Is CHINA CONTROLLING Bitcoin? - page 15.

Herbert2020

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Quote from: Sled on March 12, 2017, 01:20:09 AM

Quote from: CODE200 on March 11, 2017, 10:43:29 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.
also miners sell their coins to cover the cost of mining and pay the bills, which means they can not be holding big amounts

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.

Sled

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Quote from: CODE200 on March 11, 2017, 10:43:29 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.

KennyR

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Quote from: crockoo on March 11, 2017, 03:58:44 PM

Quote from: FiendCoin on March 11, 2017, 03:18:34 PM

Quote from: bitbob82 on March 11, 2017, 03:09:29 PM

Quote from: coinplus on March 11, 2017, 11:38:37 AM

Quote from: blackhawkeye1912 on March 10, 2017, 05:47:38 AM

Quote from: somacoin on May 08, 2016, 05:06:03 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?

China country is only control the biggest mining farm of bitcoin in the whole world but not controling the price value of bitcoin. They can also owned the biggest percentage average of holding a bitcoin in the whole world.

Yeah, China as in the government is not controlling the bitcoin in a direct way, china has the largest number of users in the bitcoin community which makes some people think that it is the center of bitcoin because mining bitcoin there is profitable so most of it comes from there so if anything happens to the mining in china bitcoin’s price will be influenced.

i think in past they were really influencing bitcoin but now their influence on bitcoin is decreasing. as the number of bitcoin users are not only increasing in china but in all over the world the users of bitcoin are continuously increasing and that is the the reason that their hold is now becoming more and more weaker as time pass.

Forces within China would absolutely love to control Bitcoin and with BU their scheme is almost complete. The ridiculousness of the situation with BU supporters claiming a core conspiracy but at the same time refusing to see the one with China right under their nose, just simply amazes me.

Yes, China very much wants to control bitcoin and is looking for ways to influence. Maybe there are whales in China who have a lot of bitcoins and boiler houses that can influence the price of the crypto currency. But I'm not sure that they will manage to control this coin

China has got largest user base for bitcoin as well other bitcoin related activities similar to mining. China in the past had some controllability over bitcoin. This has decreased a lot just after two major bitcoin exchanges stop withdrawal. Now too it's trying hard to take control of it. One such is the support from governments for fintech development. An statement has been revealed recently mentioning that their absolute plan in fintech with stability in Yuan.

CODE200

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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.

crockoo

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Quote from: FiendCoin on March 11, 2017, 03:18:34 PM

Quote from: bitbob82 on March 11, 2017, 03:09:29 PM

Quote from: coinplus on March 11, 2017, 11:38:37 AM

Quote from: blackhawkeye1912 on March 10, 2017, 05:47:38 AM

Quote from: somacoin on May 08, 2016, 05:06:03 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?

China country is only control the biggest mining farm of bitcoin in the whole world but not controling the price value of bitcoin. They can also owned the biggest percentage average of holding a bitcoin in the whole world.

Yeah, China as in the government is not controlling the bitcoin in a direct way, china has the largest number of users in the bitcoin community which makes some people think that it is the center of bitcoin because mining bitcoin there is profitable so most of it comes from there so if anything happens to the mining in china bitcoin’s price will be influenced.

i think in past they were really influencing bitcoin but now their influence on bitcoin is decreasing. as the number of bitcoin users are not only increasing in china but in all over the world the users of bitcoin are continuously increasing and that is the the reason that their hold is now becoming more and more weaker as time pass.

Forces within China would absolutely love to control Bitcoin and with BU their scheme is almost complete. The ridiculousness of the situation with BU supporters claiming a core conspiracy but at the same time refusing to see the one with China right under their nose, just simply amazes me.

Yes, China very much wants to control bitcoin and is looking for ways to influence. Maybe there are whales in China who have a lot of bitcoins and boiler houses that can influence the price of the crypto currency. But I'm not sure that they will manage to control this coin

FiendCoin

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Quote from: bitbob82 on March 11, 2017, 03:09:29 PM

Quote from: coinplus on March 11, 2017, 11:38:37 AM

Quote from: blackhawkeye1912 on March 10, 2017, 05:47:38 AM

Quote from: somacoin on May 08, 2016, 05:06:03 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?

China country is only control the biggest mining farm of bitcoin in the whole world but not controling the price value of bitcoin. They can also owned the biggest percentage average of holding a bitcoin in the whole world.

