Is CHINA CONTROLLING Bitcoin? - page 61.

psomas2

sr. member

Activity: 304

Merit: 250

Quote from: ArticMine on May 08, 2016, 05:46:29 PM

If the majority of the Bitcoin hashing power is physically located in China, then the Government of China has sovereign control over Bitcoin.

not exactly true, the very reason the Chinese love BTC so much is because they can hide it from their Government

BossMacko

hero member

Activity: 1134

Merit: 502

I can say no. China are the number 1 top Bitcoin miner in the world because of the low electricity fee. They have the Facilities and gadgets but they are not controlling Bitcoin. We are all are capable of controlling Bitcoin. Only the whales can control the market of Bitcoin because they can buy and dump many amount of Bitcoin any time they want.

psomas2

sr. member

Activity: 304

Merit: 250

The short answer here is yes, just its not China the nation its Chinese mining farms, when you sya China you kind of imply the Chinese government.

sonnyacg

member

Activity: 84

Merit: 10

I think it can happen, for example in the case of mining bitcoin. there are a lot of factors. what is important is that the geographical location. China is known to have a large area and some highlands have cold weather. cool location suitable for great savings on engine cooling fan server computer from overheating hazard. so the price can compete. plus workers, employees or workers who are responsible for the famous Chinese. Miners are so many people around the world buy services from China .... but I do not know where China can produce low cost electricity. consider the server computer 24 hours. Itself requires energy coal, oil, or water, renewable wind energy is great. where china get cheap energy as a power Hashing it?

goinmerry

legendary

Activity: 2940

Merit: 1083

Sounds funny right? They banned bitcoin in some industries in their country but they have the largest number of bitcoin in stock.
They can control it if they want too. Just some exchange back and forth and bitcoin will move like a non stop wave.

digaran2

sr. member

Activity: 478

Merit: 250

the concept that bitcoin is borderless seems to be beyond most in this threads comprehension Sad

Indrawan77

hero member

Activity: 1274

Merit: 516

I dont think china is controlling bitcoin but the majority of the bitcoin user is from china and most of them earning from mining, but the bitcoin controller is all of us, because bitcoin is decentralized, unless there are a person or institutions bought most of bitcoin, then maybe they can control bitcoin

saiha

hero member

Activity: 840

Merit: 501

Strength in Numbers

Quote from: subhiii on September 14, 2016, 01:13:09 PM

No, China do not control bitcoin, and if you are telling that because of their support to it then I will say there are other country also who are supporting more than China, like USA, I think about more than 50% people have adopted bitcoin till now.

I agree that China isn't really controlling bitcoins, because of the most miners are Chinese it doesn't mean that they are the one who controls bitcoins.

The whales are the one who controls bitcoin because they are the ones who are holding millions of bitcoin in their wallet and for sure every single move they are going to do will affect the market.

Not just affect, but big affection is going to make the market that is why I can say they are the one who controls bitcoins.

subhiii

member

Activity: 116

Merit: 10

No, China do not control bitcoin, and if you are telling that because of their support to it then I will say there are other country also who are supporting more than China, like USA, I think about more than 50% people have adopted bitcoin till now.

Sweetbtc

hero member

Activity: 938

Merit: 503

👉bit.ly/3QXp3oh | 🔥 Ultimate Launc

Quote from: noictib on August 31, 2016, 10:51:31 AM

Yea China is playing massive role in bitcoin world although it really doesn't mean that they are controlling bitcoin. As it is said that bitcoin had no centralised party to act upon. But china is playing huge role as a whole we can say they are controlling bitcoin indirectly uppity some extent.

I partially agree with you, because they end up indirectly controlling the fluctuation of the price of bitcoin. China has huge players, huge miners and big whales.

marleybobthedog

full member

Activity: 210

Merit: 100

In direct sense China is not controlling bitcoin but if we take whole bitcoin economy then obviously China is controlling bitcoin because they have maximum market potential and they have maximum bitcoin user so obviously they have 50% control over the coin.

Ruhtilg

full member

Activity: 151

Merit: 100

Quote from: Tecmand on September 12, 2016, 12:42:35 PM

Quote from: Carmen_Sandiego on September 11, 2016, 12:35:53 AM

I would ask, even if Chinese companies did control Bitcoin, what is the point? They can not derive unnatural profits, any attempt to do so would only devalue bitcoin and the possibility of making profits..

They might be bribed to destroy the bitcoin if the incentive is good enough. It is my main concern of the concentration of mining in China.

I heard that the Bitmain is developing a second pool at the moment. That will attract more mining operations there.

Tecmand

newbie

Activity: 18

Merit: 0

Quote from: Carmen_Sandiego on September 11, 2016, 12:35:53 AM

I would ask, even if Chinese companies did control Bitcoin, what is the point? They can not derive unnatural profits, any attempt to do so would only devalue bitcoin and the possibility of making profits..

They might be bribed to destroy the bitcoin if the incentive is good enough. It is my main concern of the concentration of mining in China.

Carmen_Sandiego

sr. member

Activity: 399

Merit: 250

I would ask, even if Chinese companies did control Bitcoin, what is the point? They can not derive unnatural profits, any attempt to do so would only devalue bitcoin and the possibility of making profits..

soros017

full member

Activity: 238

Merit: 250

I think no one has control over bitcoin . Although China has the largest number of users for bitcoin does not mean China is controlling bitcoin. I believe there are some big players in other countries too , and maybe they are bigger than China.

twicezeroiszero

hero member

Activity: 840

Merit: 500

Borderless for People, Frictionless for Banks

Whoever has the most money for disposal controls Bitcoin and if its China at present you better start learning to use chopsticks.

CloudStrife

sr. member

Activity: 256

Merit: 250

I do not think China is controling Bitcoin. We can see that they may have the majority of the mining farm but some of them are owned by foreign Capitalist. It was established there probably because of cost efficiency. So having Chinese as the mining farm worker actually does not mean that they control over Bitcoin itself.

danfoda

sr. member

Activity: 283

Merit: 250

Quote from: Script3d on September 05, 2016, 07:02:47 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?

i dont think china can control or rule bitcoin and no one can control bitcoin except for satoshi if yes china will ruin bitcoin and also im gonna tell you something guys bitcoin price will reach 700$ this week

how can satoshi control it?

funkenstein

legendary

Activity: 1066

Merit: 1050

Khazad ai-menu!

Nah, it's probably Santa Claus, Uncle Sam, and the Tooth Fairy who control it.

Oh wait, you think real people are the ones who actually have agency to act on this earth? Not disembodied words with vague geographical significance?

ironm@n

sr. member

Activity: 259

Merit: 250

No doubt that Chinese have a big market than most of us here, but still they cannot control bitcoins as there are many whales from other countries who can still stabilize the situations that might occur due to the Chineses.

Topic: Is CHINA CONTROLLING Bitcoin? - page 61. (Read 92666 times)