Topic: Does China Control Bitcoin? - page 12. (Read 9316 times)
Definitely China doesn't control bitcoin but any news, good or bad that came or about China could affect the price but in control, nope. I don't think their government is also in btc because they effectively put a ban in using crypto. Not even powerful countries can control btc because no one really can.
Undeniably, China is becoming a real financial force in the world, They have many factors that have a big impact on the process of mining bitcoin and crypto. However, I don't think China can dominate and control bitcoin. Bitcoin is a separate and peer-to-peer autonomous system for all people around the world. Only humans are greedy enough to understand and push bitcoin to that risk.
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.
It is the very big mistakes features bitcoin has implemented, by giving the total control to the people who has most of the mining capacity, that’s why proof of stake are invented, POS give the people with most coin stake the power to control the network, but it’s up to personal choice to prefer POW or POS, both of them also is a form of anarchy system, we’re all but gullible and hostile when it came to power. Of course some one can challenge the system to fight the injustice, change the system? Or fix the system? I’m not a advocate to any side, I’m just here to enjoy my share of pop corn.
Yes China is a very strong country they can really contol bitcoin,becaus china is one of the ruler of this world. I believe that one day everything is under control by China. Because they have the power to control everything in this world.
I don't know if they can control bitcoin. Even though it is China, not a ruler of the world though, they can't just control bitcoin that way. Even in the future, I don't see that happening, all I know is that there are a lot of users of bitcoin and that can bring a lot of changes making it harder, well hard to control.
We cannot deny that most of the crypto work is indeed carried out by the China state. so is the circulation of bitcoin, but I doubt that they can manage bitcoin for certain purposes. because bitcon has become the basis of crypto movement and doesn't seem easy to do.
Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.
Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/
It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.
What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?
Looking forward to your thoughts,
The Cyberius team.
Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/
It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.
What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?
Looking forward to your thoughts,
The Cyberius team.
Yes China is a very strong country they can really contol bitcoin,becaus china is one of the ruler of this world. I believe that one day everything is under control by China. Because they have the power to control everything in this world.
While currently there is no evidence of direct Chinese state interference with the Bitcoin network, this could become a credible attack vector in the future.
I believe its economic value its still too low to be of real concern, becoming more so as it grows (and likewise the same for other state actors).
There will the serious possibility of covert tampering using state-own-enteprises to control miners while disrupt non-chinese miners, using the GFW for technical interference, and undermining consensus by destabilization.
There was an excellent paper on this topic published by Ben Kaiser, Mireya Jurado & Alex Ledger (circa 2018):
The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin
https://[Suspicious link removed]/2Yvlg74
Check it out if your keen
I believe its economic value its still too low to be of real concern, becoming more so as it grows (and likewise the same for other state actors).
There will the serious possibility of covert tampering using state-own-enteprises to control miners while disrupt non-chinese miners, using the GFW for technical interference, and undermining consensus by destabilization.
There was an excellent paper on this topic published by Ben Kaiser, Mireya Jurado & Alex Ledger (circa 2018):
The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin
https://[Suspicious link removed]/2Yvlg74
Check it out if your keen
I think there is bit of a truth to miners controlling. I mean what do people mean when they say "control bitcoin", if it means controlling the network then yes miners are not controlling the network, we can see that clearly by miners wanting to create bitcoin cash type thing in bitcoin itself but failing so they went with their own currency. However it also means that they are mining so much and they are earning from transactions as well so it means they can actually control the price a bit.
I mean a miner that mines for 4-5 thousand dollars right now can save all of his coins for a long time since we are way above their profits, and then sell it all at once to drop the price and buy back cheaper. Hence if the control means network then no China doesn't control it, but if its price then I assume they have some sort of power.
I mean a miner that mines for 4-5 thousand dollars right now can save all of his coins for a long time since we are way above their profits, and then sell it all at once to drop the price and buy back cheaper. Hence if the control means network then no China doesn't control it, but if its price then I assume they have some sort of power.
