There is one fact that I want to stress on your post: The fact that there is again Korea and China that are driving the market of cryptocurrency.
You are viewing a single comment's thread from:
There is one fact that I want to stress on your post: The fact that there is again Korea and China that are driving the market of cryptocurrency.
Bang on. Maybe the one weakness behind Steemit is that it has no Chinese following? Let me know what you think...
I would totally agree. The game is much different when you have a lot more people backing you.
no dont think that all will be fine
No the problem with litecoin is the fact that F2Pool still control more than 51% of total hashrate of litecoin and I think you know very well what does it mean for a cryptocurency
What does it mean (genuinely interested to know)?
51% Attack
What is often considered a very large flaw in the design of Bitcoin is that hypothetically, if a single entity contributed the majority of the network’s mining hashrate, they would have full control of the network and would be able to manipulate the public ledger (blockchain) at will.
It is an interesting concept because it is theoretically possible; the network is free and open, so if someone were to have enough computational power (which would cost a huge amount by itself), there is no bitcoin authority to stop them from doing so. In the event that such an attack successfully takes place, it is likely confidence in the currency would be lost and it’s value as a currency would decline rapidly.
Wait, they’d have complete control of the network?
Not quite. There’s only a couple things someone with 51% of the network hashrate could do. They could prevent transactions of their choosing from gaining any confirmations, thus making them invalid, potentially preventing people from sending Bitcoins between addresses. They could also reverse transactions they send during the time they are in control (allowing double spend transactions), and they could potentially prevent other miners from finding any blocks for a short period of time. That’s really about it – enough power to cause some serious mayhem (as that’s all stuff that isn’t supposed to be able to happen) but nothing that would seriously cripple the network – at least not immediately. They couldn’t reverse transactions from long ago, create new coins out of thin air (besides through regular mining), or steal coins from other people’s wallets.
In reality a 51% attack is feasible – especially with the rise of mining pools (groups of people mining together as a single unit). However the potential damage one could cause is small – though enough that it cause a panic that would seriously threaten bitcoin’s use as an online currency. At current network mining difficulty levels, not even large-scale governments could easily mount a 51% attack.
https://learncryptography.com/cryptocurrency/51-attack
and I think this will hold on for the near future. We will see additional countries are going all in crypto.
Which country would you like to see go fully on a crypto currency?
Of course all countries, but this will not happen for a long period of time. It would be nice to see it in small countries, because it will have the chance to unleash all of his potential.
It's always the
So?
I mean, what are the implications of your observation?
It seems about 70% of the investment behind bitcoin is Chinese. If steem relies on the background of steemit which is predominantly english speaking with some Korean support... steemit/steem is missing 70% of potential backing? Hope that makes sense...
That does make sense but English speaking countries tend to have higher incomes. How did you arrive at 70% of potential backing? Was it a pure numerical comparison?