What is the real threat to Bitcoin? Bitcoin has suffered the biggest wound in the past, Mt.. Got it from the Gox crisis. In the future can it buy from China?
The real threat to Bitcoin: China
Bitcoin China problem is one of the main agenda items of popular social media platform reddit these days.. In fact, it was the user with the nickname u/malia912 who is obviously new to the Bitcoin industry.. The user shared that he just realized that the lion’s share of the Bitcoin mining industry is in China.
This is actually not confidential information.. There are many reports revealing that about 70% of BTC mining is done in China.. It is quite natural for new entrants to be worried about the Chinese monopoly in the industry after encountering this information.
Please See: Bitcoin news, agenda and last minute developments
China’s undisputed dominance in the BTC mining industry has brought the continuation of Bitcoin’s survivability issue with it.. Some users participating in the discussion claim that this problem can be fixed with a change to the blockchain algorithm.. According to this view, it will be sufficient to add an add-on to the Bitcoin mining algorithm that will prevent ASIC miners from working.. For example, Monero is trying to take a similar action in October. The Random X package to be added to the software will serve exactly this purpose.
According to another view, the current situation is so dire that it can bring the end of Bitcoin.. The main threat to Bitcoin is essentially the Chinese government.. Because there are extremely large mining pools operating on Chinese soil. Cheap labor, cheap ASIC production, and low electricity costs are driving pools in China to grow.. Putting a gun to the heads of the few people who manage the mining pools and forcing the network to double-spend. The legend of Bitcoin can be ended by the hand of the Chinese monopolist, which has reached the size of a 51% attack. the suggestion came. He talked about rewinding the Bitcoin network to bring back $41 million. Let alone the action, this sick thought itself will do heavy damage to the soul of Bitcoin.. As a matter of fact, CZ also realized his mistake and later apologized for voicing such an opinion.
Source