There are a lot of mining power from China but it comes from different companies
We can say that China is holding a significant amount of Bitcoin, but that doesn't mean that they can have control over the Bitcoin network. They can play all over the price of Bitcoin, but they cannot have control over its power. That is one of the best features of Bitcoin, and no one has control over it.
China has been so strict with their government system particular on bank money laundering occurrences, and I wouldn't wonder they've going to be strict with bitcoin. Probably they would have controlled the bitcoin existence due to its threat on their financial economy.
Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.
We cant really deny into this fact but doesnt mean that they do have the control over the network they might ave big impact but not totally comingto a point that it would be monopolized considering that China isnt the only place that do mine. No one control bitcoin and if someone does then its value wont really be the same on what we are seeing now.
This.
Still is good that everybody is aware that the miningpools are not descentralized at all, most of them are control by the same entities and it could be a problem in the long run.
China does not control Bitcoin, but most Bitcoin investors come from China so they indirectly control Bitcoin. I've been paying attention to the country that adheres to the communist system, how does the government direct its citizens to invest in precious metals and not in cryptocurrency.
There are many different hypotheses and conspiracy theories. Some of them have proofs, and some are so insane that I don’t even know how this could be thought of.
I agree with you, and I have the same opinion about Bitcoin. In my opinion, this is the most rational explanation for everything.
With over 51% of mining capacity, I think even Satoshi can be helpless with all that processing power, but luckily not all the 51% mining power come from the one person in China, it came from a few big mining farms, we can’t rule out they may work together for some profit as benefit, but I don’t think they will take the risk to change anything for now. And the best part is no other country can produce more processing power than the manufacturing power house, I don’t think anyone can challenge China in mining for a very long time.
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.
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
Bitcoin is decentralized and this means there is no single body with absolute control over the Bitcoin. Bitcoin was created for the people to take charge and power over their finances hence the people or users of Bitcoin own the control over it. Its price trend is influenced by the collective activities of its traders on the market.
Yes.Since bitcoin has a decentralized system,so China could not take the full control over bitcoin because with or without China,bitcoin will continue to grow even more to the extent of conquering the whole world.The fact that China had banned bitcoin and all its transactions,so it has no place anymore in the success of bitcoin. 
Therefore, I don’t think it is United states that controls crypto market neither. We could even say that it is china, because that is where 70% of the miners are from, and what is crypto without the miners, so these is where we may say the control comes from majorly, even though they don’t have much influence in the market.
Miners do not control the network. That is the first thing what people are mistakenly writing here. What miners do is confirm transactions but they cannot take control of the network just because their mining power helps secure the network. If a group of miners like the Chinese decide to go rogue then other miners can take the upper hand are remain sound in securing the network making the former attack useless.So that said, we can assume that nobody has the power or the ability to control the blockchain. Where this topic comes from is this misconception that some people have.
crypto users especially big investor of bitcoin, mostly not from China so will not be able to be controlled, but I agree more if crypto can be controlled by large companies like Apple and microsoft
While maybe it is true that bitcoin is banned in china i can see that many important crypto role filled by chinese like CZ and some more. They could be living overseas and doing business overseas so it is kinda wrong to assume that big investor doesn't come from china. just my opinion though. 
I think it is the US that has the maximum number of people involved in Bitcoin and other crypto and the maximum of Bitcoin are owned by people in the US. In other words, the US could be able to influence Bitcoin only with an aggregate action. China put a kind of ban over ICOs in the country thereby limiting the amount of crypto startups in the country. So it is up to a great extent under the influence of the US right now.
I doubt if it is United states, the fact that many people use the USD to trade as pairs for BTC does not mean that they are all from United State, I trade with USD and I am never from there so as many people that you see in this forum too. If the numbers of traders or investors from united states was that much, why would Binance pick up that courage to kick them out? I even learnt that the percentage of US citizens in biance exchange is just 14% .Therefore, I don’t think it is United states that controls crypto market neither. We could even say that it is china, because that is where 70% of the miners are from, and what is crypto without the miners, so these is where we may say the control comes from majorly, even though they don’t have much influence in the market.
Go through their ID verification and you'll see how awesome the exchange is.
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