Does China Control Bitcoin? - page 8.

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Quote from: asus09 on November 21, 2019, 10:02:59 PM

Indirectly China not control of bitcoin and altcoin price but they have power how to make bitcoin can up to higher price and make down with lower price, just last few weeks ago where bitcoin have higher price after announcing bitcoin become legal currency transaction there by China government. Without have effect bitcoin support need from China to make their price on the top and keep higher price always.

They actually don't whether directly or indirectly but people are making it seems like so. It's unfortunate that people let certain types of news to become dominate and control things, and this issue of Bitcoin and China is one of it. Whey many believe this hype is because China has a lot of population so it adoption and rejection 'may' cause Bitcoin price.

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Indirectly China not control of bitcoin and altcoin price but they have power how to make bitcoin can up to higher price and make down with lower price, just last few weeks ago where bitcoin have higher price after announcing bitcoin become legal currency transaction there by China government. Without have effect bitcoin support need from China to make their price on the top and keep higher price always.

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Quote from: Vishnu.Reang on November 21, 2019, 10:52:33 AM

Quote from: ampu on November 20, 2019, 07:17:54 PM

For many years they declared banning bitcoin, banning crypto but behind them they allowed many tech companies to develop their own Blockchain. They recently announced the release of their own national cryptocurrency, claiming support for blockchain as well as cryptocurrency mining operations.

They never banned Bitcoin. And tell me how is it possible to ban Bitcoin, when it is not a physical asset? All they did was restricting the conversion of fiat to cryptocurrency (and vice-versa), but then the users quickly found a loophole by resorting to stablecoins such as Tether and Pax USD. And they never made any attempt to close down the giant mining farms.

I think the Chinese government attempted to close all mining operations nationwide. But China is a big country. There are also corrupt officials that can be bribed. They can try to minimize the loopholes but another one or even more will surface. The internet is too wide for governments to cover it all. It is also difficult to catch Chinese whales because they are everywhere in the world. They can invest, had houses, open bank accounts in foreign countries.

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Quote from: ampu on November 20, 2019, 07:17:54 PM

For many years they declared banning bitcoin, banning crypto but behind them they allowed many tech companies to develop their own Blockchain. They recently announced the release of their own national cryptocurrency, claiming support for blockchain as well as cryptocurrency mining operations.

They never banned Bitcoin. And tell me how is it possible to ban Bitcoin, when it is not a physical asset? All they did was restricting the conversion of fiat to cryptocurrency (and vice-versa), but then the users quickly found a loophole by resorting to stablecoins such as Tether and Pax USD. And they never made any attempt to close down the giant mining farms.

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Quote from: desticy on November 20, 2019, 11:51:57 AM

To some extent, China certainly controls part of the bitcoin market. At least because most of the bitcoins are mined there. However, as far as we all know, the market is extremely volatile, and China, in turn, is not the only giant that owns volumes sufficient for any manipulation. Therefore, China, although it has some weight, but it is far from decisive.

Agree, with a number of users and miners who are constantly mining and making money from bitcoin in China, Chinese control is relative to bitcoin but as you said, they can be strong and they can make an impact but other countries are not decorative products, users and miners in other countries will also not lack, and of course, they do not want to be under Chinese control, this dependence is not in the best interest. Almost large users and whales of all nations will unify and link together to control bitcoin, create balance and contentment for all

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Quote from: AliMan on November 19, 2019, 07:33:57 AM

Quote from: Mometaskers on November 19, 2019, 03:32:24 AM

Not exactly controlling it in the sense that they have a say on the direction the crypto is heading but they have the ability to cripple bitcoin because they can just shutdown mines if they want to. That's why I was glad when I first heard that they are planning to gradually get rid of mining since that mean operations would be more spread out across the world but then they did a 180° recently. So, we'd be stuck with China for longer.

Do that mean China will dominate the adoption of bitcoin for longer terms but with their powers to influence the market, particular on mining at their own possessions? I guess that's great news if this country will now allow this to be operational in their place, because of the huge potential that their biggest population would be a nice factor to increase a good demand. We didn't see the results yet, somehow more updates will happen in the next few days before December and let's see the more upcoming events that we're about to witness soon.

