Who controls the Bitcoins? - page 33.

kiklo

legendary

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It is absolutely amazing ,

how many people are clueless to who controls BTC.

It was supposed to be decentralized by no one person, or one company , or one Government ever having over 51% mining.

China has had over 51% mining control over BTC for more than a year now.
BTC control has Centralized to China.

Reason being the 51% security attack warned about by Satoshi himself.
Reference: In his Bitcoin paper, Satoshi identified several issues, with the 51% attack being the greatest.
http://www.btcpedia.com/bitcoin-51-attack/

Quote

So what is the 51% attack? To understand that you have to understand how Bitcoin works. Essentially Bitcoin is a collection of nodes performing “virtual work”, the more work you do the higher your rating on the network. So what happens when malicious users get together and manage to do more “virtual work” than the “good people” ? Well that is the 51% attack, and it basically means you can wake up tomorrow with zero Bitcoins in your wallet. It means any business that accepts Bitcoins can get robbed and have all their goods taken with fake Bitcoins. It also means if they wanted, governments, large corporations or hackers can “shut down the network” by refusing to accept any new transactions. Complete network shutdown. Can’t do anything with your Bitcoins, neither can anyone else.

needyou

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Activity: 98

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No one controls Bitcoin. Bitcoin is the first decentralised currency. Not one individual or party controls all of Bitcoin. Me, you and everyone who actively participates in Bitcoin, indirectly controls the currency. We together discern the course of Bitcoin over time. Smiley

krishna1

sr. member

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bitcoin is contolled by no one every bitcoiner is a part and the reason for running the bitcoin network like as we know every bitcoin miner and nodes plays an essential role in bitcoin network and these ate also a major reason why everything is working perfect

hawkins

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I believe that bitcoin is very difficult to control, even for the largest bitcoin holders. bitcoin is always unstable, and it has to have excess interest. Well, I believe that no control bitcoin today, because that's a lot of people using bitcoin.

error08

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Activity: 1036

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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?

Since bitcoin system is designed to decentralized, no one really controls bitcoin except the one who created it (Mr. Satoshi Nakamoto) users could only affect bitcoin price if they have at least 50% of total amount of bitcoin to control it.

Tanic

sr. member

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The truth is that nobody controls bitcoin besides the users who make the price higher or lower from the demand on bitcoins.
If somebody will be able to prove the opposite I will be ready to read your opinions below.

Diced90

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Get'em boys

The way I see it inspite of bitcoin been decentralized we the users control it

rajasumi2

full member

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there is particular no one who controls bitcoins ..it is controlled by a network .. actually it is decentralized by only one network ..kudoos

puremage111

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decentralized = no one can control?

Not sure tho as there's still founder for it

BlackPanda

legendary

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no control bitcoin. bitcoin is currently possess everyone. requires a very rich man once in order to control bitcoin, and maybe they should have a number of bitcoin approximately 51% of the total supply current.

Fatanut

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Quote from: MinerHQ on November 08, 2016, 02:48:51 AM

Quote from: Digitalbitcoin on November 08, 2016, 01:18:23 AM

At initial stage when bitcoin was just born, at that time certain group of people was controlling Bitcoin. But as time laps and, value and importance of bitcoin increase it becomes more stable and decentralized. Basically Bitcoin is P2P (Peer to Peer) Currency, so as many users enter in to network and everyone in network having Bitcoins in their wallet controls Bitcoin.

I completely agree that now many people are holding bitcoins and many users not traders, they just might have brought these bitcoins for investment purpose, so the market has more stable now. Because all of these new investors are not doing daily trading. But I still think some big players in market are the one will control the big price fluctuations and not the normal investors.

