Is CHINA CONTROLLING Bitcoin? - page 70.

GreenBits

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Quote from: Digitalbitcoin on July 25, 2016, 08:01:24 AM

Quote from: somacoin on May 08, 2016, 05:06:03 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?

First of Bitcoin is decentralized digital currency. So no one control bitcoins.
Second things as Bitcoin can make movement as most of mining farm is china as they are producing more bitcoin then ever in world. But that does not means that China controls bitcoins.

Was a decentralized currency. The mining (or how it has become a monopoly) is now the point of centralization. If China stopped mining collectively (thought exercise, bear with me) the network would be crippled with congestion. That sounds like a form of control to me.

Shiroslullaby

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China also makes most of the ASIC miners, which are paid for in BTC.
Which means there are some Chinese manufacturing companies who hold a ton of Bitcoin.
It would be great to see some competition in the ASIC market, but just like with most things, most people will not be able to match the production costs of making the chips in China.
Labor and electricity is so cheap, regulations are not strict, etc.
China is the perfect place for anything related to Bitcoins, so they naturally have an advantage.

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Quote from: somacoin on May 08, 2016, 05:06:03 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?

First of Bitcoin is decentralized digital currency. So no one control bitcoins.
Second things as Bitcoin can make movement as most of mining farm is china as they are producing more bitcoin then ever in world. But that does not means that China controls bitcoins.

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Quote from: thejaytiesto on July 25, 2016, 07:57:36 AM

The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it. McAffee is already starting a huge mining venture.

yes it's right, chinese win on the ultra low cost of electricity because they use coal,even some people call it a clean power source even i don't sure because of its polution,but they also give an advantages to make bitcoin transaction go faster

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The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it. McAffee is already starting a huge mining venture.

hase0278

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In my opinion maybe China can control bitcoin if they want to. If they want it dead, I think they will just force all the miners from them to quit and it will cause bitcoin less miner and of course a dump since those chinese miners would dump. If they want bitcoin to dump, all bitcoiners from there can initiate one. Grin

Because of those reasons, I think even if China ain't controlling bitcoin for now they can control it.

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Quote from: romero121 on July 25, 2016, 06:31:38 AM

China have the highest number of users as well miners. Based upon this price fluctuation happen in accordance to the active involving of users. For this reason most users misunderstand that bitcoin is controlled by China.

Yeah no doubt that china have bigger and more mining farms and off course more users out there and so if the users there stop using them then that could be an issue to think seriously and they stop mining them then would be bad to hear of the number of new bitcoin to be mined will be very less !

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Quote from: romero121 on July 25, 2016, 06:31:38 AM

China have the highest number of users as well miners. Based upon this price fluctuation happen in accordance to the active involving of users. For this reason most users misunderstand that bitcoin is controlled by China.

yeah and we know antpool is the largest mining company in China, and this may also affect the price of bitcoin as you mentioned. according to an article that I read http://www.businessinsider.co.id/bitcoin-pools-miners-ranked-2015-7/?r=UK&IR=T#HW7VC5qAQpDox6Pb.97

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China have the highest number of users as well miners. Based upon this price fluctuation happen in accordance to the active involving of users. For this reason most users misunderstand that bitcoin is controlled by China.

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Quote from: Pursuer on July 25, 2016, 03:59:52 AM

Quote from: btcdiggingmaster on July 25, 2016, 01:27:19 AM

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.BTC

having big mining farms doesn't mean Chinese people have the most amount of bitcoin. besides your last sentence doesn't even makes sense, you say Chinese have the biggest bitcoin farms which means the have heavily invested in bitcoin then you say if they dump all their bitcoin in one shot we see price dump, here is the problem, they are making profit with bitcoin and the higher the price the more they make so why would they want to dump?!

besides US had more than 51% of hashrate at some point in the past (GHASH.IO) and nobody seemed to think US is controlling bitcoin! so why now.

The Chinese miners are mainly seller of the bitcoin. The cost of their mining is around $400 at the moment.

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Quote from: btcdiggingmaster on July 25, 2016, 01:27:19 AM

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.BTC

having big mining farms doesn't mean Chinese people have the most amount of bitcoin. besides your last sentence doesn't even makes sense, you say Chinese have the biggest bitcoin farms which means the have heavily invested in bitcoin then you say if they dump all their bitcoin in one shot we see price dump, here is the problem, they are making profit with bitcoin and the higher the price the more they make so why would they want to dump?!

besides US had more than 51% of hashrate at some point in the past (GHASH.IO) and nobody seemed to think US is controlling bitcoin! so why now.

