Does China Control Bitcoin? - page 11.

BitHodler

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Quote from: cutesgirl on November 15, 2019, 06:08:39 AM

Although China have banned using bitcoin as legal currency transaction payment

China hasn't banned Bitcoin at all.... you can still use it as a means of exchange locally as long as it doesn't involve their fiat currency. Don't listed to news outlets claiming that China banned Bitcoin, they are trying to spread fud.

Quote from: cutesgirl on November 15, 2019, 06:08:39 AM

but they still control bitcoin because they have way how to make bitcoin on higher and lower price, last week we have seen how China president can make bitcoin up on higher price, I think when China make bad issues with bitcoin price will be go down and lower.

I don't think the price move was related to China's president, but more so the technicals as usual.... news is just pointed at because people have no clue how the market works on a technical level.

If it was such great news, why is the price going back down again? It gave back like $2k of its $3k pump and soon it will make even lower lows.

bitcoinposts

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china wont control bitcoin any more it is false rumor china is super power to control bitcoin even china got mining developments in china and traders there is no Chinese domination

Colt81

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No. China don't have any control to bitcoin because bitcoin is decentralized which no one can control bitcoin, and bitcoin is banned in China. But i heard China starts to regulate blockchain technology, that is why they are now launching their own coin just like Facebook's Libra Coin.

cutesgirl

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Although China have banned using bitcoin as legal currency transaction payment but they still control bitcoin because they have way how to make bitcoin on higher and lower price, last week we have seen how China president can make bitcoin up on higher price, I think when China make bad issues with bitcoin price will be go down and lower.

White Christmas

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Quote from: Murat on November 15, 2019, 01:17:21 AM

It's a relative issue, In recent time China has announced that Blockchain has brought to us a good factor for the new invention purpose, so they are appreciating this platform, not only that but also they are taking a project for their own crypto, so it means a lot. but it doesn't mean that China has played the most influential part of this platform, many people say that the major portion of Bitcoin and cryptocurrency is holding by the Chinese people, it may be true or not but it's true that Bitcoin can't be controlled by anyone. it's a decentralized platform so there should not be any controlling issue.

That's right It is really true that the chinese citizen are playing a big role in the cryptocurrency community especially with the announcement of their president Xi that they are open to accept the blockchain technology in their country and also the rumors or the news that the China are planning to build their own cryptocurrency that will back up by the government and gold to beat up the US dollar. As usual it wouldn't be true that China will control the bitcoin because bitcoin and other cryptocurrency are decentralized meaning, no one can control them even the big whales.

ongkok87

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Quote from: Menawi12 on July 26, 2019, 05:46:07 AM

Quote from: vixcious on July 26, 2019, 01:11:00 AM

Chinese people are holding a lot of Bitcoin but I think they will not cooperate to manipulate the market. because in many other countries there are many people who hold lots of Bitcoin and they are completely anonymous.
Besides, the Chinese government is quite strict with Bitcoin entrepreneurs and they always have to work in silence.
Therefore, they will not be able to destroy Bitcoin.

Although many bitcoin investors from China and Bitcoin Miners are dominated by China, I think China cannot control the price of Bitcoin. Every exchanger sometimes has a different price even though the difference is small but this indicates that bitcoin transactions are global and cannot be dominated by certain countries

indeed the Chinese people cannot regulate the price of bitcoin because in China the bitcoin has been banned so that it cannot control the price of bitcoin again, but if it is to control the price of bitcoin China is likely still

AGroose

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China is a very totalitarian country. And they have a great attitude to new technologies. Therefore, of course, China will control bitcoin. And I think that in the coming years they will remove the ban on cryptocurrency

vintages

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Quote from: bettercrypto on November 15, 2019, 02:48:46 AM

China control bitcoin by means of banning and promoting bitcoin. It manipulates the price because they know that if they will create news dealing with bitcoin FOMO or FUD, they can. Since many Chinese hold bitcoin, they can easily manipulate the market. However, if ever the market ignores their news from China, they cannot control the price. Specially that most of real supporters of bitcoin came from US and Europe.

It's more like what people created because of the high population of the Chinese and the high percent of them holding Bitcoin (like you mentioned).
If people could ignore every threat and sanction the Chinese government makes regarding on Bitcoin, they will know that the threat will reduces and see how it doesn't affect Bitcoin. Instead people panic on every little thing.

bettercrypto

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China control bitcoin by means of banning and promoting bitcoin. It manipulates the price because they know that if they will create news dealing with bitcoin FOMO or FUD, they can. Since many Chinese hold bitcoin, they can easily manipulate the market. However, if ever the market ignores their news from China, they cannot control the price. Specially that most of real supporters of bitcoin came from US and Europe.

Murat

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It's a relative issue, In recent time China has announced that Blockchain has brought to us a good factor for the new invention purpose, so they are appreciating this platform, not only that but also they are taking a project for their own crypto, so it means a lot. but it doesn't mean that China has played the most influential part of this platform, many people say that the major portion of Bitcoin and cryptocurrency is holding by the Chinese people, it may be true or not but it's true that Bitcoin can't be controlled by anyone. it's a decentralized platform so there should not be any controlling issue.

