Thank you Joseph for your extnensive reply !
In my latest blog, I dive into Chinese Mining, and why we don't need to worry about Xi Jinping doing the 51% on us.
I would love to hear your comment on the following argument that China wont freeze our Bitcoin in the future:
Most of the Bitcoin mining comes from China, in fact, more than 67%, even when Bitcoin is highly forbidden in the land of security cameras. So the majority of Bitcoin might be held by Xi Jinping who will 51% attack the hell out of the West and your Bitcoin wallet when you least expect it. Their goes your Bitcoin Millionaires dream.
Wrong.
Bitcoin has jump-started a very real movement of decentralization.
The miners create Bitcoins, and the community safeguards that any centralization of mining activity will develop over 51%. Bitcoin grew rather silently in the first years, out of sight of centralized systems of control, and this made it possible for the network to grow to such an extent, that taking over 51% of the nodes is rather impossible as where we stand today.
If it would happen, the community would make very rapid changes in the consensus protocols as an emergency measure even maybe leading to a hard fork.
Bitcoin is a concept, a revolutionary idea that is changing the core idea of sound money forever. You can start the concept BITCOIN times and times again, and even name it differently, it will have the same result: The new Internet Money with a max cap.
Do you agree ?
read more here : https://medium.com/spirit-of-crypto/the-one-secret-about-bitcoin-that-nobody-told-you-129311fd8100