We are not sure about that. For now the Communist Party is saying that they are fine with it, which could mean that they might ease up on their citizens buying bitcoins, etc. In the end though they want THEIR own cryptocurrency and when that becomes fully operational we don't know what they will do with bitcoin.

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Quote from: omonuyak on July 14, 2019, 12:33:35 AM

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.

The cryptocurrency today is very popular. However, many people doubt on the use of this bitcoin and also the altcoins. In another country, they already adapt the use and benefits of the cryptocurrency, and that was an excellent way to improve the transactions and also be more efficient in the money transfer. We all know the country of China, we called the sleeping giants. All of their products will just transact around their country. Still, by adapting to globalization and improve their country, they make a decision to adopt, especially in technology. There was a news release a few months ago that China seized the opportunity to use the cryptocurrency as their improvement. For now, they support the use of the crypto, but still, in the argument, no one can own the cryptocurrency or can control those prices, and coins are always on the market base.

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Quote from: dimox on November 20, 2019, 09:42:49 AM

i dont think so, but who know?
safety factor make this country prohibit about mining bitcoin or other crypto. China have big fan of bitcoin, but it doesnt mean this country control it price.
but they can speculate about it because there are many poeple mine crypto coin.

China is not controlling Bitcoin or any other cryptocurrency in any way. If ever it was able to control Bitcoin, it would have done that years ago. Actually, china wants to take over Bitcoin because it knows this is the only way to rule the digital coin market. But that is impossible. No one can become owner of Bitcoin. After failing, now this country is going to release its very own digital currency soon.

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Quote from: karanggatak on November 20, 2019, 10:50:01 PM

I think since it was first released until now bitcoin cannot be controlled by anyone. including China even though China is a strong country and most of the traders and miners of bitcoin come from China does not mean that China can control bitcoin. bitcoin remains decentralized. until whenever I think bitcoin will still be decentralized. bitcoin price movements are only influenced by demand and supply.

indeed bitcoin should never be controlled by anyone and the Chinese government only gives a statement that makes all traders panic but it should not need to be feared, traders should be able to take advantage of this moment to try to profit from the movements made by China.

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I think since it was first released until now bitcoin cannot be controlled by anyone. including China even though China is a strong country and most of the traders and miners of bitcoin come from China does not mean that China can control bitcoin. bitcoin remains decentralized. until whenever I think bitcoin will still be decentralized. bitcoin price movements are only influenced by demand and supply.

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Quote from: AndySt on November 20, 2019, 07:36:47 PM

This question does not have a clear answer. The United States and China, as the largest economic powers, have their own levers of influence, but we should definitely not talk about control. I personally am not sure that China is intentionally trying to control bitcoin. I personally am not sure that China is deliberately trying to control the bitcoin, but will not completely abandon the leverage.

Although China and United State are largest economic power they can control how to make bitcoin on higher or lower price, look last three weeks later when bitcoin up after good announcement from China president want to adopt bitcoin as legal transaction and what happen after Trump president tweet bad side of bitcoin where giving bad effect with price bitcoin goes down. I think China have power to control with bitcoin and altcoin price.

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This question does not have a clear answer. The United States and China, as the largest economic powers, have their own levers of influence, but we should definitely not talk about control. I personally am not sure that China is intentionally trying to control bitcoin. I personally am not sure that China is deliberately trying to control the bitcoin, but will not completely abandon the leverage.

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For many years they declared banning bitcoin, banning crypto but behind them they allowed many tech companies to develop their own Blockchain. They recently announced the release of their own national cryptocurrency, claiming support for blockchain as well as cryptocurrency mining operations.

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Quote from: Mahanton on November 20, 2019, 12:40:42 PM

Quote from: desticy on November 20, 2019, 11:51:57 AM

To some extent, China certainly controls part of the bitcoin market. At least because most of the bitcoins are mined there. However, as far as we all know, the market is extremely volatile, and China, in turn, is not the only giant that owns volumes sufficient for any manipulation. Therefore, China, although it has some weight, but it is far from decisive.

