Is CHINA CONTROLLING Bitcoin? - page 14.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: citywise2 on March 23, 2017, 04:47:11 AM

I think it not true be course no one has ever discover the founder of bitcoin.

What has this to do with China *supposedly* controlling Bitcoin?

Quote from: citywise2 on March 23, 2017, 04:47:11 AM

What i come to understand about China and bitcoin is that, they have built many bitcoin mining. Actuary Chinese has an upper hand in bitcoin.

I think it's a better wording if you say that Chinese mining farms are more or less controlling Bitcoin. If you look at how far their influence reaches when it comes to touching consensus, it's obvious that they can just decide to support whatever proposal they want.

Even when it's not in the benefit of the community and the whole Bitcoin eco system. But hey, I guess that's also part of the freedom aspect of Bitcoin since it's open source..

ekoice

hero member

Activity: 742

Merit: 500

Quote from: somacoin on May 08, 2016, 04:06:03 PM

People here have claimed that Bitcoin is in fact controlled and ruled by China, as mining is centralized by Chinese mining institutions.

Do you think that China is controlling/ruling bitcoin yes or no?

It was in the past and its no more now.In the past,Chinese exchanges tried to dump the bitcoin price.Since there was no fees in chinese exchanges at that time,chinese holders created fake buy and sell orders to manipulate the price.But since trading fee was announced there,it was no more.Now even if the chinese want to dump bitcoin price by selling it suddenly,then they would be the losers since people around the world have recognized the bitcoin's value and they would immediately buy those bitcoins.Dragon is no more.

citywise2

full member

Activity: 150

Merit: 100

I think it not true be course no one has ever discover the founder of bitcoin. What i come to understand about China and bitcoin is that, they have built many bitcoin mining. Actuary Chinese has an upper hand in bitcoin.

Ruhtilg

full member

Activity: 151

Merit: 100

Quote from: artows21 on March 19, 2017, 04:12:47 AM

Well, China is the prime choice for running a mining farm for the following reasons:

- dirty cheap electricity.

-low manufacturing/shipping costs for mining equipment.

-it has a relatively mild climate compared to Saudi Arabia, which is classified as having a 'hot desert climate'. The average yearly temperature in Riyadh is 80° F! The cooling costs alone would negate any benefits derived from the access to cheap electricity.

-population that enjoys speculative ventures (i.e., gambling.)

So yes I think China is controlling bitcoin or is going to control it !

But the code is controlled by the Block Stream led team. So the China just control the mining, working as slaves.

artows21

sr. member

Activity: 322

Merit: 250

Well, China is the prime choice for running a mining farm for the following reasons:

- dirty cheap electricity.

-low manufacturing/shipping costs for mining equipment.

-it has a relatively mild climate compared to Saudi Arabia, which is classified as having a 'hot desert climate'. The average yearly temperature in Riyadh is 80° F! The cooling costs alone would negate any benefits derived from the access to cheap electricity.

-population that enjoys speculative ventures (i.e., gambling.)

So yes I think China is controlling bitcoin or is going to control it !

Jasad

legendary

Activity: 1414

Merit: 1002

= jasad =

Quote from: hulla on February 27, 2017, 09:25:10 AM

Quote from: Jasad on February 25, 2017, 08:40:45 PM

Quote from: Zaun on February 25, 2017, 03:41:47 PM

With the People's bank of China interfering heavily into the bitcoin atmosphere the power/control of the Chinese is surely diminishing.
A handy tool though of where bitcoins are transferred to can be found on http://fiatleak.com/ there you see where coins are spent and used.

