Is CHINA CONTROLLING Bitcoin? - page 52.

kiklo

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Quote from: coinsocieties on November 12, 2016, 03:18:08 PM

Just because china controls most of the mining, it does not have control over bitcoin. They know as well as we do, that if they stop mining, then others will pick up the slack and they will be out all the money for the equipment they have put out.

Actually because China Controls over 51% of the Mining, it does mean they control it.
Over 51% gives them the ability to accept or deny ANY BTC transaction.
Control is an appropriate term.

TheRealSheep

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I don't think they control the bitcoin marked completely but they have a huge impact on both marked and the price. Roll Eyes

Sled

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In my opinion, they control the bitcoin but not the whole bitcoin. I'm only pointing the price of the bitcoin which they can control because most of the investors or miners are there in china and if majority of the chinese bitcoin users shutdown their mining rigs or do panic selling it will affect the market price.

coinsocieties

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Quote from: hulla on November 12, 2016, 03:26:48 PM

Quote from: marleybobthedog on November 12, 2016, 05:29:16 AM

Hey, the words of controlling bitcoin are you mean might due bitcoin in china most dominated by a rich man? they on there having skill and knowledge for reduce expensive technology use. And we could see example of this in make MNCs
so, they are on there create a much bitcoin machine like bitcoin miner in cheaper price. then they sell their product. so do not be surprised if they dominate bitcoin. Instead let us also make that possible

Though, I don't really understand your first sentence but I understand what you said in the second sentence. I want you to know that you're absolutely right and you get the point why China literally control bitcoin.

They may dominate the bitcoin market and the mining, but they do not control bitcoin. To be able to control it, they would have to be able to make a decision that would make or break bitcoin, which is not the case. All the do is dominate the market, which anyone can do, it does not mean they control it. If they do control it, tell them to do a chargeback on my last transaction.

hulla

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Quote from: marleybobthedog on November 12, 2016, 05:29:16 AM

Hey, the words of controlling bitcoin are you mean might due bitcoin in china most dominated by a rich man? they on there having skill and knowledge for reduce expensive technology use. And we could see example of this in make MNCs
so, they are on there create a much bitcoin machine like bitcoin miner in cheaper price. then they sell their product. so do not be surprised if they dominate bitcoin. Instead let us also make that possible

Though, I don't really understand your first sentence but I understand what you said in the second sentence. I want you to know that you're absolutely right and you get the point why China literally control bitcoin.

coinsocieties

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Just because china controls most of the mining, it does not have control over bitcoin. They know as well as we do, that if they stop mining, then others will pick up the slack and they will be out all the money for the equipment they have put out.

whizter

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Quote from: hulla on November 12, 2016, 03:01:05 AM

Quote from: serjent05 on November 09, 2016, 09:17:03 PM

Quote from: betohell on November 09, 2016, 06:11:16 PM

Quote from: hulla on November 08, 2016, 02:47:48 PM

Yes,China sort of control bitcoin cos they have huge mining farm there and it just like in the real world the side which have a huge share of a company control must basic of the company, you know?

nope it does not mean China can control the bitcoin including bitcoin prices in general, bitcoin users is very large and spread out in various countries, not only in China, so I think China can not control bitcoin

I agree. I also think that China does not control bitcoin. Even with large hashing power of bitcoin can be found in china, not all this mining farm is owned by Chinese alone. Besides, I also think that bitcoin is widely spread out globally. And i don't think having the majority of mining alone can control the entire bitcoin system.

