Is CHINA CONTROLLING Bitcoin? - page 43.

deisik

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Quote from: hulla on December 04, 2016, 07:32:27 AM

Quote from: Ruhtilg on November 30, 2016, 12:52:13 PM

Quote from: hulla on November 30, 2016, 03:57:03 AM

Quote from: Gifted on November 25, 2016, 03:14:23 AM

From what i understand is they have like 75% of control of the BTC mining. The reason is the cheap technology they have like mother boards and other components. Not to mention the cheap energy they have. Its very hard in the USA where i live to compete with them due to how expensive energy and computers are here.

You're absolutely correct and that's the point why China is the controller of bitcoin. But I don't know is hard for people to accept this cos you can't run away from the truth.

The Chinese are only controlling the mining of the bitcoin. But the miners can also be built by westerners.

Mate you have already know the truth with what you said. Let me use this as an example. The Central Bank of your countrry are the one who provide and design new currency into the system, isn't it? Likewise as bitcoin cos the means to generate more/new bitcoin into the system is to mine and the country which see that as business automatically control bitcoin cos the more they mine the more you and I see more bitcoin in the market

Your analogy is far from perfect

The main problem with it is that the Central bank of your country is the only entity which is allowed to issue new money tokens. This basically means if it doesn't do that, then nobody will. And here's the crux of the matter. If Chinese miners choose not to mine any longer, that doesn't in the least mean that no one else will mine bitcoins either. On the contrary, miners around the world will just be happy to mine the bitcoins that the miners from China chose to lose. This is where your analogy fails

hulla

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Quote from: Ruhtilg on November 30, 2016, 12:52:13 PM

Quote from: hulla on November 30, 2016, 03:57:03 AM

Quote from: Gifted on November 25, 2016, 03:14:23 AM

From what i understand is they have like 75% of control of the BTC mining. The reason is the cheap technology they have like mother boards and other components. Not to mention the cheap energy they have. Its very hard in the USA where i live to compete with them due to how expensive energy and computers are here.

You're absolutely correct and that's the point why China is the controller of bitcoin. But I don't know is hard for people to accept this cos you can't run away from the truth.

The Chinese are only controlling the mining of the bitcoin. But the miners can also be built by westerners.

Mate you have already know the truth with what you said. Let me use this as an example. The Central Bank of your countrry are the one who provide and design new currency into the system, isn't it? Likewise as bitcoin cos the means to generate more/new bitcoin into the system is to mine and the country which see that as business automatically control bitcoin cos the more they mine the more you and I see more bitcoin in the market.

Quote from: Sir Alpha_goy on November 30, 2016, 01:56:49 PM

Quote from: hulla on November 30, 2016, 03:57:03 AM

Quote from: Gifted on November 25, 2016, 03:14:23 AM

From what i understand is they have like 75% of control of the BTC mining. The reason is the cheap technology they have like mother boards and other components. Not to mention the cheap energy they have. Its very hard in the USA where i live to compete with them due to how expensive energy and computers are here.

You're absolutely correct and that's the point why China is the controller of bitcoin. But I don't know is hard for people to accept this cos you can't run away from the truth.

They don't want to listen.

Now that the Yuan is getting weaker it will get worse.

Step 1 make Bitcoin and get rich.

Step 2 go to the most populous nation and let them make you more rich....

How is step 2 working out?

What is step 3?

India?

Maybe it is hand it over to the government so they can continue to tax us to death.

Bitcoin is fine but the people running it have no idea what they are doing.

But don't mention this to to many people.

They will get mad.

I know must people won't accept that fact cos sometime people won't accept the truth even if it right at the tip of their nose.

delliaerd

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Quote from: Gifted on November 30, 2016, 08:07:05 PM

In February 2013, China became the second largest active Bitcoin market globally as measured by wallet downloads. This has attracted new Bitcoin based businesses to China and what could be a massive market for the developing virtual currency. An example is Bitfash, which was launched in April 2013 and became the first online shopping platform for clothes to accept Bitcoin as payment; one of its key target markets is China. Can the Chinese consumer shift the value of the virtual currency as they did with gold earlier in 2013? What will the government eventually inevitably do to control the currency? It could be a potentially huge market, but will largely depend on its payment function development, the attitude of the Chinese government and the stability of Bitcoin's value.

People in china prefer like to use bitcoin becouse they want to avoid government control of their money. Although the biggest bitcoin mass adoption is in china, but they still can not control bitcoin. They only can use they big bitcoin capital to control the price of bitcoin. If bitcoin spread and circulation is good, no one can control bitcoin price although the have really big capital. China is not control bitcoin but the people who have huge capital can control it.