With the ETF happening a lot of non-chinese money will be invested into Bitcoin which I hope will create stability and less volatility.

so you mean when there is a lot of non-chinese money come to bitcoin investment, there will be a less volatility?
i don't think so , the volatility will always there exist ,
chinese will still in action but they will never ever control the bitcoin market ,
anyway the vote result so far :

Yes    - 168 (48.1%)
No    - 181 (51.9%)

Total Voters: 349

Yes, the volatility will always there exist and the Chinesse will still be in power concern the mining sector. But will won't be good a country have 58% power to all the 21million bitcoin will have in world.

poll update :

Is CHINA CONTROLLING / RULING Bitcoin?
Yes    - 175 (46.5%)
No    - 201 (53.5%)

Total Voters: 376

not much changes since few weeks ago ,
most voter think that china isn't the one and only who can control bitcoin ,
don't get confused , bitcoin is decentralized and it is not allow anyone to control over it ,
the power of citizen always win no matter you have 51%!

muddafudda

legendary

Activity: 1008

Merit: 1022

There is no denying China's leading role not only in market fluctuations but more recently in discussions of the development of blockchain technology infrastructure.
Chinese demand is the main growth vector for bitcoin, directly influencing not only digital currency prices, but also the essential mechanism for the operation of the blockchain: mining.
Currently, Chinese manufacturers are responsible for the vast majority of mining machinery and Chinese mining groups control more than 70% of the processing capacity dedicated to the blockchain.

The Chinese predominance in mining poses a degree of additional complexity to the governance mechanisms of the protocol and results in conflict as to the decentralized nature of the blockchain.

Babayega31

hero member

Activity: 630

Merit: 500

Cryptocurrency Wallet - Denaro.io

Quote from: DarkIT on March 16, 2017, 04:33:27 AM

Quote from: savioroshan on March 12, 2017, 09:46:39 AM

In my opinion , majority of the bitcoins are held by chinese people. All mining centers are located in China because of the cheap availability of workers, mining equipments ,electricity and awesome cool climate. If all chinese start selling their bitcoins all of a sudden, definitely the price of bitcoin will crash.

you may be right. I also think that most people hold bitcoin china in large quantities. I also believe that when they start selling bitcoin they had, bitcoin prices may start to fall. but, they should do so simultaneously.

I don't believe that people in china is the reason why this price decreased because, we are not just overseing one country here but the whole world. More countries have largest bitcoin holders and we can't point out the exact reasons why price is going up and down. Well if we really have this reasons of the law of supply and demand, i think we are just like a matter of decision making here and all situations were unpredictable on bitcoin price. There is no certain conclusion to all speculations that's been shared by this thread.

soul-impact

hero member

Activity: 854

Merit: 500

Quote from: bravehearth0319 on March 16, 2017, 04:26:58 AM

Quote from: BigBoom3599 on January 03, 2017, 12:23:03 PM

Quote from: hulla on January 03, 2017, 12:16:15 PM

Quote from: poldanmig on January 03, 2017, 09:19:20 AM

51% By Official been in Master and in the Lead by Company derived from China. China can lead because geolocations of encouragement. China has a region size and high plains has some cool weather mouth (Cold).

Cold distinguished location. Suitable for cost saving cooling fan server computer engineering from danger overheated. So the price can compete. In add to labor, employee or labor in china famous-cost offers. So many people Across the World Miners buying services from China.

So it is possible that China controls Bitcoin.

Is only possible that China controls bitcoin. China does control bitcoin. An example, despite the fact China close for New Year holiday, China was the first country where the price of bitcoin first reach $1000 per bitcoin before the year end, so they're creating some kind of rally to look verywell.

I don't think controlling the price is what OP means, he means that they control the Bitcoin network because they own the majority of the hashpower. But I do agree that the Chinese are probably number one reason for the price rally we just had.

It's not because China owned the biggest percentage of bitcoin and biggest average of mining farm of bitcoin they have the ability to control the network of bitcoin, I beg to disagree on that matters. But I can't deny Chinese has a strong of influence in terms of using bitcoin.

Well, I do think that they are controlling bitcoin and because they are holding most of big mining farm and pool, they can easily make a 51 attack if they have enough the percentage of mining. Damn it. They are really strong now and we have to admit that truth

DarkIT

sr. member

Activity: 1176

Merit: 252

Quote from: savioroshan on March 12, 2017, 09:46:39 AM

In my opinion , majority of the bitcoins are held by chinese people. All mining centers are located in China because of the cheap availability of workers, mining equipments ,electricity and awesome cool climate. If all chinese start selling their bitcoins all of a sudden, definitely the price of bitcoin will crash.

you may be right. I also think that most people hold bitcoin china in large quantities. I also believe that when they start selling bitcoin they had, bitcoin prices may start to fall. but, they should do so simultaneously.

bravehearth0319

hero member

Activity: 1022

Merit: 500

Quote from: BigBoom3599 on January 03, 2017, 12:23:03 PM

Quote from: hulla on January 03, 2017, 12:16:15 PM

Quote from: poldanmig on January 03, 2017, 09:19:20 AM

51% By Official been in Master and in the Lead by Company derived from China. China can lead because geolocations of encouragement. China has a region size and high plains has some cool weather mouth (Cold).

