Topic: Who controls the Bitcoins? - page 5. (Read 46418 times)
No one really controls bitcoins and if still we have to select someone then they are our precious miners which make bitcoins running and transactions getting confirmed very quickly.
Shortly answered, and I believe many of people have said this but the biggest + and the thing that everyone loves about bitcoin is it's decentralization.
Actually there is no established organizations to control bitcoin. All over the world miners are confirming the transactions and that's it. There's no one's hand to control bitcoin but yes people could control the rate because if any individual buy lot of bitcoin in range of crore then obviously price will go up. And if there is no demabd and people start selling bitcoin then price would come down.
Your comment basically sums up 1000 other comments in this thread including 100 of your comments in the thread.Hope you understand the hypothetical references.You're wrong [China Controls Bitcoins]
That doesn't mean the Chinese are controlling Bitcoin, it just means that they're having an influence over the price.
Chinese investors have a special interest in Bitcoin because they're looking for places to invest their money in, other than commodities and Chinese stocks (which have been losing value for some time), and they don't trust the Yuan either. The recent price surge in Bitcoin was a direct result of Chinese investors buying up Bitcoins in large amounts.
If we talked to "fully control bitcoin" then the answer is no one because even the government can't control the bitcoin fully. But in terms of manipulation then the country like china is one of the whales that can partially control the bitcoin because most of the supplies are there and majority of the investors and miners are there so it is very easy for china to manipulate or partially control the bitcoin.
No one controls bitcoin! It is the user I think can be considered as the ones who controls bitcoin if we will based it on the law of supply and demand which is if the demand is low, the supply is high and if the supply is low, the demand will be high!
You obviously haven't been paying attention to the blocks ize debate.
Every wallet user have control over their wallet which makes bitcoins so powerful.
Bitcoin can actually exist for many years, but if they are on the black market for bitcoin sell illegal things that can very seriously hurt bitcoin. 
Many people say that the Chinese control the bitcoin, looks like I agree because after much reading the reference then it is evident that the market bitcoin china is the biggest, so I am sure the Chinese control the bitcoin.
They control most part of the mining, and probably even most part of the price because they are over 1 billion citizens in the country and so there is the highest percentage of BTC users in the world. They do not "control" it totally, just partially.
Many people say that the Chinese control the bitcoin, looks like I agree because after much reading the reference then it is evident that the market bitcoin china is the biggest, so I am sure the Chinese control the bitcoin.
They control most part of the mining, and probably even most part of the price because they are over 1 billion citizens in the country and so there is the highest percentage of BTC users in the world. They do not "control" it totally, just partially.
Every wallet user have control over their wallet which makes bitcoins so powerful.
No one controls bitcoin! It is the user I think can be considered as the ones who controls bitcoin if we will based it on the law of supply and demand which is if the demand is low, the supply is high and if the supply is low, the demand will be high!
You obviously haven't been paying attention to the blocks ize debate.
2MB represent that shit !!! :-D $2000 = 2MB LIMIT#WEEEE
No one controls bitcoin! It is the user I think can be considered as the ones who controls bitcoin if we will based it on the law of supply and demand which is if the demand is low, the supply is high and if the supply is low, the demand will be high!
You obviously haven't been paying attention to the blocks ize debate.
2MB represent that shit !!! :-D $2000 = 2MB LIMIT#WEEEE
No one controls bitcoin! It is the user I think can be considered as the ones who controls bitcoin if we will based it on the law of supply and demand which is if the demand is low, the supply is high and if the supply is low, the demand will be high!
You obviously haven't been paying attention to the blocks ize debate.
Bitcoin was created by satoshi as a decentralized currency. But, since china has huge mining power, most of the bitcoins are mined by chinese miners.Obviously, chinese hold majority of bitcoins so that they could decide the price of bitcoin. For every small changes occuring in china related tl bitcoin, it has a world wide impact.Its not good for bitcoin progress. Unfortunately, we have to accept that china controls the Bitcoin.
How does china control Bitcoin? If you look at the mining charts, though several mining farm is located at china, it does not mean that chinese government own them. This are different company with different people. So there is no way that China is controlling bitcoin
Bitcoin was created by satoshi as a decentralized currency. But, since china has huge mining power, most of the bitcoins are mined by chinese miners.Obviously, chinese hold majority of bitcoins so that they could decide the price of bitcoin. For every small changes occuring in china related tl bitcoin, it has a world wide impact.Its not good for bitcoin progress. Unfortunately, we have to accept that china controls the Bitcoin.
