thejaytiesto
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Activity: 1358
Merit: 1014
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July 25, 2016, 11:57:36 AM |
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The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it. McAffee is already starting a huge mining venture.
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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X-ray
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July 25, 2016, 12:00:50 PM |
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The miners are in china because china has the best possible electricity bill because they have the best position in the planet to become miners, so it's understandable that most of the mining happens there. Instead of complaining about chinese centralization, what we should do is find ways to compete against them. If I was rich I would already be doing it. McAffee is already starting a huge mining venture.
yes it's right, chinese win on the ultra low cost of electricity because they use coal,even some people call it a clean power source even i don't sure because of its polution,but they also give an advantages to make bitcoin transaction go faster |
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Digitalbitcoin
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July 25, 2016, 12:01:24 PM |
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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?
First of Bitcoin is decentralized digital currency. So no one control bitcoins. Second things as Bitcoin can make movement as most of mining farm is china as they are producing more bitcoin then ever in world. But that does not means that China controls bitcoins. |
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Shiroslullaby
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July 25, 2016, 12:02:24 PM |
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China also makes most of the ASIC miners, which are paid for in BTC.
Which means there are some Chinese manufacturing companies who hold a ton of Bitcoin.
It would be great to see some competition in the ASIC market, but just like with most things, most people will not be able to match the production costs of making the chips in China.
Labor and electricity is so cheap, regulations are not strict, etc.
China is the perfect place for anything related to Bitcoins, so they naturally have an advantage.
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GreenBits
Legendary
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Activity: 1148
Merit: 1048
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July 25, 2016, 01:56:13 PM |
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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?
First of Bitcoin is decentralized digital currency. So no one control bitcoins. Second things as Bitcoin can make movement as most of mining farm is china as they are producing more bitcoin then ever in world. But that does not means that China controls bitcoins. Was a decentralized currency. The mining (or how it has become a monopoly) is now the point of centralization. If China stopped mining collectively (thought exercise, bear with me) the network would be crippled with congestion. That sounds like a form of control to me. |
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groll
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July 25, 2016, 02:18:04 PM |
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China have the highest number of users as well miners. Based upon this price fluctuation happen in accordance to the active involving of users. For this reason most users misunderstand that bitcoin is controlled by China.
Yes, I believe that bitcoin is not controlled by anyone no matter how large their stocks or how many and powerful their mining farms are. The only thing they can influence is the price of bitcoin in the market. With huge amount of stocks at their disposal it is of certainty that their actions will play a large significant impact on bitcoins buy and sell. |
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Doamader
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July 25, 2016, 02:27:05 PM |
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The big miners are present at China they are able to manage and affect bitcoin price, somethign they had done with the halving, besides that they have no control, exchanges are holding several coins these days, soo if they turn off they can hit bitcoin deeply, miners has as well the option to stop sell their bitcoins, and the Nakamoto adress that holds 1 milion bitcoin.
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sirohige
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July 25, 2016, 02:28:12 PM |
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China also makes most of the ASIC miners, which are paid for in BTC.
Which means there are some Chinese manufacturing companies who hold a ton of Bitcoin.
It would be great to see some competition in the ASIC market, but just like with most things, most people will not be able to match the production costs of making the chips in China.
Labor and electricity is so cheap, regulations are not strict, etc.
China is the perfect place for anything related to Bitcoins, so they naturally have an advantage.
agree with you, the goverment not make difficult regulation to build "mining company" also goverment support digital coin, i read a news some week ago about official cryptocoin of chinese, maybe in future we will see chinese will accept bitcoin as regular currency. |
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fikihafana
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July 25, 2016, 02:44:49 PM |
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Direcly china controlling bitcoin, because they have huge miner farm, and sometime they pump and dump (it's just my opinion). Not only China but everyone because if there will be more people that is going to use Bitcoin how better it will be for the currency and that will be nice. But of course it is hard to know what is going to happen with Bitcoin and that is the problem.
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Jmild1
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July 25, 2016, 03:00:34 PM |
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That's one close vote. I don't think china is controlling bitcoin but they are running a stupid amount of trading bots. I'm pretty sure they ones really controlling bitcoin are from the USA.
China has big part in bitcoin community too since they are the one that hold most of the coin(thru mining) they can also manage to control it if they want. What they just need is a team work for each other. |
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mehdiktflow
Newbie
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Activity: 28
Merit: 0
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July 25, 2016, 03:44:51 PM |
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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?
no they dosent |
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Farma
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Merit: 1001
Leading Crypto Sports Betting & Casino Platform
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July 25, 2016, 04:03:41 PM |
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That's one close vote. I don't think china is controlling bitcoin but they are running a stupid amount of trading bots. I'm pretty sure they ones really controlling bitcoin are from the USA.
