Is CHINA CONTROLLING Bitcoin? - page 36.

NEWGOODOUBLE

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Quote from: whizter on December 30, 2016, 03:20:39 PM

Quote from: RajaJudi on December 30, 2016, 10:44:39 AM

Quote from: marseille on December 28, 2016, 08:02:54 PM

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

You must not follow the news on coindesk or some other sources of bitcoin news. China is holding more than 50% of the mining pool, as well as the amount of Bitcoin in the world. In general, they are controlling Bitcoin, and the most dangerous thing is that they can open a 51 attack any time they want.

i do no agree with you. as bitcoin is anonymous therefore no one know that which country has the most number of bitcoin uses, may be it is not China, may the Indian users are more than china may the Russians have the greater number than China and other countries of the world.

I think the biggest user can be predicted from a variety of methods, like you can see the total users in the local section in each country, which is the largest?
at least a country that has a large users, can affect to the bitcoin

Positid

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Quote from: whizter on December 30, 2016, 03:20:39 PM

Quote from: RajaJudi on December 30, 2016, 10:44:39 AM

Quote from: marseille on December 28, 2016, 08:02:54 PM

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

You must not follow the news on coindesk or some other sources of bitcoin news. China is holding more than 50% of the mining pool, as well as the amount of Bitcoin in the world. In general, they are controlling Bitcoin, and the most dangerous thing is that they can open a 51 attack any time they want.

i do no agree with you. as bitcoin is anonymous therefore no one know that which country has the most number of bitcoin uses, may be it is not China, may the Indian users are more than china may the Russians have the greater number than China and other countries of the world.

It has been said many times that all we can do here is just estimates, there's the blockchain where we can monitor the wallets but that does not guarantee that one person is only using wallet, so the estimate depends on us.

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Quote from: RajaJudi on December 30, 2016, 10:44:39 AM

they can open a 51 attack any time they want.

I would agree with you if 'they' was a single entity, rather than the most populous country on the face of the earth -- or even a half-dozen decision makers running a half-dozen pools, which each aggregate the hashpower of multitudinous hashers, all in competition with each other over solving the next block.

But as it stands, there is no singular 'they', so no 51% attack.

whizter

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Quote from: RajaJudi on December 30, 2016, 10:44:39 AM

Quote from: marseille on December 28, 2016, 08:02:54 PM

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

You must not follow the news on coindesk or some other sources of bitcoin news. China is holding more than 50% of the mining pool, as well as the amount of Bitcoin in the world. In general, they are controlling Bitcoin, and the most dangerous thing is that they can open a 51 attack any time they want.

i do no agree with you. as bitcoin is anonymous therefore no one know that which country has the most number of bitcoin uses, may be it is not China, may the Indian users are more than china may the Russians have the greater number than China and other countries of the world.

RajaJudi

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Quote from: marseille on December 28, 2016, 08:02:54 PM

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

You must not follow the news on coindesk or some other sources of bitcoin news. China is holding more than 50% of the mining pool, as well as the amount of Bitcoin in the world. In general, they are controlling Bitcoin, and the most dangerous thing is that they can open a 51 attack any time they want.

andron8383

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Quote from: andrei56 on December 24, 2016, 12:55:49 AM

Most of the miners are in china but that does not mean the Chinese government has control over them in fact some of the miners have been close down by the Chinese government.

Miners =/= control of bitcoin. Miners want money not government assistance IMO.
China is rising and no one will deny that. Is probaly 1st Economy on world with highers population so what you expect from them.
In BTC gold/silver you see that China rules. China buys assets on all over world currently.

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Quote from: shinratensei_ on December 29, 2016, 09:01:18 PM

Quote from: hl5460 on December 28, 2016, 09:09:13 PM

Quote from: ?? on ??

Quote from: Jembut Ireng on December 28, 2016, 08:09:28 PM

Quote from: marseille on December 28, 2016, 08:02:54 PM

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

I think China can control bitcoin because users from China more than 51% of the total bitcoin stok, we can see from exchanger from China always infect the bitcoin price.

No, even China has that percentage of total stock of bitcoin or most of the miners are found there. Still they don't have control for bitcoin but they can do something to make some waves on the changes of bitcoin but that is not going to be effective immediately. The effects of their contribution within the price of bitcoin is happening slowly and not that very fast.

On 28th December, China’s Premier Li Keqiang signed the Initiative of China’s Information Technology Application, which is part of the 13th Five-Year-Plan for Social and Economic Development of China. Blockchain technology has been officially listed in the initiative. The five-year-plan is the most import national strategic guideline for China’s social and economic development. The 13th Five-Year-Plan sets the tone for China’s development for the period from 2016-2020.

http://news.8btc.com/blockchain-technology-included-in-chinas-most-important-national-strategy

Yes, this will be supporting the rumours about their own crypto nation. So, we will see the other hyper ledger will be born in the hand of the Chinese. Interesting for watch.

Chinese has done all in bitcoin, 51% attack, Ignoring SegWit, and what's next?

A new revolutionary system has compromised by blockchain will be functioning with itself. Grin

I think If they build their own cryptocurrency that will be the time that bitcoin will fall because they are holding the biggest share on bitcoin and they can dump it instantly and thats the time they will introduce their own new cryptocurrency.

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Quote from: hl5460 on December 28, 2016, 09:09:13 PM

Quote from: ?? on ??

Quote from: Jembut Ireng on December 28, 2016, 08:09:28 PM

Quote from: marseille on December 28, 2016, 08:02:54 PM

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

I think China can control bitcoin because users from China more than 51% of the total bitcoin stok, we can see from exchanger from China always infect the bitcoin price.

No, even China has that percentage of total stock of bitcoin or most of the miners are found there. Still they don't have control for bitcoin but they can do something to make some waves on the changes of bitcoin but that is not going to be effective immediately. The effects of their contribution within the price of bitcoin is happening slowly and not that very fast.

On 28th December, China’s Premier Li Keqiang signed the Initiative of China’s Information Technology Application, which is part of the 13th Five-Year-Plan for Social and Economic Development of China. Blockchain technology has been officially listed in the initiative. The five-year-plan is the most import national strategic guideline for China’s social and economic development. The 13th Five-Year-Plan sets the tone for China’s development for the period from 2016-2020.

http://news.8btc.com/blockchain-technology-included-in-chinas-most-important-national-strategy

Yes, this will be supporting the rumours about their own crypto nation. So, we will see the other hyper ledger will be born in the hand of the Chinese. Interesting for watch.

Chinese has done all in bitcoin, 51% attack, Ignoring SegWit, and what's next?

A new revolutionary system has compromised by blockchain will be functioning with itself. Grin

n2004al

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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?

China is influencing the price of bitcoin but nor China e now any other entity can control bitcoin. For sure China has a big affection (and thanks for this because the price is going high because of this affection) on bitcoin but no control. This is what I think.

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Quote from: jbreher on December 28, 2016, 10:03:00 PM

Quote from: hl5460 on December 28, 2016, 09:09:13 PM

On 28th December, China’s Premier Li Keqiang signed the Initiative of China’s Information Technology Application, which is part of the 13th Five-Year-Plan for Social and Economic Development of China. Blockchain technology has been officially listed in the initiative. The five-year-plan is the most import national strategic guideline for China’s social and economic development. The 13th Five-Year-Plan sets the tone for China’s development for the period from 2016-2020.

http://news.8btc.com/blockchain-technology-included-in-chinas-most-important-national-strategy

False claim? Link is broken.

It looks more like to be a hype intended for spurring interest toward Monero

I found this piece when I did some google-fu in search of the original article. It basically claims that the Chinese government is going to use Monero as a Yuan derivative. As to me, this is outright bullshit and fud aimed to hurt Bitcoin. The article talks about some "underground banks and investors in China awaiting the release of RingCT", allegedly the "most confidential and anonymous cryptography in the marketplace". Though it doesn't expand on what "underground banks and investors" have to do with the Chinese government in the first place

genos

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Quote from: ?? on ??

That's right it is hard to know who is the one who really controls bitcoin but I don't think there is total control or manipulation of bitcoins price increase. It is just happening because of bitcoins demand now is getting higher. But AFAIK, if control and manipulation is happening with it, not just a single person is involved.

Not little amount of people that can control bitcoin but it done by many business included many peoples on it. Lets said some great business on China such as f2fool , antpool , bwfool and still many more they we obviously no doubt if they control about 51 % bitcoin stok

Bitcoin0916

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Quote from: ?? on ??

Quote from: Positid on December 28, 2016, 09:27:06 PM

Quote from: ?? on ??

Quote from: Jembut Ireng on December 28, 2016, 08:09:28 PM

Quote from: marseille on December 28, 2016, 08:02:54 PM

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

I think China can control bitcoin because users from China more than 51% of the total bitcoin stok, we can see from exchanger from China always infect the bitcoin price.

No, even China has that percentage of total stock of bitcoin or most of the miners are found there. Still they don't have control for bitcoin but they can do something to make some waves on the changes of bitcoin but that is not going to be effective immediately. The effects of their contribution within the price of bitcoin is happening slowly and not that very fast.

We, the users are actually the one who's controlling bitcoin, though they have the stocks but without demand the would not benefit it. They are taking bigger risk because they know base on their speculation that bitcoin is going to be big time in the future.

Yes we are the ones who are mostly have the control on the bitcoins price but as long as there are whales who are making some big waves still they are contributing better than us. And for us who just have few amount of bitcoins or not even have a single bitcoin we are just contributing very minimal effect to the price of BTC.

