Is CHINA CONTROLLING Bitcoin?

[coinchaser007]

Either way they like playing the pump and dump game, which affects the volatility.  More stability would attract more investors.

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[equator]

It was once when China was Controlling the Bitcoin due to 90% of Minners from China but after the PSoB formed and started to restrict miners and exchanges to control bitcoin, they have lost the control and now their are other country also who have started to support Bitcoin and their are so many users who are now more Knowledgeable about bitcoin and are ready to buy bitcoins on each dip and not afraid of any fake news.

[n0ne]

In the past as China holds the majority of bitcoin mining, they try to have the control on the entire network. So once after the inspection by PBOC a majority of exchanges got left from the profiting. Now little after that once again when the yaun fell the control went out of it.

[NEWGOODOUBLE]

Well they have 50% or i think 51% of hashpower so yeah i guess i could say that they're controlling bitcoin.
If they feel like it they can attack the bitcoin network anytime but i guess
The core devs has the solution against the 51% attack.

I don't think they were the one whose in control , but in terms of the number of users,they were really a lot in numbers,they knew bitcoin long before. But I believed bitcoin is decentralized that it depends on the economy and value of dollars.

countries that have a large number of users that will give effect to the bitcoin prices in the market. including china if they still have a large user. they can have a considerable influence on the price

[Roboabhishek]

If the Chinese miners were unified and collaborative in their approach, then they could theoretically gain control over the blockchain and thus Bitcoin.

However, in the real world what would probably happen is the core devs would code and release an update that would checkpoint the Chinese 'attack' and return control of the chain back to the economic majority (aka banks/coinbase/blockstream)

I don't quite understand what you mean by "economic majority"

Care to explain? Apart from that, we don't know how many Chinese miners the Chinese pools actually consist of. Some of them are obviously not mining pools but rather mining farms and those the Chinese government can indeed take control over. But if the pools are actually made up from many individual miners, these miners could potentially withdraw their mining resources from the pools, thereby essentially rendering them impotent. Personally, I'm more inclined to think that the rumors of the Chinese government preparing a 51% attack against Bitcoin network are just another round of FUD. At first, it was the Winklevoss FUD, then the BU FUD, and now the 51% attack FUD

Most of the Chinese bitcoin pools consist of companies who are establishing and dumping a lot of money into servers and mining farms and as it is proving to be very profitable since the kwh costs only 8 cents in china more and more companies regular people invest into it, so it I s not surprising to find that the Chinese dominate the bitcoin mining market and if anything happens to that concept like change in the electricity price than we will see effects on the bitcoin exchanges

Electricity costs are important but China is not the only country out there with cheap electricity tariffs

It looks more like their main advantage stems from their first-hand access to mining hardware. There have been rumors that behind some mining pools asic manufacturers are hiding, so it shouldn't surprise anyone they have such an edge. But they are said to be nearing a technological limit already, therefore this advantage is going to diminish soon. It is the same as with CPUs today, the frequencies of processors are no longer growing since it is impossible to overcome physical limits. The bottom line is that the competition between miners should increase once there will be no more growth in the hash rates per hardware unit

Why do not you consider the question that the Chinese government can be very interested in income using bitcoins and thus their farms are provided with free electricity. And if you take into account the increased interest in alternative energy sources, the process of mining bitcoin is even better.

The fact is that china is currently doing that,
Also what you said is true China has great source of energy and they are using it in their farms.

[hulla]

If the Chinese miners were unified and collaborative in their approach, then they could theoretically gain control over the blockchain and thus Bitcoin.

However, in the real world what would probably happen is the core devs would code and release an update that would checkpoint the Chinese 'attack' and return control of the chain back to the economic majority (aka banks/coinbase/blockstream)

I don't quite understand what you mean by "economic majority"

Care to explain? Apart from that, we don't know how many Chinese miners the Chinese pools actually consist of. Some of them are obviously not mining pools but rather mining farms and those the Chinese government can indeed take control over. But if the pools are actually made up from many individual miners, these miners could potentially withdraw their mining resources from the pools, thereby essentially rendering them impotent. Personally, I'm more inclined to think that the rumors of the Chinese government preparing a 51% attack against Bitcoin network are just another round of FUD. At first, it was the Winklevoss FUD, then the BU FUD, and now the 51% attack FUD

Most of the Chinese bitcoin pools consist of companies who are establishing and dumping a lot of money into servers and mining farms and as it is proving to be very profitable since the kwh costs only 8 cents in china more and more companies regular people invest into it, so it I s not surprising to find that the Chinese dominate the bitcoin mining market and if anything happens to that concept like change in the electricity price than we will see effects on the bitcoin exchanges

