Does China Control Bitcoin? - page 13.

barbara44

hero member

Activity: 2534

Merit: 605

Quote from: suzanne5223 on July 24, 2019, 12:39:16 PM

I supported what you said base on the research I did which shows the US and Canada as the top countries which had the highest number of people involved in bitcoin while China has the biggest mining power due to electricity rate but that might change if Korea takes a bold huge step into the crypto mining.
Even US or Canada don't have the power to control bitcoin

Korea is gradually becoming cryptocurrency friendly too and it is only a little matter of time, before Korea takes over from china in term of mining, which is why I was never bothered when everyone was thinking china banning miners in china would affect bitcoin, what china does not understand is that in this life, there is no one that is irreplaceable, and this applies to country and government too.

If china pushes too hard to go against miners in their country, those miners will simply not mind migrating to Korea, because it is something that pays them more than the petty work they do in china from the sales of those low quality products that they ship worldwide, so they think because they control the large amount of products going to the world, they can control bitcoin too, it is absolute lie.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

Quote from: Phantomberry on July 25, 2019, 06:07:33 AM

I don't think so for me china is the world largest crypto mining in the world because of the population

A country having the world largest mining factory does mean the country can control Bitcoin and if you're saying this cause you think Bitcoin price will be badly affected if the Chinese shutdown their mining factory, you wrong and alot of experienced crypto price predictors confirmed that the price of bitcoin will even surge more than before.

Quote from: Phantomberry on July 25, 2019, 06:07:33 AM

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.

Bitcoin was banned in some part of India and people from there still invest in it despite the jail and punishment sentence that's the influential power of Bitcoin itself.

reality18

member

Activity: 938

Merit: 14

Earn more with Earn Network

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.

SirLancelot

hero member

Activity: 2646

Merit: 582

Leading Crypto Sports Betting & Casino Platform

Quote from: Tungsten-1 on July 23, 2019, 12:07:50 PM

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.

trimulia

full member

Activity: 518

Merit: 101

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

Tungsten-1

sr. member

Activity: 994

Merit: 256

Quote from: romero121 on July 23, 2019, 06:13:23 AM

Large volume holders of bitcoin has got the ability to manipulate the market to some extent, it doesn't mean those are controlling the market. China has got a large userbase of cryptocurrency users as well contributes big to the mining power. This is the reason for people having such a opinion over China. These days users were found all over the world and the every country has a fintech city. Mining of bitcoin too found around, during the early days of bitcoin China supported much.

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.

brotherwood12

member

Activity: 686

Merit: 30

hard to belive this after on 2017 china goverment was banning crypto mining on china . also if we put the bitcoin after it was mined it was owned more than 1 people or 1 group so its hard to make them have one vision to control it

Arkham Knight

full member

Activity: 532

Merit: 100

No, they don't but it's more likely that they have more than half of the current supply of bitcoin right now. The last update that I have read from their latest analysis on btc is very positive which makes me think on what I said is really true. They can't control bitcoin but it is very clear that they can control btc price to makes cash from dumping and pumping.

FIFA worldcup

full member

Activity: 1134

Merit: 105

Quote from: Becky666 on July 24, 2019, 12:23:44 PM

Quote from: bitcoinUF on July 12, 2019, 08:35:37 AM

Quote from: Oilacris on July 12, 2019, 05:09:01 AM

Quote from: DigitalCyberius on July 12, 2019, 01:14:26 AM

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 coming

to 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.

Frankly speaking there's no problem that can be seen from what you think because miningpool can't be decentralized and even at that can't be use as an attack against Bitcoin, in as much the coons is decentralized, little will the minner have a control if there will even be. Even at that there are many others that mine the said Bitcoin and not China only.

So you mean to say that miners control the bitcoins, then this is also not true either. If china has the biggest mining farms then it does not mean that china will be controlling the bitcoins. The advantage of decentralized currency is that it cannot be controlled.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

A lot is being discussed about the 51% attack, but it is easier said than done. As per the latest stats, the Chinese mining pools contribute 74% of the hashpower. But not all of this 74% comes from mega mining farms. A significant part comes from the medium-level miners, who operate under the radar. And in case the Chinese government intends to go ahead with the 51% attack, do you really think that the Bitcoin users will just sit back and watch? They will immediately implement hard forks which would nullify any such attack.

