Does China Control Bitcoin? - page 6.

wheelz1200

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Quote from: tinyteapot on December 01, 2019, 03:53:46 AM

Chinese people are highly industrious people, very hardworking is an understatement.
Most Chinese citizen has bitcoin mining farm when the going was good, the largest number of such industry exists only in China.
Does China Control Bitcoin? China dominates bitcoin and can easily determine its fate and that is the major reason behind the spike in btc price whenever the Chinese president says anything about it unlike other world powers.

I disagree with china can determine the fate of bitcoin. There is a large user population outside of china. China has banned and unbanned bitcoin more than I can follow. Bitcoin kept plugging down the road, china can do what they want it wont affect the long term viability of bitcoin

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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 news is also not very clear and it is not convincing. Besides, I'm sure bitcoin is not controlled by the Chinese. because it has been recently announced that Coinbase cold wallets and European exchanges are holding very large amounts of Bitcoin. There, Coinbase holds the most Bitcoin and is currently worth more than $ 7 billion. followed by Bitmex, Kraken, Bitfinex, ... in China there are not many exchanges that hold a lot of Bitcoin so I think the ability of Chinese people to hold a lot of bitcoins is not really. the link to article is here : https://beincrypto.com/coinbase-holds-a-whopping-966230-bitcoin-7b-in-cold-wallet/

FlamingFingers

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No one has control over bitcoin, they might try to create FUD that will dump the price but that doesn't give them the control over bitcoin because the market will react to either FUD news or bull news

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Quote from: blueteam09 on December 01, 2019, 12:57:51 PM

as I guess and people estimated, about 40% of minned bitcoin is now in the hand of China,
they have lots of farms that mine bitcoin, setted it northside to reduce cooling invest.
I think that situation they control market could happen if goverment calling for private investors come in.

yeah and even more scary for us that recently eastern countries (including China) were kicking western blockchain companies out.
By kicking out I mean closing offices and etc. So that brings us to a conclusion - China wants to separate market or wants to control it completely (imo ofc)

Pearls Before Swine

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

whether China could destroy Bitcoin, or perhaps use it in some other way.

All the news I'm hearing out of china lately has been negative to say the least, but there's no denying how much power they wield economically and politically. Part of it is just by the sheer number of their population, which is incredible. They have a *ton* of bitcoin miners, but it isn't like those miners are part of the chinese gov't (at least as far as I know), so I doubt they have malicious intentions as regards bitcoin. It's very much in the miners' interest to support bitcoin and hope it makes them a profit.

I don't trust them, tho. Never have.

Quote from: tinyteapot on December 01, 2019, 03:53:46 AM

Chinese people are highly industrious people, very hardworking is an understatement.

Totally agree with that and I base that judgement on all the chinese people I've met over the years. I have a lot of respect for them. It's the chinese gov't that I don't like or trust.

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as I guess and people estimated, about 40% of minned bitcoin is now in the hand of China,
they have lots of farms that mine bitcoin, setted it northside to reduce cooling invest.
I think that situation they control market could happen if goverment calling for private investors come in.

Triffin

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Quote from: LUCKMCFLY on November 28, 2019, 10:02:51 AM

China has a big influence on Crypto, especially in Bitcoin, large miners and farms own, now there is a good trend thanks to the integration of Blockchain, the bad thing is that sometimes they speak badly about Bitcoin, but it is because they are preparing everything for the launch of its new cryptocurrency, the stablecoin China.

But the whole market is not in China, it is distributed worldwide, there are many countries that are bringing demand to Bitcoin, especially those that are in crisis, which due to inflation they see Bitcoin as a refuge, adoption is increasingly best.

China is a big player and holds a high status in he world of crypto coins too with regards of changing market. Even a bit of support from this country brings new spirits in investors and they stop doubting future of crypto coins overall. Still, it is unable to control bitcoin as the king of crypto currencies cannot be tamed. China has lashed bitcoin few times but failed to hurt its reputation.

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Quote from: GideonGono on November 29, 2019, 07:39:04 AM

Quote from: Vishnu.Reang on November 28, 2019, 09:33:21 AM

Quote from: wheelz1200 on November 28, 2019, 09:12:50 AM

Quote from: NeironixNV on November 28, 2019, 01:41:42 AM

Purely theoretically, China can take control of bitcoin, as He is one of the leaders in Bitcoin mining. But I do not think that he will do this, now China is more interested in creating its own crypt, which will be 100% under its control. https://neironix.io/news/china_plans_release_national_dcrp

China cant take control of bitcoin no one can! That is the beauty of the network. Can someone theoretically 51% it yeah, but the economic incentive is not there to 51% it. How do peoe think that a single government entity can take over bitcoin...I dont think you understand how bitcoin runs.

Economically it may not make much sense. But from a government point of view, it can make a lot of sense. They can spend a few billion USD and destroy the credibility and reputation of Bitcoin forever. But spending such a huge amount of money from this purpose can never be defended before the public, unless they can prove a credible link between either crime or terrorism with Bitcoin. Well... they will never get such a link, because it does not exist.