Cold distinguished location. Suitable for cost saving cooling fan server computer engineering from danger overheated. So the price can compete. In add to labor, employee or labor in china famous-cost offers. So many people Across the World Miners buying services from China.

So it is possible that China controls Bitcoin.

Is only possible that China controls bitcoin. China does control bitcoin. An example, despite the fact China close for New Year holiday, China was the first country where the price of bitcoin first reach $1000 per bitcoin before the year end, so they're creating some kind of rally to look verywell.

I don't think controlling the price is what OP means, he means that they control the Bitcoin network because they own the majority of the hashpower. But I do agree that the Chinese are probably number one reason for the price rally we just had.

It's not because China owned the biggest percentage of bitcoin and biggest average of mining farm of bitcoin they have the ability to control the network of bitcoin, I beg to disagree on that matters. But I can't deny Chinese has a strong of influence in terms of using bitcoin.

savioroshan

hero member

Activity: 770

Merit: 500

In my opinion , majority of the bitcoins are held by chinese people. All mining centers are located in China because of the cheap availability of workers, mining equipments ,electricity and awesome cool climate. If all chinese start selling their bitcoins all of a sudden, definitely the price of bitcoin will crash.

thisappointed

hero member

Activity: 616

Merit: 502

Quote from: 1Referee on March 07, 2017, 06:35:26 AM

Hardware is being manufactured in China due to the lower costs, but that doesn't mean every manufacturer of mining gear is in Chinese hands. Does it give them some sort of an advantage? Perhaps, but Chinese influence in Bitcoin is diminishing to eventually such a level, that other than their cost-friendly-climate, there is not much that gives them any sort of significance.

Yes, it gives them advantages since hardware is the primary needs in bitcoin mining, but is doesn't mean that they can control the bitcoin network just because of this. Miners are the one who are charging the fees on every transaction that are processing in the bitcoin blocks, so they are the one who have the most amount of the bitcoin compare to the normal bitcoin users.

So, if they DUMP their bitcoin, the bitcoins price will be affected by this situation, causing the whole market price to fluctuate in a lower price, that is why, most of us are thinking that China is controlling bitcoin by manipulating its price, but the truth is this is all that they can do to bitcoin, to manipulate its price but never to take control of the whole bitcoin network.

Iranus

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

Quote from: examplens on March 12, 2017, 07:03:41 AM

Quote from: iram3130 on March 12, 2017, 01:40:31 AM

Quote from: Herbert2020 on March 12, 2017, 01:28:26 AM

Quote from: Sled on March 12, 2017, 12:20:09 AM

Quote from: CODE200 on March 11, 2017, 09:43:29 PM

Maybe it depends, If China has a large volume of bitcoin let's say the 50% of total volume of bitcoin then yes, You can control a currency if you have the most volume of it because the price is depends on demand and supply, and china is a big country given that, So I think is yes.

China got almost or over 50% of the bitcoin supply because most of the early birds are there like the early miners, investors and those businesses who included bitcoin on their business. So i think china got the control someday because if you have the most of the supply then you can control the market by doing pump and dump scheme and it will be useful to them someday if the price is very high and the only thing that they will do is to harvest their profits.

100% pure Bullshit.

first of all you have no way of knowing who has how much and you are talking out of your ass when you say China has 50% of bitcoin supply.
secondly you have no idea what you are talking about when you say "early birds" are in China. all those early adopters of bitcoin who were mining bitcoin when you didn't even know what bitcoin is, were from anywhere but China. China came in when they started to produce ASIC miners and after a while when price went to ATH back in 2013 and slowly "mining farms" grew and mining farm doesn't mean China has a lot of supply of bitcoin.
and in the end you don't even know what the word pump and dump means, take a look at the charts and educate yourself about pump and dump before giving opinion about something you don't understand.

