Let’s talk about ASIC mining

Call it what you want, but China has shown everyone time and again that they are a big abuser of censorship. You cant deny this fact. Its not hard to imagine China passing a law on privacy coins and ASICs that mine them.

How is this so far fetched? They have been talking about privacy coins and censorship for months now…but keep your head in the sand and just call everyone else crazy or paranoid. It has nothing to do with taking over the world, its all about control, and with privacy coins they have zero control over them, and you think they are just going to watch billions be spent with no oversight?

Dont listen to the people who warned about the problems with ASICs months ago tho, we were just throwing conspiracy vibes around…

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I get what your saying @root, but you also have to realize. What happens when the government simple sends liasons to said company and tells them, you will do this, and BTW you won’t be moving out of the country, nor will you be traveling for the foreseeable future. To ensure this we have invited certain members of your family to be our “guests” for an undefined period of time. You can’t say that wouldn’t happen, it has happened, they are called “political prisoners”.

Most zcash coins are now made in China …and that 3 China pools that did not even mine Zcash a year ago now have 2 times more hashrate then all 40 other Zcash pools combine.
I know you will just ignore…you would ignore even if 100% are made in China as long as you have some secret deal with them .

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tell me what is the difference with cash?

warning about what? 99% of bitcoin hashrate is mined by chinese asic since 2016. I don’t get your point.


Bitmain extended their KYC process till the 31st of october.

One big difference, With Privacy coins, I can send money internationally almost instanly, with no limits on the amounts I can send, Completely anonymous, and no one can stop it. You cant just mail $1,000,000 dollars in the mail and expect no problems.

And for you to ask this question makes me wonder if you even thought about the question before spewing this garbage. Clearly Privacy coins are the same thing as cash, so why are you even hear on these forums, just use cash…

EDIT: And if you think they are not watching cash, try depositing a large amount of money into a bank account, im sure its 100% private and no goverment will be able to take your money.

I think you answered your own question. If you dont see any problems with this, then nothing I say will help you understand. These ASIC people are blinded by greed…

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The overall Zcash network pool hashpower distribution appears to be better than it was several months ago Flypool over 70% of total hashrate

Comparing todays chart:

But to your point, there is no guarantee that this balance will be maintained indefinitely as more systems hit the streets.

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I agree it won’t be. It will most likely get far worse. I have watched what took Flypool a considerable amount of time to build up too overtaken by a couple ASIC pools in the matter of a couple months. I thought it would take considerably longer for things to get this far, but it’s happening at break neck speed. I fail to see how “this” is “better”.

The lions share of the hash rate is now centered in China. I had never heard of poolin…who are they btw? Who owns them? I can see they are Chinese, but “who” exactly are they?? Are they a puppet company of Innosilicon or Bitmain? If that was the case then it’s as bad as it was, and getting worse.

I disagree with this, with privacy coins you can’t send money, you send just privacy coins.
Or better said using your example. If you send Zcash worth 1M $ and cash it out/exchange it, than you have again the same problem as initially with cash, hence you send only ZEC or whatever privacy coin, but in my opinion, at this stage, it’s not money you are sending.

If Zcash is not money, what the hell is it then?
If I send EUROs and convert it to USD on a exchange, that is money.
If i send Zcash and convert it to USD on a exchange how is that different?

When I use my credit card, I dont send money, I just send numbers. Im not using money by your logic.

Its different from fiat, because you cant just send $1M overseas without a bank. You cant just send fiat to anyone at anytime. You have to use a bank and im not gonna start on the problems sending money over seas.

If I had a million worth of Zec living in China right now today, I could easily send it to anyone with a wallet anywhere in the world almost instantly with almost zero fees. That is not the same problem as cash.

The recipient can use the Zcash as they see fit, like using regional exchanges to convert to local currency or use it at some of the few stores that do accept it as MONEY. DONE, money moved from China to wherever with zero chinese oversight. Try doing that with cash.

What am I sending then? What is a privacy coin then, if not a medium of exchange, AKA money. Why is it called a cryptoCURRENCY. Why is it called ZCASH. Your seriously trying to argue that Zcash is not a form of currency?

Come on now boxalex, you say some crazy stuff in these threads but seriously, do you belive yourself when you say this stuff?

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zcash is a currency.

This is a good topic, functionality and utilization (you’ll see ; )

I quoting your same question again.

I ask you:

What I was refering to is that billions are spent with no oversigt WITH CASH, I wasn’t questioning the fundamentals of crypto vs fiat.

Your my new favorite sand castle builder :*

[quote=“Lisfin, post:4972, topic:27353, full:true”]
If Zcash is not money, what the hell is it then?[/quote]

It’s an digital asset, at least in its current state. You can’t do with it what you can do with money, for example directly paying a debt, paying taxes, whatever…

If I send EUROs and convert it to USD on a exchange, that is money.
If i send Zcash and convert it to USD on a exchange how is that different?

