Is CHINA CONTROLLING Bitcoin? - page 53.

BitHodler

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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.

gufpmvgw3334

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

Seansky

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China in my opinion can control bitcoin's price, since if all their miners sell at the same time, it would cause a very big dump on bitcoin's price. For now, I think those miners are independent and not controlled by the government. Hope that China won't plan to control bitcoin's price just yet. If they do, they will just need to order their miners and bitcoin users to sell all of their bitcoins at the same time or by banning bitcoin causing the miners to sell at the same time.

Bitcoin0916

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Quote from: GregH37 on November 11, 2016, 06:49:38 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.

China can only afford to dominate the mining sector but they can never be able to dominate the investment sector.
Just to continue their mining process, they must need to sell of their reward bitcoins so the rest of world will simply benefit from that. Most people cannot afford to be mining but will prefer to buy the bitcoins, it means China is doing the right thing for the growth of bitcoin ecosystem.

No doubt again if China is the largest for bitcoin mining, I sure they have big capital without sell bitcoin as fast. With big bitcoin stocks, I sure China can drive for price.

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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.

China can only afford to dominate the mining sector but they can never be able to dominate the investment sector.
Just to continue their mining process, they must need to sell of their reward bitcoins so the rest of world will simply benefit from that. Most people cannot afford to be mining but will prefer to buy the bitcoins, it means China is doing the right thing for the growth of bitcoin ecosystem.

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Quote from: bitcoinsforall on November 11, 2016, 04:09:04 AM

They are controlling the bitcoins since their own currency is going down due to economic crisis.

They want to make or break the price as per their needs

Maybe those who knows the bitcoin and those who has access to it, will be parking their money on bitcoin. Now even in China but anywhere in the world also.Because of the uncertainty of their economy also, like in Brexit and USA too.

bitcoinsforall

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They are controlling the bitcoins since their own currency is going down due to economic crisis.

They want to make or break the price as per their needs

arransiv

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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.

mlbs

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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: Victorycoin on November 10, 2016, 04:44:50 PM

Quote from: Snorek on November 09, 2016, 11:46:51 PM

For anyone who think that China is controlling bitcoin and they use this power to bring bitcoin down - think twice about it.
China is mining super power but that mining power without node control is not that important, and China has only like 150 nodes.
Secondly - mining is business, if Chinese miners do something irrational or dodgy price of bitcoin will immediately crash.
Who will lose the most money then? Chinese miners.

Looks to me, you are getting it all mixed up! Now if as you said, China has dummy control over bitcoin, why would something irrational or dodgy by Chinese miners immediately precede a crash in price of bitcoin? That is invariably ascribing to them, the power you professed they do not have. Actually, what China may not have is the absolute control over bitcoin, which of course is good news to all, but as is, they are in a position to jostle the bitcoin market from time to time.

I believe that the chinese miners sell and good part o mined coins because they have to pay for the place/eletricity and costs like that... And I doubt they will dump the coin, it's their money, why they will do this? If they are manipuling the price, it's up.

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Quote from: Snorek on November 09, 2016, 11:46:51 PM

For anyone who think that China is controlling bitcoin and they use this power to bring bitcoin down - think twice about it.
China is mining super power but that mining power without node control is not that important, and China has only like 150 nodes.
Secondly - mining is business, if Chinese miners do something irrational or dodgy price of bitcoin will immediately crash.
Who will lose the most money then? Chinese miners.

Looks to me, you are getting it all mixed up! Now if as you said, China has dummy control over bitcoin, why would something irrational or dodgy by Chinese miners immediately precede a crash in price of bitcoin? That is invariably ascribing to them, the power you professed they do not have. Actually, what China may not have is the absolute control over bitcoin, which of course is good news to all, but as is, they are in a position to jostle the bitcoin market from time to time.

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Quote from: Snorek on November 09, 2016, 11:46:51 PM

For anyone who think that China is controlling bitcoin and they use this power to bring bitcoin down - think twice about it.
China is mining super power but that mining power without node control is not that important, and China has only like 150 nodes.
Secondly - mining is business, if Chinese miners do something irrational or dodgy price of bitcoin will immediately crash.
Who will lose the most money then? Chinese miners.