Definitely true. It's really too much to simply put allegations on Chinese about early birds and suppliers. They have made asic miners and started mining but can't control over Bitcoins like that.

I think the problem if will appear when China ban bitcoin. then we would have flooded the market, and because of that is not good to have big percent concetrate in one country. Good thing is that China probably will not ban bitcoin, they will protect their interests and manufacturers

I don't think it's good to have concentration in one country anyway. It doesn't literally centralise Bitcoin as it's in the private sector, but this kind of monopolisation can never be good for something like Bitcoin that should be easy enough for anyone to take part in.

Plus, there's no chance China is going to ban Bitcoin. They'll just loudly discuss it to try and bring the price down and buy a bit more, but they'll never actually do it.

dearbesz1219

hero member

Activity: 924

Merit: 500

Quote from: somacoin on May 08, 2016, 04:06:03 PM

People here have claimed that Bitcoin is in fact controlled and ruled by China, as mining is centralized by Chinese mining institutions.

Do you think that China is controlling/ruling bitcoin yes or no?

For others China is controlling/ruling bitcoin, but I think even others are right to their thinking China don't have any capability to control bitcoin, because of the decentralization it has. No matter how strong their influences are in the whole world.

examplens

legendary

Activity: 3472

Merit: 3507

Crypto Swap Exchange

Quote from: iram3130 on March 12, 2017, 01:40:31 AM

Quote from: Herbert2020 on March 12, 2017, 01:28:26 AM

Quote from: Sled on March 12, 2017, 12:20:09 AM

Quote from: CODE200 on March 11, 2017, 09:43:29 PM

Maybe it depends, If China has a large volume of bitcoin let's say the 50% of total volume of bitcoin then yes, You can control a currency if you have the most volume of it because the price is depends on demand and supply, and china is a big country given that, So I think is yes.

China got almost or over 50% of the bitcoin supply because most of the early birds are there like the early miners, investors and those businesses who included bitcoin on their business. So i think china got the control someday because if you have the most of the supply then you can control the market by doing pump and dump scheme and it will be useful to them someday if the price is very high and the only thing that they will do is to harvest their profits.

100% pure Bullshit.

first of all you have no way of knowing who has how much and you are talking out of your ass when you say China has 50% of bitcoin supply.
secondly you have no idea what you are talking about when you say "early birds" are in China. all those early adopters of bitcoin who were mining bitcoin when you didn't even know what bitcoin is, were from anywhere but China. China came in when they started to produce ASIC miners and after a while when price went to ATH back in 2013 and slowly "mining farms" grew and mining farm doesn't mean China has a lot of supply of bitcoin.
and in the end you don't even know what the word pump and dump means, take a look at the charts and educate yourself about pump and dump before giving opinion about something you don't understand.

Definitely true. It's really too much to simply put allegations on Chinese about early birds and suppliers. They have made asic miners and started mining but can't control over Bitcoins like that.

I think the problem if will appear when China ban bitcoin. then we would have flooded the market, and because of that is not good to have big percent concetrate in one country. Good thing is that China probably will not ban bitcoin, they will protect their interests and manufacturers

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: CoinBreader on March 12, 2017, 04:42:32 AM

Today Chinese exchanges report 98% of global volume. This shows huge dominance by Chinese markets right ??
Its fake unlike the rest of the world, chinse exchanges are unique in that they do not charge fees on trades instead they make money from withdrawal charges out of the exchange these fees reduce as your trading volume increase so this incentivises traders to rack up their trade volume from buying & selling from themselves at zero cost. be smart and not greedy ! Like the EU & US exchanges where you need a shitload of capital swing to minimize trade fees

What are you mumbling about? Chinese exchanges have lost their market significance due to the regulations put in place by the PBOC not that long ago.

No more margin trading, no more zero fee trading, and thus these Chinese exchanges are nothing more than just a regular exchange. Not sure where you have been lately, but you definitely need some refreshing to do.

