Bitcoin Forum

i am really getting tired of seeing all this talk about China and bitcoin. everyone should start talking about the other 195 countries instead of focusing on what people are doing in China when it comes to bitcoin.

Well ask yourself the simple question, why people talk about china in a bitcoin forum? must be because they own the mining game? must be because the are at the top of bitcoin volume?

Like it or not, as long as those are facts, people will talk about china all day. The rest of countries don't have anything to do unless they want to challenge china's monopoly.

 We can talk in terms of trading volume instead but we'd still have a big red elephant in the room that everyone wants to ignore.

Other 195 countries obviously don't cut it when it comes to Bitcoin

If some other country, say, Zimbabwe (though it still gets mentioned pretty often) grabs as much mining power and trading volume, people will start talking about it (and forget about China). Presently, some official in Chinese government sneezes in Beijing at a coffee break and Bitcoin crashes 100 dollars, someone else there makes a wry face and Bitcoin crashes another 100 dollars. In this way, we are bound to talk about China given its influence and impact on Bitcoin in general and its price in particular

It's very normal people here focus in China as they are the most influent country about Bitcoins, strange would be if people here don't talk about them, neglecting the worrisome situation it can result on medium-long term.

But I agree it's time to make another countries people join Bitcoin instead of only talk about China power. I think wouldn't be nice to have China on top while all another countries are useless on Bitcoin world.

Imagine that you tell people to not talk about the united states in a forum about oil... it doesn't make sense.

Some countries will always have a bigger role in currencies, this seems to be the case in a currency that is not from any country officially, but monopolies always happen unfortunately.

China right now has more influence than the other 195 countries combined.
Everyone talks about China because they're the ones that influence it the most, some may say the only ones.

Can someone from China please chime in, and tell us what the heck is going on over there?

no, it is not because of that. they talk about China only becasue they are idiots and they do not have a good memory, at least not a long term memory anyways.

not so long ago US had the majority of hashrate. only one of the many pools, located in US had more than 51% hashrate , nobody said US is controling bitcoin.


that may be it but i personally can not believe the massive numbers they report is real.


it think it was 8btc.om that had valid news from china.
and this is a regular inspection, nothing out of the ordinary.

Well, it may be because China is the country that has most of the people using bitcoin, and it could make the price of bitcoin be moving. china also always shows the result of performance by using bitcoin. perhaps many countries like that, but perhaps the greatest is china. so very good to seek information from the country.

You obviously did not see the EGD scam that caused the drop in price this morning did you?
https://bitcointalk.org/index.php?topic=1745789.0

Where was it CHINA! ;D
And now the regulatory rules begin there where most of where bitcoins lie and are being mined.
No need to re write what everybody knows already.
And how long have you been on this forum to not know the facts of reality of bitcoin again? ::)

Nuff said! ;)

?they?
what if i told you that slushpool. many classify as part of your THEY.. is actually managed by a guy in thailand..
another pool manager is in mongolia. and another pool manager travels between europe and america.. where each of them have stratum servers dotted around the world

1.3billion people do not own bitcoin.. only a few people do and those few people do not all live in the same house eating the same bowl of rice.

the individuals have separate lives living hundreds/thousands of miles apart from each other and are actually competing against each other.. not colluding with each other.

in short. there is no chinese "they".

whats next every american is a KKK member purely because a few americans are that racist... fine you deem all of america KKK members under your mindset.

whats next every italian is a part of a mob

Ofcourse people will talk about China because it is the leading the leading country when we talk about bitcoin and bitcoin mining, if any other country was more popular for mining bitcoins then probably we would have been discussing about that too.

you have to way of knowing this other than saying something based on pure guess and the "highly possible" fake volume report from their exchanges.


that news is from 3 days ago and price went down a couple of hours ago.(and a scam that big in MLM is not the first time)
and regulations have alwys been in bitcoin world. many nations in US have regulations such as bitlicense in NY, Canada has been talking about some, Japan also,... nothing is new here.

While it seems we have a fixation on China, the fixation does not come out of nowhere, I’m sure if news from other counties were to surface people will talk about it, but since most mining operations are in China and most holders of bitcoin are in China too, it makes sense to talk more about it.

India can stop Chinese manipulation but I don't know why indians not doing these. Indian can also produce cheap mining equipments and electricity is also not much expensive so why indians are not competing Chinese in Bitcoin mining field ?

If the Chinese are buying Bitcoin to move capital out of China, then surely the greatest holdings of Bitcoin will be outside China.

the maths, logistics and costs have already been done to death.
 india is not in second place as the best place to mine.
its not about population numbers or land mass or minimum wage. there are other factors in play

due to india being a hot climate and the electric issues and other factors. india is not second place

infact its a couple places in the eastern europe area that come second.

This is happening because of greed, monopoly, and stupidity. Bitcoin will never be able to fork or change anything. Nowadays only huge farms with free electricity or those who build the asics, mine. And yeah, everytime china sneeze, bitcoin crash. Proof of work sucks badly medium to long term, if something doesn't change soon, bitcoin may crash and we may end up having ~1billion market capital instead of ~15billions now.

