Is CHINA CONTROLLING Bitcoin?

[xdrpx]

The current price of Bitcoin is very high because of China's large pump into buying Bitcoins and the fall in value of Yuan. Just today bloomberg stated that China is again preparing to impose curb or Capital controls on Bitcoin by restricting domestic exchanges on sending bitcoins abroad and setting of quotas on how much can be sent. Considering this the price of Bitcoin may stand a chance to fall again.

[mastica]

The current price of Bitcoin is very high because of China's large pump into buying Bitcoins and the fall in value of Yuan. Just today bloomberg stated that China is again preparing to impose curb or Capital controls on Bitcoin by restricting domestic exchanges on sending bitcoins abroad and setting of quotas on how much can be sent. Considering this the price of Bitcoin may stand a chance to fall again.

As expected countries does wanna tax and control bitcoin, something they cant do, if they buy all the bitcoins they will just show how they had fail, decentralization is what makes and make bitcoin being soo popular and has a big value. This is why bitcoin must keep not being recognized as currency, with such status all countries will tax bitcoiners, something we are free to do now.

[deisik]

Mining is cheap in China and when we look at the mining pool of bitcoin we can see all the top mining pools like Antpool, F2pool , etc are Chinese. BITMAIN, the famous and most efficient bitcoin miner producing company is based in China. So, I think China has a good stake in bitcoin but I don't think it would be correct to say that they control bitcoin. I think it's safe to say that they support bitcoin more than any other county in the world.

Yeah I think that no one own bitcoin and certainly no one can have a full control on bitcoin so it's not so correct to say that China is controlling bitcoin. But the fact that China is the leading country in mining bitcoin so everything they do will influence bitcoin so that makes us think that they control bitcoin but it's not. They're just too powerful that they can impact bitcoin.

It all depends on one's definition of control. If Bitcoin price without the buyers from China would have been in the lower 200s or even below that (while it is over $700 in reality), could we say that the Chinese are controlling Bitcoin? If we can't say that, could we say that they are controlling the Bitcoin price? If we could, what's the difference then between controlling Bitcoin and controlling its price?

I guess it is pretty much six of one and half a dozen of the other, for most practical purposes

[jainy25]

The current price of Bitcoin is very high because of China's large pump into buying Bitcoins and the fall in value of Yuan. Just today bloomberg stated that China is again preparing to impose curb or Capital controls on Bitcoin by restricting domestic exchanges on sending bitcoins abroad and setting of quotas on how much can be sent. Considering this the price of Bitcoin may stand a chance to fall again.

Although it sounds impractical and impossible to do, this news might be the major reason for sudden drop in BTC today.

[Ayers]

The current price of Bitcoin is very high because of China's large pump into buying Bitcoins and the fall in value of Yuan. Just today bloomberg stated that China is again preparing to impose curb or Capital controls on Bitcoin by restricting domestic exchanges on sending bitcoins abroad and setting of quotas on how much can be sent. Considering this the price of Bitcoin may stand a chance to fall again.

Although it sounds impractical and impossible to do, this news might be the major reason for sudden drop in BTC today.

that is not really a drop it's like a correction, or manipulation maybe? china is not only conotrolling the mining scene with more than 70% hash but also is contorlling the market with those pump and dump, that you see each day, i believe that one day this might be a problem for the rest of the world, if chinese will be too big and decide to not go with some necessary change like segwit for example

[De Selby]

Does China control Bitcoin?

Oh, absolutely. With the current level of miner centralization, all it takes is the Chinese government to take over mining farms in China to send the price of Bitcoin plummeting by 80% - 90%.

Japan is completely irrelevant in the greater scheme of things when it comes to Bitcoin.

There are other countries with somewhat decent infrastructure and dirty cheap electricity. Why not mine there?

[deisik]

The current price of Bitcoin is very high because of China's large pump into buying Bitcoins and the fall in value of Yuan. Just today bloomberg stated that China is again preparing to impose curb or Capital controls on Bitcoin by restricting domestic exchanges on sending bitcoins abroad and setting of quotas on how much can be sent. Considering this the price of Bitcoin may stand a chance to fall again.

Well, it seems that I was not very far from truth when I said two days ago that the Chinese authorities might have an agenda (actually, they should have one). Quoting below my post from another thread since it seems to be relevant to the discussion going on here:

Given that 90% (or even more than that) of all miners reside in China, and miners are the ones who come the closest to whoever might gain control over Bitcoin, the Chinese government has all the necessary tools to control miners, and through them control Bitcoin. Obviously, they can't do it openly since that would cast a shadow on Bitcoin itself while killing it (or trying to kill) would mean losing any control over it altogether. Besides, the level of control they might exert is rather limited per se due to the robust nature of Bitcoin. Moreover, they most likely don't want to control Bitcoin in the way the majority of Bitcoin users think they would...

