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Michael S Wildcard ✨ πŸ˜Άβ€πŸŒ«οΈπŸ—½βš‘ 2y ago

I made a post on Facebook about bitcoin and someone replied wit this below.

Destroying bitcoin??? Thoughts?

"China could destroy it in one year should they so desire. If you understand how the actual technology works it would not be Beyond a nation state like China who has extremely significant chip fabrication ability to make the blockchain worthless through infinite double spends. In the past when I have talked to developers a blockchain technology none of them have been able to explain to me how to prevent it should a country really want to destroy Bitcoin.

" With nearly 100% of all mining technology coming from China, all that needs to be done is : #1 Cut the supply of ASIC miners, only going to the CCP | #2 - Save up the ASICs for 1 year, then doublespend on the network endlessly.

Easy peasy, bitcoin is worthless after a year worth of effort from a belligerent government.

OR you build a quantum computer with the ability to break HSA256 and start breaking into everyone's wallets. They still don't have a hotfix planned for quantum cryptography."

#bitcoin #btc

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πŸ₯©β„π•–π•Ÿπ•–π•˜π•’π••π•– ₿𝕦π•₯π•”π•™π•–π•£βš‘ 2y ago

Nearly 100% πŸ˜‚

For one thing, China may have a significant foothold in the bitcoin world (not nearly 100%), but even with a coordinated effort of all private miners, the amount of energy and cost they would have to expend to crash bitcoin would be enormous.

And why? The Chinese are not financially ignorant like most westerners, they benefit far more from utilizing bitcoin than attacking it.

These kind of paranoid conspiracies always come from a place of fear, and it's inevitably either someone who doesn't use bitcoin because of security concerns while they trust their bank with USD, or it's some shitcoiner shilling their scam.

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Michael S Wildcard ✨ πŸ˜Άβ€πŸŒ«οΈπŸ—½βš‘ 2y ago

Thanks, I'm really fairly new to bitcoin and continue to learn and gain understanding. I appreciate folks trying to poke holes. This person seems fairly knowledgeable about it. Thanks for the answer.

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☠️ π•―π–—π–Šπ–†π–‰ π•»π–Žπ–—π–†π–™π–Š ☠️ 2y ago

Cloudcoin is quantum proof and you'd have to turn off the internet to stop. Post-blockchain tech.

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Mr.Robot 2y ago

A worthless "coin" which no one will use

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Frank "RICO" Blunt 2y ago

bitcoins real value is its network, and in that view only eth really challenges it

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Mr.Robot 2y ago

Maybe, but im a bit concerned about the size of the Ethereum blockchain and it's grow rate. Only the time will be answer about this, i think

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Drew F 2y ago

If China banned ASIC production it would hence be more profitable for other jurisdictions to enter the competition for the supply would be lowered with demand staying the same.

On the issue of Quantum hacks there is two things that we must keep in mind. First, Quantum computing has not yet been developed for this purpose and isn't projected to reach this level within the decade. With this, the Bitcoin industry is one of the most innovative and when people who are Satoshi trillionaires are threatened with having their wealth evaporated, it will be in their best interest to innovate around this potential risk. Secondly, any attack on bitcoin that proved to be massively successful would likely kill the network entirely. Those who stole would end up with nothing of value.

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atyh 2y ago

i’m kinda laughing at how many crypto bros will see this and pretend they didn’t πŸ˜†

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Mr.Robot 2y ago

I saw it, and its not considering the energy consume, plus the pointless use of a superweapon for destroy a payment network (reveiling the weapon to the world)

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atyh 2y ago

go back to sleep.

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Mr.Robot 2y ago

please, explain what do you mean

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BitcoinJujitsu 2y ago

Bitcoin is too adaptable . IF CPP decided to spend billions now to disable a legit threat in the Currency Wars, they could and they might. Hardfork! Bye bye billions!

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Mr.Robot 2y ago

This scenario is not considerig the amount of energy for powering alla the ASIC. Keeping all the ASIC up and running has cost, and you can't cheat physics law.

Also, the purpose of this attack will be make some double spends on the network, which mean absolute no return for the attacker.

For quantum computing, if you have the power of break cryptography, you want be sure to use it when will be really necessary.

The Bitcoin network pretty safe

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Frank "RICO" Blunt 2y ago

one potential is a hard fork from a previous block but you need a solution to protect the new fork