Does China Control Bitcoin? - page 3.

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Quote from: Jocuserious on December 14, 2019, 12:20:08 AM

Interesting discussion China can control bitcoin? I think no but this country government keep banned. Basically we know more good investors people in China country so if their leave then bitcoin price dump but totally it impossible bitcoin control/stop.

China can't control bitcoins, because thier country banned the use of bitcoin and i think some of Chinese investor forget bitoin and they obey the rule.
I think the responsible of some bitcoin decrease and increase are just only whales. That keep controlling the price by just buying when dip and selling in increase price.

I never read an article, a legit article where in China did ban the use of cryptocurrencies cause if they did then we should have a massive dump in bitcoin since the China is very populous. I've read only China getting harsh with the bitcoin mining since there are data that shows it consumes a high electricity rate which results to more E-waste. In fact China is going in favor with not only cryptocurrencies but also the blockchain technology.

I agree, but its a big no that china control bitcoin. Think about it, if they can control bitcoin then it wont be decentralized now. What china have are big investor that affect somehow the price of it.

KevinHD

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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.

China doesn't control the Bitcoin. Bitcoin was made on the cloud and is a decentralized system- meaning no one owns its system nor controls its price and volume in the market. It is just simple that Bitcoin only runs because its users, and even without chinese users, Bitcoin would still be alive and running. Its just a program with an excellent algorithm.

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Quote from: EdvinZ on December 31, 2019, 02:36:44 AM

I think Chinese miners have an undeniable advantage in mining Bitcoin. Most of the mining capacity is accounted for in China. If you also consider that they themselves produce mining equipment, you can understand that mining is very profitable for the Chinese.

Yup because they have a mindset for business that's why China is one of the most country who do know and a lot of business regarding crypto. They also have a huge effect in the whole crypto from banning mining or also crypto from their country because of the number of their population.

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Quote from: kotik085 on December 25, 2019, 09:00:46 AM

Yes, China controls over 60% of the bitcoin hash rate. If they disconnect the network, then this will affect Bitcoin.

It is not the government of China which have control on that hash rate but it is the population of China who have that much miners and they will never leave mining as it is made to profit the miners so why will a person end up his best source of income. I will suggest all other people of the world that if they want that their country also have a large number of hash rate then invite all of the citizens of your country to start mining bitcoin.

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China doesn't control anything instead they are not allowing anyone to control them. Thats why still they standing alone and not a boot lickers of US and Europe.
I always love the way how they were handling the world politics and cryptocurrency efficiently.

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Quote from: Vishnu.Reang on December 31, 2019, 05:19:37 AM

Quote from: kotik085 on December 25, 2019, 09:00:46 AM

Yes, China controls over 60% of the bitcoin hash rate. If they disconnect the network, then this will affect Bitcoin.

Controlling the mining hash rate is not the same as controlling Bitcoin. And moreover, this 60% doesn't come from a single mining pool. There are several giant mining pools in China, and most of them are not in good terms with each other. And none of these mining pools (AFAIK) are controlled by the Chinese government. So there is no logic in saying that the Chinese government wields any noticeable influence on Bitcoin.

That's the part people misunderstood that having the highest mining rate doesn't mean China can control bitcoin and if the Chinese shut down all their mining factory as factory once threaten, it will only lead to another rally in the bitcoin markets. However, the last time i checked their government still detest bitcoin but endorsed blockchain and with this i believe they only want to profit from bitcoin not control or endorse it.

I don't think China can control bitcoin, even though in their country there is the biggest mining. the most difficult part to ban bitcoin is the people who are comfortable working here, they want bitcoin and blockchain to be accepted. I think people can do something to continue the life of the crypto world even if it's forbidden

China not been able to control bitcoin is not the word of thought but the total truth and if the Chinese government decide to place on bitcoin any of their citizens that use it could be penalized but chance of very crypto user who's Chinese citizens is to move to Philippines just like the gambling companies does and them continue their life to use bitcoin if their government forbidden as you said is something i dont support.