But this doesn't in the least mean that they don't have an agenda

It looks like I was too optimistic regarding benevolence of the Chinese authorities, though

[BingoDog]

No country, including China is controling Bitcoin. This is one of the key issues with Bitcoin, it isn't under control.
Maybe Chinese have very large number of mining farms and lot of Bitcoin users but that stil doesn't mean they control it. If some country would take control over Bitcoin that would mean the end of it.

[krishna1]

probably i think the question should be like is chain the reason to keeping the bitcoin network alive. well i know that chaina has the biggest mining firm in maybe all over the world ans sure they are doing huge profits but by this thing they are also effection a lot of transactions to get confirmed and pass

[ged00u]

China is not controlling bitcoin but they have the biggest miners. I really cannot tell who controls the majority of supplies or the whales because we are living in the anonymous world.

Because they have the biggest bitcoin miners, it is no doubt that the large amounts of bitcoin are now being held by Chinese. That's why Bitcoin's price hardly increase. The bitcoin's situation right now is based on how China's economy work

[tabas]

probably i think the question should be like is chain the reason to keeping the bitcoin network alive. well i know that chaina has the biggest mining firm in maybe all over the world ans sure they are doing huge profits but by this thing they are also effection a lot of transactions to get confirmed and pass

Because of majority miners were living in China so they are contributing a very big contribution in the bitcoin network. But it doesn't mean that because of it, they are the ones who are controlling the whole bitcoin network. Maybe they are or maybe they aren't because I think the big whales and big pump and dump group does.

[Vhern]

$685 right now... I'm here laughing of the people that said bitcoin will beat $1000 this year, maybe the crystal ball is broken...

Don't know if China is controlling the price, I think it's something normal from the market...

[Velkro]

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 idea, they are suggestions like that they have some valid arguments, still bitcoin is so much bigger than china.

[soros017]

$685 right now... I'm here laughing of the people that said bitcoin will beat $1000 this year, maybe the crystal ball is broken...

Don't know if China is controlling the price, I think it's something normal from the market...

The forecast may not be very accurate, but much can still happen in the coming weeks. Btw, it's $ 711 again.

[prabowo96]

99 yes
100 no

What we can learn with this pool? China control a little bit?
I think we really don't know the power of China...

[Gasturcas]

I don't think China is controlling Bitcoin. All I know is that majority of the population who mines bitcoin are from China. From their country, large bitcoin farms are located there. If  someone is controlling bitcoin, I don't think the exchange to real currency won't sit there. Chances are, it might be manipulated if that happens. If someone controls it, fees will arise.

[hulla]

Yes,China sort of control bitcoin cos they have huge mining farm there and it just like in the real world the side which have a huge share of a company control must basic of the company, you know?

[kiklo]

Answer is Yes!
For over a year now, China has more than 51% of the Mining capacity.  

51 % attack is the reason
Reference: In his Bitcoin paper, Satoshi identified several issues, with the 51% attack being the greatest.
http://www.btcpedia.com/bitcoin-51-attack/

So what is the 51% attack? To understand that you have to understand how Bitcoin works. Essentially Bitcoin is a collection of nodes performing “virtual work”, the more work you do the higher your rating on the network. So what happens when malicious users get together and manage to do more “virtual work” than the “good people” ? Well that is the 51% attack, and it basically means you can wake up tomorrow with zero Bitcoins in your wallet. It means any business that accepts Bitcoins can get robbed and have all their goods taken with fake Bitcoins. It also means if they wanted, governments, large corporations or hackers can “shut down the network” by refusing to accept any new transactions. Complete network shutdown. Can’t do anything with your Bitcoins, neither can anyone else.

 

[Clement Kaliyar]

99 yes
100 no

What we can learn with this pool? China control a little bit?
I think we really don't know the power of China...

all of the major mining farms are from china and the major mining manufacturer is from china ,so you must undestand that china do have some control over the bitcoin world as they are holding most of the coins available in the market and if you look at the exchanges running in china ,the trading volumes are epic

[madwica]

I do not think there is someone controlling the bitcoin because there are more mining farm that come to more different countries even china has a big mining farm they can not control the volatile value of bitcoin it always depend on the market.