CoinBreader

hero member

Activity: 672

Merit: 500

Today Chinese exchanges report 98% of global volume. This shows huge dominance by Chinese markets right ??
Its fake unlike the rest of the world, chinse exchanges are unique in that they do not charge fees on trades instead they make money from withdrawal charges out of the exchange these fees reduce as your trading volume increase so this incentivises traders to rack up their trade volume from buying & selling from themselves at zero cost. be smart and not greedy ! Like the EU & US exchanges where you need a shitload of capital swing to minimize trade fees

DrPepperJC

member

Activity: 118

Merit: 100

Quote from: Herbert2020 on March 12, 2017, 01:28:26 AM

Quote from: Sled on March 12, 2017, 12:20:09 AM

Quote from: CODE200 on March 11, 2017, 09:43:29 PM

Maybe it depends, If China has a large volume of bitcoin let's say the 50% of total volume of bitcoin then yes, You can control a currency if you have the most volume of it because the price is depends on demand and supply, and china is a big country given that, So I think is yes.

China got almost or over 50% of the bitcoin supply because most of the early birds are there like the early miners, investors and those businesses who included bitcoin on their business. So i think china got the control someday because if you have the most of the supply then you can control the market by doing pump and dump scheme and it will be useful to them someday if the price is very high and the only thing that they will do is to harvest their profits.

100% pure Bullshit.

first of all you have no way of knowing who has how much and you are talking out of your ass when you say China has 50% of bitcoin supply.
secondly you have no idea what you are talking about when you say "early birds" are in China. all those early adopters of bitcoin who were mining bitcoin when you didn't even know what bitcoin is, were from anywhere but China. China came in when they started to produce ASIC miners and after a while when price went to ATH back in 2013 and slowly "mining farms" grew and mining farm doesn't mean China has a lot of supply of bitcoin.
and in the end you don't even know what the word pump and dump means, take a look at the charts and educate yourself about pump and dump before giving opinion about something you don't understand.

I'm not too strong in the bitcoin technology and mining of crypto-currencies, but my opinion is that the Chinese have always carefully monitored opportunities where they can make good money and see the prospects of bitcoin, began to break in this direction. I am sure that they even have state programs in this regard. Therefore, there is the possibility that still a large number of bitcoins have been concentrated in Chinese users. But they certainly are not the ancestors.

iram3130

legendary

Activity: 1512

Merit: 1010

ITSMYNE 🚀 Talk NFTs, Trade NFTs 🚀

Quote from: Herbert2020 on March 12, 2017, 01:28:26 AM

Quote from: Sled on March 12, 2017, 12:20:09 AM

Quote from: CODE200 on March 11, 2017, 09:43:29 PM

Maybe it depends, If China has a large volume of bitcoin let's say the 50% of total volume of bitcoin then yes, You can control a currency if you have the most volume of it because the price is depends on demand and supply, and china is a big country given that, So I think is yes.

China got almost or over 50% of the bitcoin supply because most of the early birds are there like the early miners, investors and those businesses who included bitcoin on their business. So i think china got the control someday because if you have the most of the supply then you can control the market by doing pump and dump scheme and it will be useful to them someday if the price is very high and the only thing that they will do is to harvest their profits.

100% pure Bullshit.

first of all you have no way of knowing who has how much and you are talking out of your ass when you say China has 50% of bitcoin supply.
secondly you have no idea what you are talking about when you say "early birds" are in China. all those early adopters of bitcoin who were mining bitcoin when you didn't even know what bitcoin is, were from anywhere but China. China came in when they started to produce ASIC miners and after a while when price went to ATH back in 2013 and slowly "mining farms" grew and mining farm doesn't mean China has a lot of supply of bitcoin.
and in the end you don't even know what the word pump and dump means, take a look at the charts and educate yourself about pump and dump before giving opinion about something you don't understand.

Definitely true. It's really too much to simply put allegations on Chinese about early birds and suppliers. They have made asic miners and started mining but can't control over Bitcoins like that.

Topic: Is CHINA CONTROLLING Bitcoin? - page 14. (Read 92666 times)