Is CHINA CONTROLLING Bitcoin? - page 64.

Hide_ip112

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Quote from: bostiog1 on August 14, 2016, 10:48:22 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?

China can be the controller of bitcoin because they are the biggest country from the world so it means that lot of peoples from china use bitcoins. For me its not important who control bitcoin if his price is still going up

Yeah that's true, but I'm not sure that china is a country that is doing the game bitcoin. Because I see no bitcoin have great influence in the growth of the bitcoin in China. They are just one of the countries that have the most users of the bitcoin for now. and if this is the case then the growth of the bitcoin will never happen and bitcoin will increasingly abandoned

bostiog1

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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 can be the controller of bitcoin because they are the biggest country from the world so it means that lot of peoples from china use bitcoins. For me its not important who control bitcoin if his price is still going up

plpbtc1526

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We are the one who control bitcoins and not country. We are the one who are responsible for every fluctuation of its value. Bitcoin is for everyone. China is not that powerful enough to control bitcoin. If every people in China owns bitcoin, no doubt they can control its prices
China is not only the country that accepts bitcoin but also other countries. So everyone has control of bitcoin not only the China.

chixka000

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Quote from: overthetop2011 on August 09, 2016, 05:12:41 AM

I do not think so , bitcoin belongs to the whole internet world.

I think you are referring to the essence of bitcoin of course if you refers to the essence then it surely be for all of us. But you can't really deny the fact sir that someone can really control the flow of it. Just like the world it was made for all things but it seems that people was able to control it.

adamstgBit

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i'd place a vote, but i'd hate to disturb that perfect 50/50 results.
and IMO chain sorta has some control, a lot of minning is done out of china ( would you prefer minning leans more to the US or the UK? who cares? )
but the bottom line is they can't do shit without the user base wanting it and or devs coding it.
they have very limited control if any IMO.
i think any and all parties in bitcoin, devs, miners, users all have a limited amount of "control" over bitcoin, and none have any kind of absolute control.

not controlled by anyone / controled by everyone. welcome to bitcoin/Core/Classic/Unlimited 2016.

imo bitcoin has never been more decentralized.

in the beginning there was 1 now there are many. improvement?

nor9850

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Quote from: Yakamoto on August 12, 2016, 12:01:11 AM

Quote from: nor9850 on August 11, 2016, 11:47:31 PM

Quote from: emmarose on August 11, 2016, 11:38:01 PM

How can China control btc? USA is no.1 country, I think USA can control btc, because they have more fund than China.

China has:

A) 10 times as many people
B) 10 times as many mining farms
C) Mining farms that are 10 times bigger

That's how, its not the chinese Govt Vs The American Govt is just a numbers game , the more people you have working together the more control you have over Bitcoin

There's also the investment numbers game; if there were people in the US or other western countries that wanted to out in as much money the US and/or whoever would control Bitcoin, and that's basically the same as China controlling it. The numbers in China just mean a smaller investment per capita.

Right, you mean like a million 1$ investments vs 1 million dollar investment. The US has the cash, but so does china and they have more people

Leonard2016

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they can not be controlling bitcoin just by having big mining farms, there are bigger mining farms in other places of the world and having the largest population is also not a good argument about them and controlling bitcoin

Yakamoto

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Quote from: nor9850 on August 11, 2016, 11:47:31 PM

Quote from: emmarose on August 11, 2016, 11:38:01 PM

How can China control btc? USA is no.1 country, I think USA can control btc, because they have more fund than China.

China has:

A) 10 times as many people
B) 10 times as many mining farms
C) Mining farms that are 10 times bigger

That's how, its not the chinese Govt Vs The American Govt is just a numbers game , the more people you have working together the more control you have over Bitcoin

There's also the investment numbers game; if there were people in the US or other western countries that wanted to out in as much money the US and/or whoever would control Bitcoin, and that's basically the same as China controlling it. The numbers in China just mean a smaller investment per capita.

nor9850

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Quote from: emmarose on August 11, 2016, 11:38:01 PM

How can China control btc? USA is no.1 country, I think USA can control btc, because they have more fund than China.

