Is CHINA CONTROLLING Bitcoin? - page 55.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: Blitzboy on November 03, 2016, 10:33:38 AM

Quote from: anonbit992 on November 03, 2016, 04:04:20 AM

Mining is cheap in China and when we look at the mining pool of bitcoin we can see all the top mining pools like Antpool, F2pool , etc are Chinese. BITMAIN, the famous and most efficient bitcoin miner producing company is based in China. So, I think China has a good stake in bitcoin but I don't think it would be correct to say that they control bitcoin. I think it's safe to say that they support bitcoin more than any other county in the world.

Yeah I think that no one own bitcoin and certainly no one can have a full control on bitcoin so it's not so correct to say that China is controlling bitcoin. But the fact that China is the leading country in mining bitcoin so everything they do will influence bitcoin so that makes us think that they control bitcoin but it's not. They're just too powerful that they can impact bitcoin.

It all depends on one's definition of control. If Bitcoin price without the buyers from China would have been in the lower 200s or even below that (while it is over $700 in reality), could we say that the Chinese are controlling Bitcoin? If we can't say that, could we say that they are controlling the Bitcoin price? If we could, what's the difference then between controlling Bitcoin and controlling its price?

I guess it is pretty much six of one and half a dozen of the other, for most practical purposes

mastica

hero member

Activity: 938

Merit: 500

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.

As expected countries does wanna tax and control bitcoin, something they cant do, if they buy all the bitcoins they will just show how they had fail, decentralization is what makes and make bitcoin being soo popular and has a big value. This is why bitcoin must keep not being recognized as currency, with such status all countries will tax bitcoiners, something we are free to do now.

xdrpx

hero member

Activity: 616

Merit: 603

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.

OrangeII

hero member

Activity: 2170

Merit: 503

Reward: 10M Shen (Approx. 5000 BNB) Bounty

I believe that dichina is one of the largest countries that use bitcoin, maybe they could turn into a bitcoin prices up or down, but I do not think that they control the bitcoin, because it is not just China that use a lot of bitcoin

serjent05

legendary

Activity: 3010

Merit: 1280

Get $2100 deposit bonuses & 60 FS

Quote from: Natalim on November 03, 2016, 09:52:57 AM

China is not controlling bitcoin but they have the biggest miners. I really cannot tell who controls the majority of supplies or the whales because we are living in the anonymous world.

I wonder how huge is that miner from china. It should be listed in the GWB. Grin

. Anyway I agree that China is not controlling and cannot control bitcoin even though they are the one with the largest mining farm. Though they have the largest mining farm, this farm is owned by different capitalist and probably most of them are not chinese but foreign investors. They choose China because of the low upkeeps.

Blitzboy

hero member

Activity: 1316

Merit: 561

Leading Crypto Sports Betting & Casino Platform

Quote from: anonbit992 on November 03, 2016, 04:04:20 AM

Mining is cheap in China and when we look at the mining pool of bitcoin we can see all the top mining pools like Antpool, F2pool , etc are Chinese. BITMAIN, the famous and most efficient bitcoin miner producing company is based in China. So, I think China has a good stake in bitcoin but I don't think it would be correct to say that they control bitcoin. I think it's safe to say that they support bitcoin more than any other county in the world.

Yeah I think that no one own bitcoin and certainly no one can have a full control on bitcoin so it's not so correct to say that China is controlling bitcoin. But the fact that China is the leading country in mining bitcoin so everything they do will influence bitcoin so that makes us think that they control bitcoin but it's not. They're just too powerful that they can impact bitcoin.

Natalim

hero member

Activity: 3094

Merit: 606

BTC to the MOON in 2019

China is not controlling bitcoin but they have the biggest miners. I really cannot tell who controls the majority of supplies or the whales because we are living in the anonymous world.

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

Quote from: MWesterweele on November 03, 2016, 01:06:32 AM

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?

No i think its japan. Japan is more technological than china. Japanese person are more talented than other person. Thats why japan is realigning in the first world country which is act like first world. I can imagine that someday our country will be like japan because japan is our best friend.

OP is talking about Chinese controlling bitcoin because they own a big portion of the hashrate (combined from their different mining farms) which is false assumption by the way. but what does this have anything to do with Japan and them controlling anything!
bitcoin is still decentralized and it can not be controlled yet.

and Japan is only one of those countries that have always been interested in technology and they have always been more advanced compared to other countries. and in bitcoin they also have announced it as a real official currency which shows that but there is no controlling!!!

anonbit992

sr. member

Activity: 378

Merit: 251

A Trader & An Investor

Mining is cheap in China and when we look at the mining pool of bitcoin we can see all the top mining pools like Antpool, F2pool , etc are Chinese. BITMAIN, the famous and most efficient bitcoin miner producing company is based in China. So, I think China has a good stake in bitcoin but I don't think it would be correct to say that they control bitcoin. I think it's safe to say that they support bitcoin more than any other county in the world.

MWesterweele

hero member

Activity: 1372

Merit: 564

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?

