Is CHINA CONTROLLING Bitcoin? - page 77.

mki8

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Quote from: drwtsn32 on June 21, 2016, 04:56:30 AM

Quote from: Whosdaddy on June 20, 2016, 01:56:38 PM

Quote from: sempak on June 20, 2016, 09:56:30 AM

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.

The number of bitcoin users from china is no threat, actually. The threat is that many among the bitcoin users from china are large bitcoin holders. In theory, if bitcoin users from china worked together, they have the power to manipulate bitcoin price by a few dollars up or down by either pumping or dumping their coins.

Then it is therefore, a threat. China is known for their unity and manpower. They're like ants. Cheesy

you must be american...........

mki8

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what a dribble thread

Geo location means diddly squat

Do you think all the people in Hong Kong are chinese/hong kongese ?
do you think all the people in Shanghai are chinese ?

do you not know, those that made a fortune from being in bitcoins early
MOVED the fk out of their police state countries and moved to Asia
Mining farms moved to China for cheaper rates

stop this stupid notion, that China as a country has any influence,
or that chinese people all get together to decide what happens.

drwtsn32

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Quote from: Whosdaddy on June 20, 2016, 01:56:38 PM

Quote from: sempak on June 20, 2016, 09:56:30 AM

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.

The number of bitcoin users from china is no threat, actually. The threat is that many among the bitcoin users from china are large bitcoin holders. In theory, if bitcoin users from china worked together, they have the power to manipulate bitcoin price by a few dollars up or down by either pumping or dumping their coins.

Then it is therefore, a threat. China is known for their unity and manpower. They're like ants. Cheesy

Romanko

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The world is not flat for sure Cheesy

but Chinas has powerful lever arms of influence (and maybe even more then anyone else has)on BTC.
Chinese Stocks start the raise or dump of BTC course, Mining hardware/chip production is located only in China, Biggest Hashpower in world is located in China, mining pools that have over 50% of the hash rate, etc.
Lets hope that one day they will not use their opportunities in the wrong way.

BellaBitBit

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Let's just say that if any country is going to attempt to "ban" Bitcoin they should probably consult with China.

RodeoX

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The revolution will be monetized!

It always cracks me up that we try a pole to answer a question like this. What good is a pole? Because a pole is how we determined that the Earth is flat? Roll Eyes

Whosdaddy

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Quote from: sempak on June 20, 2016, 09:56:30 AM

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.

The number of bitcoin users from china is no threat, actually. The threat is that many among the bitcoin users from china are large bitcoin holders. In theory, if bitcoin users from china worked together, they have the power to manipulate bitcoin price by a few dollars up or down by either pumping or dumping their coins.

sempak

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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.

rektDude

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Quote from: boyptc on June 18, 2016, 06:31:28 AM

Quote from: hv_ on June 18, 2016, 05:50:45 AM

Do Chinese love to own USD really ?

Or is BTC just the right 'intermediate' / unpolitical currency - so good to have?

Well the reality is that most miners are Chinese so it tends that they are the one who has a lot of miners and it misleads that they are controlling bitcoin. They aren't the one controls bitcoin but all of us who are consumers that give demand to bitcoin.

Not controlling but China is really important for Bitcoin and that is because there are so many chinese users that is using Bitcoin so that is not that bad.
And you can see that there are so many people is having some Bitcoin around this time so that is nice.

hv_

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Clean Code and Scale

http://www.bloomberg.com/news/articles/2016-06-20/world-s-fastest-supercomputer-now-has-chinese-chip-technology

barbara44

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Quote from: hendra147 on June 17, 2016, 05:10:44 AM

I think that is true, because I saw when market china always first increase so all also increased, and when it falls, all fall too.

Yes exactly the market of china is getting bigger and bigger and they intended to use bitcoins more.
They got huge mining farms as they hold more and they have the power to do more transactions and which can simply control over the price easily.

romero121

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casinosblockchain.io

Quote from: Woshib on June 18, 2016, 11:20:47 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?

China does not completely control the Bitcoin.
Of course, China have much mining power, but no country can completely control the Bitcoin.

As quoted china is not controlling bitcoin fluctuations. As it has got the largest user profiles bitcoin has fluctuations in accordance to china.

Woshib

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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?

China does not completely control the Bitcoin.
Of course, China have much mining power, but no country can completely control the Bitcoin.

Hugroll

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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?

im pretty sure majority of the bitcoins are being mined in china. also the chinese exchanges have alot more bitcoin in the market than american exchanges. so imo yes china does control a big part of bitcoin. Cheesy

qiman

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Quote from: saiha on June 18, 2016, 10:11:14 AM

Quote from: qiman on June 18, 2016, 09:40:25 AM

I believe China has a big stake in what goes on with bitcoin, mainly in the mining and trading sectors but how the tech is used and progressing I believe more the West has progressed innovation wise, but China has a big say in the price, I believe that, not because I am a Chinese, but because of the sheer logistics involved.

Mining really has a big factor in bitcoin and since most of the miners are Chinese. That's why many tells that Chinese are controlling bitcoin.
But in reality, we don't know who is really controlling the bitcoin. Or it is running by itself.

Well it is far more decentralized than fiat currnecy which is controlled by the central banks and big corporations but obviously there must be some pressure form big whales, miners and holders.

saiha

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Strength in Numbers

Quote from: qiman on June 18, 2016, 09:40:25 AM

I believe China has a big stake in what goes on with bitcoin, mainly in the mining and trading sectors but how the tech is used and progressing I believe more the West has progressed innovation wise, but China has a big say in the price, I believe that, not because I am a Chinese, but because of the sheer logistics involved.

Mining really has a big factor in bitcoin and since most of the miners are Chinese. That's why many tells that Chinese are controlling bitcoin.
But in reality, we don't know who is really controlling the bitcoin. Or it is running by itself.

Yakamoto

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How the fuck does China control Bitcoin? Because they have fucking hashing power in a geographical location?

These topics are braindead for the following reason: it does not matter whether or not a majority of the mining power resides in a geographical location, it matters whether or not they are all part of the same pool. Hashing power isn't some sort of resource that belongs to a country, it belongs to pools. Constant speculation about whether Bitcoin is controlled by China is useless and should be considered spam at this point, because a country cannot control Bitcoin through having hashing power within its borders. If all the miners were part of the same pool then I can see people caring, but the miners just want to make their money and, as such, they won't destroy Bitcoin and ruin their investment.

Also how the fuck can China control Bitcoin if they just verify the transactions lmao. As long as they don't have a pool with >51% of the total hashing power it simply does not fucking matter.

bitcoineverything

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InvestnTrade. Latest from the crypto space.

China has somehow affected Bitcoin by its huge amount of bitcoin transactions but as a whole, there are still a lot of factors to be considered. The price surge could be caused also by the upcoming halving or bitcoin is just recovering from a steady state for the past 20 months or it could be a collective effect of those probable reasons.😄

qiman

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I believe China has a big stake in what goes on with bitcoin, mainly in the mining and trading sectors but how the tech is used and progressing I believe more the West has progressed innovation wise, but China has a big say in the price, I believe that, not because I am a Chinese, but because of the sheer logistics involved.

saiha

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Strength in Numbers

Quote from: Jeremycoin on June 18, 2016, 09:27:18 AM

I think no, but if all of the miner in China make a collective agreement then they can control Bitcoin. But if they just do it alone, then we they can do nothing about it.

I don't believe also that China is controlling bitcoin they are somehow a lot of miners who are Chinese but still they can't control bitcoin as it is decentralized and still on the process of reproducing.

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