Greed Dev

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I think Europeans now hold more bitcoins. They have many money laundering activities that we don't know behind. Do you see that China has many bitcoin billionaires because its press is free to interview bitcoin billionaires? In the United States and some European countries, bitcoin billionaires often have to remain anonymous so they won't be sought by the government.
Besides, the most typical example is the big fluctuations of bitcoin usually taking place around the morning in Europe, especially in the US.

NathanJB

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Quote from: Maslate on November 14, 2019, 07:20:17 PM

Quote from: ohyeahhaha122 on July 30, 2019, 10:49:11 AM

It can be said because the number of Chinese users who hold coins is very large. But it is not necessarily possible to manipulate prices because there are many sharks in the world that can reduce or increase the value of any coin.

China has a huge number of bitcoin miners but this is not an enough reason that they can control bitcoin already. Bitcoin is not manipulated by anyone or any country and so its price keeps on fluctuating which increases or decreases its price. Once it will be controlled by anyone which i think won't happen at all, it's price will be stable already.

China is neither very interested in Bitcoin itself nor its control. They don't care much about Bitcoin because they will be developing its own digital currency. They cannot control Bitcoin even if they will buy half of the total circulating supply. Bitcoin is not owned by anyone. And if China cannot find anyone in control of Bitcoin which they probably want to take control of, they cannot control Bitcoin at all. But they can influence Bitcoin up to a certain extent with its large market.

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Quote from: ohyeahhaha122 on July 30, 2019, 10:49:11 AM

It can be said because the number of Chinese users who hold coins is very large. But it is not necessarily possible to manipulate prices because there are many sharks in the world that can reduce or increase the value of any coin.

China has a huge number of bitcoin miners but this is not an enough reason that they can control bitcoin already. Bitcoin is not manipulated by anyone or any country and so its price keeps on fluctuating which increases or decreases its price. Once it will be controlled by anyone which i think won't happen at all, it's price will be stable already.

FaMouS8828

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Quote from: akram143 on July 12, 2019, 05:37:59 AM

It is just a conspiracy theory so you need to you understand the reality that Bitcoin is not controlled by anyone at least with the current value 51 percentage of attack is not possible and the blockchain network of Bitcoin.

yeah, bitcoin is not controlled by anyone compared with altcoins. The opinion that China has a lot of miners/farm and can make a 51 percent attack is wrong. I assume that it is a conspiracy theory for making more hype only to show that bitcoin is not a good asset for buying or investment.

vixcious

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Chinese people are holding a lot of Bitcoin but I think they will not cooperate to manipulate the market. because in many other countries there are many people who hold lots of Bitcoin and they are completely anonymous.
Besides, the Chinese government is quite strict with Bitcoin entrepreneurs and they always have to work in silence.
Therefore, they will not be able to destroy Bitcoin.

tmlee

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At the moment, most of the pools are consolidated in China (arguably miners too)
But there is a lot at stake, for someone to want to "Control" or "Manipulate" the network.
Expensive cost, game theory mechanics, high risk all makes up the high probabilistic finality of bitcoin transactions for it to be trusted in a decentralized manner.

ohyeahhaha122

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It can be said because the number of Chinese users who hold coins is very large. But it is not necessarily possible to manipulate prices because there are many sharks in the world that can reduce or increase the value of any coin.

kpcian

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Is it really? How can anyone control over this platform?
I think Bitcoin is not a thing which can be controlled, Itself is a decentralized system so How they can do it? I don't think so. It may be that China is one country in which population has the largest holding of Bitcoin, In this context, they have the major collection of Bitcoin. but how can you do this calculation regarding this amount of Bitcoin? So I don't believe this equation anyone.
But I do believe that China is the new emerging and powerful country in the coming days, they are going to dominate the economic and monetary world. So they have any planning regarding any issues. but how can do you know?

Phantomberry

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I don't think so for me china is the world largest crypto mining in the world because of the population and a huge crypto community depsite of banning cryptocurrency and when it comes to controlling to bitcoin it is possible but maybe not because bitcoin is a united cryptocurrency that different country own to it.

kennen1113

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Quote from: Indamuck on July 29, 2019, 07:20:11 AM

China definitely controls the mining game. Most new hardware is made in china and it is used exclusively by the manufacturers before it is put on sale for the public. Additionally, they have very cheap electricity compared to other parts of the world. These mining farms have specialized deals or sometimes supply their own power.

The heart of mining farms is one that no one dares to deny about China but China cannot control bitcoin when they are not the only strong people in this area, many countries and many other individuals, they are strong enough to oppose China. So, if we speak more accurately, bitcoin is controlled by many corporations and groups around the world, they come together to make a profit from bitcoin, no one dares to admit that bitcoin is under their control, it is too dangerous when many people can cooperate and push prices down, drown the control

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