posted on May, 22 2020 @ 08:49 PM
a reply to: Ksihkehe
What you say has some sense of truth, however let's looks at few things. BTC isn't the be all and end all of crypto. YES, most exchanges tie BTC to
other cryptos, similar to USD being the petro dollar. If you put all your eggs into one basket, you're bound to get burned.
Yes, China does account for the majority of mining power, but what interest would it serve them or anyone else to perform a 51% attack on the system?
None, BTC price would plunge and their investment in hardware and infrastructure would be decimated. It doesn't serve their interest.
ETH has a better spread among mining pools. It has better practical applications, DAPPS, etc. If you already having a mining rig, it's still worth
while mining ETH depending on your electricity rates and where you are in the world. Setting up a new one now, absolutely not. You're better off
buying the crypo.
I've seen lots of predictions of where BTC will go, some make no sense. For me, just my personal opinion...I see $50 000 in 3 years time. That's my
crystal ball, lol!
ETA - Here's a link to mining pool info for both BTC and ETH
Just because mining pools might be from China, doesn't mean they will all collude to perform a 51% attack. They have their own interests at heart. A
miner can switch to another mining pool in seconds, if they have the info do so.
edit on 22-5-2020 by TortoiseKweek because: Additional Info