To think that China is controlling bitcoin is one thing while to think that they are going to use this power to bring bitcoin down is a massively different one. On the other hand, mining is a business but you should not forget that miners (or businessmen in general, for that matter) are not the ones who are making decisions in China. In this way, I would hardly expect them to be particularly rational...

If things get serious as they are going now when Trump is the president-elect of the US

Snorek

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For anyone who think that China is controlling bitcoin and they use this power to bring bitcoin down - think twice about it.
China is mining super power but that mining power without node control is not that important, and China has only like 150 nodes.
Secondly - mining is business, if Chinese miners do something irrational or dodgy price of bitcoin will immediately crash.
Who will lose the most money then? Chinese miners.

RoommateAgreement

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Bazinga!

Quote from: prabowo96 on November 08, 2016, 02:40:30 PM

99 yes
100 no

What we can learn with this pool? China control a little bit?
I think we really don't know the power of China...

most people who vote on the poll have no idea what they are talking about or what is all of this is about. and many of them are just trolling or want to spread FUD and need others to believe China is controlling bitcoin!!

this doesn't make any sense, if they were controlling bitcoin we would have seen so many more pumps and dumps just like what we see in altcoins.

coinsocieties

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Quote from: soros017 on November 08, 2016, 02:33:51 PM

Quote from: Vhern on November 03, 2016, 07:26:32 PM

$685 right now... I'm here laughing of the people that said bitcoin will beat $1000 this year, maybe the crystal ball is broken...

Don't know if China is controlling the price, I think it's something normal from the market...

The forecast may not be very accurate, but much can still happen in the coming weeks. Btw, it's $ 711 again. Wink

I do not know how one can make an accurate future guess on what will happen. I agree that China has a lot of control over the mining, but how much control is that, it is only alow of puppets doing what bitcoin wants and needs it to do. If they stop mining so much, then they loose because the price will go down because there would be slower transactions until others pick up on the slack.

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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.

betohell

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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

Victorycoin

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Quote from: Ayers on November 03, 2016, 11:46:55 AM

Quote from: jainy25 on November 03, 2016, 11:40:29 AM

Quote from: xdrpx on November 03, 2016, 11:16:46 AM

The current price of Bitcoin is very high because of China's large pump into buying Bitcoins and the fall in value of Yuan. Just today bloomberg stated that China is again preparing to impose curb or Capital controls on Bitcoin by restricting domestic exchanges on sending bitcoins abroad and setting of quotas on how much can be sent. Considering this the price of Bitcoin may stand a chance to fall again.

Although it sounds impractical and impossible to do, this news might be the major reason for sudden drop in BTC today.

that is not really a drop it's like a correction, or manipulation maybe? china is not only controlling the mining scene with more than 70% hash but also is contorlling the market with those pump and dump, that you see each day, i believe that one day this might be a problem for the rest of the world, if chinese will be too big and decide to not go with some necessary change like segwit for example

Is not the one who pays the piper also the one that determines the tune or how else can control over a thing be made manifest? China owns majority of the companies into mining equipment, mining pools, largest volume of transactions is in Yuan and bitcoin and are found in Chinese exchanges. All that gives China a leeway to control the price of bitcoin and by large, bitcoin as a whole. Highlight here, is that the decentralized nature of bitcoin puts a check to how lasting the control can be.

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Quote from: Roger Burton on November 09, 2016, 12:48:26 PM

I think nobody can control bitcoin. If she could do that, she had to do that from the beginning. Because many Chineses sell/buy bitcoins and can affect the price doesn't mean that they control it.

look who owns over 70% from BTC and then who is taking "care" of Bitcoin software(developers) and who are the shareholders(those investors and their links) for the biggest exchangers.

you will find interesting things about the shit BTC media doesn't say a word. Why? Because the same investors own them too .

the nods are nothing. nobody is interesting about that now. when the time will come, with 100K you can buy tens of thousands of nods

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I think nobody can control bitcoin. If she could do that, she had to do that from the beginning. Because many Chineses sell/buy bitcoins and can affect the price doesn't mean that they control it.

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