Does China Control Bitcoin? - page 15.

shoreno

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Quote from: NeverSop on July 20, 2019, 09:19:26 AM

Quote from: Twinscoin2017 on July 19, 2019, 09:01:20 PM

I believe that no one can control bitcoin even the big country like China. Even if china is a big country ee cannot really say that they can control bitcoin, i believe that bitcoin is usable by so many countrys and i think there are a lot of person that holds a big amount of bitcoin in every country so i think even china cannot control it.

In my opinion, China has many strengths to make decisions that benefit them with a hidden behind. In particular, more than 70% of bitcoin mining stations and large crypto stations are located in China. This does not mean that bitcoins will be controlled by anyone. But speculators or big operators can impact prices. And the recent ideas of Donald Trump are also understood to exert pressure and alleviate any impact on bitcoin. It seems to be understood in many ways.

there are reports on the past that china banned cryptos and crypto mining but the price of btc as well as other cryptos are not majorly affected . china maybe a big country but they are also strict and not all people can easily use cryptos on thier country .

there are other countries that are not strict and thier governments fully support the use of cryptos but we cant say that they can control the bitcoin already . no one controls btc actually because it is decentralized

yohananaomi

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Quote from: Zemomtum on July 16, 2019, 06:53:18 PM

Bitcoin is immutable, it cannot be destroyed by a single entity neither be controlled by Government. The mining farm is not more than 50% of the total hash-rate that are present in China, so it is a research that will not hold any stand both now and in the near future

Maybe the difference in control that you mean by what the government does is clearly different. as a government it is clear they need regulations for bitcoin, because no government will be blamed.
it is natural for all governments that recognize bitcoin requires clear rules. even if it's not acknowledged, bitcoin can move on its own because of developments in technological advancements that are used by bitcoin.

NeverSop

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Quote from: Twinscoin2017 on July 19, 2019, 09:01:20 PM

I believe that no one can control bitcoin even the big country like China. Even if china is a big country ee cannot really say that they can control bitcoin, i believe that bitcoin is usable by so many countrys and i think there are a lot of person that holds a big amount of bitcoin in every country so i think even china cannot control it.

In my opinion, China has many strengths to make decisions that benefit them with a hidden behind. In particular, more than 70% of bitcoin mining stations and large crypto stations are located in China. This does not mean that bitcoins will be controlled by anyone. But speculators or big operators can impact prices. And the recent ideas of Donald Trump are also understood to exert pressure and alleviate any impact on bitcoin. It seems to be understood in many ways.

Zemomtum

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Bitcoin is immutable, it cannot be destroyed by a single entity neither be controlled by Government. The mining farm is not more than 50% of the total hash-rate that are present in China, so it is a research that will not hold any stand both now and in the near future

hahay

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Quote from: Robotbitcoin22 on July 18, 2019, 03:42:26 AM

Quote from: fauzan Ichsan on July 17, 2019, 10:48:54 PM

Quote from: sempak on July 17, 2019, 09:53:40 PM

Nobody controls bitcoin, all the prices currently available are purely market demand, but indeed more and more people are familiar with many parties who are interfering to make speculations and they take advantage of the names of those who have been trusted.

I agree. that no one can control the market. China can't. it's just that China has a lot of big investors on cryptocurrency, so that the government policy in their country can affect market movements

until whenever the price of bitcoin cannot be regulated by any country. because the price of bitcoin has been set by the market. be any country and anyone that cannot change or regulate the situation. moreover now there are many people who are interested in bitcoin but sometimes they certainly use it badly. so sometimes that makes the market go down directly.

I'm interested in a lot of big investors in a country, maybe that also makes prices move quickly but not completely they can control bitcoin, because prices continue to move up and down because of market activities there. So even though you can say China has a lot of big investors, but in fact the price moves because of the active buying and selling that occurs in the market.

dat.ho12492

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Quote from: Ronaldcoin2017 on July 18, 2019, 10:49:06 PM

China is a big country but it doesn't mean that they holds a huge amount of bitcoin that they can control it anytime, i believe that there are still, countrys or persons that live in other country that also hold a big amount of bitcoin, there are no direct evidences that whales are Chinese, because there are so many country that used bitcoin now a days.

Agreed, although China is a country with a large number of rich people and participants investing in bitcoin very early but their strength is still limited, their sphere of influence is only at a certain level, they cannot control bitcoin. However, one thing that we should believe is that bitcoin's sudden decline or price increase is always related to them because they are where there are so many rumors, they always bring bad information and good around bitcoin, they create effects and other rich people cooperate with them to manipulate the market

vintages

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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 wish many people will understand this, especially young investors. It is frustrating how many people think that China has a major say on Bitcoin.
Once there is a little issue concerning Bitcoin in China, you see a panic sell. It makes Bitcoin move away from being independent like it should be.

Twinscoin2017

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I believe that no one can control bitcoin even the big country like China. Even if china is a big country ee cannot really say that they can control bitcoin, i believe that bitcoin is usable by so many countrys and i think there are a lot of person that holds a big amount of bitcoin in every country so i think even china cannot control it.

