Does China Control Bitcoin? | Bitcointalksearch.org

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Quote from: Subbir on January 29, 2020, 06:40:14 AM

China is one of the foremost advanced countries where the amount of Bitcoin users is high but China can never control Bitcoin China is the largest investor in bitcoin. Bitcoin may be a digital currency a rustic can never operate its own. Bitcoin does the mining work together and therefore the government cannot control it.

China has a good economy compared with other countries like USA, and bitcoin in China will help them to keep growing economically, cryptos will keep them out of poverty, Chinese people like gambling but also they are smart about how to generate money!

Subbir

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Quote from: andamarina on February 10, 2020, 06:41:05 PM

Well no it not controls bitcoin, but many miners are from China, i don't know now wheret to find that links to show which countries mine bitcoin but as i know China have over 50% last year.

You are right that a lot of developed countries in China come from most of our country from China but China can never control bitcoin. Nobody has the power to regulate Bitcoin it depends on the market and costs are on the upswing China features a good share of mining but now the economic situation in China is far worse.

iamsheikhadil

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I don't think it's a collective Chinese conspiracy lol. If it's coming from China then probably because most mining devices are manufactured in China. I do think China wanna get an upperhand in crypto but that doesn't mean they are there trying to destroy crypto Tongue

andamarina

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Well no it not controls bitcoin, but many miners are from China, i don't know now wheret to find that links to show which countries mine bitcoin but as i know China have over 50% last year.

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Quote from: AleSergio on February 10, 2020, 01:12:35 AM

China is not able to control bitcoin, it is impossible to do so. It is possible, that Chinese people can have on their wallets, the biggest amount of bitcoins, because of the population.

is there already a research about the biggest user is china ?, I think china itself will not be able to control bitcoin, indeed in 2017 china like playing bitcoin prices with news, but in 2020, China cant control with news! this is pure bullish trend and not bubble

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China is not able to control bitcoin, it is impossible to do so. It is possible, that Chinese people can have on their wallets, the biggest amount of bitcoins, because of the population.

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Quote from: awik p on January 28, 2020, 11:29:20 PM

Quote from: USBitcoinServices.Com on January 28, 2020, 06:03:07 PM

China has a lot of mining companies, My guess is that electricity might be cheaper there than other places. But other than that China itself is not the one controlling bitcoin network. Bitcoin has PoW and so far I don't know if there will be PoS in bitcoin code if so that will change the history of mining btc.

China is only the largest mining country, and indeed there are many who have a large amount of bitcoin, but I think they still cannot control it, maybe it can only move the market temporarily with the amount of bitcoin it has, especially if more countries legalize it, of course it will more difficult to control it

China has a good participation in mining bitcoin, but I think these miners are common people and not the government. And that is a good thing for BTC. China has this mining leadership on their side for their own good, which in the long term will give them even more commercial power and more value for their citizens!

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Quote from: ADLANE33 on January 31, 2020, 02:02:45 PM

Quote from: kro55 on January 29, 2020, 05:09:13 AM

This is true that most of bitcoin mining farms are located in China but I don't think they are in any way controlling the bitcoin. Though Chinese government statements have huge influence on bitcoin price. As we saw last year Chinese president statement on blockchain spark the biggest bull run of 2019.

I have similar thoughts, but recently I've came up with the idea of what if most of mining farms AND most of btc whales are located in China?
If its true then China is really close to be in charge of most btc's price changes

It might be, we don't know.

China had a lot of miners and we don't what is happening behind it. All we know is that no one can control the price or Bitcoin itself. It can be manipulated by these whales but it can't be controlled, people are talking about it but these two words are different.

klava1983

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One another conspiracy theory. Bitcoin can't be controlled.

ADLANE33

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Quote from: kro55 on January 29, 2020, 05:09:13 AM

This is true that most of bitcoin mining farms are located in China but I don't think they are in any way controlling the bitcoin. Though Chinese government statements have huge influence on bitcoin price. As we saw last year Chinese president statement on blockchain spark the biggest bull run of 2019.

I have similar thoughts, but recently I've came up with the idea of what if most of mining farms AND most of btc whales are located in China?
If its true then China is really close to be in charge of most btc's price changes

Triffin

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Quote from: Faxmate on January 29, 2020, 10:07:39 AM

Quote from: yslyv on January 29, 2020, 05:38:25 AM

It is a fact that mining power is mostly based in china. And there are so many bitcoin adopters there. But i don't think they totally control the bitcoin. They only have enough impact.