That’s a lot of money and if they do use it to destroy Bitcoin then that would mean that 90% of that amount can only be returned to them. The thing is that it is not worth it to use that amount to destroy Bitcoin but rather they should use it to a more productive way that would help and benefit their country. They don’t need to defend this decision to the people because in the first place they would not make this decision of wasting the money of the people.

Just in case, the American government goes insane and prints some insane amount of dollar, that may or may not hurt bitcoin but definitely kill dollar and it will lose its worth. Which means the coin wont remain as the super power. This is not going to happen at all. Even if dollars keeps on losing its worth, bitcoin will be surging up. USD is the standard currency used in international market.

Bezobraznike

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Quote from: tinyteapot on December 01, 2019, 03:53:46 AM

Chinese people are highly industrious people, very hardworking is an understatement.
Most Chinese citizen has bitcoin mining farm when the going was good, the largest number of such industry exists only in China.
Does China Control Bitcoin? China dominates bitcoin and can easily determine its fate and that is the major reason behind the spike in btc price whenever the Chinese president says anything about it unlike other world powers.

Chinese people are united, and they are working together. That kind of working power and good organization made them to be one
of the strongest nations in the world. They are playing important role almost everywhere, crypto-currencies are just one of their interests.
Together Chinese can manipulate with markets around the world, they manipulate with crypto-market too. We can't do much about it, I
don't think they control entire market, that's impossible, there are other strong players too.

tinyteapot

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Chinese people are highly industrious people, very hardworking is an understatement.
Most Chinese citizen has bitcoin mining farm when the going was good, the largest number of such industry exists only in China.
Does China Control Bitcoin? China dominates bitcoin and can easily determine its fate and that is the major reason behind the spike in btc price whenever the Chinese president says anything about it unlike other world powers.

BartS

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Quote from: AirdropNotifyer on November 29, 2019, 10:31:31 AM

It not possible to control BTC it's truly internet currency( virtual currency ) it can't be controlled by any particular country, they can only do one thing SELL if they sell their BTC, it will be price dump 😂 Other then this they are not able to do anything

And in order to do that they need to buy bitcoin first, so they will have to become participants in that which they are trying to destroy, so governments are facing a big problem which is not easy to solve, in fact the easiest way to solve this problem will be to back their fiat currencies with gold and to stop printing it to the point that it could disappear so they could gain the confidence of people again.

But they are never going to do this because they feel too comfortable with their fiat currencies and the power that allows them to wield.

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Quote from: Karmakid on November 28, 2019, 02:16:03 AM

In my honest opinion, I don't think that the Chinese people are controlling the bitcoin because if they are really controlling it then we can see different abnormal pump and dump in the market to wipe out the other people's money. One thing for sure is, bitcoin is not manipulated by the Chinese and the market is now more free than before and it is now relying on law of demand and supply.

Bitcoin is independent and stay by his self, but when people said China have control with bitcoin price is not true, just lucky moment when bitcoin have higher price after announce by China president and keep down after issues China created their own coin. Bitcoin only control by investor and buyer where if many people sell their bitcoin make price will be down.

AirdropNotifyer

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It not possible to control BTC it's truly internet currency( virtual currency ) it can't be controlled by any particular country, they can only do one thing SELL if they sell their BTC, it will be price dump 😂 Other then this they are not able to do anything

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Quote from: Karmakid on November 28, 2019, 02:16:03 AM

In my honest opinion, I don't think that the Chinese people are controlling the bitcoin because if they are really controlling it then we can see different abnormal pump and dump in the market to wipe out the other people's money. One thing for sure is, bitcoin is not manipulated by the Chinese and the market is now more free than before and it is now relying on law of demand and supply.

And congratulations, your opinion is correct because of China although it is a country with many advantages such as a large number of users and miners, combined with a strong economy but in general, the economy here is not based on bitcoin, it is based on many different industries. Very few people have a special interest in the value of bitcoin, the government is quite limited, if China really controls bitcoin, they have created a lot of turbulence in the market to influence the economics of other countries but fortunately, this permanent imbalance will not occur when everyone is in control of each other

GideonGono

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Quote from: Vishnu.Reang on November 28, 2019, 09:33:21 AM

Quote from: wheelz1200 on November 28, 2019, 09:12:50 AM

Quote from: NeironixNV on November 28, 2019, 01:41:42 AM

Purely theoretically, China can take control of bitcoin, as He is one of the leaders in Bitcoin mining. But I do not think that he will do this, now China is more interested in creating its own crypt, which will be 100% under its control. https://neironix.io/news/china_plans_release_national_dcrp

China cant take control of bitcoin no one can! That is the beauty of the network. Can someone theoretically 51% it yeah, but the economic incentive is not there to 51% it. How do peoe think that a single government entity can take over bitcoin...I dont think you understand how bitcoin runs.

