Topic: China can destroy bitcoin - page 12. (Read 3572 times)

I don't think that it is impossible for  China because they have a very large market share. Their miners mine the largest portion of the bitcoin. Everyone keeps talking about this and I have read it so many times. Can anything be done to reduce this dominance?

Nothing China will destroy bitcoin. At home, they can ban it. But most of the people who hold bitcoin are scattered around the world

if you look at the development of technology, bitcoin will be very difficult to destroy by the Chinese state because they provide prices and very many use bitcoin as a payment tool there so I am sure the price of bitcoin will be very difficult to destroy.

it is impossible for China to kill bitcoin ... only China is very influential in bitcoin and prices can drop dramatically if China wants to

China can destroy Bitcoin if only if they have all the Bitcoins like 15 million coins. It will literally destroy because they can control everything most especially the market. But for me it is impossible for them to have it all because I think it was all scattered through out the world by investors, miners, enthusiasts and traders. Though China has a lot of investors which makes the market affected when there is a kind of manipulation. But now not anymore as for me chinese investors might sold all their funds to exchanges or friends outside China.

The total control of Bitcoin does not lie in the care of China. Although China holds the largest Bitcoin mining industries it cannot totally destroy Bitcoin. It will cause Bitcoin to fall in value but not destroyed totally. Remember, most of the Bitcoin mining in China moved out of China when the government of China banned Bitcoin.

I don't understand this discussion, is it a guide that you can give me?
I think what you are discussing is a bit absurd, because of the many posts here only your posts are discussing this. please give me the link

In my opinion i don't think so china is just a  part of the bitcoin world they are not the one who is running the system they are just  part of it. Let's just say they quit then i think it is ok because there are still users all over the world who can continue the system.

China has a huge potential in the mining pool. In the event of a possible ban, the hash power is greatly reduced.

Bitcoin is decentralized although its own use is still centralized in many large countries such as China, Japan, US and Russia. There needs to be even distribution in many countries to reduce full control of the value of bitcoin

I do not think so. China can not destroy the bitcoin because it is a potential currency in the future. Maybe it will become the official currency of the world.

Seriously? Does China have an effect on bitcoin? As far as I know, cryptocurrency is prohibited there and Japan is currently having a major influence on Bitcoin.

i think china cant destroy bitcoin bcz bitcoin is world wide popular and widely accepted crypto currency.
and another thing is bitcoin decentralized crypto so china cant control bitcoin.

I think China can do, but They won't do. If they do, they kill themselves. BTC brings them a huge amount of value, why they destroy it? There are no reasonable for them to do

The solution to stop that potency is to develop our own potency and only than we can stop china doing so.China threatens every time only because other countries don't have such power,facility and technologies.US has already started imposing tarrifs on china's mining hardware products.These products fall under U.S strict tarrif regime.Now this kind of step will make china's hold in global market weak and encourage people to built there own.

China is more like a psychological power the people created for themselves rather than them being actually powerful and having any real major influence in the future of bitcoin. and most of it i believe is because of the drama with bitcoin scaling and the fact that miners weren't accepting the proposals for a long time. so people started demonizing them and focus only on one company in China (bitmain).

China has got to impact the crypto currency market because of its strong crypto holding in the market. China can affect the prices of the bitcoin seriously but cannot completely eliminate Bitcoin or detsroy its rapport. CHina has become a threat to the crypto market, especially the bitcoin according to the latest reports. The ban imposed on the bitcoin by the People's Republic in China had worsened the situation for the crypto trading in the country.

Go through this report by : Researchers from Princeton and Miami International University: "The looming threat of CHINA" :
https://bravenewcoin.com/insights/china-is-a-threat-to-the-bitcoin-network-says-new-report

China might try to do that. But they can't destroy it. Even if they dominate, they can't stop him. Because in addition to many of them the holder of the other countries

Exactly! I believe that bitcoin can still strongly survive even without China, since it's success is not dependent in one country alone. China can have a big contribution in the success of Bitcoin, it can be one of the richest country in the world but I don't think it can eradicate bitcoin. Bitcoin has already been widely-known and adopted not only in China and it's network has been proven safe and secured.

China holds threatening influence over Bitcoin - perhaps even the ability to attack and ultimately destroy the entire Bitcoin network.

They have the capability and strong motives to perform on variety of attacks against Bitcoin. Even worse, it is already exerting its power over Bitcoin in a myriad of ways.

Research shown that the Bitcoin mining ecosystem has become heavily centralised. The level of centralisation found in the Bitcoin mining ecosystem is the biggest issue for the peer-to-peer digital cash system today. As a technology depends on decentralisation in order to provide a censorship-resistant bearer electronic, any trend towards centralisation should be viewed as problematic. Having so much mining power centralised in any single country exposes the Bitcoin network to a worrying degree of political risk. This can be seen as a threat to china’s economy or a competitor to their own planned digital currency, they could wreak untold havoc in the Bitcoin ecosystem.

Cryptocurrency miners have banded to such an extent that over 80 percent of Bitcoin mining is performed by six mining pools, with five of those managed directly by individuals or companies based in China.

Chinese mining pools control more than 70% of the Bitcoin network’s collective hash rate. Not only does China manufacture most of the world’s mining equipment, but massive mining farms are located there to take advantage of extremely cheap electricity prices.

The fact that Chinese mining pools control so much of the Bitcoin ecosystem has direct consequences.

In my opinion, china will have the upper hand in making a huge impact on Bitcoin.