Is CHINA CONTROLLING Bitcoin? - page 80.

wasserman99

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Quote from: ArticMine on May 08, 2016, 06:46:29 PM

If the majority of the Bitcoin hashing power is physically located in China, then the Government of China has sovereign control over Bitcoin.

Quote from: ABCbits on May 09, 2016, 08:08:12 AM

China isn't controlling bitcoin until those pools or miners make an alliance to do so.
For now, china only can control/manipulate bitcoin price by make quick dump/pump or share FUD Roll Eyes

Yes, that is why I am against the PoW mainly. It is unsustainable.

ABCbits

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Crypto Swap Exchange

China isn't controlling bitcoin until those pools or miners make an alliance to do so.
For now, china only can control/manipulate bitcoin price by make quick dump/pump or share FUD Roll Eyes

marcus_of_augustus

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Eadem mutata resurgo

Quote from: Ultrafinery on May 09, 2016, 07:58:31 AM

Quote from: mkc on May 09, 2016, 02:06:42 AM

Chinese miners are divided into 3 or 4 camps, they are not united, nothing to worry about.

it's ok, they are only crypto-communists Wink

Ultrafinery

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Quote from: mkc on May 09, 2016, 02:06:42 AM

Chinese miners are divided into 3 or 4 camps, they are not united, nothing to worry about.

knowhow

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Well China has become a dream to any companie or minner they have all you need,the governement support,as they allow you to invest,cheap enegy,low salary compared to our country and i believe there you can survive with 200 dollars month ,soo this make China be the top choise of any investment around bitcoin mining,control they arent but holding a big part of bitcoin they are already but the early adopters has several coins as well,soo in the end if those old adopters dont sell all chinese wont ever be able to control the market.

ourepts

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Quote from: ASHLIUSZ on May 09, 2016, 07:32:27 AM

Quote from: MaritiJames3 on May 09, 2016, 06:28:52 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?

I think not I do not think that a whole country is controlling the Bitcoin. It can be true that some people in China are controlling the Bitcoin but that is something else.

I am not sure, as more mining farms are there in China a part of control can be there because full control can't be owned by same country.

The Chinese are such big users of Bitcoin because it's money laundering by corrupt party officials. The reason it's allowed to exist in China is because very powerful people there find it useful. That spigot can get turned off just as easily, if the wrong person gets crossed.

ASHLIUSZ

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Quote from: MaritiJames3 on May 09, 2016, 06:28:52 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?

I think not I do not think that a whole country is controlling the Bitcoin. It can be true that some people in China are controlling the Bitcoin but that is something else.

I am not sure, as more mining farms are there in China a part of control can be there because full control can't be owned by same country.

martinacar

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I honestly think that it is the truth because a lot of investors are there plus they are also mining a lot of bitcoins these days, they have whole buildings for it...

AlexBits

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Why would you think chine is controlling the bitcoin just because of a small thing some people say.
I don't think china is controlling the bitcoin but it can be..

MaritiJames3

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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?

I think not I do not think that a whole country is controlling the Bitcoin. It can be true that some people in China are controlling the Bitcoin but that is something else.

marcus_of_augustus

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Eadem mutata resurgo

No one is controlling bitcoin.

The West is just not competing hard enough because of all the bullshit government rules oppressing bitcoin, AML/KYC, Bitlicense, ECB directives, UK & NY banks, Western multinational banks are all conspiring to keep bitcoin down to protect their weak, broken industries that cannot compete on an even field. However, what they are doing is handing the future lead of value information technology to the East. Incredibly, a communist totalitarian China is more competitive in the realm of financial innovation than the supposedly free-market liberal democracies of the West ... how ironic (but crazy) world that we live in today.

If the West wants to lead in bitcoin, and it is the future of currencies, then it needs to leave the old guard behind. Bitcoin is a gift of technology and if the West is too stupid to receive it with open arms, then it probably does not deserve that gift.

Herbert2020

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they might have some kind of control in mining because of the mining farms there that have the accumulated hashing power in total but i don't see anything worrying here, they mine bitcoin because they can and it is profitable for them.

rektDude

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China is controlling allot in these world. It would not be a surprise if someone in chine controls the bitcoin.
Allot of smart Chinese people over there and, the producer has a kind of Chinese name.

Za1n

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China is a big player obviously, but it will be interesting to see how it shakes out after the halving. With each halving event, next one in 4 more years, the mining will become less and less relevant except for the mining fees.

So unless the fees get to a point where they are consistently offering 12.5 BTC/block to offset the reduction after halving, we will no doubt see some reduction in mining. The question remains where that reduction will come from. While China does have some big farms, I believe the North West US has cheap electricity and some big mining operations as well.

Genius Einstein

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If China is controlling bitcoin then China is doing really well. In my opinion China controlling bitcoin is a highly unlikely outcome. I think that bitcoin is owned by Japan but it is only a feeling that i have.

Wapinter

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Quote from: somacoin on May 08, 2016, 05:11:58 PM

Quote from: Donu on May 08, 2016, 05:07:59 PM

Does it really matter?

To me it matters, that's why I'm asking you guys.
Is China really controlling Bitcoin?
Is Bitcoin really controllable?
If so, is it China?

Bitcoin by nature can not me controlled by any single miner or cartel of miners.They may contol the prices of bitcoin which is entirely different thing.Anyone who has lots of coins can manipulate prices

Rizky Aditya

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Quote from: Donu on May 08, 2016, 05:07:59 PM

Does it really matter?

Not really. It doesn't really matter who controls Bitcoin. And what do you mean by control? Bitcoin is decentrallized which means no one controls it.

Genius Einstein

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If China was controlling bitcoin then i am not sure if bitcoin should be still there. I do not think that this is the case. It is a far-fetched idea but if it is true then China is doing a very good job

freshman777

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Quote from: ArticMine on May 08, 2016, 06:46:29 PM

If the majority of the Bitcoin hashing power is physically located in China, then the Government of China has sovereign control over Bitcoin.

^This^

saiha

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Strength in Numbers

Quote from: mkc on May 09, 2016, 02:06:42 AM

Chinese miners are divided into 3 or 4 camps, they are not united, nothing to worry about.

Good thing that I have read this, so no unity means the down fall of them. So no need to worry about
if China is the most miners in bitcoin.

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