Gifted

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In February 2013, China became the second largest active Bitcoin market globally as measured by wallet downloads. This has attracted new Bitcoin based businesses to China and what could be a massive market for the developing virtual currency. An example is Bitfash, which was launched in April 2013 and became the first online shopping platform for clothes to accept Bitcoin as payment; one of its key target markets is China. Can the Chinese consumer shift the value of the virtual currency as they did with gold earlier in 2013? What will the government eventually inevitably do to control the currency? It could be a potentially huge market, but will largely depend on its payment function development, the attitude of the Chinese government and the stability of Bitcoin's value.

Sir Alpha_goy

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If you want to read this "spam" as some have called it go here:

http://lunaticoutpost.com/thread-713227.html

Find out what they were doing as they carried the carrot in front of your nose.

The thing about spam is it has a long shelf life.

Especially the truth kind.

Enjoy with some cheese and bread and please send me some bad rep if you despise it.

Sir Alpha_goy

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Quote from: Ruhtilg on November 30, 2016, 12:52:13 PM

Quote from: hulla on November 30, 2016, 03:57:03 AM

Quote from: Gifted on November 25, 2016, 03:14:23 AM

From what i understand is they have like 75% of control of the BTC mining. The reason is the cheap technology they have like mother boards and other components. Not to mention the cheap energy they have. Its very hard in the USA where i live to compete with them due to how expensive energy and computers are here.

You're absolutely correct and that's the point why China is the controller of bitcoin. But I don't know is hard for people to accept this cos you can't run away from the truth.

The Chinese are only controlling the mining of the bitcoin. But the miners can also be built by westerners.

But they aren't because that is what the left in the US has been doing for years.

Outsource to China.

Sir Alpha_goy

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Quote from: hulla on November 30, 2016, 03:57:03 AM

Quote from: Gifted on November 25, 2016, 03:14:23 AM

From what i understand is they have like 75% of control of the BTC mining. The reason is the cheap technology they have like mother boards and other components. Not to mention the cheap energy they have. Its very hard in the USA where i live to compete with them due to how expensive energy and computers are here.

You're absolutely correct and that's the point why China is the controller of bitcoin. But I don't know is hard for people to accept this cos you can't run away from the truth.

They don't want to listen.

Now that the Yuan is getting weaker it will get worse.

Step 1 make Bitcoin and get rich.

Step 2 go to the most populous nation and let them make you more rich....

How is step 2 working out?

What is step 3?

India?

Maybe it is hand it over to the government so they can continue to tax us to death.

Bitcoin is fine but the people running it have no idea what they are doing.

But don't mention this to to many people.

They will get mad.

Ruhtilg

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Quote from: hulla on November 30, 2016, 03:57:03 AM

Quote from: Gifted on November 25, 2016, 03:14:23 AM

From what i understand is they have like 75% of control of the BTC mining. The reason is the cheap technology they have like mother boards and other components. Not to mention the cheap energy they have. Its very hard in the USA where i live to compete with them due to how expensive energy and computers are here.

You're absolutely correct and that's the point why China is the controller of bitcoin. But I don't know is hard for people to accept this cos you can't run away from the truth.

The Chinese are only controlling the mining of the bitcoin. But the miners can also be built by westerners.

hulla

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Activity: 1834

Merit: 566

Quote from: Gifted on November 25, 2016, 03:14:23 AM

From what i understand is they have like 75% of control of the BTC mining. The reason is the cheap technology they have like mother boards and other components. Not to mention the cheap energy they have. Its very hard in the USA where i live to compete with them due to how expensive energy and computers are here.

You're absolutely correct and that's the point why China is the controller of bitcoin. But I don't know is hard for people to accept this cos you can't run away from the truth.

RealEstCoin

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The Commercial Real Estate Coin

It's more a calculated influence than control. Bitcoin is a small market cap at around 12 billion. This means that just a few million dollars from China, into or out of the market, will impact short term pricing.

Rahees

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I'm pretty sure China owns a huge majority of Bitcoins, this will bring the price down / up if many start selling bitcoins at a higher/lower price so yes they can change bitcoins price.

2double0

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Quote from: Hugroll on November 26, 2016, 10:16:02 PM

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?

I believe that china controlls the biggest bitcoin exchanges and also the biggest bitcoin mining industries. but i would disagree with the saying that china controls it. It plays a big part in the success of bitcoin but does not control it.