Irviyandi

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In my opinion, China does not control the price movements of Bitcoin, which China does just hit so that bitcoin is no longer priced and prices continue to decline, so with that there is no more bitcoin enthusiasts, because China hates bitcoin even though there are enough Chinese investors to join bitcoin

automaticmoney

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There was a rummor before china used to control bitcoin but now china wont control bitcoin and bitcoin mining bitcoin is decentralized and spread every where in world

(o)(o)ilikeboobs(o)(o)

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I don't think so cause no country would be calm enough to see that happen.
they all want to control it, but bitcoin-blockchain is born to be decentralize. no peer could really control the network

sgenuine

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Quote from: BitHodler on July 16, 2019, 04:23:22 PM

Quote from: bitgolden on July 16, 2019, 03:08:40 AM

I think china has failed in this part thinking they could control bitcoin

China hasn't failed to control Bitcoin because it was never their intention. China wanted to make sure it has done just enough to make Bitcoin and crypto in general less appealing and a bit harder to dig into. I think they did well there.

Quote from: bitgolden on July 16, 2019, 03:08:40 AM

I don’t see their ban of mining affecting cryptocurrency in any way, we might see a little side effect, but with time, everything will adjust itself and the market will continue smoothly if they eventually ban miners.

What ban? China didn't impose a ban on mining. Not sure where you got that information from, but it's false/fud. I would avoid the news outlets or certain individuals contributing to this fud circus.
If you look at the hashrates of most POW coins, they have nearly all gone up to all time high levels. If China really banned mining the consequences of that would be felt in a more severe way. Mining in China thrives as ever!

The country has a very cheap cost of electricity, which was the main reason for such a huge concentration of mining devices in this area. As for controlling Bitcoin by China, it seems something very strange.

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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.

First I don't think that China has a power to control Bitcoin, Though they have a high contribution of one the biggest average of bitcoin in terms of Bitcoin mining farm. But not enough to say they are capable to control, however they are capable to make the price value of Bitcoin to be dump in the market, I am sure about that, and I've seen many times.

arbifahrozy

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in my opinion it could have happened by a group of nobles who indeed moved to say mining and they gathered to strengthen to be able to influence crypto both from the market and coin coins. as we know China is a big country and has a different perspective.

Natalim

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Quote from: Ronaldcoin2017 on July 18, 2019, 10:49:06 PM

China is a big country but it doesn't mean that they holds a huge amount of bitcoin that they can control it anytime, i believe that there are still, countrys or persons that live in other country that also hold a big amount of bitcoin, there are no direct evidences that whales are Chinese, because there are so many country that used bitcoin now a days.

I think the basis here is in the early stage of bitcoin when china were still the one who has the biggest miners, of course with that they earn a lot of bitcoins. Since now China is not pro crypto anymore, maybe the interest of the people now lessens but the fact that they started to accumulate early, I think these whales are continuing to hold and trade their bitcoins.

Ronaldcoin2017

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China is a big country but it doesn't mean that they holds a huge amount of bitcoin that they can control it anytime, i believe that there are still, countrys or persons that live in other country that also hold a big amount of bitcoin, there are no direct evidences that whales are Chinese, because there are so many country that used bitcoin now a days.

iMark

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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.

Thats right, at least you need to have around 51% of the total supply in Bitcoin to be able to control it. but I do not deny that China
has a big role in the market, they have very large users anyway. Thats why, the policy in China will affect the crypto market

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Quote from: mandor on July 17, 2019, 10:28:59 PM

indeed China is a developed country and has the largest population resident in the world, but that does not mean China can control Bitcoin because no one can control Bitcoin or destroy Bitcoin. if China bans Bitcoin it will not adversely affect Bitcoin because the country is not a Bitcoin maker. don't expect China country can to control Bitcoin because that won't happen.

Not because the mining business is mostly inside china means that they can completely controlled bitcoin price, there's already a lots of participating parties who also investing with bitcoin, the supply and demand still impacted the market, players who's willing to buy and to sell coins are the one who's
creating the value to rise or to fall.

entebah

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I think that the Chinese state is not the one who controls Bitcoin as a whole, because Bitcoin is moving because the traders do buy and sell transactions every day, so prices continue to experience movement.

Robotbitcoin22

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Quote from: fauzan Ichsan on July 17, 2019, 10:48:54 PM

Quote from: sempak on July 17, 2019, 09:53:40 PM

Nobody controls bitcoin, all the prices currently available are purely market demand, but indeed more and more people are familiar with many parties who are interfering to make speculations and they take advantage of the names of those who have been trusted.

I agree. that no one can control the market. China can't. it's just that China has a lot of big investors on cryptocurrency, so that the government policy in their country can affect market movements

until whenever the price of bitcoin cannot be regulated by any country. because the price of bitcoin has been set by the market. be any country and anyone that cannot change or regulate the situation. moreover now there are many people who are interested in bitcoin but sometimes they certainly use it badly. so sometimes that makes the market go down directly.

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