China has big part in bitcoin community too since they are the one that hold most of the coin(thru mining) they can also manage to control it if they want. What they just need is a team work for each other. you're right, I think china having an enormous mining for bitcoin, so they might be able to manipulate the price if they want to, but I guess it would not do, because most likely the income they get comes from bitcoin. but perhaps there had a very great mining and technology is good enough for bitcoin. because I heard that China is a country that has a large population, so many of them are unemployed, maybe with this they can make money with a good deal |
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Sniper44
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July 25, 2016, 04:22:07 PM |
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it is interesting to see the result of the POLL is on a nearly 50/50 result. but i can't accept China can control bitcoin.
i am not saying they are not a key player in bitcoin scene but that doesn't mean they have any "control" if anything they can only be considered as one of the many big players in bitcoin.
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to the moon with bitcoin...
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serjent05
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Activity: 2842
Merit: 1253
Cashback 15%
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July 25, 2016, 04:24:21 PM |
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I don't think China is controling Bitcoin. They may have the majority of the mining farm but some of them are owned by foreign Capitalist. It was established there because of cost efficiency perhaps. So having Chinese as the mining farm worker doesnt mean that they control Bitcoin.
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Carmen_Sandiego
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July 25, 2016, 04:33:04 PM |
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More than seventy percent of the mining power is in chinese territory. Maybe not be a big problem now, but if this number continues to rise, in a few decades I believe that the decentralization will be threatened, but a lot of things can happen until then.
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prtty2gal2
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July 25, 2016, 04:52:26 PM |
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Direcly china controlling bitcoin, because they have huge miner farm, and sometime they pump and dump (it's just my opinion). Not only China but everyone because if there will be more people that is going to use Bitcoin how better it will be for the currency and that will be nice. But of course it is hard to know what is going to happen with Bitcoin and that is the problem.
China does not control bitcoin. However, they do have the capability to manipulate the value of bitcoin since just as you said, they have huge mining farms and most of the percentage of coins are held by Chinese bitcoin users so they have the upper hand in terms of volume. |
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ASHLIUSZ
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July 25, 2016, 04:57:04 PM |
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I don't think China is controling Bitcoin. They may have the majority of the mining farm but some of them are owned by foreign Capitalist. It was established there because of cost efficiency perhaps. So having Chinese as the mining farm worker doesnt mean that they control Bitcoin.
It is estimated that the top 4 Chinese Bitcoin pools control 30% of the bitcoin network. Other estimates assume between 40-60% of the network is Chinese miners. So there can be more chances for China to control bitcoin. |
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Barbut
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July 25, 2016, 05:02:28 PM |
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In moment of my voting score is 61 v 61. I voted for no, cause I still believe that bit coin is decentralized. maybe there is a lot Chinese useres, miners but that doesn't mean they own entire network and bitcoin.
Probably they have good conditions for mining, low cost electricity, cheap mining equipment.
I hope nobody will ever control bitcoin, but that will be hard to achieve. To many hungry sharks out there.
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Maesters1-
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July 25, 2016, 05:19:53 PM |
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China have the highest number of users as well miners. Based upon this price fluctuation happen in accordance to the active involving of users. For this reason most users misunderstand that bitcoin is controlled by China.
yes may so. but i think that the bitcoin user in Japan and specially in Russia are also so much. so i think their importance and their influence on the bitocin fluxtualtion can also be never forget. my personal view is that bitcoin is such kind of currency which is not in the control of nay one.and no one is really influencing it. |
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richardsNY
Legendary
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Merit: 1091
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July 25, 2016, 05:25:45 PM |
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China have the highest number of users as well miners. Based upon this price fluctuation happen in accordance to the active involving of users. For this reason most users misunderstand that bitcoin is controlled by China.
yes may so. but i think that the bitcoin user in Japan and specially in Russia are also so much. so i think their importance and their influence on the bitocin fluxtualtion can also be never forget. my personal view is that bitcoin is such kind of currency which is not in the control of nay one.and no one is really influencing it. China being a major player in Bitcoin doesn't mean other countries are not of importance. So yes, Japan and Russia are also contributing heavily when it comes to number of users etc. Nice thing is that while the Russian government is treating Bitcoin as the enemy, the Russian citizens seem to be going nuts on Bitcoin and everything related to it. Every one loves Bitcoin. |
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