China has:

A) 10 times as many people
B) 10 times as many mining farms
C) Mining farms that are 10 times bigger

That's how, its not the chinese Govt Vs The American Govt is just a numbers game , the more people you have working together the more control you have over Bitcoin

emmarose

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How can China control btc? USA is no.1 country, I think USA can control btc, because they have more fund than China.

psomas2

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Quote from: BitMaxz on August 11, 2016, 06:51:48 PM

Quote from: ttargett on August 11, 2016, 05:58:17 PM

china is not controlling bitcoin, bitcoin is controlled by the whole world people

I think there is contribution by china because they have a large of mining farm.. but if we are talking for the price they can control a bit in bitcoin price because they are holding a lots of bitcoins from their business bitcoin farm..
So they can control only for the price decreasing not for the price increasing..

Well said

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Quote from: ttargett on August 11, 2016, 05:58:17 PM

china is not controlling bitcoin, bitcoin is controlled by the whole world people

I think there is contribution by china because they have a large of mining farm.. but if we are talking for the price they can control a bit in bitcoin price because they are holding a lots of bitcoins from their business bitcoin farm..
So they can control only for the price decreasing not for the price increasing..

ttargett

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china is not controlling bitcoin, bitcoin is controlled by the whole world people

oblivi

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It's not controlling it since China requires global agreements with merchants and nodes and developers. It means nothing that china is big in mining, bitcoin is still decentralized.

psomas2

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Short answer is yes, Chinese mining firms control everything BTC does but they are in competition with each other over what it does and we all just ride the waves.

smho_16

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China has more than 50% of all miners located there so they can influence a bit the price because of that but they can't go any further. Bitcoin is a decentralized currency and no one can control it. Even the chances of a 51% attack to the network are out of calculations at least for now but that is also very unlikely to happen. In other words China is not controlling bitcoin and cannot control it.

Supercrypt

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Quote from: Ruhtilg on August 11, 2016, 05:59:39 AM

Quote from: btvGainer on August 09, 2016, 05:44:13 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?

If mining is controlled by china.it doesn't mean it is controlling bitcoin also.They can manipulate bitcoin price but not the bitcoin

After the halving, the newly mined bitcoin will be reduced. So the Chinese will have few coins to sell in the future.

The halving doesn't really matter to the Chinese even if they have reduced coins to sell, since all miners will be experiencing the same anyways. It is a fact that the majority of mining power is owned by Chinese companies and they are enough to actually influence the value of bitcoin although only by a certain amount.

MingLee

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Quote from: danherbias07 on August 11, 2016, 10:04:41 AM

Quote from: chixka000 on August 11, 2016, 09:57:29 AM

Quote from: btvGainer on August 09, 2016, 05:44:13 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?

If mining is controlled by china.it doesn't mean it is controlling bitcoin also.They can manipulate bitcoin price but not the bitcoin

You have a great point. Controlling bitcoin mining might not mean that china is now controlling bitcoin it self but in the real place it can already be considered that they will try to control it

One of their character is superiority. I see this all the time inside the building I work. In elevators or just even the hallway. They even got bodyguards with them to let people see that they are higher.
They want everyrhing under them and they will try it also with bitcoin but I doubt they will accomplish doing it. There are tok many countries that are with bitcoin. If they got the higher percentage of users or miners thay wont say they will have it. They can make great impacts but not to the extent of owning it.

Once the rest of the world starts to get more involved with Bitcoin mining we're more than likely going to see some groups of people in poorer countries take advantage of the cheap electricity to set up their own mining operations, and they will take away a considerable part of the market share from the Chinese miners if they don't have any sort of plan to invest more.

darklus123

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Sad to say but also bitcoin was being control by china? I just thought that they were just up to to islands lol. But we cant blame them other country does not accept bitcoin yet so i think they should have to

bitsoldiers

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i dont think this really matters, because everyone is involve in this and it has really gone wide...!!!

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