In short, China is unlikely to attack Bitcoin. These are the reasons:

1. It is against international law
2. Low probability of success
3. It will ruin the reputation of the country
4. It will move crypto-related businesses out of China
5. The expenses will be significant.

Irvinn

full member

Activity: 966

Merit: 104

Quote from: bitcoinisbest on July 21, 2019, 01:57:09 PM

Quote from: noormcs5 on July 21, 2019, 11:19:03 AM

Quote from: Findingnemo on July 19, 2019, 06:58:35 AM

How long paypal is going to you say this kind of stories, Bitcoin is not controlled by anyone but it has been manipulated in very short by the people who has very huge amount of funds.

China cannot control the bitcoins. Bitcoin is only controlled by the whales who hold a big amount of bitcoins. They can dump or pump the bitcoins by manipulation as they hold large amount of fund.

It is illegal in China and thus now china might not be the leader as it used to be say 5-6 years ago where more that 50% of the btc trade or holding was with China. May be Japan or some other country could be the market leader at this point of time.

I don’t know how true these or other statements are, but when they talk about controlling Bitcoin, it certainly makes you smile, because no one has yet found an opportunity to control Bitcoin. But if we are talking about China, then most likely we are talking about the Chinese miners, who practically control 70 percent of all transactions.

o48o

legendary

Activity: 3052

Merit: 1168

Leading Crypto Sports Betting & Casino Platform

Quote from: hulla on July 24, 2019, 12:52:59 PM

Quote from: o48o on July 24, 2019, 12:30:56 PM

I don't understand these "strong ideological motives". Why would anyone pay to try to "destroy" bitcoin when they might as well make more money while mining.
Few double spends doesn't destroy bitcoin and they would cost a fortune. I mean why would people support their chain after that? This is just fud. Or the publication has a weak understanding on how the bitcoin works.

Firstly the question about if China control bitcoin is a long time question which have been asked when the Chinese government havent place some restriction on crypto currencies and the answer is no organization, governments or group control bitcoin except the crypto communities.

Secondly, the ideological reason behind the destruction of an asset is done by group, companies or organization which sees bitcoin as an obstacle to their own investment or business and these are also the reason why 51% attack happened to some crypto currency..

Yeah but we were not talking about 51% on some other cryptocurrencies. Andreas Antonopoulos explains this better then i could in this short video. https://www.youtube.com/watch?v=ncPyMUfNyVM

bitcoinisbest

hero member

Activity: 1218

Merit: 557

Quote from: noormcs5 on July 21, 2019, 11:19:03 AM

Quote from: Findingnemo on July 19, 2019, 06:58:35 AM

How long paypal is going to you say this kind of stories, Bitcoin is not controlled by anyone but it has been manipulated in very short by the people who has very huge amount of funds.

China cannot control the bitcoins. Bitcoin is only controlled by the whales who hold a big amount of bitcoins. They can dump or pump the bitcoins by manipulation as they hold large amount of fund.

It is illegal in China and thus now china might not be the leader as it used to be say 5-6 years ago where more that 50% of the btc trade or holding was with China. May be Japan or some other country could be the market leader at this point of time.

hulla

hero member

Activity: 1834

Merit: 566

Quote from: o48o on July 24, 2019, 12:30:56 PM

I don't understand these "strong ideological motives". Why would anyone pay to try to "destroy" bitcoin when they might as well make more money while mining.
Few double spends doesn't destroy bitcoin and they would cost a fortune. I mean why would people support their chain after that? This is just fud. Or the publication has a weak understanding on how the bitcoin works.

Firstly the question about if China control bitcoin is a long time question which have been asked when the Chinese government havent place some restriction on crypto currencies and the answer is no organization, governments or group control bitcoin except the crypto communities.

