Is CHINA CONTROLLING Bitcoin? - page 40.

asuryan180

hero member

Activity: 868

Merit: 1000

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.

Bitcoinsummoner

hero member

Activity: 1456

Merit: 624

Maintain Social Distance, Stay safe.

Quote from: rajasumi2 on December 19, 2016, 11:59:26 AM

No china is not controlling bitcoins at all .they are investing a lot of money in bitcoin mining and if this continues at this rate ,by 2140 china will be the holder and of most of the bitcoins and will be ruling the world to a great extend.

There is no controling bitcoin since bitcoin is decentralize it is not actually centralize like their said.. china has a big company that has largest mining farm of bitcoin they are just a miner they want to control bitcoin but they have no rights to do that.. But they give large contribute in bitcoin.

Evansloin

member

Activity: 87

Merit: 10

China is not controlling the bitcoin at all because it was in the first place due to the fact it was mining a lot but this also has stopped these days.

hulla

hero member

Activity: 1834

Merit: 566

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.

Nah. You got it all wrong mate. This is how it works whenever a miner successfully mine/solves bitcoins proof of work algorithm, that miner mined a block and an amount of bitcoin's agreed by the network will be giving to the miner or mining pool that mines the block through block reward. Therefore, the bitcoins in the block reward are all new bitcoins and this is the only way that new bitcoins are created.

Quote from: rajasumi2 on December 19, 2016, 11:59:26 AM

No china is not controlling bitcoins at all .they are investing a lot of money in bitcoin mining and if this continues at this rate ,by 2140 china will be the holder and of most of the bitcoins and will be ruling the world to a great extend.

He respond which provide a geniune reason why China control bitcoin is above mate. Read till you understand so there won't be any misconception. Ok?

rajasumi2

full member

Activity: 196

Merit: 100

No china is not controlling bitcoins at all .they are investing a lot of money in bitcoin mining and if this continues at this rate ,by 2140 china will be the holder and of most of the bitcoins and will be ruling the world to a great extend.

chixka000

hero member

Activity: 910

Merit: 500

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.

hulla

hero member

Activity: 1834

Merit: 566

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?

Bigdan

member

Activity: 84

Merit: 10

I don't think China is controlling bitcoins but they may have certain things to their advantage like cheap electricity, cheap (hardware) antminer and manpower to run large farms but it doesn't make them automatic controllers of the currency. Chances are that majority of those farms could be owned by expatriates and they are running them in their country because of the cheap electricity or hardware.

Positid

sr. member

Activity: 378

Merit: 250

BULL RUN until 2030

Quote from: rizkyhiw on December 18, 2016, 08:18:12 PM

Quote from: john2231 on December 18, 2016, 06:27:36 PM

Quote from: HaXX0R1337 on December 18, 2016, 06:19:21 PM

China does control the mining hardware industry because bitmain will challenge any upcoming companies as any corporate structures do and since the manufacturers are from china it is easy for them to attain the mining equipment from them and china being a populated country people would invest in new technology and that is why we see more miners in china.

I think china was mining before started with pc computer before until there is release hardware like u2 hardware miner until release antminer s series until now bitmain s9. they are not control the bitcoin they are just halve a large mining farm of bitcoin.. dont afraid of that because bitcoin is decentralized ..

The simple view of why china could control over bitcoin is on how a lot bitcoin miner was chinese
And people start worrying about it , about the influence to bitcoin ecosystem
They think with that situation china could do whatever they wish to stir bitcoin.

I think it it's just fair, what if the value shrink so definitely they will also lose and their operation will fail. It's not a serious as we think actually as people who invested with bitcoin are smart enough to understand that this is base on real demand and supply.

rizkyhiw

legendary

Activity: 1484

Merit: 1004

Quote from: john2231 on December 18, 2016, 06:27:36 PM

Quote from: HaXX0R1337 on December 18, 2016, 06:19:21 PM

China does control the mining hardware industry because bitmain will challenge any upcoming companies as any corporate structures do and since the manufacturers are from china it is easy for them to attain the mining equipment from them and china being a populated country people would invest in new technology and that is why we see more miners in china.

I think china was mining before started with pc computer before until there is release hardware like u2 hardware miner until release antminer s series until now bitmain s9. they are not control the bitcoin they are just halve a large mining farm of bitcoin.. dont afraid of that because bitcoin is decentralized ..