I'm always surprised that Russia isn't more active in mining Bitcoin.

Bitcoin's market cap is bigger than GDP of 60% of those countries. Hence, most of them just does not matter anymore.

There are a few reasons behind this

First of all, people are not very familiar with Bitcoin in Russia overall. Second, China had an advantage before Russia as well as most other countries (barring, maybe, the US) in respect to the ease of getting mining equipment. Basically, China happens to manufacture the equipment used for mining, so it is no surprise that it takes a leading position in Bitcoin mining. And last (but likely not least), wealthy people in Russia are not the same kind of wealthy people in China. Most of their wealth comes from selling natural resources and arms which China is a net importer of, and they just don't feel very interested in Bitcoin and earning profits through Bitcoin mining (when they can happily continue selling oil and natural gas as well as tanks and fighters to the same China)

Most of us are deeply invested into this technology... either though hoarding bitcoins that we bought or through businesses that are built around this

technology. Anything that might influence our investment or our businesses will attract much attention. China has the major share of Bitcoin mining

and they seem to buy most of the coins. { Some say, 80% + of the bitcoin transactions are coming from China } This might be because they have

zero trading fees on these exchanges, but whatever the reason is... MOST bitcoins goes through Chinese hands. China has this position over some

other commodities too, so this is nothing new.  ::)

that is not bitcoin transaction, that is what their exchanges report as trading volume. and it is as you said mostly because there is 0 fees for trading and also i do believe that they are reporting lots of fake volume to compete with each other.

China as a place yes but not as a government, remember bitcoin shouldn't be considered as a currency which a government decides the fate of it's value and the moment that happens we could kiss goodbye to decentralization, but still china doesn't have +51% of the network hash rate or even if they did it's not focused in just one mining farm, that's something right?

It's just the sheer volume of bitcoins they mine there and not to mention that the Chinese are also very active in using bitcoin and handling transactions. If these are physical coins, a hundred Chinese hands have probably touched it before someone else from another country do. The government currently have no control on bitcoin whatsoever but simply because of the large amount of volume of bitcoins in there, any event there can have a large impact on bitcoin, impact on the rest of us. A rumor of someone trying to make some policy regarding cryptos, an earthquake, it can be anything.

So no, we cannot not talk about China when talking about bitcoin.

seems not only is the logic of difference between citizen and government too much for people to grasp, but geography too.
russia is not even in europe.. so not sure why russia was mentioned... not even sure why governments arms trading is mentioned in relation to citizens choice of using a different currency.. russian government selling guns to china govrnment has nothing at all to do with individual peoples choice or to do with the topic of bitcoin.

but anyway

russia is not number 2 of best places to manufacture miners and mine...
however if you want to play the skin colour racial biased game and class a few individuals as being the same as a whole country.

to answer the question why isnt russia more active. and if china just got there first...

"russia" has been involved in bitcoin far long before "china".
BTC-E has been running since 2011 afterall.
vitalic buterin got involved in 2011 too

you may now say that i only stated 2 small examples of 2 small entities and then whitewashed it to sound like i was trying to coat the whole country as being involved..

well i hope you see the reverse psychology of it

Huzzah, I was hoping I wasn't the only one.  It's becoming ridiculous how paranoid some people are about it.  I'm with the OP 100% on this one.

I don't see any threads where people are getting hysterical about the US having ~25% of the reachable nodes (https://bitnodes.21.co/).  Where's the batshit mental conspiracy theories about an American takeover, I wonder?  Oh yes, that's right, apparently it's only China we can't trust because they're the only nation where everyone is a drone colluding in a hive mind with no free will of their own.  The Great Firewall of China beams orders from the hive queen directly into their interlinked minds.   :P

^{(hint for the dim: there are literally no serious arguments in the prior paragraph, I am purely taking the piss, so please don't bother replying about American nodes, I can assure you neither I, nor anyone else cares, so shut up in advance)}

Blatant sarcasm aside, there's just too much stupid on this forum for me the take the China "issue" seriously anymore.  If I see people needlessly fretting over China, I just work under the assumption they don't have two braincells to rub together and discard whatever nonsense they're spouting.  Enough is enough already.

Russia is part of Europe but it is not entirely in Europe (you obviously ditched your geography lessons). As usual, you don't get the intricacy and complexity just one level below what is on the surface. First, it is not the government itself that sells arms and natural resources. You could claim that the arms trade is monopolized by the state, but it is still separate companies engaged in that activity. And it is obviously not the case with natural resources which are extracted, processed and sold by non-government companies (Gasprom, for example, is closely affiliated with the government but it is still a publicly traded company). Second (and this is where you fail to deliver), the money that these companies and the government receive does trickle down to lower tiers, which the wealthy part of Russian population basically consists of. In short, the rich Russians are rich because they get their share of the resource rent, and they don't give a fuck about Bitcoin as long as their cash inflow doesn't run dry...

I removed the color from the posts since red is reserved for moderators if I'm not mistaken (and advise you to do the same)