i just bought 100 dollars in bit coin stuff, now what?

[nanarchy]

SickleSigh said:

nanarchy said:

It means control is centralised in a single country and hence subject to that countries policies, laws, influence and potentially manipulation. China for the most part is no worse than any other country but you see all these people arguing that the strength of bitcoin is it is not in any single governments control and influence when that could not be any further from the truth.

How do they control it? All they provide is computing power and logging of public transactions independently, completely random based on a separate transaction. The ledger would log if transactions were occurring on the same IP to receive a payout from logging it. Its really a stretch to say it would even be a net increase after increased power consumption to generate enough to control something that random.

well firstly China force a large amount of control on all companies in china. more than 80% of hashing power is chinese based, you only need 51% to exploit/attack/destroy the blockchain, therefore bitcoin operates on the goodwill of the chinese government. Secondly bitcoin on the global or even chinese scale is small change, they could crash or hyper inflate the value at will for very little cost (certainly far cheaper than doing it with real currency).