It’s different, especially in your example as you said you send it with privacy. As soon as you convert it to USD your privacy is gone. You said that you can send 1M $ “Completely anonymous” and i’am saying that as soon as Zcash gets converted into USD it’s not more anonymous.

When I use my credit card, I dont send money, I just send numbers. Im not using money by your logic.

You use money by my logic, your credit card is attached to your banking acount that holds USD. You should compare a credit card with a banking account or wallet, not with money. Pretty unfair to put that into my logic and mouth…

Its different from fiat, because you cant just send $1M overseas without a bank. You cant just send fiat to anyone at anytime. You have to use a bank and im not gonna start on the problems sending money over seas.

No, you don’t send 1M$, you send something that eventually is worth $1M, it’s not the same, hence it’s not money as long as it’s Zcash. It could have been money bevor you send it or after you receive it when convertet to Fiat, but until that it was just a digital asset, not money.

If I had a million worth of Zec living in China right now today, I could easily send it to anyone with a wallet anywhere in the world almost instantly with almost zero fees. That is not the same problem as cash.

Totally agree with it that it’s more comfortable, avoids several problems and it’s cheaper. But this does not make it money. And i never said it’s bad to use ZEC or whatever, so i have no idea where this argument comes from?!

The recipient can use the Zcash as they see fit, like using regional exchanges to convert to local currency or use it at some of the few stores that do accept it as MONEY. DONE, money moved from China to wherever with zero chinese oversight. Try doing that with cash.

Actuallty no in my opinion. As soon as you use an exchange it’s just a digital asset converted into money. If a given store accepts a digital asset that’s fine, but doesn’t make it money again. It’s more a swap/barter/ btw. an asset and an item. And as said allready, i’am talking about it’s current state, i’am all for it becomes some day money!!!

What am I sending then? What is a privacy coin then, if not a medium of exchange, AKA money. Why is it called a cryptoCURRENCY. Why is it called ZCASH. Your seriously trying to argue that Zcash is not a form of currency?

It works as a medium of exchange, doesn’t mean it IS a medium of exchange. And currency is not the same as money by the way. And you can call whatever crypto whatever someone decides, meaning if some group calls their crypto “Federal Coin” doesn make it federal at all. Namegiving isn’t an argument.

Uppps, and no, i’am arguing that Zcash is NOT money, easy as that. It’s an digital asset designed to work as a medium of exchange. I’am fine with crypto currency, digital asset, digital currency, alternative currency, but not money.

Come on now boxalex, you say some crazy stuff in these threads but seriously, do you belive yourself when you say this stuff?

Actually yes and it makes sense and again, i said in it’s current state, i’am all for that this changes some day and replaces money, but currently at this time we are talking about digital assets and not money when we talk about Zcash…

who got it to?
FROM: webmaster@bitmaintech.com

Dear Customers, 

    Thank you for always supporting Bitmain! In order to serve you better, we are pleased to announce that a new repair site in Netherlands is open.

     

    **Our Europe-Netherlands Delivery Address**

    Name: Gerry Cheng

    Company Name: OGS Europe B.V. (BEST YIELD)

    Address: Steenoven 24 5626 DK, Eindhoven (City), North Brabant (State), Netherlands

    Working Hours: Mon - Fri: 9:00 AM - 17:00 PM (local time)

    **Please take note that we do not provide or cover the costs of returning the defective products to our repair site, including any customs clearance fees. Be sure to choose DDP shipping term and leading international couriers, such as DHL. Also, we hope that you do not use sea freight to send the defective items to us as these miners are susceptible to moisture damage.**

    For any enquiries or feedback, kindly send us a message [here](http://support.bitmain.com/hc/en-us/requests/new) 

    Best regards,
    Bitmain

This is from Australia, I haven’t read it yet so unsure of applicability
https://www.coindesk.com/australias-science-agency-claims-breakthrough-in-global-blockchain-test/

I got this message as well. It’s there, you can see it! :wink:

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@Sacsayhuaman

LoL

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:joy::joy::joy::sunglasses::sunglasses::sunglasses:

WOW you’re WAY OFF!
This state will allow you to pay your income tax with bitcoin or Litecoin

Lets pay BILLS!!!

Actually , my credit card is NOT connected to my bank account, it is a complete separate entity. I may pay my bills through online bill pay, but my CC is not linked my checking or saving account.
Let’s make one thing very clear about fiat, that paper and coin you use, is just note and is just a piece of metal that is given value by the government based on the amount of gold they have to back its worth.

and lets NOT forget the country’s that says cryptocurrency is its official currency

Guys I hate to say it… but we are off topic. Please start a new thread for this line of discussion and ask a mod to move it…