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Quote from: drlukacs on January 01, 2020, 03:35:30 AM

Admittedly, the Chinese are holding too much bitcoins, but most will sell in the market and sharks in Europe are buying it a lot. This is only a prediction and I will say the reason. Have you noticed that bitcoin is always pump or dump at the peak time of the Americans and the rich countries nearby? I am a person from Southeast Asia, a neighboring country in China so they have a time zone that is not too different from me. That's why I think Europeans hold quite a lot of bitcoins, especially the US and Russia. what do you think ?

I think no one can know clearly which country holds a lot of bitcoins all over the world but based on your analysis, China is one of the countries that holds quite a lot of bitcoins when they own the bitcoin mines, a lot of big and reputable miners are in this country and mining bitcoin every day. Fortunately, everyone is an investor, this market is always moving in bitcoin every day, other countries still have certain big bosses, acquiring and accumulating bitcoin, this makes me feel that the forces on each side are always equal, no country can determine the price of bitcoin under their control.

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Admittedly, the Chinese are holding too much bitcoins, but most will sell in the market and sharks in Europe are buying it a lot. This is only a prediction and I will say the reason. Have you noticed that bitcoin is always pump or dump at the peak time of the Americans and the rich countries nearby? I am a person from Southeast Asia, a neighboring country in China so they have a time zone that is not too different from me. That's why I think Europeans hold quite a lot of bitcoins, especially the US and Russia. what do you think ?

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Quote from: suzanne5223 on December 31, 2019, 07:57:27 AM

Quote from: Vishnu.Reang on December 31, 2019, 05:19:37 AM

Quote from: kotik085 on December 25, 2019, 09:00:46 AM

Yes, China controls over 60% of the bitcoin hash rate. If they disconnect the network, then this will affect Bitcoin.

Controlling the mining hash rate is not the same as controlling Bitcoin. And moreover, this 60% doesn't come from a single mining pool. There are several giant mining pools in China, and most of them are not in good terms with each other. And none of these mining pools (AFAIK) are controlled by the Chinese government. So there is no logic in saying that the Chinese government wields any noticeable influence on Bitcoin.

That's the part people misunderstood that having the highest mining rate doesn't mean China can control bitcoin and if the Chinese shut down all their mining factory as factory once threaten, it will only lead to another rally in the bitcoin markets. However, the last time i checked their government still detest bitcoin but endorsed blockchain and with this i believe they only want to profit from bitcoin not control or endorse it.

I don't think China can control bitcoin, even though in their country there is the biggest mining. the most difficult part to ban bitcoin is the people who are comfortable working here, they want bitcoin and blockchain to be accepted. I think people can do something to continue the life of the crypto world even if it's forbidden

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Quote from: Vishnu.Reang on December 31, 2019, 05:19:37 AM

Quote from: kotik085 on December 25, 2019, 09:00:46 AM

Yes, China controls over 60% of the bitcoin hash rate. If they disconnect the network, then this will affect Bitcoin.

Controlling the mining hash rate is not the same as controlling Bitcoin. And moreover, this 60% doesn't come from a single mining pool. There are several giant mining pools in China, and most of them are not in good terms with each other. And none of these mining pools (AFAIK) are controlled by the Chinese government. So there is no logic in saying that the Chinese government wields any noticeable influence on Bitcoin.

Unless the Chinese government totally bans bitcoin mining, then they can influence the price somewhat because Chinese miners control 60% of the hash rate.

But the good thing is that Chinese bitcoin mining farms or at least the biggest of them have plans to move their mining somewhere else if their government decided for a clamp down. So the business of mining will continue somewhere else if ever the government will shut them down for good.

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Quote from: Vishnu.Reang on December 31, 2019, 05:19:37 AM

Quote from: kotik085 on December 25, 2019, 09:00:46 AM

Yes, China controls over 60% of the bitcoin hash rate. If they disconnect the network, then this will affect Bitcoin.

Controlling the mining hash rate is not the same as controlling Bitcoin. And moreover, this 60% doesn't come from a single mining pool. There are several giant mining pools in China, and most of them are not in good terms with each other. And none of these mining pools (AFAIK) are controlled by the Chinese government. So there is no logic in saying that the Chinese government wields any noticeable influence on Bitcoin.