Economically it may not make much sense. But from a government point of view, it can make a lot of sense. They can spend a few billion USD and destroy the credibility and reputation of Bitcoin forever. But spending such a huge amount of money from this purpose can never be defended before the public, unless they can prove a credible link between either crime or terrorism with Bitcoin. Well... they will never get such a link, because it does not exist.

That’s a lot of money and if they do use it to destroy Bitcoin then that would mean that 90% of that amount can only be returned to them. The thing is that it is not worth it to use that amount to destroy Bitcoin but rather they should use it to a more productive way that would help and benefit their country. They don’t need to defend this decision to the people because in the first place they would not make this decision of wasting the money of the people.

wheelz1200

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Quote from: Vishnu.Reang on November 28, 2019, 09:33:21 AM

Quote from: wheelz1200 on November 28, 2019, 09:12:50 AM

Quote from: NeironixNV on November 28, 2019, 01:41:42 AM

Purely theoretically, China can take control of bitcoin, as He is one of the leaders in Bitcoin mining. But I do not think that he will do this, now China is more interested in creating its own crypt, which will be 100% under its control. https://neironix.io/news/china_plans_release_national_dcrp

China cant take control of bitcoin no one can! That is the beauty of the network. Can someone theoretically 51% it yeah, but the economic incentive is not there to 51% it. How do peoe think that a single government entity can take over bitcoin...I dont think you understand how bitcoin runs.

Economically it may not make much sense. But from a government point of view, it can make a lot of sense. They can spend a few billion USD and destroy the credibility and reputation of Bitcoin forever. But spending such a huge amount of money from this purpose can never be defended before the public, unless they can prove a credible link between either crime or terrorism with Bitcoin. Well... they will never get such a link, because it does not exist.

Fiat also has a direct link to crime and nothing is going to stop the governments from printing at will. Even if china bans bitcoin for the umpteenth time it doesnt mean the rest of the world will throw their hands up. Since bitcoin has no borders, any entity with borders can only block from within their own lines.

LUCKMCFLY

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China has a big influence on Crypto, especially in Bitcoin, large miners and farms own, now there is a good trend thanks to the integration of Blockchain, the bad thing is that sometimes they speak badly about Bitcoin, but it is because they are preparing everything for the launch of its new cryptocurrency, the stablecoin China.

But the whole market is not in China, it is distributed worldwide, there are many countries that are bringing demand to Bitcoin, especially those that are in crisis, which due to inflation they see Bitcoin as a refuge, adoption is increasingly best.

Vishnu.Reang

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Quote from: wheelz1200 on November 28, 2019, 09:12:50 AM

Quote from: NeironixNV on November 28, 2019, 01:41:42 AM

Purely theoretically, China can take control of bitcoin, as He is one of the leaders in Bitcoin mining. But I do not think that he will do this, now China is more interested in creating its own crypt, which will be 100% under its control. https://neironix.io/news/china_plans_release_national_dcrp

China cant take control of bitcoin no one can! That is the beauty of the network. Can someone theoretically 51% it yeah, but the economic incentive is not there to 51% it. How do peoe think that a single government entity can take over bitcoin...I dont think you understand how bitcoin runs.

Economically it may not make much sense. But from a government point of view, it can make a lot of sense. They can spend a few billion USD and destroy the credibility and reputation of Bitcoin forever. But spending such a huge amount of money from this purpose can never be defended before the public, unless they can prove a credible link between either crime or terrorism with Bitcoin. Well... they will never get such a link, because it does not exist.

wheelz1200

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Quote from: NeironixNV on November 28, 2019, 01:41:42 AM

Purely theoretically, China can take control of bitcoin, as He is one of the leaders in Bitcoin mining. But I do not think that he will do this, now China is more interested in creating its own crypt, which will be 100% under its control. https://neironix.io/news/china_plans_release_national_dcrp

China cant take control of bitcoin no one can! That is the beauty of the network. Can someone theoretically 51% it yeah, but the economic incentive is not there to 51% it. How do peoe think that a single government entity can take over bitcoin...I dont think you understand how bitcoin runs.

onyek16M

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Quote from: AniviaBtc on November 28, 2019, 02:33:01 AM

Quote from: Chrystora123 on July 12, 2019, 06:11:36 PM

China does not control Bitcoin, but most Bitcoin investors come from China so they indirectly control Bitcoin. I've been paying attention to the country that adheres to the communist system, how does the government direct its citizens to invest in precious metals and not in cryptocurrency.

What do you mean china doesn't control bitcoin? It has the largest population in the world. Mining bitcoin is very easier for them because they can mine a lot of bitcoin in just one snap. Their industry an economy grows faster because of their population and communist system. They know that investing in metals is much easy, the same as fiat currency. But they don't know what bitcoin can do to their economy.

i am totally agree with Chrystora123 , China doesn't control bitcoin
bitcoin controlled by network, many bitcoin user from all of the world hemisphere
i said it because news bitcoin banned in China some time ago

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