China controls the biggest bitcoin exchanges, I mean that's true. But that doesn't mean that they can manipulate the markets anytime as if that would have been possible, we might have seen such shaky situations occurring every now and then. There's a very thin line between manipulation and speculation, and we need to understand that bitcoins are controlled by everyone, not just China alone.

mirakal

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Quote from: Hugroll on November 26, 2016, 10:16:02 PM

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?

I believe that china controlls the biggest bitcoin exchanges and also the biggest bitcoin mining industries. but i would disagree with the saying that china controls it. It plays a big part in the success of bitcoin but does not control it.

Bitcoin is for all of us, and the control we are talking here is not the manipulation because I believe we are smart enough to understand if it's a manipulation or not. It's not centralized like the government are in control so we have the freedom to choose the action that we want.

Hugroll

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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?

I believe that china controlls the biggest bitcoin exchanges and also the biggest bitcoin mining industries. but i would disagree with the saying that china controls it. It plays a big part in the success of bitcoin but does not control it.

RajaJudi

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Less is more

We can not sure whether the China is controlling Bitcoin or not, but the only thing we do care about is that Chinese has the biggest minning system in the world. 90% of bitcoin is originated from China. That's mean if there is an impact on china economy, it will also influence the Bitcoin price

JasonXG

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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?

Its not so much ruled by China as it is influenced by them. They dont control it but they do have an impact up to a point. Though if you do look at the mining I think most of it is in China but why does that matter so much ? Unless they start hording it and releasing it slowly like debeers gold company does. I dont think they will because China is not one company , there are many mining farms in china so that will not happen. Bitcoin has been well thought out. Its very clever.

PokerFace3

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Quote from: PhilPrime on November 23, 2016, 07:26:44 PM

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?

I think no. Maybe the larger user or investor are more usually in China. More of the businessman in China is now in Bitcoin world they ise it more in trading and investing knowing that the value of btc is increasing as it is now.

I think no one know the actually number of bitcoin users that where are they from because of bitcoin's pseudo-anonymous nature, it is not so easy to identify the origin of a users from where are they from. We can just evaluate may be the Russian are more in number in the world of bitcoin maybe Indian, so we cannot say it so clear that the China is having a more number of bitcoin users.

eternalgloom

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Quote from: rajasumi3 on November 24, 2016, 09:18:29 PM

Actually china is not controlling bitcoins .they are investing a lot of money in the mining of bitcoins .bitmain is the biggest company in the mining of bitcoins .well if u buy one of them u are likely to earn a lot of bitcoins .kudoo

A lot of people are saying that China is controlling most of the Bitcoin mining, and while that might be true, they are not controlling Bitcoin as a whole.
Plus a lot of people that are saying that China controls Bitcoin mining are really exaggerating.

whizter

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Quote from: Techie5879 on November 25, 2016, 07:54:44 AM

I would say, well, sure, it controls a part of it whatsoever, as its the biggest bitcoin accepting country with the largest mining farms and industries. But Can bitcoin be really controlled? I dont know, but I would say, yes, China is impacting the bitcoin industry BIG TIME. And a lot of bitcoin price depends on China. So, partly, I would say, with experience that the answer is Yes.

but i am not agree with that statement, as in fact no one can know that which country has more member in the world of bitcoin, so it is very difficult to evaluate, and the second reason is that bitcoin is decentralize currency and not a centralized one therefore it is also not possible for a country to control or effect bitcoin,

deisik

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Quote from: btvGainer on November 25, 2016, 05:38:56 AM

Quote from: SHAWN-MIDWAYS on November 24, 2016, 02:45:39 AM

In as much as bitcoin is decentralized I think china has an influence in the bitcoin market has the own major bitcoin mines (especially after the having process) so they can easily dictate how the bitcoin market will perform

Controlling a bitcoin market doesn't mean controlling the bitcoin itself.Bitcoin price and bitcoin are two different things.While price is,like any thing that has value, decided by market forces,bitcoin is a technology which can not be altered and hence beyond anyone's contol

But is there any real difference?

If you control the Bitcoin market and can set the price as you like, won't that suffice for most of purposes? I mean to say you don't need to control every aspect of Bitcoin (or anything else, for that matter), you just need to control the most vital and important part of it. And I think that Bitcoin price pretty well cuts it in this department (as well as control over hashing power, of course). Really, what would controlling Bitcoin technology give you if there were no more market for Bitcoin?

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