You guys are right when you said bitcoin users is very large, spread out in various countries, not only in China and not all this mining farm is owned by Chinese alone. But where can we find the large mining farm and who keep in checked mining tools?

yes that is a fact that bitcoin is spread in all over the world and you can find the users of bitcoin in all over the world, but it is also a fact that the number of chines is more in bitcoin world there is no doubt about this.

marleybobthedog

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Hey, the words of controlling bitcoin are you mean might due bitcoin in china most dominated by a rich man? they on there having skill and knowledge for reduce expensive technology use. And we could see example of this in make MNCs
so, they are on there create a much bitcoin machine like bitcoin miner in cheaper price. then they sell their product. so do not be surprised if they dominate bitcoin. Instead let us also make that possible

agamasrori

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Quote from: hulla on November 12, 2016, 03:01:05 AM

Quote from: serjent05 on November 09, 2016, 09:17:03 PM

Quote from: betohell on November 09, 2016, 06:11:16 PM

Quote from: hulla on November 08, 2016, 02:47:48 PM

Yes,China sort of control bitcoin cos they have huge mining farm there and it just like in the real world the side which have a huge share of a company control must basic of the company, you know?

nope it does not mean China can control the bitcoin including bitcoin prices in general, bitcoin users is very large and spread out in various countries, not only in China, so I think China can not control bitcoin

I agree. I also think that China does not control bitcoin. Even with large hashing power of bitcoin can be found in china, not all this mining farm is owned by Chinese alone. Besides, I also think that bitcoin is widely spread out globally. And i don't think having the majority of mining alone can control the entire bitcoin system.

You guys are right when you said bitcoin users is very large, spread out in various countries, not only in China and not all this mining farm is owned by Chinese alone. But where can we find the large mining farm and who keep in checked mining tools?

Not only china, china can control bitcoin price if they have the large amount of bitcoin in the world. Although china have the largest minning farm but I think the amount of bitcoin that spread in the world is bigger.

BitHodler

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Quote from: Wei H on November 11, 2016, 09:39:37 AM

Quote from: BitHodler on November 11, 2016, 08:24:22 AM

Quote from: gufpmvgw3334 on November 11, 2016, 08:15:37 AM

China can not controlling Bitcoin they have a portion of the bitcoin under control but that is just like anyone else who owns bitcoin.

It's not just about who owns what number of coins. It's everything combined that makes China stand in the position where it is standing right now.

The far majority of the hash power comes from China, +90% of the trading volumes come also from China, the popularity comes for a big part from China.

Western exchanges always follow what the big Chinese exchanges are doing. If China doesn't move, western exchanges won't move either.

Majority of the hash power comes from China yes, but trade volumes doesn't come from China, most of the volumes are made by trading bot, the west world creates the most popularity not the China, Bitcoin is not popular in China as currency, in most cases people invest Bitcoin to make profits.

Whether it's a bot or not, and whether the person operating the bot is an actual Chinese or not, the far majority of the trading volume is BTC/CNY related, so it comes from Chinese exchanges.

I didn't say Bitcoin is popular as currency tool in China. I was solely talking about Bitcoin as being a speculative investment tool for people there.

hulla

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Quote from: serjent05 on November 09, 2016, 09:17:03 PM

Quote from: betohell on November 09, 2016, 06:11:16 PM

Quote from: hulla on November 08, 2016, 02:47:48 PM

Yes,China sort of control bitcoin cos they have huge mining farm there and it just like in the real world the side which have a huge share of a company control must basic of the company, you know?

nope it does not mean China can control the bitcoin including bitcoin prices in general, bitcoin users is very large and spread out in various countries, not only in China, so I think China can not control bitcoin

I agree. I also think that China does not control bitcoin. Even with large hashing power of bitcoin can be found in china, not all this mining farm is owned by Chinese alone. Besides, I also think that bitcoin is widely spread out globally. And i don't think having the majority of mining alone can control the entire bitcoin system.