Electricity costs are important but China is not the only country out there with cheap electricity tariffs

It looks more like their main advantage stems from their first-hand access to mining hardware. There have been rumors that behind some mining pools asic manufacturers are hiding, so it shouldn't surprise anyone they have such an edge. But they are said to be nearing a technological limit already, therefore this advantage is going to diminish soon. It is the same as with CPUs today, the frequencies of processors are no longer growing since it is impossible to overcome physical limits. The bottom line is that the competition between miners should increase once there will be no more growth in the hash rates per hardware unit

Why do not you consider the question that the Chinese government can be very interested in income using bitcoins and thus their farms are provided with free electricity. And if you take into account the increased interest in alternative energy sources, the process of mining bitcoin is even better.

yes that is right to say, China is the biggest support of bitcoin and the majority of bitcoin users are from China, i think their government is also taking interest in bitcoin .

Yes, China is biggest supporter of bitcoin but I don't the Chinese government are that much interested in bitcoin because they are interested in their own interest which is making the Yuan gain it value back and in other for them to achieve their goals they have to regulate bitcoin because they believe bitcoin had something to do with the Yuan loosing value.

[1ANHEQIAO]

Is china controlling bitcoin? might be... i would say yes.
Should we worry? i dont think so... what could they do? stop farming? try a big dump and ruin themselves?

[layoutph]

Just incase China holds the most of Bitcoins.. Is China favor of Bitcoin Unlimited? To answer the OP I guess ,yes china holds atleast one third or almost half of Bitcoin thru Miners.
Just check out the very huge Bitcoin dump everytime theres a Bitcoin regulatory issues in China. Then tell now if Bitcoin whales are not chinese.

[praboso96]

If the Chinese miners were unified and collaborative in their approach, then they could theoretically gain control over the blockchain and thus Bitcoin.

However, in the real world what would probably happen is the core devs would code and release an update that would checkpoint the Chinese 'attack' and return control of the chain back to the economic majority (aka banks/coinbase/blockstream)

I don't quite understand what you mean by "economic majority"

Care to explain? Apart from that, we don't know how many Chinese miners the Chinese pools actually consist of. Some of them are obviously not mining pools but rather mining farms and those the Chinese government can indeed take control over. But if the pools are actually made up from many individual miners, these miners could potentially withdraw their mining resources from the pools, thereby essentially rendering them impotent. Personally, I'm more inclined to think that the rumors of the Chinese government preparing a 51% attack against Bitcoin network are just another round of FUD. At first, it was the Winklevoss FUD, then the BU FUD, and now the 51% attack FUD

Most of the Chinese bitcoin pools consist of companies who are establishing and dumping a lot of money into servers and mining farms and as it is proving to be very profitable since the kwh costs only 8 cents in china more and more companies regular people invest into it, so it I s not surprising to find that the Chinese dominate the bitcoin mining market and if anything happens to that concept like change in the electricity price than we will see effects on the bitcoin exchanges

Electricity costs are important but China is not the only country out there with cheap electricity tariffs

It looks more like their main advantage stems from their first-hand access to mining hardware. There have been rumors that behind some mining pools asic manufacturers are hiding, so it shouldn't surprise anyone they have such an edge. But they are said to be nearing a technological limit already, therefore this advantage is going to diminish soon. It is the same as with CPUs today, the frequencies of processors are no longer growing since it is impossible to overcome physical limits. The bottom line is that the competition between miners should increase once there will be no more growth in the hash rates per hardware unit

Why do not you consider the question that the Chinese government can be very interested in income using bitcoins and thus their farms are provided with free electricity. And if you take into account the increased interest in alternative energy sources, the process of mining bitcoin is even better.

yes that is right to say, China is the biggest support of bitcoin and the majority of bitcoin users are from China, i think their government is also taking interest in bitcoin .

Yes, China is biggest supporter of bitcoin but I don't the Chinese government are that much interested in bitcoin because they are interested in their own interest which is making the Yuan gain it value back and in other for them to achieve their goals they have to regulate bitcoin because they believe bitcoin had something to do with the Yuan loosing value.

China is afraid that all people will start using bitcoin in the presence of the national currency. Maybe this fear makes sense. The economy of China is now in decline and the government in every possible way wants to avoid this

[Rinder]

Bitcoin miners have a lot milion invested at China, and their farms and bringing good results to their economy, the energy bill those companies does pays is a lot, the most amazing is the power of China to produce energy. The big farmers are located, there, soo sure they have a big influence over bitcoin, even know who rules bitcoin are early adopters and big investors, since there are already 15 milions bitcoin mined, wich a part are into circulation all days.

