Author: Jim Phillips 2015-08-03 04:33:31
Published on: 2015-08-03T04:33:31+00:00
The writer expresses concerns about the centralization of the Bitcoin network's hashing power within China, which puts the entire Bitcoin economy at risk of political manipulation. The writer is not anti-Chinese but believes that any country with centralized control over Bitcoin mining would be a cause for concern. The Chinese government could nationalize Bitcoin mines within its borders and use its 57% network hashing power to manipulate Bitcoin. However, the writer believes that restricting block size enables the Communist Chinese government to maintain centralized control over Bitcoin hashing power. The writer suggests that larger blocks will help to get mining out of the centralized control of the Chinese.
Updated on: 2023-06-10T18:03:29.955703+00:00