Great example of why Bitcoin shines as a store of value: unlike real estate, stocks, or money in banks, governments can't effectively seize it at scale.
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Replying to @sthenc @TellYourSonThis
If you're worried about China seizing property then BTC is even less secure than SF real estate. 71% of the BTC mining hashpower is in China - they control the currency. Luckily the premise is wrong - China more strongly respects property rights than the US does.
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Replying to @CovfefeAnon @TellYourSonThis
Even if 71% of the mining power were in China, which I'm skeptical of, miners don't control the currency. Miners get compensated for doing a job. It's far easier to secure BTC against government seizure than property like real estate.
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Replying to @sthenc @TellYourSonThis
You're skeptical of it? Have you bought BTC mining hardware? Are there any ASICS being manufactured outside of China that are power efficient? 71% of miners can create arbitrary blocks - that's as mathematically certain as anything around BTC.
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Replying to @CovfefeAnon @TellYourSonThis
Miners don't rule Bitcoin. If miners don't do their job well (i.e. create blocks that comply with the rules enforced by full nodes), then they spend a lot of money on electricity and won't get paid.
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You're describing the situation for an individual miner. An actor with 71% of the hashpower could easily create blocks with arbitrary transactions (moving BTC to addresses they control) and generate PoW far faster than the 29% not going along. The only recourse would be a fork.
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