Is CHINA CONTROLLING Bitcoin? - page 81.

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Quote from: Lutzow on May 09, 2016, 03:08:50 AM

Quote from: Enotche on May 09, 2016, 02:36:39 AM

Top 4 Chinese the Bitcoin-controlled pools 30% bitcoin network. Other estimates range between 40-60% of the network of Chinese miners. If these pools leave mining Bitcoin, the network may stall and blocks can not move.

The Chinese govern the production hardware. If they suddenly stopped producing miner, it would take a long time to grow back to a network of more than 1 Exahash. Without growth of computing power, the network becomes more vulnerable to the consolidated operations of large computing power.
Regardless of the results of the consequences for bitcoin will be dramatic and irreversible. If Americans and Europeans will not be able to seize the initiative and break the Chinese domination, the future for bitcoin can be grim.

I also advise you to see a list of the 21 companies that control bitcoin: http://www.businessinsider.com/bitcoin-pools-miners-ranked-2015-7

Yes, once the Chinese decide to drop bitcoin and support another one then it could be game-over but it won't happen in the near future yet since the Chinese are heavily invested the hardware miners unless they're already selling them little by little to outside their country via ebay or other online merchants.

Not only are they heavily invested in mining gear, the biggest mining farms have been stashing more or less 1,000,000BTC throughout the years. They will most likely never jump into an altcoin.

Lutzow

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Quote from: Enotche on May 09, 2016, 02:36:39 AM

Top 4 Chinese the Bitcoin-controlled pools 30% bitcoin network. Other estimates range between 40-60% of the network of Chinese miners. If these pools leave mining Bitcoin, the network may stall and blocks can not move.

The Chinese govern the production hardware. If they suddenly stopped producing miner, it would take a long time to grow back to a network of more than 1 Exahash. Without growth of computing power, the network becomes more vulnerable to the consolidated operations of large computing power.
Regardless of the results of the consequences for bitcoin will be dramatic and irreversible. If Americans and Europeans will not be able to seize the initiative and break the Chinese domination, the future for bitcoin can be grim.

I also advise you to see a list of the 21 companies that control bitcoin: http://www.businessinsider.com/bitcoin-pools-miners-ranked-2015-7

Yes, once the Chinese decide to drop bitcoin and support another one then it could be game-over but it won't happen in the near future yet since the Chinese are heavily invested the hardware miners unless they're already selling them little by little to outside their country via ebay or other online merchants.

Enotche

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Top 4 Chinese the Bitcoin-controlled pools 30% bitcoin network. Other estimates range between 40-60% of the network of Chinese miners. If these pools leave mining Bitcoin, the network may stall and blocks can not move.

The Chinese govern the production hardware. If they suddenly stopped producing miner, it would take a long time to grow back to a network of more than 1 Exahash. Without growth of computing power, the network becomes more vulnerable to the consolidated operations of large computing power.
Regardless of the results of the consequences for bitcoin will be dramatic and irreversible. If Americans and Europeans will not be able to seize the initiative and break the Chinese domination, the future for bitcoin can be grim.

I also advise you to see a list of the 21 companies that control bitcoin: http://www.businessinsider.com/bitcoin-pools-miners-ranked-2015-7

yenxz

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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'm vote "no" but after i see the result,so many people said "yes" abut china control bitcoin,why people said yes?
i just think china not control bitcoin until now,they just have so many population and so many bitcoin holder,and their exchange have higher price than other,so its called they control bitcoiin?

mkc

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

boyptc

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★Bitvest.io★ Play Plinko or Invest!

Quote from: mookid on May 09, 2016, 01:20:20 AM

I would not say that Chinas has direct control of Bitcoin, but it is worrying that the main portion of the hashing power comes from a country with an oppressive totalitarian regime.

yeah, a portion of bitcoins flow, let's say that most of the miners were chinese. So it is being dominated by chinese people,
but not truly controlled.

sirohige

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of course at this time chinese is big country who interesting with bitcoin technology, and chinese is biggest market for bitcoin.
http://www.valuewalk.com/2016/05/chinese-dominate-bitcoin-trading/

mookid

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I would not say that Chinas has direct control of Bitcoin, but it is worrying that the main portion of the hashing power comes from a country with an oppressive totalitarian regime.