Yeah, China as in the government is not controlling the bitcoin in a direct way, china has the largest number of users in the bitcoin community which makes some people think that it is the center of bitcoin because mining bitcoin there is profitable so most of it comes from there so if anything happens to the mining in china bitcoin’s price will be influenced.

i think in past they were really influencing bitcoin but now their influence on bitcoin is decreasing. as the number of bitcoin users are not only increasing in china but in all over the world the users of bitcoin are continuously increasing and that is the the reason that their hold is now becoming more and more weaker as time pass.

Forces within China would absolutely love to control Bitcoin and with BU their scheme is almost complete. The ridiculousness of the situation with BU supporters claiming a core conspiracy but at the same time refusing to see the one with China right under their nose, just simply amazes me.

bitbob82

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Quote from: coinplus on March 11, 2017, 11:38:37 AM

Quote from: blackhawkeye1912 on March 10, 2017, 05:47:38 AM

Quote from: somacoin on May 08, 2016, 05:06:03 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?

China country is only control the biggest mining farm of bitcoin in the whole world but not controling the price value of bitcoin. They can also owned the biggest percentage average of holding a bitcoin in the whole world.

Yeah, China as in the government is not controlling the bitcoin in a direct way, china has the largest number of users in the bitcoin community which makes some people think that it is the center of bitcoin because mining bitcoin there is profitable so most of it comes from there so if anything happens to the mining in china bitcoin’s price will be influenced.

i think in past they were really influencing bitcoin but now their influence on bitcoin is decreasing. as the number of bitcoin users are not only increasing in china but in all over the world the users of bitcoin are continuously increasing and that is the the reason that their hold is now becoming more and more weaker as time pass.

coinplus

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Quote from: blackhawkeye1912 on March 10, 2017, 05:47:38 AM

Quote from: somacoin on May 08, 2016, 05:06:03 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?

China country is only control the biggest mining farm of bitcoin in the whole world but not controling the price value of bitcoin. They can also owned the biggest percentage average of holding a bitcoin in the whole world.

Yeah, China as in the government is not controlling the bitcoin in a direct way, china has the largest number of users in the bitcoin community which makes some people think that it is the center of bitcoin because mining bitcoin there is profitable so most of it comes from there so if anything happens to the mining in china bitcoin’s price will be influenced.

AliceWonderMiscreations

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Quote from: iv4n on March 10, 2017, 09:24:55 AM

Quote from: AliceWonderMiscreations on March 08, 2017, 08:51:04 PM

Every day, a man from China comes into my house and monitors everything I do with bitcoin.

However, it has been rather beneficial, because when I take him to the local Chinese restaurant for lunch - being a native speaker and all - the service is better.

How you mean a man from CHina comes to your house and monitor everything you with bitcoin? Am I crazy, or I do not understand what you wish to say with this. I`m curios what will you explain this, cause looks only benefit you have is better service in local Chinese restaurant.

I was just poking fun at the notion that China could be controlling a global network like bitcoin.

numismatist

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

Nevertheless software development seems to be in the hands of western culture sphere. It's like Apple, Foxconn and that.
Actually that hardware part has to travel back into the US on a longterm, otherwise ... doh!

hulla

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Quote from: deisik on March 03, 2017, 03:53:06 PM

Quote from: hulla on March 03, 2017, 03:40:24 PM

Quote from: deisik on March 03, 2017, 11:54:16 AM

Quote from: hulla on March 03, 2017, 11:33:21 AM

Quote from: deisik on March 02, 2017, 03:10:03 PM

Quote from: MONKEYJUNK on March 02, 2017, 02:59:06 PM

China in my opinion can control bitcoin's price, since if all their miners sell at the same time, it would cause a very big dump on bitcoin's price. For now, I think those miners are independent and not controlled by the government. Hope that China won't plan to control bitcoin's price just yet. If they do, they will just need to order their miners and bitcoin users to sell all of their bitcoins at the same time or by banning bitcoin causing the miners to sell at the same time

Metaphorically speaking, we have already been there

The Chinese authorities have already effectively banned Bitcoin from trading in China. Now we see runaway prices going straight to the moon. Even if they make the Chinese miners sell all their stashed bitcoins somehow (provided there are any in the first place), that could only make the prices crash momentarily, and we will see buying wall rising to the sky covering the sun itself. Obviously, the Chinese government is not so much interested in controlling Bitcoin prices as driving Bitcoin out of the country altogether

