Is CHINA CONTROLLING Bitcoin? - page 73.

boyptc

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Quote from: ziiip on June 26, 2016, 11:50:54 PM

Miners should move to p2pool to help prevent further decentralization.

I don't think it will happen. Everything now is on the move and no one can stop what is happening in the circulation today.
And most of the miners are Chinese.
And I don't know if that will help.

ziiip

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Miners should move to p2pool to help prevent further decentralization.

afriezalie

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Maybe yes maybe no. Who knows about that? China has the most hashrate, but we know that bitcoin isn't controlable untill someone has 51% network share, not a country. In the other side, I can say china market is almost controlling the price right now with the huge transaction amount everyday. However, that situation doesn't affect me at all as long as their government doesn't control bitcoin.

boyptc

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Quote from: ziiip on June 26, 2016, 09:04:08 PM

The title to this thread should be Is CHINA TROLLING Bitcoin.
All these shills saying that "We control Bitcoin" obviously work for someone in China.

Well China has the most miners but that doesn't mean that they are controlling bitcoin with their powers.
I don't know why people think that China is the one who controls of bitcoin just because of the majority of miners comes from them.

OROBTC

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...

I really do not have any idea if "China" is or not. My *guess* would be no, but "China" is a slippery concept... Their government?

I did read a rumor today that F2Pool, AntPool and BTCC are actually all owned (or in part) by the same or related entities in China. I cannot remember where I read that, it seems unlikely, but possible. In any case the relatively strong centralization of mining is a concern, and to my knowledge was not anticipated nor discussed by the Bitcoin pioneers. With over 60% of Bitcoin mining (miners confirm BTC transactions!), that is a tad worrisome...

ziiip

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The title to this thread should be Is CHINA TROLLING Bitcoin.
All these shills saying that "We control Bitcoin" obviously work for someone in China.

bitcoineverything

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China is somehow largely affecting Bitcoin due to a fact that they have the biggest number of transactions but this is just a part of a whole. As a whole there are a lot of factors to be considered including usability, adaptability, mining, government regulation and a lot more. These factors does not just focus on China but to all bitcoin users around the world.

jerowacik

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I believe love can do anything. they have a great power capable of leading the world. they can also control the presence of bitcoin in the international market share.

boyptc

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Quote from: newcoins1978 on June 26, 2016, 06:28:20 PM

Yes I think its partly controlling it because there are a lot of Chinese investors and users right now.
Another thing is that they are mining a lot..

I don't believe that China is partly controlling bitcoin and China isn't controlling bitcoin at all.
Because we are the one who are controlling it, we the consumers that who are using, buying and selling bitcoins.
It has the affection of the changes for bitcoin.

bitlancr

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Quote from: PeRo on June 25, 2016, 11:55:51 AM

They don't control Bitcoin, Bitcoin isn't controlled by anybody. They own most of the Bitcoin on the market and a lot of mining power. The Chinese just invest in Bitcoin the most. It would be fatal if they dump all of the Bitcoin they have. But they don't controll it, controlling it would be owning all the Bitcoins on the market and doing whatever they want with them.

They are indeed not controlling it but have a lot of power to let the bitcoin fall for sure no doubts about that.
They have a lot of miners although its getting less these days..

ziiip

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Yes China is totally in control of Bitcoin. They are responsible for validating your transactions. If the China pools worked together, they could intentionally inflate the mempool to leech fees from the free market.
Block size increase will fix this.

newcoins1978

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Yes I think its partly controlling it because there are a lot of Chinese investors and users right now.
Another thing is that they are mining a lot..

purebitco

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Quote from: MFahad on June 26, 2016, 06:10:20 PM

Quote from: PeRo on June 25, 2016, 11:55:51 AM

They don't control Bitcoin, Bitcoin isn't controlled by anybody. They own most of the Bitcoin on the market and a lot of mining power. The Chinese just invest in Bitcoin the most. It would be fatal if they dump all of the Bitcoin they have. But they don't controll it, controlling it would be owning all the Bitcoins on the market and doing whatever they want with them.

The bitcoin is designed in a way that no one can control it. However if you invest a lot in bitcoin or mine a lot then you can manipulate the prices to some extent.

thats true, i dont think that chinese control the price to be honest becaus the price depends on all bitcoin users

From Above

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Wow the votes are close on this one - 49 to 51% right now at time of posting.

China definitely plays a huge rule in the Bitcoin network. They have the biggest mining farmz.

~CfA~

MFahad

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Quote from: PeRo on June 25, 2016, 11:55:51 AM

They don't control Bitcoin, Bitcoin isn't controlled by anybody. They own most of the Bitcoin on the market and a lot of mining power. The Chinese just invest in Bitcoin the most. It would be fatal if they dump all of the Bitcoin they have. But they don't controll it, controlling it would be owning all the Bitcoins on the market and doing whatever they want with them.

The bitcoin is designed in a way that no one can control it. However if you invest a lot in bitcoin or mine a lot then you can manipulate the prices to some extent.

Hohenn

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Having complete control over btc and having a big influence on its fluctuations is a big difference. China doesnt control btc they are only able to make a big impact on it since they're a big part of the community.

pereira4

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The chinamen has a strong influence in Bitcoin since the are the kings of mining due their cheap as hell electricity, they also are in one of the biggest volume exchanges in the game (huobi) so yes its very reasonable that they have a strong impact on Bitcoin economy, but saying "controlling" is simply too strong of a word to claim.

marcus_of_augustus

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Maybe there is a street in Germany that has too much control over bitcoin? ... Roll Eyes

Who cares how much China is involved with bitcoin ... they're probably made up of 10 different provinces who hate each others guts because of old war stories from 100 B.C. Like the Southern US states hate NYawkers ... it doesn't matter ...

ebookscreator

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Quote from: Nevis on June 26, 2016, 04:27:15 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?

as far as i know. japanese ones who control the bitcoin. because the word is a name of satoshi japanese. but it is not important who is control of the bitcoin is important we are able to earn money through bitcoin.😇☺☺

We dont know if satoshi nakamoto is japanese or chinese.. but i think they are relaying how much farmer per country.. and i think anytime they can dump their bitcoin in the market and the price will crash back again in low price..

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Quote from: romero121 on June 26, 2016, 04:24:00 AM

Quote from: RocketSingh on June 25, 2016, 12:06:35 PM

The proper Q would be - Is China highly invested in bitcoin?

Bitcoin is not controlled by China, just of the increased usage by Chinese people and the support provided by Chinese government in mining most believe that bitcoin is controlled by China.

I don't think the average Chinese consumers use Bitcoin to purchase goods or services in China, almost the whole amount of Bitcoin in circulation there is controlled by the miners and the exchanges. The bad thing is that the Chinese government can control the Chinese miners and exchanges in the country essentially gaining indirect control of the whole Bitcoin network in China and most importantly could exert a 51% attack if they gather all the hashing power in one big cluster of mining farms. Some food for thought I guess.

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