Does China have too much control over Bitcoin?

[tokeweed]

How China Took Center Stage in Bitcoin’s Civil War

Source

At the time of the meeting, held at the Grand Hyatt hotel, over 70 percent of the transactions on the Bitcoin network were going through just four Chinese companies, known as Bitcoin mining pools — and most flowed through just two of those companies. That gives them what amounts to veto power over any changes to the Bitcoin software and technology.

What would stop China from hiring their own devs and then let everyone follow in that direction since they control almost everything in the Bitcoin mining space, from ASIC production to mining itself.  I think there's a power shift here to one side (China) happening and this is very concerning.  

He said the American companies failed to understand the power dynamics in the room that day. “It was almost like imperialistic Westerners coming to China and telling us what to do,” Mr. Lee said in an interview last week. “There has been a history on this. The Chinese people have long memories.”

This kind of attitude is an impediment to Bitcoin's development.  That comment just shows that China would rather have a "Bitcoin Civil War" than bow down to the "imperialistic westerners".  And rightly so, but cool heads and a compromise is a better solution for everyone.  I think Bitcoin is going to be ruined due to politics and hidden agendas from both sides.  But the good part is we could all learn something from it.

What are your thoughts on the issue?

[Nevis]

How China Took Center Stage in Bitcoin’s Civil War

Source

At the time of the meeting, held at the Grand Hyatt hotel, over 70 percent of the transactions on the Bitcoin network were going through just four Chinese companies, known as Bitcoin mining pools — and most flowed through just two of those companies. That gives them what amounts to veto power over any changes to the Bitcoin software and technology.

What would stop China from hiring their own devs and then let everyone follow in that direction since they control almost everything in the Bitcoin mining space, from ASIC production to mining itself.  I think there's a power shift here to one side (China) happening and this is very concerning.  

He said the American companies failed to understand the power dynamics in the room that day. “It was almost like imperialistic Westerners coming to China and telling us what to do,” Mr. Lee said in an interview last week. “There has been a history on this. The Chinese people have long memories.”

This kind of attitude is an impediment to Bitcoin's development.  That comment just shows that China would rather have a "Bitcoin Civil War" than bow down to the "imperialistic westerners".  And rightly so, but cool heads and a compromise is a better solution for everyone.  I think Bitcoin is going to be ruined due to politics and hidden agendas from both sides.  But the good part is we could all learn something from it.

What are your thoughts on the issue?

China has no hold on bitcoins but they have a huge influence since majority in the world who owns bitcoins are the Chinese. IF they stop and sell their bitcoins eventually there will be a devastating price drop on the value of bitcoin. And that price drop will have a negative impact on bitcoins, it may discourage people to use bitcoin and transfer on other currency. This may signal a sign on bitcoins future failure.

[Cresciuanto]

no i don't think so that china has too much control over bitcoin. i think. bitcoin is a universal currency and no one can control it. i think it is just false news and we should not believe on such kind of news. 

[Lauda]

What would stop China from hiring their own devs and then let everyone follow in that direction since they control almost everything in the Bitcoin mining space, from ASIC production to mining itself.  I think there's a power shift here to one side (China) happening and this is very concerning.  

What prevents any country from hiring their own developers and hiring the Chinese mining farms to do their own will? The first thing that you have to think about here is economic incentive. If Bitcoin is susceptible to such coercion and it does happen, the value will start plummeting so it does not make sense for anyone to event attempt this (not to mention succeed at it). Besides, they can't push any 'drastic' changes onto the network because their blocks would be orphaned by the remaining nodes. Bitcoin is more resistant than you think.

What are your thoughts on the issue?

The west is falling a bit behind China at the moment. This may or may not change in the future.

i think. bitcoin is a universal currency and no one can control it. i think it is just false news and we should not believe on such kind of news. 

It is obvious that you have no clue how Bitcoin works and are just spewing out nonsense.

[nururochac]

How China Took Center Stage in Bitcoin’s Civil War

Source

At the time of the meeting, held at the Grand Hyatt hotel, over 70 percent of the transactions on the Bitcoin network were going through just four Chinese companies, known as Bitcoin mining pools — and most flowed through just two of those companies. That gives them what amounts to veto power over any changes to the Bitcoin software and technology.

What would stop China from hiring their own devs and then let everyone follow in that direction since they control almost everything in the Bitcoin mining space, from ASIC production to mining itself.  I think there's a power shift here to one side (China) happening and this is very concerning.  

He said the American companies failed to understand the power dynamics in the room that day. “It was almost like imperialistic Westerners coming to China and telling us what to do,” Mr. Lee said in an interview last week. “There has been a history on this. The Chinese people have long memories.”

This kind of attitude is an impediment to Bitcoin's development.  That comment just shows that China would rather have a "Bitcoin Civil War" than bow down to the "imperialistic westerners".  And rightly so, but cool heads and a compromise is a better solution for everyone.  I think Bitcoin is going to be ruined due to politics and hidden agendas from both sides.  But the good part is we could all learn something from it.

What are your thoughts on the issue?

China has no hold on bitcoins but they have a huge influence since majority in the world who owns bitcoins are the Chinese. IF they stop and sell their bitcoins eventually there will be a devastating price drop on the value of bitcoin. And that price drop will have a negative impact on bitcoins, it may discourage people to use bitcoin and transfer on other currency. This may signal a sign on bitcoins future failure.

It should go the other way around and directly affect it. If you have most of the coins then you can easily control the flow on the market because it will really affect the value of it. China is like satoshi's wallet, they have millions of bitcoins and if they decided to cooperate on each other pumping the coin then they can do it.

[electronicfactura]

Chinese have long term policy and they stock everything they think can play important role in financial system.Chinese in couple of years back were buying gold and from all over the world and they increase their gold reserves.Chinese have trillions of dollars as foreign currency exchange now it is Bitcoin's turn to go through similar way.Bitcoin was seeming opposition from Chinese now those are making friendly laws.They have good influence and sooner will have control too over Bitcoin.It is becoming clear easy by easy.

[Knackwurst]

Does they have a big influence on Bitcoin -- yes
Do they controll it -- nope

[yenxz]

So,do you guys think this is causing bitcoin orice in china exchange have higher rates than europe exchange?
I wondering how china manage power consumption after so many miner on that country.

[MHopkins]

worst case scenario is that the international community makes a change that kills chinese mining.

Doing this without the consent of the majority miners would require a hardfork and result in a split blockchain.