Does China Control Bitcoin? - page 17.

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Quote from: Renampun on July 15, 2019, 10:26:34 AM

I feel that actually now the Chinese government is very stupid, if they want to recognize Bitcoin I think they will have the opportunity to control Bitcoin.

The only thing governments can control is the centralized ecosystem around Bitcoin, not Bitcoin itself.

They have the ability to subject businesses to their regulations where data exchange is mandatory in order to remain compliant, and this might already be the case without people even knowing. I'm fairly sure that at one point governments will come out of hiding and penalize those who refrained from paying their taxes and whatnot.

People still put a lot of faith in Bitcoin's "anonymous" nature, while there is no such a thing as anonymity at all when you use centralized services. One day even the small fishes will pay the price for it when the amounts they initially didn't pay tax over added up to a significant enough amount years later.

Janation

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Quote from: zidanw on July 13, 2019, 09:18:54 AM

Quote from: Indrawan77 on July 13, 2019, 09:15:30 AM

China wont be able to destroy Bitcoin, they used to had the largest mining, but now not anymore,since the banning ,the power of China had been decreased and if the China stop mining then other people still interested,so I don't think China got the power to control bitcoin anymore

It's true what you say, but China is definitely still controlling bitcoin because there are still many people mining and investors too so if bitcoin is still allowed by the government there then there are still many people who control bitcoin

But that doesn't mean they can though.

It is true that there are a lot of miners in China, in fact as far as I know they have the huge percentage of the miners in the whole world. But I don't think that they will be able to control it since most of them are also just holding it especially that they banned Bitcoin in their country. There is no way they can control it if they will not be able to use it.

Juggy777

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Quote from: Ranly123 on July 14, 2019, 07:57:07 PM

Quote from: DigitalCyberius on July 12, 2019, 02:14:26 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.

It's a conspiracy and whether it's true or not, China plays a big part in cryptocurrency and Bitcoin so it's better that way. I don't care China controlling Bitcoin as long as I enjoy the rides going up or going down.

In the past yes China had a major say in how bitcoin prices reacted, but soon miners began to migrate to other crypto friendly countries like Japan and Russia. China doesn’t control bitcoins now even though there’re claims they have a huge hash, it’s false propaganda you should not believe it. It’s very difficult to say whether China’s government is involved or not, because there has been no proof till date which can prove they’re backing it.

qwertyup23

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Quote from: DigitalCyberius on July 12, 2019, 02:14:26 AM

No one takes control over the resource, supply, and demand of bitcoin as its nature is purely decentralized which makes it value highly volatile compared to other investment methods available currently. Assuming that bitcoin is regulated or controlled by a third-party or by the government, it will slowly lose its value in the market. These are the reasons on why bitcoin is highly regarded as a 'double-edged sword' investment that could either make or break your profits depending on its value.

Quote from: Renampun on July 15, 2019, 10:26:34 AM

based on what I read in the news that most miners in the world come from China because their area has many cold highlands and cheap electricity costs, indirectly China actually helps Bitcoin price movements but does not control Bitcoin. I feel that actually now the Chinese government is very stupid, if they want to recognize Bitcoin I think they will have the opportunity to control Bitcoin.

China has created a significant impact on bitcoin's price since the country compromises most of the population of miners in the cryptocurrency field but they have no full control over the regulation of its price.

kannikaamudee

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The question must be " Does China control 3rd world countries such as Vietnam and Philippines?"

Renampun

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based on what I read in the news that most miners in the world come from China because their area has many cold highlands and cheap electricity costs, indirectly China actually helps Bitcoin price movements but does not control Bitcoin. I feel that actually now the Chinese government is very stupid, if they want to recognize Bitcoin I think they will have the opportunity to control Bitcoin.

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Quote from: DigitalCyberius on July 12, 2019, 02:14:26 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.

It's a conspiracy and whether it's true or not, China plays a big part in cryptocurrency and Bitcoin so it's better that way. I don't care China controlling Bitcoin as long as I enjoy the rides going up or going down.

FanEagle

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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.

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Quote from: Indrawan77 on July 13, 2019, 09:15:30 AM

China wont be able to destroy Bitcoin, they used to had the largest mining, but now not anymore,since the banning ,the power of China had been decreased and if the China stop mining then other people still interested,so I don't think China got the power to control bitcoin anymore

It's true what you say, but China is definitely still controlling bitcoin because there are still many people mining and investors too so if bitcoin is still allowed by the government there then there are still many people who control bitcoin

DigitalCyberius

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Quote from: Kemarit on July 12, 2019, 12:21:41 PM

Chinese mining pools still control at least 70% of the Bitcoin hashrate. They still have the biggest Bitcoin pools over the last couple of years, so we can say that they are in control. However, I don't think that they are stupid enough to destroy Bitcoin. Even though there are reports that they government is cracking down or have thoughts of shutting down Bitcoin mining farms because it is hazardous to their environment. I doubt that they destroying it has cross their mind, so this is just probably a hearsay.

