Replying to Avatar Michael S Wildcard ✨ πŸ˜Άβ€πŸŒ«οΈπŸ—½βš‘

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.