Does China Control Bitcoin? - page 14.

maydna

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Quote from: Ranly123 on July 24, 2019, 12:44:53 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.

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.

I don't think China holds and control the flow of Bitcoin. Yes China has a vast user of cryptocurrency compared to other countries but it does not mean they control something like bitcoin though.

I think the same thing as you. It is hard for China to control bitcoin because it will need big money to have bitcoin or to buy bitcoin. Although they have a big mining company in the world, they still cannot control bitcoin. They are trying to regulate bitcoin and want to buy as much bitcoin, or they want to mine bitcoin by their hardware. That will happen too with the US, which wants to regulate bitcoin. Bitcoin is free for all people, and no government can control bitcoin, I guess so they could only ban bitcoin from the people used.

davis196

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Today is 2019,not 2016 or 2017.This topic is old.China doesn't control bitcoin,because crypto trading is banned,according to the Chinese laws.If China really had any control over bitcoin,do you think that they will ban all crypto trading on their territory.Bitcoin was causing big problems to the Chinese goverments and the PBOC due to the massive capital export outside China.

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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.

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.

I don't think China holds and control the flow of Bitcoin. Yes China has a vast user of cryptocurrency compared to other countries but it does not mean they control something like bitcoin though.

romero121

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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.

amonymous

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At first our thoughts have to be changed and it must be remembered that crypto market is about. According to your topic, I can give some ideas about bitcoin that bitcoin is a coin known to its own identity.
Whoever we want can not control bitcoin because bitcoin is out of our hands. However, if you are a larger investor, then you can dump or pump bitcoin price somethink for sometime.

barbara44

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This is just a wrong fallacy and wrong mentality, china does not control bitcoin, no one can, it is possible for an individual to have a larger portion of bitcoin, but not because of that control it entirely. Yes it is true that the greater percentage of miners were from china if they still exist though, but if the government owned it controlled it, why are they having issues with it to the extent of proposing to ban miners from china.

China is a country that is finding it very difficult to support cryptocurrency because they have their own technology and would not want to really on another external technology which is why they are giving their strength to see that crypto does not see the light in their country, so how can this type of government be the one controlling bitcoin.

jak3

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It is true that China controls most of the Bitcoins mining power in the world. Maybe China was planning to take over the crypto coins before banning it but now they are changed. They are thinking about adopting new digital currencies into their country but of course, they will have their own rules set which will be better for their citizens. No harm was done here.
China can not control Bitcoin even if they want to, its true that one country can control Bitcoin or any other cryptocurrency with 51% attack but this coin is distributed into many people around the world. It is impossible for one individual or organization to collect that many coins.

Flagship11

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I have read that there are 4 miners in the country China that own >50% of all bitcoin.

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Quote from: sandra_x on July 21, 2019, 09:28:06 AM

Any activities relating to bitcoin- trade, investment, use, mining or otherwise are strictly limited by the Chinese government.I think the influence of China may have been overstated. As Andrea Antonopolous noted in one of his lectures, even a successful “51-percent attack,” on bitcoin network would not necessarily end bitcoin

Could not agree more. I think Bitcoin is fully decentralized and is not controlled by anyone around. In addition, Bitcoin and activities related to crypto are not really allowed by the Chinese government so it sound a bit absurd to state that Bitcoin is controlled by Chinese government. The countries having more Bitcoin users would have a huge influence over Bitcoin.

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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.

Finestream

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Quote from: princeyeboah on July 18, 2019, 06:09:05 PM

Knowledge in Bitcoin and how it works perfectly reveal that Bitcoin is not controlled by any single authoritative body. Due to its decentralized nature, Bitcoin is rather influenced by the cumulative activities of its traders, investors and holders on the market. The idea that Bitcoin is controlled by China is a misconception.

Right.This is really a crazy idea.China alone cannot destroy bitcoin knowing bitcoin has lived for 10 years without any body supporting it but the crypto community itself.And if China would want to destroy bitcoin,he has made it before when only few of the countries are attached to bitcoin.

sandra_x

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Any activities relating to bitcoin- trade, investment, use, mining or otherwise are strictly limited by the Chinese government.I think the influence of China may have been overstated. As Andrea Antonopolous noted in one of his lectures, even a successful “51-percent attack,” on bitcoin network would not necessarily end bitcoin

princeyeboah

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Knowledge in Bitcoin and how it works perfectly reveal that Bitcoin is not controlled by any single authoritative body. Due to its decentralized nature, Bitcoin is rather influenced by the cumulative activities of its traders, investors and holders on the market. The idea that Bitcoin is controlled by China is a misconception.

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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.

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.

Bitcoin was banned always by China. I think that China just want to trap traders outside of their country. They are banning bitcoin when it goes up because they just want to capitalize the market. But look how they control the market, because of their great population, they easily manipulate the price by withdrawing their capital.

Observe how bitcoin banned in China and see how they are really wise.

vnh217

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Bitcoin can never be controlled by any country. I don't think one country including China has control over it. Nobody controls bitcoin, all the prices currently available are purely market demand. Bitcoin in China are mined by various groups of miners.

Findingnemo

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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.

silversurfer1958

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Chinese people are really holding a lot of Bitcoin and they seem to control the market.
But I think they will not destroy bitcoin, bitcoin is really a market that is very profitable for market drivers.
they will continue to hold more bitcoin and will make the price of BTC increase over time.

jonaire99

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Bitcoin is said to be controlled by all bitcoin users around the world including those chinese users. But if you are referring to government control, all China can do is impose regulation on cryptocurrency exchanges instead of the bitcoin. No one can control a decentralized currency and this is the reasons why people from countrol that bans bitcoin can still able to buy or sell it through the underground exchanges.

Tahsin Kabir Kollol

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China does not control Bitcoin completely. It is true that China has the majority of the mining power and also some bitcoin holder. But Bitcoin is used all over the world. If China holds a big amount of bitcoin, it can make some influence. But China can not control bitcoin. Bitcoin is a decentralized altcoin and no one can control it.

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Quote from: Finestream on July 18, 2019, 06:16:21 PM

Quote from: princeyeboah on July 18, 2019, 06:09:05 PM

Knowledge in Bitcoin and how it works perfectly reveal that Bitcoin is not controlled by any single authoritative body. Due to its decentralized nature, Bitcoin is rather influenced by the cumulative activities of its traders, investors and holders on the market. The idea that Bitcoin is controlled by China is a misconception.

Right.This is really a crazy idea.China alone cannot destroy bitcoin knowing bitcoin has lived for 10 years without any body supporting it but the crypto community itself.And if China would want to destroy bitcoin,he has made it before when only few of the countries are attached to bitcoin.

I think they thought that since China holds the most miners in the world, they would be holding the most bitcoins, and with most bitcoins, they could control the price change of it. Manipulation is not that old to crypto currencies so I will not be that surprised if that is true but that is not a whole manipulation, it is just that slight one.

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