It might been majorly mined there but doesnt mean that they are capable on manipulating it.We have seen on how many times China do changes its
decisions towards bitcoin where it comes to a point where it do ban or restrict things related to it then later on they do reconsider it.
They can somehow affect markets price but thats just for temporal not totally influenced on overall aspect.

The same can't be done by any other country which means China has got its influence over bitcoin. They haven't come to a conclusion on the adoption of bitcoin, the recent statements of reconsidering it is truly positive and made some changes over the market. Though the influence is temporary, China has contributed big to the growth of bitcoin during the beginning when there is none to support in the growth or uplifting.

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Quote from: desticy on November 20, 2019, 11:51:57 AM

To some extent, China certainly controls part of the bitcoin market. At least because most of the bitcoins are mined there. However, as far as we all know, the market is extremely volatile, and China, in turn, is not the only giant that owns volumes sufficient for any manipulation. Therefore, China, although it has some weight, but it is far from decisive.

It might been majorly mined there but doesnt mean that they are capable on manipulating it.We have seen on how many times China do changes its
decisions towards bitcoin where it comes to a point where it do ban or restrict things related to it then later on they do reconsider it.
They can somehow affect markets price but thats just for temporal not totally influenced on overall aspect.

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To some extent, China certainly controls part of the bitcoin market. At least because most of the bitcoins are mined there. However, as far as we all know, the market is extremely volatile, and China, in turn, is not the only giant that owns volumes sufficient for any manipulation. Therefore, China, although it has some weight, but it is far from decisive.

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i dont think so, but who know?
safety factor make this country prohibit about mining bitcoin or other crypto. China have big fan of bitcoin, but it doesnt mean this country control it price.
but they can speculate about it because there are many poeple mine crypto coin.

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The Chinese, mostly ahead when it comes to technology and things that have to do with it. While others were still getting worried about whether bitcoin is a scam or not, they already know that it's good and they got in without wasting time. And another thing is that electricity is cheap in their country, unlike other places where it is expensive. So things we're really easy for them. Before others would start realizing what it's all about, they have already gone far into it and started benefiting from it. Whether the whitepaper was written in English or not, there are still Chinese people that speak English. Whatever news they see they will always translate and spread it across for those that don't understand the language.

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Quote from: cutesgirl on November 17, 2019, 09:04:36 PM

Yes does China control bitcoin price, when China announce for good news bitcoin price up and China give bad news bitcoin price goes down. I think China can control bitcoin because their people have much assets in bitcoin where can control to buy or sell bitcoin where make price bitcoin down or up, I want china re announce for good news to make bitcoin back to higher price.

I think that this is just all up in our imagination and we think that china has been the one manipulating the market, but I have only seen few times that china has really had much activities around it and I think the first time I will hear china speak on cryptocurrency was when they were against mining, and the second time was when they came up to speak of their support of Blockchain and I think those are the two circumstances that I can speak of for now.

Therefore, I don't want to believe that much that they have been involved in these price manipulation, and I think if we are even to talk of any countries that does more of this manipulation, I would say that it is the United states participants and not that of china as we all think.

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Quote from: makolz26 on November 19, 2019, 11:04:03 AM

Quote from: royalfestus on November 19, 2019, 08:07:09 AM

I want to believe big whale a capable of controlling this space. China was so active until regulation was imposed that controls the chinese the involvement. They seems to have the largest numbers of miners which is a massive investment but it is believed that they sell off as they mined but who they sell to matters as well. I dont trust the Chinese in their financial moves, they cant be careless with cyptocurrency especially when America can be in contention. My fingers are crossed on Chinese move next year and am more concern on how I will benefit if Chinese come into market with bigger fund

We don't have concrete data for this, but no doubt that they could have the potential way of controlling Bitcoin if they just want, we know how powerful and how rich their country is, if they will really use their power is that they can buy a lot of Bitcoin, by spreading 'Fud' in the market, which is very easy for them, they can actually say negative or can tell the world they will banned Bitcoin for them to make panic so they can buy at lot of it.

China's strategy is indeed very cunning! Will the United States do that too? I think about that big country,
if the United States also controls bitcoin secretly now this is certainly a good thing, there will be 2 big countries fighting over the supply of Bitcoin,
moreover halving will come soon, very good to be followed of course Grin

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