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Quote from: btcdiggingmaster on July 25, 2016, 01:27:19 AM

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.BTC

People tend to think that China is the one controlling bitcoins because it has a lot of miners in the world. Majority of miners are living in China.
That is why they are saying that China is controlling bitcoin but in reality it is not real. They only have the majority.

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Quote from: CoinHopper on July 25, 2016, 12:39:18 AM

That's one close vote. I don't think china is controlling bitcoin but they are running a stupid amount of trading bots. I'm pretty sure they ones really controlling bitcoin are from the USA.

And again one of the trolling post. reading about more information before giving any shit statement. give me a reliable source about your sentences and I'm very doubted about that. Huh

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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.BTC

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Quote from: CoinHopper on July 25, 2016, 12:39:18 AM

That's one close vote. I don't think china is controlling bitcoin but they are running a stupid amount of trading bots. I'm pretty sure they ones really controlling bitcoin are from the USA.

USA controlling Bitcoin? Don't make me laugh.

China controls every aspect of Bitcoin from being the far majority when it comes to the world hashing power, till the trading volumes.

Western exchanges look at China to see what direction they will be moving to. When China doesn't move, western exchanges will also not move.

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Quote from: carlfebz2 on July 25, 2016, 12:45:07 AM

Quote from: CoinHopper on July 25, 2016, 12:39:18 AM

That's one close vote. I don't think china is controlling bitcoin but they are running a stupid amount of trading bots. I'm pretty sure they ones really controlling bitcoin are from the USA.

How sure you are that USA controls bitcoin? I dont think that bitcoin can be manipulated or being controlled by anyone. I guess all of us are the one who affects bitcoin price since all of us are bitcoin holders especially to those bigtime amount holders of bitcoin. It cant be manipulated by anyone and thats the nature of bitcoin.

Because the us hedge funds control everything. they have been buying and playing with the bitcoin price since its first pump.

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Quote from: carlfebz2 on July 25, 2016, 12:45:07 AM

How sure you are that USA controls bitcoin? I dont think that bitcoin can be manipulated or being controlled by anyone. I guess all of us are the one who affects bitcoin price since all of us are bitcoin holders especially to those bigtime amount holders of bitcoin. It cant be manipulated by anyone and thats the nature of bitcoin.

Really, I think bitcoin is crytocurency free in other words nothing is set. But some people who have substantial funds could play a bitcoin prices that often we know by the nickname "whale". But I'm not too concerned about it. And I think also of China has nothing to do with bitcoin, the same as other countries china only bitcoin users. hehe

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Quote from: LawrenceOfSomalia on May 08, 2016, 05:12:40 PM

Quote from: somacoin on May 08, 2016, 05:06:03 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?

https://bitcointalksearch.org/topic/bitcoin-is-basically-destroyed-1465136
Stop spamming; Read before you post; don't gamble away the money you make with your shitty signature ad.

he didnt enroll in any signatur campaign. obviously he is not spamming. he is just asking.

btw. OP i think china has the large minng company of BTC. basically they are controlling btc price in the market because they are the supplier of a large volume of btc. I think if their country hit by financial crisis. i think maybe btc price will be affected since they are playing a major role in btc world. hahaha

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Quote from: adejavad on July 25, 2016, 12:37:36 AM

Even if Chinese companies did control Bitcoin, what is the point?
They can't derive unnatural profits - Any attempt to do so would only devalue Bitcoin and the possibility of making profits.

Well it is good that someone is controlling and China is not the one who controls bitcoin, but us the users and as well as the developers.
I believe that even China is controlling bitcoin it doesn't mean that they are the one who can do whatever they want with the price increase or decrease with bitcoin.

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Quote from: CoinHopper on July 25, 2016, 12:39:18 AM

That's one close vote. I don't think china is controlling bitcoin but they are running a stupid amount of trading bots. I'm pretty sure they ones really controlling bitcoin are from the USA.

How sure you are that USA controls bitcoin? I dont think that bitcoin can be manipulated or being controlled by anyone. I guess all of us are the one who affects bitcoin price since all of us are bitcoin holders especially to those bigtime amount holders of bitcoin. It cant be manipulated by anyone and thats the nature of bitcoin.

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