Can Bitcoin Be Destroyed by China? Here's What Reddit Has to Say

Libra Coin News
Wed, 09/11/2019 - 18:38
Alex Dovbnya
As one Redditor points out, China is now Bitcoin’s single point of failure 
Cover image via 123rf.com

Bitcoin’s China problem has recently become a hot topic on r/CryptoCurrency, the second biggest crypto-related subreddit.

Reddit user u/malia912, who’s probably new to Bitcoin, seems concerned by the fact that the lion’s share of its hash rate is controlled by China with its authoritarian government.

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Despite the fact that mining decentralization has long been considered one of the main pain points of Bitcoin, this post has become an eye-opener for many Redditors. One of the top commentators even claims that it made him reconsider the future of the coin that started it all.

Some suggest that Bitcoin could be saved by disrupting the Chinese monopoly on mining with the help of ASIC-resistant algorithms. For example, Monero will address this issue by implementing Random X in October.

There is also an idea that China would have to go to extreme lengths in order to undermine Bitcoin. Particularly, it would need to force mining pools to perform the 51 percent attack that would kill all faith in Bitcoin. As reported by U.Today, Binance CEO Changpend Zhao suggested the idea of Blockchain reorganization back in May after suffering a $41 mln hack.

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Meanwhile, the top comment in this thread contains an ominous warning  — China is the black swan that Satoshi never anticipated.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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