[Ravion]

Bitcoin miners have a lot milion invested at China, and their farms and bringing good results to their economy, the energy bill those companies does pays is a lot, the most amazing is the power of China to produce energy. The big farmers are located, there, soo sure they have a big influence over bitcoin, even know who rules bitcoin are early adopters and big investors, since there are already 15 milions bitcoin mined, wich a part are into circulation all days.

China has become the center of the Bitcoin mining industry. But this doesn't mean that Chinese companies, miners, or the government control Bitcoin. The Chinese miners are divided into different camps and they're not united. It's true that groups of miners can control the price of Bitcoin, and anyone holding large amounts of Bitcoin can manipulate the price, but that's a different topic.
If the Chinese were to dump it, that could be a problem for Bitcoin but it's unlikely that they would do that. Chinese investors have an interest in Bitcoin due to capital controls, the devaluation of the Yuan, and shares losing value in the Chinese stock market.
This is revolutionary technology in finance, and it's ironic that the west isn't really competing for it and have basically left it to China.

[RaXmOuSe]

M A R K E T

Market controls.

controls bitcoin.

And bots.

And chinezez. Tawianezez, Japanezez etc

And Americanoz.

And Scandinavoz.

Where will Bitcoin B? Who knows. Certainly not Bob. Nor me. Neither Chineze.

But Market is market. Market like cheap money. Thats Market.

[btvGainer]

People here have claimed that Bitcoin is in fact controlled and ruled by China, as mining is centralized by Chinese mining institutions.

Do you think that China is controlling/ruling bitcoin yes or no?

If the hard fork occur,it will prove the Chinese dominance over bitcoin but if it doesn't happen,then it is European dominance.
Either way it is not good for bitcoin because there should be a perfect balance in distribution of mining power.

[simpler2016]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

[taxmanmt5]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

I just think that big whales were from china, that is why people believe that China has that "controlling" thing of bitcoin. But now we see some changes as few rules were implemented and Chinese exchanges were introduced fee for trading etc.

[Rinder]

I thinked the China exchanges were paying fees, i just discovered recently that there are some exchanges that doesnt charge any fee, soo what they are doing besides allow people to trade? How to keep and pay the servers the host, security if there isnt any source of income for them?
I do know chinese people has a lot power over bitcoin, i believe the big investors are chinese, even knowing early adopters has a huge ammount of bitcoins yet, some of them had sold their coin and not present anymore over crypto, but i remember a company at USA with a lot miners sometime ago, the reward were 50 bitcoin block.

[bncbnc]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

I just think that big whales were from china, that is why people believe that China has that "controlling" thing of bitcoin. But now we see some changes as few rules were implemented and Chinese exchanges were introduced fee for trading etc.

but i think that the concept of big whale of bitcoin is now changing. and the reason can only be that the number of bitcoin user are increasing continuously which is making it more difficult for the big whales to manipulate the price of bitcoin.

[alucard23]

If bitmain was the only great player in town, I would say yes. But fortunately there are other great miners around the world, and I hope it continues that way.

[deisik]

I thinked the China exchanges were paying fees, i just discovered recently that there are some exchanges that doesnt charge any fee, soo what they are doing besides allow people to trade? How to keep and pay the servers the host, security if there isnt any source of income for them?
I do know chinese people has a lot power over bitcoin, i believe the big investors are chinese, even knowing early adopters has a huge ammount of bitcoins yet, some of them had sold their coin and not present anymore over crypto, but i remember a company at USA with a lot miners sometime ago, the reward were 50 bitcoin block

You seem to be confusing different types of fees

Most likely, your refer to trading fees. Yes, some Chinese exchanges did not levy trade fees in the past but that doesn't mean that they didn't charge any fees on withdrawals or deposits. Cryptocurrency deposits are usually free of charge altogether, but this is not the case with fiat deposits as well as withdrawals. The fees on fiat deposits and withdrawals can amount to several percentages, which can be a good source of income for exchanges. Apart from that, no trade fee policy allows exchanges to raise trading volumes substantially and thus increases the amount earned by front-running the orders of their clients (which is considered illegal but still practiced everywhere)

[Oppolee]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

I just think that big whales were from china, that is why people believe that China has that "controlling" thing of bitcoin. But now we see some changes as few rules were implemented and Chinese exchanges were introduced fee for trading etc.

but i think that the concept of big whale of bitcoin is now changing. and the reason can only be that the number of bitcoin user are increasing continuously which is making it more difficult for the big whales to manipulate the price of bitcoin.

I want this to be true. No one denies the fact that there are whales that hold a large number of bitcoins. I hope that over time their influence on bitcoin will be much less