Who controls the Bitcoins? - page 26.

clickerz

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Quote from: Rahar02 on December 11, 2016, 02:51:32 AM

I think China miners and traders have big impact to bitcoin as they are have higher trading volume.
They could manipulate bitcoin price but can't control it because the power are on every user of bitcoin.

Yes they can have a big impact, but can not control it.They can dump prices since mining in there country is inexpensive and sometimes free. But due to their government crackdown,some are being apprehended now also I think bitcoin is still illegal in China.

shinratensei_

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Quote from: dothebeats on December 11, 2016, 03:35:16 AM

No one controls bitcoins but their own owners lel. Changes on the functionalities and other parts of the codes are bing made by the devs. As for central authority, the is no one who controls bitcoins per se. Price manipulations, on the other hand is a different thing.

What's the definition of controlling bitcoin? The primary thing was need get revealing.
Hash power, Nodes? Even the codes if it is possible. But just need 51% attack for rejecting or validating the transaction. It was being enough for controlling bitcoin. Roll Eyes

xavier77

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Those who control Bitcoins are referred to as "Sharks". They have a huge sum to invest upon. What they do is sell a huge volume of Bitcoins and reduce the price. This causes a huge panic among the normal people. They sell their Bitcoin and then, the rich whales/sharks buy the volumes and profit by a large threshold.

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Quote from: agamasrori on December 10, 2016, 10:19:59 PM

Quote from: Doamader on December 10, 2016, 04:29:10 PM

China does have a big influence at the news coins being mined, since the most miners are located at there, but early adopters does have a lot of bitcoins, like Nakamoto, those are the ones that can control in part bitcoin, since its decentralized.

If some people said no one control bitcoin it is true, but people who have big capital can make factors to influence the bitcoin price. Bitcoin spreding is needed for make bitcoin price more stable.

None controls the bitcoin price, every user who have been into bitcoin use in different forms were responsible for the price movements. As mentioned in the above quote spreading is required to have big adoption which makes a stable price. Stable price will affect the traders who have been earning based upon the minor variations happening.

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Quote from: Xester on December 11, 2016, 02:54:43 AM

Quote from: millgates on December 11, 2016, 01:52:27 AM

No one can control bitcoin becouse I read in some article that said even satoshi is can not control bitcoin.

SOmebody posted an article here in bitcointalk.org about a certain maxwell and that somebody will soon own bitcoin. SOme commented that after he is successful making a patent on bitcoin then he will own bitcoin. I am not really sure if that is a real fact or just fiction. But if that was true can maxwell control bitcoin, or what will be the future of bitcoin in his hands.

He wouldn't be the first dude trying to get a free lunch. But I don't think he will get one cheap. I haven't read the article myself (a link would be appreciated), but I'm heavily inclined to think that he will get nothing. He can't possibly get a patent on bitcoin since he would have to prove that he had invented Bitcoin before Satoshi. As a matter of fact, he can't do that since otherwise we would all have been using Maxwelloin right now instead of Bitcoin if what he claims were true. That basically means that Bitcoin is prior art, and his claims should be rejected right off the bat...

Personally, I think that this is no more than a publicity stunt to get into the public eye

Cactushrt

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Thats the one thing why i like bitcoin no one controls on it. But if you have some bitcoins in your wallet you can control on it. Depends on you how you spend it

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Quote from: PhilipPens on February 09, 2016, 05:15:29 AM

Who in the world controls the bitcoin? I don't understand where it appeared and how it began to be one of the official currencies?
Who controls the course of Bitcoin?

they are Right. no one has a control bitcoin as it is a decentralized currency . actually no one knows where bitcoin first appeared or introduced and no one knows which country is the creator(s) residing at and I think bitcoin is not yet became one of the official currency .

dothebeats

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No one controls bitcoins but their own owners lel. Changes on the functionalities and other parts of the codes are bing made by the devs. As for central authority, the is no one who controls bitcoins per se. Price manipulations, on the other hand is a different thing.

Rizky Aditya

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Bitcoin is a decentralized. It is like you created a currency that everyone used, and then you died and gave no one access to the controls. Bitcoin has no controller so it is unlike fiat.

