Is CHINA CONTROLLING Bitcoin? - page 58.

klopcoin

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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?

Are You serious!!!. But I just read that bitcoin is didn't controled by anyone. which is the correct information?. But I am not easily trust this information, I will following news about this. where did you know about this information, what is the source? I want to know .

abayan

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Quote from: bravehearth0319 on September 25, 2016, 11:00:58 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?

China only have a big amount of investment money, But it doesn't mean they can control bitcoin. Of course it is not like that! We just always remember that it is decentralized which means no any banks neither the government cannot control it.

Agree. Bitcoin is decentralized bank cant touch bitcoin nor government. I think china has a lot of investors in bitcoin so that is a good news because that could affect the price of bitcoin.

RkVza

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Quote from: Sander_93 on September 25, 2016, 08:53:53 PM

In Sichuan Province, a section of Tibet, are microprocessors 10,000, which means that these miners process 70% of transactions in the bitcoin network, however, this doesn't mean that they control the Bitcoin. http://criptonoticias.com/mineria/mineros-china-procesan-70-transacciones-bitcoin-total/

good article

bravehearth0319

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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?

China only have a big amount of investment money, But it doesn't mean they can control bitcoin. Of course it is not like that! We just always remember that it is decentralized which means no any banks neither the government cannot control it.

Sander_93

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In Sichuan Province, a section of Tibet, are microprocessors 10,000, which means that these miners process 70% of transactions in the bitcoin network, however, this doesn't mean that they control the Bitcoin. http://criptonoticias.com/mineria/mineros-china-procesan-70-transacciones-bitcoin-total/

kanazawa

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Because of the large capacity and the very cheap costs of electricity, China has almost 80% of the mining power in the world. It's hard to take this place because the situation there is very different of the rest of the world. Nobody in the netherlands/germany/sweden/usa works hard as hell to gain U$900 in a month. That's why many jobs are opned almost exclusively waiting to be filled by outsiders, b y immigrants. I had contact whit hundreds of latin americans who took 2 jobs to earn 1.5k$ and many natives don't accept jobs because of the social benefits or 'cause of daddy's money.. in China the history is soooooooooooooooo different I can't express myself here... only those who have been there can talk.

pearnapple

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china is definitely not controlling bitcoins at the moment, in my opinion the price of the bitcoin depends on only all people

betohell

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I think that control bitocin it is the user, so when a country has a very large user exceeds other countries, it may be interpreted that the country could control the bitcoin ?

Bitcotalk

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Quote from: magemist on September 25, 2016, 01:54:56 PM

No one country controls bitcoin. That is impossible to think so. Even if they are the top in mining that only means they hold alot of coins but not all of them and never one entity will ever hold all the bitcoins in the world. Grin

You are right only with majority of miners we cannot say for a country that this country has control on bitcoin. we know that bitcoin is unable to own so unable to control.

iqlimasyadiqa

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Quote from: SONG GEET on September 25, 2016, 02:06:32 PM

We all think chinese are the largest miners of bitcoin but i don't think this can be considered as chinese controlling bitcoin as all those mining power are well distributed throughout china so no one mining company can manipulate the bitcoin ledger. So it may still be considered well decentralized within china and china as biggest mining country.

but when they could mine the vast amount should not they also have the ability to be able to control the distribution of bitcoin Huh

BitHodler

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Quote from: HarryKPeters on September 25, 2016, 01:57:15 PM

With the demise of so many pools it is china who is in charge when it comes down to
- Bitcoin mining
- Bitcoin pools
- Bitcoin manufacturers
- And yes even bitcoin trading.

The chinese exchanges are the reason for such a huge part of trading.

The mining industry is a perfect example of how centralized a certain aspect of Bitcoin can become in a matter of years.

Chinese mining farms already occupy the majority of the network, but if this continues, then Chinese mining farms will reach 90% within a few years.

I would prefer to see more farms being built in other countries to make sure the mining industry remains somewhat decentralized.

Funny thing is that they somewhat rule the entire mining industry, but that China is very low on the list of hosted nodes.

SONG GEET

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We all think chinese are the largest miners of bitcoin but i don't think this can be considered as chinese controlling bitcoin as all those mining power are well distributed throughout china so no one mining company can manipulate the bitcoin ledger. So it may still be considered well decentralized within china and china as biggest mining country.

HarryKPeters

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With the demise of so many pools it is china who is in charge when it comes down to
- Bitcoin mining
- Bitcoin pools
- Bitcoin manufacturers
- And yes even bitcoin trading.

The chinese exchanges are the reason for such a huge part of trading.

magemist

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No one country controls bitcoin. That is impossible to think so. Even if they are the top in mining that only means they hold alot of coins but not all of them and never one entity will ever hold all the bitcoins in the world. Grin

lol3c

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Not in the least. It is decentralized so it is not dependent on one thing or place.
It is spread out which is the only way it would be able to survive.

RkVza

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most of the bitcoin mining is done in china, but i dont think they can control price

20kevin20

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I heard the mining part is controlled by them over 65%. But Bitcoin... I don't think it's being controlled by anyone in the world. We're controlling it, all of us. The price is changing as soon as we don't want to give it for $600 anymore. If in the next second everyone will want to sell Bitcoin for $10k, the price will automatically go up to $10k.

PokemonFun

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China is not controlling nothing so Europe is controlling bitcoin and it will control it forver in my whole big big very big life forever.

Tecmand

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Quote from: rektDude on September 18, 2016, 06:54:47 PM

Quote from: znickelbackz on September 18, 2016, 10:55:20 AM

Wow, a lot of people have voted and the result is almost equal. Really confusing.
I don't want bitcoin to be controlled by anyone, especially China.

It is for a part controlled by china, we cannot deny this for sure because there are some much miners and investors over there.
They have done it pretty smart but I think they never will have real control over the bitcoin, I do not doubt about that.

That part is the mining part. The bitcoin itself is mostly controlled by the wealthy Westerners at present.

rektDude

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Quote from: znickelbackz on September 18, 2016, 10:55:20 AM

Wow, a lot of people have voted and the result is almost equal. Really confusing.
I don't want bitcoin to be controlled by anyone, especially China.

It is for a part controlled by china, we cannot deny this for sure because there are some much miners and investors over there.
They have done it pretty smart but I think they never will have real control over the bitcoin, I do not doubt about that.

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