ArticMine

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Monero Core Team

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

raphma

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Is china controlling bitcoin? might be... i would say yes.
Should we worry? i dont think so... what could they do? stop farming? try a big dump and ruin themselves?

MingLee

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You guys are talking about this like China as a nation controls the mining power.

China doesn't control Bitcoin because their geographical location has the most hashing power. Individual pools are what matter, or pools that are in a coalition and are aiming to control Bitcoin one way or another.

I'm not going to lie, this is starting to get annoying. Just because mining power is centered around a country doesn't mean they control Bitcoin. You can't control Bitcoin just by having the most hashing power in an area. Are you even thinking about how the technology works?

criptix

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Quote from: LawrenceOfSomalia on May 08, 2016, 05:46:19 PM

Quote from: Donu on May 08, 2016, 05:18:11 PM

Im not spamming....

Im asking a valid question? Should we worried? If this is the case, can China have a say on the price of BTC?

You are spamming. The question is already being discussed here https://bitcointalksearch.org/topic/bitcoin-is-basically-destroyed-1465136
But you're too lazy to read, because your fucking sig spam doesn't pay you for reading, only for posting.

LawrenceOfSomalia

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Quote from: Donu on May 08, 2016, 05:18:11 PM

Im not spamming....

Im asking a valid question? Should we worried? If this is the case, can China have a say on the price of BTC?

You are spamming. The question is already being discussed here https://bitcointalksearch.org/topic/bitcoin-is-basically-destroyed-1465136
But you're too lazy to read, because your fucking sig spam doesn't pay you for reading, only for posting.

criptix

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The poll has spoken we are all mindless communist china zombies!

Laniakea

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Quote from: ?? on ??

Quote from: Laniakea on May 08, 2016, 05:26:47 PM

whew, everyone is voting yes, obviously we've all accepted it as a fact that Bitcoin is Chinese-controlled
Shocked

Well isn't that how it works: Who ever holds the most amounts of bitcoins control the market and thus it's value?
Of course they influence the price. As a nation they hold the most bitcoin in the world.

Does the Chinese government hold Bitcoin too?

Kotone

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they just have a large percentage of mining Bitcoin, that doesnt mean theyre centralizing bitcoin.
But if they work together, they can attack bitcoin.

Donu

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"It should have an algorithm that allows mining easily all over the world by anyone, not mega mining farms."

True, I don't even bother to mine BTC, not worth the hassle :/ Only if it was easiler.

Im pretty new to BTC so I don't really have a clue whats going on but would be gutted to see the BTC I do have become worth next to nothing.

Laniakea

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whew, everyone is voting yes, obviously we've all accepted it as a fact that Bitcoin is Chinese-controlled
Shocked

interbtc

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Quote from: somacoin on May 08, 2016, 05:19:57 PM

Yes, China can have a real say on the price of BTC and more.

Should we be worried? I don't know if that worries you or not.

I personally think Bitcoin should not be controlled by any entitity but it's Bitcoin's fault to some degree.

It should have an algorithm that allows mining easily all over the world by anyone, not mega mining farms.

I agree on the notion that mining should have not been so centralised, the way it is now with asic devices. The years before were much more
fair to the average person, but theres no turning back now. Even if we wanted to, the large scale players on the mining race would not allow it.
But i still dont think it means that China has bitcoin in its grip, it more as if they have kind of unfair advantage over the rest of the world, for now, that is.

somacoin

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Quote from: Donu on May 08, 2016, 05:18:11 PM

Im not spamming....

Im asking a valid question? Should we worried? If this is the case, can China have a say on the price of BTC?

Yes, China can have a real say on the price of BTC and more.

Should we be worried? I don't know if that worries you or not.

I personally think Bitcoin should not be controlled by any entitity but it's Bitcoin's fault to some degree.

It should have an algorithm that allows mining easily all over the world by anyone, not mega mining farms.

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