Me chinese

...

Basically yes, it will be bad for their books short term, but very good longer term.

Right, but would they not damage faith in BTC and thus reduce their user base / clients / future purchasers?

>sell off all coins being held
>but up eth with 50% of the profit
>immediately turn off 2x signals
>turn all bitmain pools into eth mining pools
>profit
there's plenty of ways to make money off it

Have you ever done business with the Chinese before?

you have no idea what you are talking about

Bitcoin ASICs can't mine eth though. They have hundreds of millions in ASICs that can mine bitcoin and nothing else. If they kill or damage BTC they lose.

Hurf durf. Go back to /pol/ retard. It's doubtful you even own any BTC

Yeah, but those are plebs. I'm talking about miner big boys here. They would not want people leaving BTC and starting to use ETH, because "Chinese miners are fucking with them".

this

its simple game theory guys
put yourself in Jihan's shoes

youve got a massive investment in bitcoin mining. why would you want to hurt the price of bitcoins

He's an egomaniac and has already decided he'd rather be the king of his own coin.

So you think miners would literally grind up their own product for the lulz? How dumb are you?

its not "his own coin"

its the coin being signalled for consensus by the majority of miners

this is how a decentralized system works

this is working as designed, working as intended

You are an idiot. It's called insider trading, and yes I believe they will tank the price short term to increase their holdings to maximize their long term profit.

wrong...

the traders are the ones who have the power to go short, or pull out their money from the system

the miners are trapped in their long positions.
they have huge $ investments in hardware that cannot be "pulled out"

who the fuck is going to use it after a trick like that

why would they give a shit? they want money, and if they think they can make more this way, they will.

retarded tinfoil faggot

>Implying miners aren't the biggest traders.

Can we get some actual mods in there to ban the /r/personalfinance morons hijacking conversations? The Chinese have a tendency to cheap out and be greedy, this is relevant to know in business and has nothing to do with worshipping Hitler...

surely they sell what they mine

but they are not the biggest traders

They can also buy up cheap hashpower after a crash if they are sitting on large mining profits in USD. It goes both ways.

If you believe crypto is the future, like most people in the industry do, then you aren't going to give a shit about a crash that people won't remember in a few years.

I'll certainly remember not to buy chink coins though.

If it does split (which it still seems likely it will) they will do everything in their power to make you think their Jihad coin is hot shit. Me, I'm going to hold on to both coins because you can't predict prices far into the future.

but what if they directed all their miners to a 51% attack against BTC? thereby destroying its credibility. first world crypto-war

What if I told you they had warehouses of never-before used miners waiting to do specifically this?

Chink detected.

when ETH goes to proof of stake it will show that you can have a decentralised currency that doesn't answer to the chinese fucking communist party.

How do they gain? What will they do with their ASIC farms then?

BTC is a golden goose that gives them gold eggs, why slay it?

BTC splits into BTC and BCC (bitmain)

Jihad does not want any competition. So he activates his stealth army of miners and 51% attacks Bitcoin, breaking it.

He then says "look, only BCC is safe. We have the power to protect it and keep your money safe. It is the real bitcoin" and most people go along with it because they only care about making money.

If BTC and BCC split, BCC will see BTC as a direct competitor and do everything in their power to destroy it, even at the cost of short term uncertainty and price drops.

So what you are saying is buy ethereum?

You're forgetting about the whales who own 1000s of BTC and will dump jihans shit coin so fast if it ever came to that.

51% attack on BTC, what can they do if Jihan has the hash power?