Xester

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Quote from: millgates on December 11, 2016, 01:52:27 AM

No one can control bitcoin becouse I read in some article that said even satoshi is can not control bitcoin.

SOmebody posted an article here in bitcointalk.org about a certain maxwell and that somebody will soon own bitcoin. SOme commented that after he is successful making a patent on bitcoin then he will own bitcoin. I am not really sure if that is a real fact or just fiction. But if that was true can maxwell control bitcoin, or what will be the future of bitcoin in his hands.

Rahar02

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Quote from: 20kevin20 on December 06, 2016, 03:00:07 PM

If you want a country, it's the one with the highest amounts in Bitcoin (probably China). If you want a person or a group, there's none. The mining is controlled by China mostly, and the huge population helps it stay on the first position all the time.

I think China miners and traders have big impact to bitcoin as they are have higher trading volume.
They could manipulate bitcoin price but can't control it because the power are on every user of bitcoin.

millgates

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No one can control bitcoin becouse I read in some article that said even satoshi is can not control bitcoin.

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Well, One of the main advantages of the bitcoin in the early days was that it is decentralized and not owned or run by any company. But in other terms mining and popularity of the bitcoin balances the current rate of BTC. If someone is controlling bitcoin then it will be a very much negative aspect for the future of the currency. Sad

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until now, I still think, that no one can control the bitcoin. even when the person has a lot of bitcoin. although he could manipulate the price, I am sure, that other bitcoin holders will not be silent to see it happen. maybe it will cause a drop in the price of bitcoin. Well, bitcoin is very unstable, so, I think no one can control the bitcoin.

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Quote from: TKeenan on December 10, 2016, 01:06:03 PM

Quote from: The-Accountant on December 08, 2016, 07:42:13 AM

I control my Bitcoins and you control your Bitcoins.

And Blockstream controls all of our bitcoins

Lol they kinda sorta control the behind the scenes crap that I don't understand. If you can do better no one is stopping you

. That's the whole idea of open source.

Quote from: Doamader on December 10, 2016, 04:29:10 PM

China does have a big influence at the news coins being mined, since the most miners are located at there, but early adopters does have a lot of bitcoins, like Nakamoto, those are the ones that can control in part bitcoin, since its decentralized.

China has a huge influence on mining because of their cheap electricity. Idk wtf you're talking about in the rest of your post though hahaha!

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Quote from: Doamader on December 10, 2016, 04:29:10 PM

China does have a big influence at the news coins being mined, since the most miners are located at there, but early adopters does have a lot of bitcoins, like Nakamoto, those are the ones that can control in part bitcoin, since its decentralized.

If some people said no one control bitcoin it is true, but people who have big capital can make factors to influence the bitcoin price. Bitcoin spreding is needed for make bitcoin price more stable.

Doamader

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China does have a big influence at the news coins being mined, since the most miners are located at there, but early adopters does have a lot of bitcoins, like Nakamoto, those are the ones that can control in part bitcoin, since its decentralized.

TKeenan

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Quote from: The-Accountant on December 08, 2016, 07:42:13 AM

I control my Bitcoins and you control your Bitcoins.

And Blockstream controls all of our bitcoins

PokerFace3

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Quote from: Supercrypt on December 08, 2016, 04:04:16 AM

Quote from: 20kevin20 on December 06, 2016, 03:00:07 PM

If you want a country, it's the one with the highest amounts in Bitcoin (probably China). If you want a person or a group, there's none. The mining is controlled by China mostly, and the huge population helps it stay on the first position all the time.

But as long as one country's miners are not having any common organization to mine together for trying to obtain 51% of total mining capability how we can say they are controlling bitcoin ecosystem. I mean to say even China is having more number of bitcoin miners, they will not be able to control bitcoins.

people do assume when China is having more number of bitcoin mining hash power, they are able to support or oppose any common consensus made by bitcoin community. This may be true because they are having more votes to be cast in favour of benefits of themselves. This could be the one reason people are saying China is controlling bitcoin system.

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I control my Bitcoins and you control your Bitcoins.

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