How does china control Bitcoin? If you look at the mining charts, though several mining farm is located at china, it does not mean that chinese government own them. This are different company with different people. So there is no way that China is controlling bitcoin
Bitcoin is a decentralized online currency. This means that nobody "controls" it. It is controlled by the network, and the people who you it. It is
self-sufficient, and there is not one specific person or group that controls it all. It is simply run on an algorithm. If you want to learn about how it became
mainstream, do a google search, and you will see how the dark web allowed bitcoin to grow into what it is today.
self-sufficient, and there is not one specific person or group that controls it all. It is simply run on an algorithm. If you want to learn about how it became
mainstream, do a google search, and you will see how the dark web allowed bitcoin to grow into what it is today.
The truth is that it is the Bitcoin users who wield ultimate power, and the miners' hashing power has absolutely no say in determining how the protocol evolves
Are you sure of that?
Everyone and his dog here are claiming that, for example, SegWit doesn't get accepted because miners are not inclined to purportedly lose some of their profits (because SegWit would allow more transactions per block, thus less competition between fees). If miners have absolutely no say in such matters, why then SegWit is still not included even despite the fact that most users are in favor of enabling it? Or does it not cut as protocol evolution? Then what does?
If there were anyone controlling Bitcoin, surely the currency would not have the value it has today, and I also think that there would not be so many users willing to store value in the form of Bitcoin. However, if you ask me who are the most influential people on it, I would say they are the miners, I also think there are large holders who could make significant price changes if they decided to dump their coins, but the effect would be something temporary.
Bitcoin is a decentralized online currency. This means that nobody "controls" it. It is controlled by the network, and the people who you it. It is
self-sufficient, and there is not one specific person or group that controls it all. It is simply run on an algorithm. If you want to learn about how it became
mainstream, do a google search, and you will see how the dark web allowed bitcoin to grow into what it is today.
self-sufficient, and there is not one specific person or group that controls it all. It is simply run on an algorithm. If you want to learn about how it became
mainstream, do a google search, and you will see how the dark web allowed bitcoin to grow into what it is today.
The truth is that it is the Bitcoin users who wield ultimate power, and the miners' hashing power has absolutely no say in determining how the protocol evolves.
There are two kinds of "voting power" in Bitcoin: mining power and chain power, and the latter is what really matters because it, solely, on its own, determines how the Bitcoin protocol evolves.
Bitcoin is a decentralized online currency. This means that nobody "controls" it. It is controlled by the network, and the people who you it. It is
self-sufficient, and there is not one specific person or group that controls it all. It is simply run on an algorithm. If you want to learn about how it became
mainstream, do a google search, and you will see how the dark web allowed bitcoin to grow into what it is today.
self-sufficient, and there is not one specific person or group that controls it all. It is simply run on an algorithm. If you want to learn about how it became
mainstream, do a google search, and you will see how the dark web allowed bitcoin to grow into what it is today.
Bitcoin was created by satoshi as a decentralized currency. But, since china has huge mining power, most of the bitcoins are mined by chinese miners.Obviously, chinese hold majority of bitcoins so that they could decide the price of bitcoin. For every small changes occuring in china related tl bitcoin, it has a world wide impact.Its not good for bitcoin progress. Unfortunately, we have to accept that china controls the Bitcoin.
How does china control Bitcoin? If you look at the mining charts, though several mining farm is located at china, it does not mean that chinese government own them. This are different company with different people. So there is no way that China is controlling bitcoin
To the OP,
who controls torrents?
Principle is the same really. You cant shutdown bitcoin or torrents, because by design, they are decentralized. They will be used as long as there are uses for it.
For that reason, technological advance is paradoxically more of a long term threat then say momental government ban on its usage. Only way to uproot bitcoin is to introduce product that is far more advanced and intuitive. But also decentralized, because of its inherent advantages and robustness of overall system.
who controls torrents?
Principle is the same really. You cant shutdown bitcoin or torrents, because by design, they are decentralized. They will be used as long as there are uses for it.For that reason, technological advance is paradoxically more of a long term threat then say momental government ban on its usage. Only way to uproot bitcoin is to introduce product that is far more advanced and intuitive. But also decentralized, because of its inherent advantages and robustness of overall system.
Jump to: