Is CHINA CONTROLLING Bitcoin? - page 37.

South Park

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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.

Przemax

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I saw some huge chocking of transfering on the blockchain resulting in manipulation. Im actualy wondering if that might be done on purpose by chineese miners, as the choke was unblocked just before the little correction. Someone is trying to make price tanking.

mastica

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I know that China has a big influence over bitcoin, besides the big hash being hold from companies that are present at there, but they arent controlling nothing, early adopters has always the most coins, if havent sold them yet, look Nakamoto portfolio. To such thing happen they will need to take control of the mining farmers, and even doing those they will need to buy all bitcoins present at exchanges.

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Quote from: lakisis on December 28, 2016, 04:59:15 AM

Well if they have overcrowded the mining environment that does not allow the smaller outfits to compete for the amount of coins available to mine. Then yes they are controlling how much is available across the board. Essentially hording all the available power to mine those coins available.

It's not only the mining power that they are ruling, but also the trading volumes. I know that their volumes shouldn't be taken too serious as large traders can easily buy and sell into their own walls, but it's very impressive none the less. Chinese people like to invest their money into Bitcoin as it nurses their speculative way of investing.

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Quote from: Vaskiy on December 23, 2016, 04:41:51 PM

Most users believe that China has got the control for which we think entire currency backing is behind Blockchain technology developers and the holding technology. With bitcoin china has got lot users who haven't speed a single penny.

We can’t defiantly say that china is controlling the bitcoin even if it has a good share of hashing power, the bitcoin is not just circulating in china but Chinese miners selling their bitcoin all over the world so that way bitcoin keeps its nature which is a free decentralized currency that cannot be controlled by anyone.

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Well if they have overcrowded the mining environment that does not allow the smaller outfits to compete for the amount of coins available to mine. Then yes they are controlling how much is available across the board. Essentially hording all the available power to mine those coins available.

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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.

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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?

Jafri101

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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

Pythagorass

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Hello everyone! merry christmas! new to the game, looking forward to being a part of this big big world of cryptocurrency! Grin

hulla

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Quote from: chixka000 on December 20, 2016, 04:00:46 AM

Quote from: hulla on December 20, 2016, 02:29:55 AM

Was that a suggestion or something you believe in and I don't know why it so hard for you people to accept the fact that China did control bitcoin. Go through the below link

Then what's the problem? Are you having any problems with your transactions because of you were thinking that china is controlling bitcoin? No right? There is no difference at all before when they don't have too much mining power and now. What does it mean? It's pretty obvious that they don't have a control on it

I'm not having any problem with my transaction even just a little and if I said China control bitcoin it simply because they are the main source of getting new bitcoin into the market.

Quote from: Ruhtilg on December 22, 2016, 03:53:18 AM

Quote from: hulla on December 20, 2016, 02:29:55 AM

Was that a suggestion or something you believe in and I don't know why it so hard for you people to accept the fact that China did control bitcoin. Go through the below link

Most of the proper transactions are in the West, not in the China. The Chinese are just hard labour miners.

You might right about West having most of the bitcoin transaction. But if China don't dump more update mining software all the miners will be working behind the clock plus do know how much they are making in a day? What make so sure that China just mine for nothing? Though, if China quit mining it will give individual miner the chance to mine again. So it vice versa mate.

Quote from: asuryan180 on December 19, 2016, 01:58:41 PM

Quote from: chixka000 on December 19, 2016, 06:55:27 AM

Quote from: hulla on December 19, 2016, 06:50:33 AM

Quote from: GreenLighter on December 18, 2016, 06:24:48 PM

Chinese miners are so far ahead of the rest of the world that it's not even funny

Yes buddy and that's why I said China controls bitcoin cos every satoshi which make bitcoin that we both have in our wallet was generated in the capital through the miners. Therefore, I said the country ahead in mining of bitcoin control it I'm I not on the right track?

Having a huge mining power and bitcoin control are two different things. As far as i know bitcoin miners does not generate bitcoins they only solved transactions and in return they will get the fees. China maybe is really ahead from any other country in terms of power but i guess that doesn't mean they have the power to control bitcoin as well.

That's true,China just have the most miners and mining power but that doesn't mean that they control BTC in any way,China just has the most miners,in order for someone to control BTC there should be a number of people or organizations who make controlled decisions but with so much people this isn't possible so nobody is controlling BTC and that is a thing that some people say in order to show BTC in a wrong light.

You don't get it,do you? Every bitcoin you have in your wallet was generated and created by miners through mining. So, if a country hold at least 40% of every bitcoin mined. Such country automatically control bitcoin and that's what's up

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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.

China is indeed a place for the world's largest physical bitcoin 631 (according to my research), but China is not a place that can control the growth of the bitcoin. Because the bitcoin already have automated systems that can only be controlled by the owner alone, but for the price I think China has the possibility to control it. But still it can all be overcome with the strike of a transaction or purchase or trading by everyone outside of China. For if trading stalled and prices shrank more and then the owner of the bitcoin is in China will definitely be confusion and ultimately restore all things as they are

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Quote from: T-TERI on December 23, 2016, 03:20:02 PM

i dont think china control it . but chinese maybe . they are good at this type of work

What? Do you think that it isn't China but the Chinese maybe? People living on China are called chinese man. They know a lot of things when it comes to money making and they are the masters of reverse engineering. And I'm pretty sure tjey are one of the biggest contributor to bitcoin but doesn't have total control.

there is no doubt about this that the number of bitcoin users are more than any other country, their contribution is much more that any other country, but still they are not controlling bitcoin, as bitcoin is not under control of any country because it is a universal currency decentralize currency and not belong to China only

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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.

huahuaea

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I think China is not strong enough to control bitcoin.Bitcoin now become a global currency, does not belong to one country. No one actually controls it.This is also the gap between bitcoin and traditional currency.

marseille

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Bitcoin is freely bought-able, so clearly it is not controlled by Chinese. Same thing for gold, if you have money, you can buy enough gold. Gold itself does not belong to any country.

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Quote from: mammusu on December 23, 2016, 05:45:14 PM

I am not sure chinese controling bitcoin
bitcoin is a global and no one can controling bitcoin on the market.

Not all of your statement is true. But you are right if said bitcoin is global. From the source i am browsing on internet, circulation of bitcoin was very big amount happen in china. As a biggest bitcoin market, china handle around 92% volume marketing bitcoin. And i am sure that china have big power with bitcoin.

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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.

Not their government, but chineses have much influence over Bitcoins now, because they are the main miners of Bitcoins in the world. If they have the biggest part of BTCs, they can control the market at their own wishes, making the coin work for them first of all.

That they have much influence there is no doubt, but I'm not sure yet if they control Bitcoin, I hope not, no one should control it, but as we are in a free market, it's impossible to stop the big whales.

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Quote from: Ayers on December 23, 2016, 12:26:25 PM

Quote from: shinratensei_ on December 22, 2016, 06:37:23 PM

Quote from: kiklo on December 20, 2016, 02:22:45 AM

Chinese Mining Pools
______________________________
AntPool 17.6%
BTC.com 3.9%
BTCC 8.9%
BW.com 10.9%
F2Pool 15%
HaoBTC 5.5%
ViaBTC 6.4%
_____________________________
Total 68.2%

Cool

FYI: http://www.btcpedia.com/bitcoin-51-attack/

Quote

Bitcoin 51% Attack
   ~~Reverse transactions that he sends while he’s in control.~~
   This has the potential to double-spend transactions that previously had already been seen in the block chain.
   ~~Prevent some or all transactions from gaining any confirmations.~~
   Prevent some or all other miners from mining any valid blocks.

FYI2:
There are 196 countries in the world today.
BTC is controlled by 1 country China.
BTC= BETTER TRUST CHINA

Beside of 51% attack and this was giving a lot of the impact for SegWit. Cheesy

But Hash attack wasn't including nodes 51% attack and which mean it's not possible to control the validation of the transaction. correct me if I'm wrong.

they can't do 51%, all pool are not friends, there is a good competition between them, you need to look at the single pool % and that is only 17%, far away from 51%, chinese don't like segwit, and it's the reason why will be never activated

I don't look at this into a single pool, but about the calculation of all the pools and fact over 51% has held by the Chinese pool. BU and SegWit are neither to be activated.

dihari

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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.

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