Is CHINA CONTROLLING Bitcoin? - page 68.

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Quote from: Ruhtilg on August 01, 2016, 01:49:08 AM

Quote from: Jmild1 on July 28, 2016, 05:05:13 AM

Quote from: ironm@n on July 28, 2016, 12:24:01 AM

Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.

As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income.

When the market cap of the bitcoin is over 10 trillion dollars, it will be more difficult to manipulate the price.

The market cap doesn't really matter in regards to being more or less manipulated. Whales constantly evolve throughout the years, and thus their stash as well. They will keep manipulating the price like they always do.

Ruhtilg

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Quote from: Jmild1 on July 28, 2016, 05:05:13 AM

Quote from: ironm@n on July 28, 2016, 12:24:01 AM

Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.

As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income.

When the market cap of the bitcoin is over 10 trillion dollars, it will be more difficult to manipulate the price.

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Quote from: ironm@n on July 28, 2016, 12:24:01 AM

Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.

As long as there are whales that can manage to control bitcoin's price, bitcoin will never be a decentralize currency. But at the same time this pump is good for people that doing a trade as their daily income.

groll

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Quote from: ironm@n on July 28, 2016, 12:24:01 AM

Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.

Even if the mining rigs were found in the country of China it doesn't mean that bitcoin is not decentralized. Even if they have large deposits they will have no choice but to sell them otherwise their economy will not boost.

So it does not matter if they will store their bitcoins and will not sell them. If that will be the case the price will just climb up and it will be beneficial to us.

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Perhaps the network is not as decentralized as many think, I believe that one of the main problems for the decentralization of Bitcoin is that more than seventy percent of the mining power is concentrated in Chinese territory, with low number of mining pools with most of the haspower.

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Quote from: pooya87 on July 27, 2016, 10:35:19 PM

Quote from: bitkilo on July 27, 2016, 10:25:12 PM

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.

If that is true then the Government of China may have sovereign control over Bitcoin but what good would it do them, it does not give them any say in what happens to the bitcoins in their country, they may try pass new laws but the Chinese are crafty people and will find a way around that.

it is true, check this out https://blockchain.info/pools it is more than 51% in total. and the power people are talking about is because of this more than 51% hash power. but in my opinion it really doesn't really give them any kind of power or control.

Mining power is one thing but state control over bitcoin is completely different. If it was the government of China running the mines then i would be worried.

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Quote from: shinratensei_ on July 27, 2016, 11:18:39 PM

Quote from: boyptc on July 27, 2016, 11:06:14 PM

Quote from: vindicare on July 27, 2016, 10:44:20 PM

They have big population and cheap mining rigs but it doesn't mean that they control Bitcoin maybe they can control the price in the exchanges when they unite but controlling Bitcoin is hard ATM. We can say that they grew their population on Bitcoin but some percent of it are foreign investor to reduce cost of the instrument and electricity cost .

I agree with you they have one of the most populated country in the world so majority of the miners are coming from China. And the thing is that they have cheap mining rigs and they have cheap electricity as far as I know.

That's is become the main reason for why china can giving the big impact for bitcoin and especially for the bitcoin value. and need to underline about o one can control bitcoin but just giving the impact for bitcoin because bitcoin is decentralized and make impossible for someone or organization want to control bitcoin.

I don't know why China has the cheapest things in the world and even their mindset is very cheap. I'm not here to offend them, but that is what I can see from them. But the kind of living in that country is very affordable even you are a poor person from a country if you are going to be a miner in China of bitcoins for sure you are going to be rich.

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Quote from: boyptc on July 27, 2016, 11:06:14 PM

Quote from: vindicare on July 27, 2016, 10:44:20 PM

They have big population and cheap mining rigs but it doesn't mean that they control Bitcoin maybe they can control the price in the exchanges when they unite but controlling Bitcoin is hard ATM. We can say that they grew their population on Bitcoin but some percent of it are foreign investor to reduce cost of the instrument and electricity cost .

I agree with you they have one of the most populated country in the world so majority of the miners are coming from China. And the thing is that they have cheap mining rigs and they have cheap electricity as far as I know.

That's is become the main reason for why china can giving the big impact for bitcoin and especially for the bitcoin value. and need to underline about o one can control bitcoin but just giving the impact for bitcoin because bitcoin is decentralized and make impossible for someone or organization want to control bitcoin.

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Quote from: vindicare on July 27, 2016, 10:44:20 PM

They have big population and cheap mining rigs but it doesn't mean that they control Bitcoin maybe they can control the price in the exchanges when they unite but controlling Bitcoin is hard ATM. We can say that they grew their population on Bitcoin but some percent of it are foreign investor to reduce cost of the instrument and electricity cost .

