.
RE: Bitcoin Flippening is IMMINENT! - shreder - May 7, 2021
I couldn't say I didn't expect a sad response from Broken. All it had to say was that MARA <1% of total hash rate, completely disregarding the fact that transactions are being censored RIGHT NOW. <1% of total hash rate now maybe, but 10% later.
Further information:
MARA is expected to jump to 10.3 EH/s by Jan 2022. That's equal to 6.1% now, 9.3% when Xinjiang miners went down, and 5.1% at the current peak total hash rate of 2021 thus far. Imagine 5.1-9.3% of all blocks being censored on Bitcoin, calling it decentralized then would be laughable.
Note:
I have Bitcoin and all information I brought up are valid points and fair. This is a serious concern and the main focus on the thread. Broken is simply a side character to laugh around with.
Second Note:
Notice I have yet to mention ETH a single time until now? Most doubters assumed I was talking about Ethereum, must be something itching and bothering them in the back of their minds. But you ain't wrong ;)
RE: Bitcoin Flippening is IMMINENT! - DarkWebInsider - May 7, 2021
(May 7, 2021 03:43 PM)Focus Broken Wrote: This is the dumbest FUD I've ever read. If you're going to invoke my name, you're going to have to come up with better bait than a <1% hashrate pool mining a block that doesn't include transactions that hurt their feelings 😥
People calling for the flippening just like in summer 2017 - its almost time for BTC to move.
RE: Bitcoin Flippening is IMMINENT! - shreder - May 7, 2021
(May 7, 2021 06:23 PM)Focus Broken Wrote: They need over 50%, 10% isn't good enough. Read a damn whitepaper.
If a hostile power gets over 50% and start reorging confirmed blacklisted txs, then I would agree Bitcoin (and by extension, all cryptocurrency) has failed. I discuss this pessimistic scenario at length in my informational thread:
The censorship of ANY transactions is already a failure. Watching you defend a miner that is deliberately censoring transactions in accordance with a trusted third-party goes against EVERYTHING Bitcoin stands for is hilarious.
RE: Bitcoin Flippening is IMMINENT! - shreder - May 7, 2021
(May 7, 2021 07:34 PM)Focus Broken Wrote: As I just mentioned, you can't censor transactions with 1% of the hashpower. They just get confirmed in the next block, there's nothing to defend because no censorship has taken place. Dumb bait thread 0/10.
Just because your transaction might go through the next block, does not mean you did not get censored. What kind of twisted logic is that?
That's like getting kicked out of a place because one of the guards didn't like you, but the next guard let you back in. So all of a sudden you never got kicked out in the first place. It doesn't work that way buddy. Your BTC transaction got censored, just because there is a chance you get confirmed in the following block. Does not erase the fact that you just got censored.
I'm not going to bother explaining this to you over and over.
RE: Bitcoin Flippening is IMMINENT! - SA777OSHI - May 7, 2021
the classic shreder vs Focus Broken discussion
![[Image: ird4pu2fm8s21.jpg]](https://i.redd.it/ird4pu2fm8s21.jpg)
RE: Bitcoin Flippening is IMMINENT! - _daniel - May 7, 2021
(May 7, 2021 07:58 PM)SA777OSHI Wrote: the classic shreder vs Focus Broken discussion
We should have a HF Community smart contract where users can bet on both sides and collectively decide who wins these arguments that payout the backers.