That's the part people misunderstood that having the highest mining rate doesn't mean China can control bitcoin and if the Chinese shut down all their mining factory as factory once threaten, it will only lead to another rally in the bitcoin markets. However, the last time i checked their government still detest bitcoin but endorsed blockchain and with this i believe they only want to profit from bitcoin not control or endorse it.

Vishnu.Reang

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Quote from: kotik085 on December 25, 2019, 09:00:46 AM

Yes, China controls over 60% of the bitcoin hash rate. If they disconnect the network, then this will affect Bitcoin.

Controlling the mining hash rate is not the same as controlling Bitcoin. And moreover, this 60% doesn't come from a single mining pool. There are several giant mining pools in China, and most of them are not in good terms with each other. And none of these mining pools (AFAIK) are controlled by the Chinese government. So there is no logic in saying that the Chinese government wields any noticeable influence on Bitcoin.

EdvinZ

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I think Chinese miners have an undeniable advantage in mining Bitcoin. Most of the mining capacity is accounted for in China. If you also consider that they themselves produce mining equipment, you can understand that mining is very profitable for the Chinese.

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Yeah, it's true that they even have mining factories in order to mine bitcoin nonstop that I've seen in social media and youtube. I wonder if they're trying to take over the btc mining hashrate to centralise it to pump and dump the stock. I think this was one thing not expected by any Bitcoin developer, Bitcoin enthusiast, and btc investors.

I've seen recently a lot of news about Chinese companies starting to develop own crypto currency for their govs.
So their plan could be much worse - they'll centralize btc, pump and dump it and reinvest in their own currency, then totally dump btc in order to place their currency on the top place.

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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.

The four major miners who control the price of bitcoin are Chinese.
China is a significant player in setting bitcoin costs is as of now understood.

China is likewise home to the absolute greatest digital currency trades for exchanging bitcoin, for example, Binance. These trades clock high exchanging volumes and pull in worldwide retail financial specialists because of their modest expenses.

jhontwis

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It also controls bitcoin, which controls mining. It's my idea. Where is the vast majority of mining facilities. As far as China. For this reason, China can put pressure on bitcoin. Having a bitcoin is not enough to be strong.

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Quote from: Palider on December 27, 2019, 09:45:32 AM

Quote from: Jocuserious on December 14, 2019, 12:20:08 AM

Interesting discussion China can control bitcoin? I think no but this country government keep banned. Basically we know more good investors people in China country so if their leave then bitcoin price dump but totally it impossible bitcoin control/stop.

China can't control bitcoins, because thier country banned the use of bitcoin and i think some of Chinese investor forget bitoin and they obey the rule.
I think the responsible of some bitcoin decrease and increase are just only whales. That keep controlling the price by just buying when dip and selling in increase price.

I never read an article, a legit article where in China did ban the use of cryptocurrencies cause if they did then we should have a massive dump in bitcoin since the China is very populous. I've read only China getting harsh with the bitcoin mining since there are data that shows it consumes a high electricity rate which results to more E-waste. In fact China is going in favor with not only cryptocurrencies but also the blockchain technology.

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Quote from: Jocuserious on December 14, 2019, 12:20:08 AM

Interesting discussion China can control bitcoin? I think no but this country government keep banned. Basically we know more good investors people in China country so if their leave then bitcoin price dump but totally it impossible bitcoin control/stop.

China can't control bitcoins, because thier country banned the use of bitcoin and i think some of Chinese investor forget bitoin and they obey the rule.
I think the responsible of some bitcoin decrease and increase are just only whales. That keep controlling the price by just buying when dip and selling in increase price.

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Quote from: kotik085 on December 25, 2019, 09:00:46 AM

Yes, China controls over 60% of the bitcoin hash rate. If they disconnect the network, then this will affect Bitcoin.

This is because they have damn large population and this is not easy for them to have 60% control over the bitcoin market. As far as china’s quest for becoming super power is analyzed and understood, she will never think of disconnecting the network because she knows that cryptos in particular bitcoin is the future of the world and its demand will increase to unbelievable level in future.

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Yes, China controls over 60% of the bitcoin hash rate. If they disconnect the network, then this will affect Bitcoin.

Topic: Does China Control Bitcoin? - page 3. (Read 9316 times)