I agree with you they have one of the most populated country in the world so majority of the miners are coming from China. And the thing is that they have cheap mining rigs and they have cheap electricity as far as I know. So, they can just easily mine in their country. I hope I can have my own house there and going to be a miner there. Grin

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They have big population and cheap mining rigs but it doesn't mean that they control Bitcoin maybe they can control the price in the exchanges when they unite but controlling Bitcoin is hard ATM. We can say that they grew their population on Bitcoin but some percent of it are foreign investor to reduce cost of the instrument and electricity cost .

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Quote from: Doms on July 27, 2016, 10:11:19 PM

It is not that they have full control over bitcoin because if they did, they would just play around with it when they feel like it. There may be a lot of Chinese who own and mine bitcoins but they won't be able to fully control bitcoin because there are a lot of other owners and users around the world.

It is because majority of the miners are Chinese, so many are thinking that the China has the full control over bitcoin. But they are wrong about it.
Because we all know that the market is controlling the flow of price and fluctuations that are happening today with bitcoin. And the developers are responsible for it.

155UE

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China has the most mining rigs per square foot and their mining farms are massive as large as football fields and look like military bases. So yeah, they are controlling bitcoin, in that sense. If that means who mines the most thus getting bitcoin for just using their brute hash power.

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Its same like a bank. If you have an account bank with very big money, you will be a priority customer.
as well as China, they have a lot of user and being bigger miner country in the world.
with that fact, we can assume the biggest bitcoin rotation live in China.
So only one news on China's National TV can make a big move for bitcoin, because of a whole activity in China.

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Quote from: bitkilo on July 27, 2016, 10:25:12 PM

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.

If that is true then the Government of China may have sovereign control over Bitcoin but what good would it do them, it does not give them any say in what happens to the bitcoins in their country, they may try pass new laws but the Chinese are crafty people and will find a way around that.

it is true, check this out https://blockchain.info/pools it is more than 51% in total. and the power people are talking about is because of this more than 51% hash power. but in my opinion it really doesn't really give them any kind of power or control.

bitkilo

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https://www.bitcoin.com/

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.

If that is true then the Government of China may have sovereign control over Bitcoin but what good would it do them, it does not give them any say in what happens to the bitcoins in their country, they may try pass new laws but the Chinese are crafty people and will find a way around that.

Doms

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It is not that they have full control over bitcoin because if they did, they would just play around with it when they feel like it. There may be a lot of Chinese who own and mine bitcoins but they won't be able to fully control bitcoin because there are a lot of other owners and users around the world.

amine14madrid

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bitcoin be controlled by all users. but I was quite concerned with the power of china. china is so extraordinary, they have bitcoin users are very numerous. china can do anything to control the price of bitcoin.

rababo

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IMO no one has control over bitcoin. Although China is the largest users for bitcoin doesn't mean China is controlling bitcoin. I believe there are some big players in other countries too, and maybe they're bigger than China.

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Quote from: dunfida on July 25, 2016, 09:54:39 PM

Quote from: boyptc on July 25, 2016, 07:48:10 PM

Quote from: Wind_FURY on July 25, 2016, 07:37:13 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?

My opinion is yes. But only up to a certain amount. The Chinese miners have already formed a cartel so they have say on what the direction bitcoin should take. They can choose what changes they think is good and what is not. The bad thing about this is they will always choose what is advantageous for their own agenda.

Well as we all know that Chinese people are the most greedy people in the world. For sure there is already a cartel there that they have made.
But they are just using there quantity powers in able to make some movement of bitcoin. But in reality, they are not really the one that controls bitcoin , it is us.

Chinese people does contribute effect on bitcoin price but in controlling bitcoin i think its impossible to happen as you said the one who controls bitcoin is Us. Chinese people are greedy as you can see how they manage and get anything they want. One things for sure no one can control bitcoin. Period

That is right. The Chinese are as greedy as other people, so they will protect the network by mining it.

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Quote from: boyptc on July 25, 2016, 07:48:10 PM

Quote from: Wind_FURY on July 25, 2016, 07:37:13 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?

My opinion is yes. But only up to a certain amount. The Chinese miners have already formed a cartel so they have say on what the direction bitcoin should take. They can choose what changes they think is good and what is not. The bad thing about this is they will always choose what is advantageous for their own agenda.

Well as we all know that Chinese people are the most greedy people in the world. For sure there is already a cartel there that they have made.
But they are just using there quantity powers in able to make some movement of bitcoin. But in reality, they are not really the one that controls bitcoin , it is us.

Chinese people does contribute effect on bitcoin price but in controlling bitcoin i think its impossible to happen as you said the one who controls bitcoin is Us. Chinese people are greedy as you can see how they manage and get anything they want. One things for sure no one can control bitcoin. Period

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