Yes, you're correct because they are only interested in saving the Yuan not control the bitcoin price. Inaddition, as bitcoin price rises from December last year Yuan loose value and the Chinese government believe bitcoin had something to do with it and in other for them to achieve something they wanted, they almost crush the price of bitcoin early this year

I don't really think that they do actually believe in that

Bitcoin is too small yet to affect the value of yuan as such in any meaningful way. But the said doesn't of course mean that the situation couldn't potentially get out of control in the future. In most authoritarian countries (like China or Venezuela), the population doesn't believe their governments either, and further devaluation of the Chinese currency would drive even more people into value-preservation mode. And that's where Bitcoin could come in quite handy. So basically, the Chinese government delivered a preemptive attack against Bitcoin

You have to believe me mate because that's the scoop behind the new law implement by the Chinese government to all China bitcoin exchangers cause they believe people are using bitcoin to move there money (foreign currence) oversea which make Yuan loose value and that's the Chinese bitcoin exchangers ask for
further customer identification lately

That may well be true in respect to Chinese folks moving, say, the US dollars out of the country

But it is still not quite clear what Bitcoin has to do with all that and to which degree if ever. I don't mean to say that the Chinese folks can't buy bitcoins for yuans (they certainly can, or, rather, could till some time ago), but you shouldn't forget that there are over 1.3 billion people in China presently. Can you imagine what the Bitcoin price would be if it were actually used for getting rid of yuans on mass scale? The impact that Bitcoin has on the value of yuan is negligible as of yet

Me either. I don't know what bitcoin has to do with the Yuans but the Chinese believe bitcoin is the reason why Yuan loose value. Which is also the reason why the People Bank Of Chinese lists new rules for all Chinese bitcoin exchanges. Some of the rule says "Violating regulations on foreign currency
management and cross-border capital transfer with bitcoin." "Replacing fiat by using bitcoin to purchase goods." You will see that they are trying to protect the Yuan

fazrin29

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of course,i agree with this statemen.because they have large percentage of miningbitcoin and chinesse is biggest market for bitcoin. Grin

funbarrel

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Quote from: mmo_online_1981 on March 08, 2017, 10:37:28 AM

All BTC users are controlling BTC, but prices may be in China

that is true that bitcoin is controlled by the people but i cannot agree that the price of the bitcoin is controlled by the china because any whale can come and start selling bitcoins, in this way he would make the price go down really fast, so the price is controlled by whales

iv4n

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Quote from: AliceWonderMiscreations on March 08, 2017, 08:51:04 PM

Every day, a man from China comes into my house and monitors everything I do with bitcoin.

However, it has been rather beneficial, because when I take him to the local Chinese restaurant for lunch - being a native speaker and all - the service is better.

How you mean a man from CHina comes to your house and monitor everything you with bitcoin? Am I crazy, or I do not understand what you wish to say with this. I`m curios what will you explain this, cause looks only benefit you have is better service in local Chinese restaurant.

Quote from: Bitcoin0916 on March 09, 2017, 10:38:13 PM

Quote from: Yohji Yamamoto on March 08, 2017, 11:29:20 PM

No, you should replace China with Japan now, Japanese is pumping bitcoin and the trading volume is the largest now. Japan is the bitcoin leader, mtgox was located in Japan.

China is collectively the largest, if mtgox could be pumping bitcoin then china can also do it and impact is bigger than mtgox. Remeber before the Chinese new year or 2 months ago, they sell bitcoin and made prices drop up to 30%.

Here we talk about how much can some country pump the price, and here is important consumer power of the people in some country. I think Japanese can spend more money on bitcoins, they can spent much more money on everything.

Alversh

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No, Not controlling bitcoin but to put in the right way China does have a say in bitcoin price dumping and pumping whenever they like just by making new regulations that didn't change much !!

So They Do Have a say bu not controlling i maybe effect it time to time

blackhawkeye1912

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Quote from: somacoin on May 08, 2016, 05:06:03 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?