You guys are right when you said bitcoin users is very large, spread out in various countries, not only in China and not all this mining farm is owned by Chinese alone. But where can we find the large mining farm and who keep in checked mining tools?

krishna1

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china is more like scrathing and running the most part of mining for the profit which leaves me with only one way that is we should mine the altcoins till the bitcoin is being mined by china. they are must better when making the investments

deisik

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Quote from: neochiny on November 11, 2016, 07:28:05 PM

Quote from: deisik on November 11, 2016, 10:57:54 AM

Quote from: Wei H on November 11, 2016, 09:39:37 AM

Majority of the hash power comes from China yes, but trade volumes doesn't come from China, most of the volumes are made by trading bot, the west world creates the most popularity not the China, Bitcoin is not popular in China as currency, in most cases people invest Bitcoin to make profits.

I guess nowhere in the world Bitcoin is very popular as a currency

So you are essentially admitting that the majority of miners come from China (you obviously can't deny this since irresistible proofs are readily available), but at the same time you claim that it is the West that contributes most to the Bitcoin popularity, and the huge trading volume that the Chinese exchanges operate with is fake, right?

Anyway, I also think China has majority control power on bitcoin. They have the manpower and the facilities for mining, they certainly also have the Capital to take control/own a large percentage of the coins.

It looks like the recent rumors about China implementing Bitcoin controls have not been rumors. These alleged rumors surfaced right before the American elections and were likely spread with the intention of warning someone about something. Now that Trump is the President-elect of the US and is going to build a greater China wall, that makes sense. I mean Chinese authorities might use their power over Bitcoin (which they reminded everyone of) to counteract any discrimination against their exports in every possible way, among other measures they could take to. Bitcoin itself may have simply been used to let some guys know the consequences...

Since it is not the only thing that Chinese seem to be controlling

neochiny

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Quote from: deisik on November 11, 2016, 10:57:54 AM

Quote from: Wei H on November 11, 2016, 09:39:37 AM

Majority of the hash power comes from China yes, but trade volumes doesn't come from China, most of the volumes are made by trading bot, the west world creates the most popularity not the China, Bitcoin is not popular in China as currency, in most cases people invest Bitcoin to make profits.

I guess nowhere in the world Bitcoin is very popular as a currency

So you are essentially admitting that the majority of miners come from China (you obviously can't deny this since irresistible proofs are readily available), but at the same time you claim that it is the West that contributes most to the Bitcoin popularity, and the huge trading volume that the Chinese exchanges operate with is fake, right?

Anyway, I also think China has majority control power on bitcoin. They have the manpower and the facilities for mining, they certainly also have the Capital to take control/own a large percentage of the coins.

I was actually expecting to see the result as a whooping yes, turns out it was almost a tie.
108 ->Yes
107 -> No
Oh well.

kiklo

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Quote from: MMA on November 11, 2016, 02:13:10 PM

Quote from: arransiv on November 11, 2016, 02:54:54 AM

Quote from: mlbs on November 11, 2016, 01:24:09 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.

I have the same thought, if they are mining major part of bitcoins, they have a lot of coins in head, if they hold all of it, they can control the price and for sure they will mine for years and years, none can compete with it. In some way this is good for all holders.

yes i am also agree with you that the number of bitcoin users may be more in china than any other country and the number of minor is also more in china but it is also a fact that bitcoin is a decentralize currency and is not under the control of any one.

Number of Users makes ZERO Difference, BTC by itself is a worthless token.
The ASICS (BTC Mining) does all of the work and is where the Value of any PoW truly is.

Let me put in simple terms since so many seem clueless on what a 51% attack really is.

China has over 51% mining, that Centralizes it under China's Control, (for over a year)
This allows them to accept or deny any transaction or Double Spend (Counterfeit Coins) at will.

Cool

FYI:
Funny how the clueless or corrupt like to pretend like China does not rule BTC.

MMA

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Quote from: arransiv on November 11, 2016, 02:54:54 AM

Quote from: mlbs on November 11, 2016, 01:24:09 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.