They are not trading daily because they want to maximize their profits. If the difference of the price today than yesterday is just 1$, is it a good time to buy or sell bitcoins? No. Most of us are just waiting for new whales to come in so the price of bitcoin will pump up. Some are waiting for a whale to sell their bitcoins so they can get bitcoins in a much lower price. You can't do trading daily because most of the time, there's not that much difference.

bncbnc

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Activity: 840

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Quote from: seven2smoke on October 22, 2016, 01:02:17 PM

No one supposed to control it but it seems the large Asian bitcoin community is having an effect on the price due to their numbers.
I mean China

yes i also agree with you. but i think no one know that which countries representative are more in number, may be chine or may be Japan, i think Russia member are also so much in number. my be my own country, but if it a fact that the representative of all countries are there in the world of bitcoin.

Techie5879

member

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Back from the Dead!

Well, you can control the specific BTC in your wallet only. Also, the person who transacts the bitcoins to your wallet controls whatever amount he/she wants to transfer. Others can control whatever is there in theirs'. The number of miners controls how many blocks/shares are uncovered. Buyers control the value of 1 BTC, as, when they buy too many, the price of the rest goes pretty high. ~~So...that's it~~
Ohh yeah, the BlockChain Technology controls the transactions and the fees and blocks and shares!

Now, that's that!

MinerHQ

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Activity: 1456

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Quote from: Digitalbitcoin on November 08, 2016, 01:18:23 AM

At initial stage when bitcoin was just born, at that time certain group of people was controlling Bitcoin. But as time laps and, value and importance of bitcoin increase it becomes more stable and decentralized. Basically Bitcoin is P2P (Peer to Peer) Currency, so as many users enter in to network and everyone in network having Bitcoins in their wallet controls Bitcoin.

I completely agree that now many people are holding bitcoins and many users not traders, they just might have brought these bitcoins for investment purpose, so the market has more stable now. Because all of these new investors are not doing daily trading. But I still think some big players in market are the one will control the big price fluctuations and not the normal investors.

Digitalbitcoin

hero member

Activity: 1568

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At initial stage when bitcoin was just born, at that time certain group of people was controlling Bitcoin. But as time laps and, value and importance of bitcoin increase it becomes more stable and decentralized. Basically Bitcoin is P2P (Peer to Peer) Currency, so as many users enter in to network and everyone in network having Bitcoins in their wallet controls Bitcoin.

Selly Arumsari

sr. member

Activity: 602

Merit: 250

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?

i am not so familiar with this question, but I knew each person control their coin ..

PancherBitCoin

sr. member

Activity: 812

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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?

I do not know anything and did not know before, but after about Chinese companies are engaged in bitcoin, came to my eyes, I realized that control to a greater extent belongs to China. Maybe I'm wrong, but this is my opinion.

kiklo

legendary

Activity: 1092

Merit: 1000

China's Government Controls BTC through their control of the Chinese Mining Pools which are over 51% .
BTC became Centralized over a Year ago.

Quote from: ?? on ??

In his Bitcoin paper, Satoshi identified several issues, with the 51% attack being the greatest.

http://www.btcpedia.com/bitcoin-51-attack/

Quote

What Is Bitcoin 51% Attack, Should I Be Worried ?
Posted by Vinay Prashar • April 21, 2013 • Misc • 1 Comment

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Every cryptocurrency, which is related to mining is subject to a 51% attack. In Bitcoin, miners control the network, If a pool operator had 51% of the network, he could always have the “longest blockchain” and decide where all new bitcoins belong. In effect, bitcoin will continue, but no one can transfer their bitcoins to other users. In order to maintain a perfectly working bitcoin currency, no one single entity should ever have control of 51%, or greater, of the total network hashing power

   If a miner gains 51% or more power, he is capable to:

   Reverse transactions that he sends while he’s in control. This has the potential to double-spend transactions that previously had already been seen in the block chain.
   Prevent some or all transactions from gaining any confirmations.
   Prevent some or all other miners from mining any valid blocks.