Are you sure they control 70%? Wow. Good points here. If the government did shut down Chinese Bitcoin farms, what do you think would be the aftermath for BTC?

Indrawan77

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China wont be able to destroy Bitcoin, they used to had the largest mining, but now not anymore,since the banning ,the power of China had been decreased and if the China stop mining then other people still interested,so I don't think China got the power to control bitcoin anymore

marcbitcoins

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With these new facts and findings i believe China really want to control Bitcoin but not to destroy it but to control foreign economics that some are benefited with Bitcoin. China want to be a superpower in both military and world economy therefore as Bitcoin is gaining supremacy in most of the economy of the countries then China wants that supremacy will depend on them by controlling Bitcoin.

Ozero

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The Chinese government can not control bitcoin. Bitcoins in China are mined by various groups of miners and the mined bitcoins remain with them, the government does not control them. Partially, bitcoin can be controlled jointly by those who now have a lot of bitcoins in their wallets. If they wish, they can periodically raise or lower its price.

DoublerHunter

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Quote from: goaldigger on July 13, 2019, 05:28:22 AM

As far as i know, China bans cryptocurrency that even there are chinese people who are get jailed because of illigal mining of bitcoin. I domt think they are the ones who controls it even they are a powerful and technological country because of how they treated it in there.

^ This is also I have known that the Chinese government strictly prohibited cryptocurrency to their country. I don't agree that China has full control of Bitcoin since bitcoin price was determined on the demand and the supply. Nevertheless, I heard that some miners companies in China were arrested the authorities because they are planning recently that they want to ban bitcoin mining.
Here is an article that China wants to ban crypto and I think this is one proof that they are not controlling cryptos. https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-idUSKCN1RL0C4

eaLiTy

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Quote from: DigitalCyberius on July 12, 2019, 02:14:26 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.

Have you checked the date in which the article is published, coming up with an article that is published in October 2018 and having a debate is a bit cheesy as there were many topics here that talked about it in this forum, since you started this topic here is my opinion regarding it, the Chinese government usually likes to have a control on everything which includes foreign investment in the form of a company and they have being doing that for years and the recent Huawei issue with the US government all stemmed up from that, but to control a decentralized platform is an impossible task and they do not have any control over bitcoin.

goaldigger

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As far as i know, China bans cryptocurrency that even there are chinese people who are get jailed because of illigal mining of bitcoin. I domt think they are the ones who controls it even they are a powerful and technological country because of how they treated it in there.

omonuyak

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Bitcoin is decentralized and I don't think one country including China has control over it. We have a mining farm everywhere and it might just be that China has the largest farm and I don't think there control the whole thing. In my country, we have Bitcoin miners likewise other country and I don't think a single country can destroy bitcoin because it is decentralized.

FrozenBit

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Having many mining businesses does not mean that Chinese people hold a lot of Bitcoin. Miners can dig bitcoin and sell them for monthly profits and new Bitcoin collectors are market drivers.
In China, they often do not want to hold much Bitcoin because their government disagrees with crypto trading and very high taxation.

wahyu wida

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Quote from: NathanJB on July 12, 2019, 10:49:58 PM

The truth is that Bitcoin controls china.

It may look the other way around though. It is because the government of china is the one that issues regulations and policies. Unfortunately, they do not like Bitcoin and eventually issued a restriction.

But then, here's the catch, do the chinese follow the government? No. Do they continue buying and selling Bitcoin? Yes. Which is more powerful then, Bitcoin or the government? Who is in control then?

from the explanation that you convey, of course Bitcoin has its own place to attract the hearts of bitcoiners. many countries whose governments have not legalized, but many have found bitcoiners. this is not strange, because they want the freedom to transact

beerlover

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That will not be going too long because China officially banned mining and most of the huge whale miners already moved to other countries anyway so they will not be controlling the price for too long however the point of miners deciding on bitcoin price still stands because they are the ones that is making money from the new coins plus the transaction fee's which in return they sell and drop the price or at least keep the price lower, if they were to keep those coins and not sell them then we would be in a huge bull run where people would only buy and these millions of dollars wouldn't be sold on market every single day.

It doesn't matter if China controls it or someone else does as a nation, it matters how much miners can affect the price and we should look for a way to slow that down, if miners do not sell too much then we can make more profits.

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