I have the same thought, if they are mining major part of bitcoins, they have a lot of coins in head, if they hold all of it, they can control the price and for sure they will mine for years and years, none can compete with it. In some way this is good for all holders.

yes i am also agree with you that the number of bitcoin users may be more in china than any other country and the number of minor is also more in china but it is also a fact that bitcoin is a decentralize currency and is not under the control of any one.

deisik

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Quote from: Wei H on November 11, 2016, 09:39:37 AM

Quote from: BitHodler on November 11, 2016, 08:24:22 AM

Quote from: gufpmvgw3334 on November 11, 2016, 08:15:37 AM

China can not controlling Bitcoin they have a portion of the bitcoin under control but that is just like anyone else who owns bitcoin.

It's not just about who owns what number of coins. It's everything combined that makes China stand in the position where it is standing right now.

The far majority of the hash power comes from China, +90% of the trading volumes come also from China, the popularity comes for a big part from China.

Western exchanges always follow what the big Chinese exchanges are doing. If China doesn't move, western exchanges won't move either.

Majority of the hash power comes from China yes, but trade volumes doesn't come from China, most of the volumes are made by trading bot, the west world creates the most popularity not the China, Bitcoin is not popular in China as currency, in most cases people invest Bitcoin to make profits.

I guess nowhere in the world Bitcoin is very popular as a currency

So you are essentially admitting that the majority of miners come from China (you obviously can't deny this since irresistible proofs are readily available), but at the same time you claim that it is the West that contributes most to the Bitcoin popularity, and the huge trading volume that the Chinese exchanges operate with is fake, right?

Dudeperfect

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The results are showing almost 50 – 50 situation and that was expected from my side because some of the reasons. Yes bitcoin is being controlled by china but not officially. The large number of users and miners are from china and if I am not wrong, the percentage of bitcoin early adapters was comparatively large. As of now, there is big number of users of bitcoin from china so indirectly we can say that bitcoin is being controlled by China.

serjent05

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Quote from: Wei H on November 11, 2016, 09:39:37 AM

Quote from: BitHodler on November 11, 2016, 08:24:22 AM

Quote from: gufpmvgw3334 on November 11, 2016, 08:15:37 AM

China can not controlling Bitcoin they have a portion of the bitcoin under control but that is just like anyone else who owns bitcoin.

It's not just about who owns what number of coins. It's everything combined that makes China stand in the position where it is standing right now.

The far majority of the hash power comes from China, +90% of the trading volumes come also from China, the popularity comes for a big part from China.

Western exchanges always follow what the big Chinese exchanges are doing. If China doesn't move, western exchanges won't move either.

Majority of the hash power comes from China yes, but trade volumes doesn't come from China, most of the volumes are made by trading bot, the west world creates the most popularity not the China, Bitcoin is not popular in China as currency, in most cases people invest Bitcoin to make profits.

This only means that China never controls bitcoin. Simply owning majority the hashes does not mean you can control bitcoin. Aside from that the volume from china is just a bot buyng and selling bitcoin to himslef. I don't know if the exchange have something to do with it. And I agree that most people , even here see bitcoin as an investment to get profit and not as a currency to use and be spend.

Wei H

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Chinese translator

Quote from: BitHodler on November 11, 2016, 08:24:22 AM

Quote from: gufpmvgw3334 on November 11, 2016, 08:15:37 AM

China can not controlling Bitcoin they have a portion of the bitcoin under control but that is just like anyone else who owns bitcoin.

It's not just about who owns what number of coins. It's everything combined that makes China stand in the position where it is standing right now.

The far majority of the hash power comes from China, +90% of the trading volumes come also from China, the popularity comes for a big part from China.

Western exchanges always follow what the big Chinese exchanges are doing. If China doesn't move, western exchanges won't move either.

Majority of the hash power comes from China yes, but trade volumes doesn't come from China, most of the volumes are made by trading bot, the west world creates the most popularity not the China, Bitcoin is not popular in China as currency, in most cases people invest Bitcoin to make profits.

Topic: Is CHINA CONTROLLING Bitcoin? - page 52. (Read 92666 times)