Quote

So what is the 51% attack? To understand that you have to understand how Bitcoin works. Essentially Bitcoin is a collection of nodes performing “virtual work”, the more work you do the higher your rating on the network. So what happens when malicious users get together and manage to do more “virtual work” than the “good people” ? Well that is the 51% attack, and it basically means you can wake up tomorrow with zero Bitcoins in your wallet. It means any business that accepts Bitcoins can get robbed and have all their goods taken with fake Bitcoins. It also means if they wanted, governments, large corporations or hackers can “shut down the network” by refusing to accept any new transactions. Complete network shutdown. Can’t do anything with your Bitcoins, neither can anyone else.

TKeenan

hero member

Activity: 874

Merit: 1000

Quote from: naidray on October 23, 2016, 02:44:33 PM

Quote from: Labumi on October 04, 2016, 09:56:11 AM

Quote from: cluit on October 04, 2016, 06:50:53 AM

Quote from: Digital_Lord on October 04, 2016, 05:43:51 AM

Quote from: CraigWrightBTC on September 14, 2016, 12:39:55 PM

There are not people who control the bitcoin (At least for now) because there are not be found weakness of bitcoin, that is why bitcoin become popular and bitcoin's price is expensive, it is something new in the world.

correct. bitcoin is not something that could be controlled by one person. and the other side everyone can control their bitcoins. because everyone is boss in bitcoin this is the best fact in bitcoin.
you have bitcoin mean you are your own bank. and you have full control on your money.

Bitcoin gives us the power of having our own bank which means we could control our bitcoin unlike any other currency system.

Technically the bitcoin network is safeguarded by miners and still they are not controlling it. In a decentralized system the fact of no power is always should be maintained. That is what happening with bitcoin system too.

It is true. that the US is someone who controls the bitcoin, because we provided a wallet that is where we can control all the things that exist in the bitcoin. and technically indeed bitcoin awake by miners and miners couldn't control the bitcoin network. Run bitcoin network so that it automatically and can not controlled anyone

I do not agree that bitcoin is controlled by the USA because bitcoin is totally decentralized, which means that it is not controlled by any government so how would you say that bitcoin is controlled by the USA. Bitcoin is competely controlled by the community that uses it. Maybe USA has more number of bitcoin users but that is not meant for controlling over it.

Donald Trump controls all the Bitcoins!

naidray

legendary

Activity: 1232

Merit: 1029

Quote from: Labumi on October 04, 2016, 09:56:11 AM

Quote from: cluit on October 04, 2016, 06:50:53 AM

Quote from: Digital_Lord on October 04, 2016, 05:43:51 AM

Quote from: CraigWrightBTC on September 14, 2016, 12:39:55 PM

There are not people who control the bitcoin (At least for now) because there are not be found weakness of bitcoin, that is why bitcoin become popular and bitcoin's price is expensive, it is something new in the world.

correct. bitcoin is not something that could be controlled by one person. and the other side everyone can control their bitcoins. because everyone is boss in bitcoin this is the best fact in bitcoin.
you have bitcoin mean you are your own bank. and you have full control on your money.

Bitcoin gives us the power of having our own bank which means we could control our bitcoin unlike any other currency system.

Technically the bitcoin network is safeguarded by miners and still they are not controlling it. In a decentralized system the fact of no power is always should be maintained. That is what happening with bitcoin system too.

It is true. that the US is someone who controls the bitcoin, because we provided a wallet that is where we can control all the things that exist in the bitcoin. and technically indeed bitcoin awake by miners and miners couldn't control the bitcoin network. Run bitcoin network so that it automatically and can not controlled anyone

I do not agree that bitcoin is controlled by the USA because bitcoin is totally decentralized, which means that it is not controlled by any government so how would you say that bitcoin is controlled by the USA. Bitcoin is competely controlled by the community that uses it. Maybe USA has more number of bitcoin users but that is not meant for controlling over it.

Topic: Who controls the Bitcoins? - page 33. (Read 46426 times)