The simple view of why china could control over bitcoin is on how a lot bitcoin miner was chinese
And people start worrying about it , about the influence to bitcoin ecosystem
They think with that situation china could do whatever they wish to stir bitcoin.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Quote from: xavier77 on December 14, 2016, 11:22:58 AM

I dont think China is controlling bitcoins. Bitcoins is a fee online cyptocurrency and it must not be controlled by any country.

Is a fee online? What a sense for that? bitcoin isn't a fee but it's currency. And it was being possible for some parties will be controlling bitcoin about use 51% possibilities. And again it can get control by some parties.

Quote from: Taki on December 18, 2016, 06:23:42 PM

No fact nobody controls bitcoin. If there is some cons of the control it's going from the creator Satoshi Nakomoto and bitcoin miners. I can understand control from China only in such sense that it's number one by the number of bitcoin users and this is it.

https://blockchain.info/id/pools/

It was making sense about Chinese was holding the 51% power right now(hash). It's not only about the bitcoiner populations in such country.

john2231

hero member

Activity: 924

Merit: 1001

Quote from: HaXX0R1337 on December 18, 2016, 06:19:21 PM

China does control the mining hardware industry because bitmain will challenge any upcoming companies as any corporate structures do and since the manufacturers are from china it is easy for them to attain the mining equipment from them and china being a populated country people would invest in new technology and that is why we see more miners in china.

I think china was mining before started with pc computer before until there is release hardware like u2 hardware miner until release antminer s series until now bitmain s9. they are not control the bitcoin they are just halve a large mining farm of bitcoin.. dont afraid of that because bitcoin is decentralized ..

GreenLighter

jr. member

Activity: 36

Merit: 2

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

Taki

hero member

Activity: 1078

Merit: 514

No fact nobody controls bitcoin. If there is some cons of the control it's going from the creator Satoshi Nakomoto and bitcoin miners. I can understand control from China only in such sense that it's number one by the number of bitcoin users and this is it.

HaXX0R1337

sr. member

Activity: 574

Merit: 252

China does control the mining hardware industry because bitmain will challenge any upcoming companies as any corporate structures do and since the manufacturers are from china it is easy for them to attain the mining equipment from them and china being a populated country people would invest in new technology and that is why we see more miners in china.

hulla

hero member

Activity: 1834

Merit: 566

Quote from: funcaty on December 15, 2016, 11:16:31 PM

China's largest number of users and miners, but not on behalf of China to control bitcoin. No one can control bitcoin, like an economic form, who can grasp the route of economic development.

Yes, no one can grasp the route of economic development but through some act and balance some level of things economic development can be control. That's how is goes concern bitcoin either and that's the reason why China control bitcoin.

Quote from: dhampir-D on December 18, 2016, 05:56:25 PM

The fact that China has a large number of miners and users is not something negative, in my opinion. In fact this is something that can contribute for the ecosystem to expand more quickly. Such a populous nation adopting a new currency will make people wake up to it, to the potential in Bitcoin.

You're right mate and this is one of reason why China control bitcoin. Though, China been a nation with high number of miners affect individual miner but China make individual miner think outside the box and they also make them use an updated software.

dhampir-D

sr. member

Activity: 454

Merit: 250

The fact that China has a large number of miners and users is not something negative, in my opinion. In fact this is something that can contribute for the ecosystem to expand more quickly. Such a populous nation adopting a new currency will make people wake up to it, to the potential in Bitcoin.

psomas2

sr. member

Activity: 304

Merit: 250

Quote from: Ejinx on December 16, 2016, 02:17:00 AM

It doesn't really matter in has much as i get my Bitcoin when needed.

It may not matter to you my dear but it matters to almost all traders and holders. And even you, but your too new to realize it.

Ejinx

newbie

Activity: 37

Merit: 0

It doesn't really matter in has much as i get my Bitcoin when needed.

coynedterm

hero member

Activity: 882

Merit: 500

I think yes because the most of the Bitcoin user are of China and most of the big miner are of China , as electricity is cheap in China , So the maximum amount of Bitcoin is controlled by the China user .

Topic: Is CHINA CONTROLLING Bitcoin? - page 40. (Read 92666 times)