No i think its japan. Japan is more technological than china. Japanese person are more talented than other person. Thats why japan is realigning in the first world country which is act like first world. I can imagine that someday our country will be like japan because japan is our best friend.

Tecmand

newbie

Activity: 18

Merit: 0

Quote from: noictib on October 24, 2016, 10:52:41 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?

actually it is not true , but it is the big country which is using bitcoin more than the other countries .
Bitcoin earning in china is easy , so Making money in china is so easy by mining because here electricity is at very cheap rate available so every new comers makes money easily through mining due to these reasons this country is going in top of the bitcoin use .

There are lots of mining activities there. But I think there are not much actual uage, just the trading.

noictib

hero member

Activity: 966

Merit: 515

One of the world's leading Bitcoin-powered casinos

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?

actually it is not true , but it is the big country which is using bitcoin more than the other countries .
Bitcoin earning in china is easy , so Making money in china is so easy by mining because here electricity is at very cheap rate available so every new comers makes money easily through mining due to these reasons this country is going in top of the bitcoin use .

clickerz

hero member

Activity: 1414

Merit: 505

Backed.Finance

Quote from: Legendaris on October 24, 2016, 10:24:51 PM

We people don't have exat idea only china is controlling bitcoin, but through some blog most of the bitcoin farm are with them, because china biggest bitcoin farm.If they dump all their bitcoin in one shot we will see more price dump.

Yes, its very possible scenario. Though bitcoin is illegal in China, but still bitcoin mining is thriving there. I have seen some mining farms and some are doing it free from electricity.Since we do not know how much the actual bitcoin the Chinese hold,we can only speculate. But I do believe that it is significant, that can affect bitcoin price in any way.

I Am Hero

member

Activity: 81

Merit: 10

Quote from: Legendaris on October 24, 2016, 10:24:51 PM

We people don't have exat idea only china is controlling bitcoin, but through some blog most of the bitcoin farm are with them, because china biggest bitcoin farm.If they dump all their bitcoin in one shot we will see more price dump.

why not?

we can see what is happening around us and with bitcoin it is obvious where the volume are and how spread bitcoin is (not the hash power but bitcoin itself)

Legendaris

newbie

Activity: 56

Merit: 0

We people don't have exat idea only china is controlling bitcoin, but through some blog most of the bitcoin farm are with them, because china biggest bitcoin farm.If they dump all their bitcoin in one shot we will see more price dump.

hawkins

hero member

Activity: 1204

Merit: 500

I suppose it could happen, as far as I know, that china is one of the world's largest bitcoin holders. Well, in China very much to have people who are unemployed, so look for bitcoin be one way for them to make money. china society may be able to manipulate the price of bitcoin easily, because I'm sure there are a lot of bitcoin, even every person who seeks it definitely has two or more BTC in pocket

Daffadile

hero member

Activity: 1162

Merit: 500

CryptoTalk.Org - Get Paid for every Post!

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?

If that were true bitcoin would have failed. The whole idea and reason for it being is so noone can control it. Having said that If you had asked "do you think china controls most of the mining and hashes" I would say yes they do. That doesn't mean they control bitcoin though. Far from it. Even though they the main mining power of bitcoin it doesn't matter since people can just buy those bitcoin from them. Chine is a sweat shop working country so it makes sense that they will go crazy with bitcoin farms. I mean the farm people. Rooms full of people doing things online for them. It's just a machine this time. For the rest of us that is fine since they can handle that work and we can just buy those mined bitcoins.

Remember there are also altcoins you can stake to swap for bitcoin at anytime as well. Mining is not the only way bitcoin can be generated.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Quote from: jonpande on October 24, 2016, 03:59:27 PM

I think China is not strong enough to control bitcoin.Bitcoin now become a global currency, does not belong to one country. Therefore I do not think that China or other countries can control the bitcoin.

With all of the miners in their country are already enough for be able making a lot of impact for bitcoin and especially for the price and the Chinese exchange site are very strongly for affecting the foreign market with their power and as you can see at the past time for the pumping of bitcoin price is always starting from the Chinese exchange.

danherbias07

legendary

Activity: 3318

Merit: 1133

Leading Crypto Sports Betting & Casino Platform

Quote from: Conus on October 24, 2016, 04:40:25 PM

I am sorry, but I do think that china is currently controlling bitcoin. They control all of the mining right now, at least a large part of it and because of that they can just close down crashing the system. What would happen is they did crash??

I do think so too. They want control of every currency right now and I think they are including bitcoin in those. Even with gold, they are trying to hoard a lot of it until the very last drop for other countries to lack in gold reserves. That way they could come up and be a strong country.

Conus

full member

Activity: 236

Merit: 250

I am sorry, but I do think that china is currently controlling bitcoin. They control all of the mining right now, at least a large part of it and because of that they can just close down crashing the system. What would happen is they did crash??

Topic: Is CHINA CONTROLLING Bitcoin? - page 55. (Read 92666 times)