Yeah no doubt China is well developed country and there are so many rich people who can make bitcoin high for investing but still they can not control bitcoin because there are 90 percent countries in the world are bitcoin supporters and they are making bitcoin web stronger and only china can take hold over the growth of bitcoin.

Yes China is huge place for crypto users and there are so many people who daily makes thousands of transactions on daily base but still there are no chances for controlling bitcoin because bitcoin itself is an independent currency that is growing around the world then it seems silly to believe that someone can ever control bitcoin so forget it and keep investing.

jcpone

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Bitcoin is not control by any countries in the entire world dude, due to it is decentralized. But China country has the ability and capable to affect the price of bitcoin in the market, just like what happened last year 2019 when Chine decided to adopt the blockchain technology era, the price of bitcoin during its first week of November got affected by it.

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Quote from: yslyv on January 29, 2020, 05:38:25 AM

It is a fact that mining power is mostly based in china. And there are so many bitcoin adopters there. But i don't think they totally control the bitcoin. They only have enough impact.

Yeah no doubt China is well developed country and there are so many rich people who can make bitcoin high for investing but still they can not control bitcoin because there are 90 percent countries in the world are bitcoin supporters and they are making bitcoin web stronger and only china can take hold over the growth of bitcoin.

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In my opinion, only the allegations without evidence if mentioning China controls the price of bitcoin, because the price of bitcoin is based
on supply and demand.It is true that many Chinese people are involved in the world of cryptocurrency, like many mining farms locating in
China and also many investors who come from china. But that does not mean that China can control bitcoin, because the reality of the
government of China was until now never admit bitcoin. So in conclusion no one has been able to control bitcoin until now.

Driggers95

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Quote from: yslyv on January 29, 2020, 05:38:25 AM

It is a fact that mining power is mostly based in china. And there are so many bitcoin adopters there. But i don't think they totally control the bitcoin. They only have enough impact.

Although we know China is the farmland for bitcoin mining but that's information from years ago, with a market where mining has become more difficult, farms in China are decreasing, only a handful of large farms still exist, the percentage of bitcoin that China can hold right now is quite low for control. Besides, we should not forget that the policies prohibiting mining and using bitcoin in China, it has little or much influence on investors here, resources are not enough for China to control the whole market is becoming more giant

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Quote from: Subbir on January 29, 2020, 06:40:14 AM

China is one of the foremost advanced countries where the amount of Bitcoin users is high but China can never control Bitcoin China is the largest investor in bitcoin. Bitcoin may be a digital currency a rustic can never operate its own. Bitcoin does the mining work together and therefore the government cannot control it.

With the news that I read, china seem to be not a good place for bitcoin mining.

Example :

Quote

https://www.wired.com/story/china-says-bitcoin-wasteful-wants-ban-mining/

China Says Bitcoin Is Wasteful. Now It Wants to Ban Mining

Quote

https://www.tronweekly.com/china-smashing-illegal-bitcoin-mining-everyone-in-crypto-should-care-about-it/

The Chinese government is smashing illegal Bitcoin mining, everyone in crypto should care about it

However, since China miners started early, it's assume that they got a lot of bitcoin in the early stage and some maybe just keeping it for long term investment.

Subbir

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China is one of the foremost advanced countries where the amount of Bitcoin users is high but China can never control Bitcoin China is the largest investor in bitcoin. Bitcoin may be a digital currency a rustic can never operate its own. Bitcoin does the mining work together and therefore the government cannot control it.

Captain Corporate

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With how many people there is in China, I doubt neither the corona thing nor the rules would really change the fact that China is a big player in the financial world no matter what we are speaking of. There are many Chinese business man who owns lands and business' outside of China as well and they are really making a dent in the world right now with the amount of money they have. Crypto is just another part of that world domination where they probably want to own as much of it as possible in case of it being tried to use against them one day.

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Quote from: yslyv on January 29, 2020, 05:38:25 AM

It is a fact that mining power is mostly based in china. And there are so many bitcoin adopters there. But i don't think they totally control the bitcoin. They only have enough impact.

Depending on how this new virus will spread, in case of potential power shortages (what we believe should not take place), we may see a huge changes in Bitcoin price. This could affect as well factories which are producing minign equipment etc.

yslyv

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It is a fact that mining power is mostly based in china. And there are so many bitcoin adopters there. But i don't think they totally control the bitcoin. They only have enough impact.

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