China country is only control the biggest mining farm of bitcoin in the whole world but not controling the price value of bitcoin. They can also owned the biggest percentage average of holding a bitcoin in the whole world.

deisik

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Quote from: Ruhtilg on March 09, 2017, 10:48:16 AM

Quote from: deisik on March 09, 2017, 02:36:00 AM

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

Quote from: deisik on March 07, 2017, 06:36:30 AM

Besides, it is not only cheap electricity alone, they are also the producers of the mining equipment as such. That basically means that they have another overwhelming edge apart from just electricity, i.e. they get access to the top-notch and cutting-edge hardware and technology before anyone else in the world. Obviously, they exploit this advantage in full

And that cannot be written off either

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.

It all eventually comes down to details

And so far the Chinese are controlling the mining process and the reasons for that is cheap electricity and first-hand access to most efficient miners. Is it going to change any time soon? That's unlikely. Moreover, if the electricity costs are the primary factor in the overall cost of Bitcoin mining, developing (and producing) mining equipment doesn't make much sense outside China unless you are going to export them to China again (but in that case it would be cheaper to produce them there directly). To successfully compete against low electricity costs you would have to make miners with hashing power times greater than state of the art Chinese miners. I don't think this is possible because that would require really dramatic breakthroughs in technology. But Bitcoin is certainly not a field where such breakthroughs happen

I heard there are quite a few hydro stations in Norway or Sweden. They can mine there cheaply

The number of hydroelectric power plants as such is not of particular relevance. It is the costs that matter. In other words, a lot of electricity generating capacity doesn't imply that the electricity prices will be low overall. The electricity costs largely depend on the cost of labor, but in Scandinavian countries this cost is certainly much higher than cheap labor of over 1.3 billion pairs of hands in China. In fact, there had been a mining pool (or a mining farm) in Sweden (though I've forgotten its name)

Unsurprisingly, it went bust eventually

Bitcoin0916

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Quote from: Yohji Yamamoto on March 08, 2017, 11:29:20 PM

No, you should replace China with Japan now, Japanese is pumping bitcoin and the trading volume is the largest now. Japan is the bitcoin leader, mtgox was located in Japan.

China is collectively the largest, if mtgox could be pumping bitcoin then china can also do it and impact is bigger than mtgox. Remeber before the Chinese new year or 2 months ago, they sell bitcoin and made prices drop up to 30%.

Ruhtilg

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Quote from: deisik on March 09, 2017, 02:36:00 AM

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

Quote from: deisik on March 07, 2017, 06:36:30 AM

Besides, it is not only cheap electricity alone, they are also the producers of the mining equipment as such. That basically means that they have another overwhelming edge apart from just electricity, i.e. they get access to the top-notch and cutting-edge hardware and technology before anyone else in the world. Obviously, they exploit this advantage in full

And that cannot be written off either

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.

It all eventually comes down to details

And so far the Chinese are controlling the mining process and the reasons for that is cheap electricity and first-hand access to most efficient miners. Is it going to change any time soon? That's unlikely. Moreover, if the electricity costs are the primary factor in the overall cost of Bitcoin mining, developing (and producing) mining equipment doesn't make much sense outside China unless you are going to export them to China again (but in that case it would be cheaper to produce them there directly). To successfully compete against low electricity costs you would have to make miners with hashing power times greater than state of the art Chinese miners. I don't think this is possible because that would require really dramatic breakthroughs in technology. But Bitcoin is certainly not a field where such breakthroughs happen

I heard there are quite a few hydro stations in Norway or Sweden. They can mine there cheaply.

deisik

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

Quote from: deisik on March 07, 2017, 06:36:30 AM

Besides, it is not only cheap electricity alone, they are also the producers of the mining equipment as such. That basically means that they have another overwhelming edge apart from just electricity, i.e. they get access to the top-notch and cutting-edge hardware and technology before anyone else in the world. Obviously, they exploit this advantage in full

And that cannot be written off either

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.

It all eventually comes down to details

And so far the Chinese are controlling the mining process and the reasons for that is cheap electricity and first-hand access to most efficient miners. Is it going to change any time soon? That's unlikely. Moreover, if the electricity costs are the primary factor in the overall cost of Bitcoin mining, developing (and producing) mining equipment doesn't make much sense outside China unless you are going to export this equipment to China again (but in that case it would be cheaper to produce the miners there directly). To successfully compete against low electricity costs you would have to make miners with hashing power times greater than state of the art Chinese miners. I don't think this is possible because that would require really dramatic breakthroughs in the semiconductor technology. But Bitcoin is certainly not a field where such breakthroughs happen

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