I think it depends how much they have bitcoin, if only a small portion of course will have no effect. Everything needs to be valid data so that it can be concluded whether correct bitcoin can be controlled, if I thought, with the already large marketcap is certainly difficult to determine who's dominant and can affect the price.

hulla

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Quote from: shinratensei_ on December 28, 2016, 12:03:34 AM

Quote from: hulla on December 27, 2016, 11:55:19 PM

Quote from: Jafri101 on December 26, 2016, 01:48:59 PM

I m not sure of china controlling BTC or not.. but there are manyyyy people in china involved in mining because of cheap electricity rates in China.. So i think they are not controlling but they are playng good part in mining BTC

Glad you said China play a good part in mining of btc and if we said the country that play a big role in generating or creating atleast 20% of every bitcoin you,myself and others had inside our wallet controls it. Are we not on the right track?

The SegWit's consensus are the valid proof relate how the power of the bitcoin has had by the chinese miners. Roll Eyes

Controlling bitcoin it's not always mean they can controlling the fund in your wallet. LOL Cheesy

At least a lot of the chinese miner was robbing the electricity for mine bitcoin.

Yes mate and I quite agree with you cos their thought is I'm the one controlling the bitcoin I had in my wallet. But they don't realize that China was always the driving force behind bitcoin.

jbreher

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Quote from: hl5460 on December 28, 2016, 09:09:13 PM

On 28th December, China’s Premier Li Keqiang signed the Initiative of China’s Information Technology Application, which is part of the 13th Five-Year-Plan for Social and Economic Development of China. Blockchain technology has been officially listed in the initiative. The five-year-plan is the most import national strategic guideline for China’s social and economic development. The 13th Five-Year-Plan sets the tone for China’s development for the period from 2016-2020.

http://news.8btc.com/blockchain-technology-included-in-chinas-most-important-national-strategy

False claim? Link is broken.

Yaya Toure

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I think no, we all know that bitcoin is anonymous, so nobody adjust and claim can controlling bitcoin. If China is the largest bitcoin owner, not necessarily and of course can't control.

Positid

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Quote from: Jembut Ireng on December 28, 2016, 08:09:28 PM

Quote from: marseille on December 28, 2016, 08:02:54 PM

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

I think China can control bitcoin because users from China more than 51% of the total bitcoin stok, we can see from exchanger from China always infect the bitcoin price.

No, even China has that percentage of total stock of bitcoin or most of the miners are found there. Still they don't have control for bitcoin but they can do something to make some waves on the changes of bitcoin but that is not going to be effective immediately. The effects of their contribution within the price of bitcoin is happening slowly and not that very fast.

We, the users are actually the one who's controlling bitcoin, though they have the stocks but without demand the would not benefit it. They are taking bigger risk because they know base on their speculation that bitcoin is going to be big time in the future.

hl5460

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Quote from: ?? on ??

Quote from: Jembut Ireng on December 28, 2016, 08:09:28 PM

Quote from: marseille on December 28, 2016, 08:02:54 PM

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

I think China can control bitcoin because users from China more than 51% of the total bitcoin stok, we can see from exchanger from China always infect the bitcoin price.

No, even China has that percentage of total stock of bitcoin or most of the miners are found there. Still they don't have control for bitcoin but they can do something to make some waves on the changes of bitcoin but that is not going to be effective immediately. The effects of their contribution within the price of bitcoin is happening slowly and not that very fast.

On 28th December, China’s Premier Li Keqiang signed the Initiative of China’s Information Technology Application, which is part of the 13th Five-Year-Plan for Social and Economic Development of China. Blockchain technology has been officially listed in the initiative. The five-year-plan is the most import national strategic guideline for China’s social and economic development. The 13th Five-Year-Plan sets the tone for China’s development for the period from 2016-2020.

http://news.8btc.com/blockchain-technology-included-in-chinas-most-important-national-strategy

Jembut Ireng

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Quote from: marseille on December 28, 2016, 08:02:54 PM

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

I think China can control bitcoin because users from China more than 51% of the total bitcoin stok, we can see from exchanger from China always infect the bitcoin price.

marseille

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China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

deisik

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Quote from: South Park on December 28, 2016, 03:20:34 PM

Quote from: dihari on December 23, 2016, 07:02:34 PM

Bitcoin is not controlled by China. One reason peoples say this is because there is a lot of miners there and bitcoin user that keeping big amount of bitcoin.
So, if the government in China make a policy about bitcoin or blockchain technology, it will give a massive impact to bitcoin market.

Yes individual Chinese pools have a significant amount of the hash power but that does not mean they are cooperating among themselves or the Chinese government, however anything that may happen to those miners by decision of the government could have an impact on bitcoin so at best the Chinese government has some indirect influence on bitcoin

We can indeed give them the benefit of doubt

But personally, I wouldn't. Whenever there are a few major players in the field, they will sooner or later (but rather sooner than later) collude between themselves. Apart from that, we don't know how truly independent these pools are and whether they don't have the same owner behind all of them, so as not to raise suspicion or get blamed for monopolizing Bitcoin mining. Further, China is not Europe, it is not even the US in this respect, but any important company in the country wouldn't be allowed to work without following what the authorities are telling it. The Chinese government is basically the top capitalist which controls or supervises everything going on in the country. It is not North Korea, of course, but not very far from it in certain aspects

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