Secondly, the ideological reason behind the destruction of an asset is done by group, companies or organization which sees bitcoin as an obstacle to their own investment or business and these are also the reason why 51% attack happened to some crypto currency..

Rufsilf

sr. member

Activity: 1778

Merit: 309

Quote from: akram143 on July 12, 2019, 04:37:59 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.

I agree, its just a theory with no concrete evidence that China is controlling bitcoin and besides, bitcoin is not and cannot be controlled by anyone, there might be a lot of miners in China and that China may have a big amount of bitcoin but it doesn’t mean they have control over bitcoin.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

Quote from: Tungsten-1 on July 23, 2019, 12:07:50 PM

Quote from: romero121 on July 23, 2019, 06:13:23 AM

Large volume holders of bitcoin has got the ability to manipulate the market to some extent, it doesn't mean those are controlling the market. China has got a large userbase of cryptocurrency users as well contributes big to the mining power. This is the reason for people having such a opinion over China. These days users were found all over the world and the every country has a fintech city. Mining of bitcoin too found around, during the early days of bitcoin China supported much.

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 supported what you said base on the research I did which shows the US and Canada as the top countries which had the highest number of people involved in bitcoin while China has the biggest mining power due to electricity rate but that might change if Korea takes a bold huge step into the crypto mining.
Even US or Canada don't have the power to control bitcoin

o48o

legendary

Activity: 3052

Merit: 1168

Leading Crypto Sports Betting & Casino Platform

I don't understand these "strong ideological motives". Why would anyone pay to try to "destroy" bitcoin when they might as well make more money while mining.
Few double spends doesn't destroy bitcoin and they would cost a fortune. I mean why would people support their chain after that? This is just fud. Or the publication has a weak understanding on how the bitcoin works.

goaldigger

sr. member

Activity: 2422

Merit: 357

As far as i know, China doesnt want cryptocurrency and even make it illegal in them. I dont think it will just a cover up on what they really want to do because there are really people who get jailed because of mining in China. Its clearly suspicious why they dont want crypto though. Maybe they are up too something.

fullhdpixel

hero member

Activity: 2828

Merit: 611

Quote from: FanEagle on July 15, 2019, 08:44:54 AM

The deal is that china has a lot of bitcoin in its nation, we don't know how they can move it outside the country but the miners, the traders, the ICO participants and everyone else in that nation wants to cash out their crypto currencies and sell it to each other, they earn it from other nations and people from all around the world but then exchange it between themselves.

So, if China was smart even a bit they would have collected the crypto profits in crypto taxes in form of crypto to build a new vault for themselves and in case a country wants to apply an embargo or a trade war like USA wanted to they could just simply sell all their crypto they collected via taxes and could get dollars for it instead of yuan and then sell those dollars to drop the value of it as well. Its smart, its cunning and it would make a nation super strong in economy against others.

I don’t understand man, how can they build vault for what is not physical, cryptocurrency is digital and they don’t need to build vault to have it saved or have difficulty in moving it outside the country no matter how large the amount is, I think they have been doing this easily which china itself has not been able to successfully control its technology as a result of its anonymous nature.

I believe that this is the reason why they thought of bringing the attack from the angle of miners, since they know that majority of the miners of bitcoin and other cryptocurrency are from china, so if they can limit their mining power, then they can limit the supply of cryptocurrency flowing round which will make it difficult for people to acquire crypto and them becomes difficult for them to move money out of china.

jostorres

hero member

Activity: 2562

Merit: 586

I think as a nation and as a government are two totally different things. If people think of Chinese government when they think about "china controlling bitcoin" than there is really no way because government bans these crypto movements all together and they really do not want bitcoin or any other coin to get too big in order to keep their power and not give up their power to bitcoin. They even banned miners and ICO funding all together, like it is punishable if you invest into those things and you would have to pay a lot of money in penalties.

However, if you mean "china" as in the people of that country than there is still a lot of power reside there, not only in Chinese people in china but Chinese people all around the world as well, they are really working to become number one or maybe even already are.

Topic: Does China Control Bitcoin? - page 13. (Read 9316 times)