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boyptc
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May 09, 2016, 05:30:48 AM |
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I would not say that Chinas has direct control of Bitcoin, but it is worrying that the main portion of the hashing power comes from a country with an oppressive totalitarian regime.
yeah, a portion of bitcoins flow, let's say that most of the miners were chinese. So it is being dominated by chinese people, but not truly controlled. |
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mkc
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May 09, 2016, 06:06:42 AM |
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Chinese miners are divided into 3 or 4 camps, they are not united, nothing to worry about.
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yenxz
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May 09, 2016, 06:15:17 AM |
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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?
i'm vote "no" but after i see the result,so many people said "yes" abut china control bitcoin,why people said yes? i just think china not control bitcoin until now,they just have so many population and so many bitcoin holder,and their exchange have higher price than other,so its called they control bitcoiin? |
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Enotche
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May 09, 2016, 06:36:39 AM |
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Top 4 Chinese the Bitcoin-controlled pools 30% bitcoin network. Other estimates range between 40-60% of the network of Chinese miners. If these pools leave mining Bitcoin, the network may stall and blocks can not move. The Chinese govern the production hardware. If they suddenly stopped producing miner, it would take a long time to grow back to a network of more than 1 Exahash. Without growth of computing power, the network becomes more vulnerable to the consolidated operations of large computing power. Regardless of the results of the consequences for bitcoin will be dramatic and irreversible. If Americans and Europeans will not be able to seize the initiative and break the Chinese domination, the future for bitcoin can be grim. I also advise you to see a list of the 21 companies that control bitcoin: http://www.businessinsider.com/bitcoin-pools-miners-ranked-2015-7 |
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Lutzow
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May 09, 2016, 07:08:50 AM |
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Top 4 Chinese the Bitcoin-controlled pools 30% bitcoin network. Other estimates range between 40-60% of the network of Chinese miners. If these pools leave mining Bitcoin, the network may stall and blocks can not move. The Chinese govern the production hardware. If they suddenly stopped producing miner, it would take a long time to grow back to a network of more than 1 Exahash. Without growth of computing power, the network becomes more vulnerable to the consolidated operations of large computing power. Regardless of the results of the consequences for bitcoin will be dramatic and irreversible. If Americans and Europeans will not be able to seize the initiative and break the Chinese domination, the future for bitcoin can be grim. I also advise you to see a list of the 21 companies that control bitcoin: http://www.businessinsider.com/bitcoin-pools-miners-ranked-2015-7Yes, once the Chinese decide to drop bitcoin and support another one then it could be game-over but it won't happen in the near future yet since the Chinese are heavily invested the hardware miners unless they're already selling them little by little to outside their country via ebay or other online merchants. |
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1Referee
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May 09, 2016, 08:04:28 AM |
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Top 4 Chinese the Bitcoin-controlled pools 30% bitcoin network. Other estimates range between 40-60% of the network of Chinese miners. If these pools leave mining Bitcoin, the network may stall and blocks can not move. The Chinese govern the production hardware. If they suddenly stopped producing miner, it would take a long time to grow back to a network of more than 1 Exahash. Without growth of computing power, the network becomes more vulnerable to the consolidated operations of large computing power. Regardless of the results of the consequences for bitcoin will be dramatic and irreversible. If Americans and Europeans will not be able to seize the initiative and break the Chinese domination, the future for bitcoin can be grim. I also advise you to see a list of the 21 companies that control bitcoin: http://www.businessinsider.com/bitcoin-pools-miners-ranked-2015-7Yes, once the Chinese decide to drop bitcoin and support another one then it could be game-over but it won't happen in the near future yet since the Chinese are heavily invested the hardware miners unless they're already selling them little by little to outside their country via ebay or other online merchants. Not only are they heavily invested in mining gear, the biggest mining farms have been stashing more or less 1,000,000BTC throughout the years. They will most likely never jump into an altcoin. |
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saiha
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May 09, 2016, 08:17:27 AM |
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Chinese miners are divided into 3 or 4 camps, they are not united, nothing to worry about.
Good thing that I have read this, so no unity means the down fall of them. So no need to worry about if China is the most miners in bitcoin. |
Vires in Numeris
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freshman777
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May 09, 2016, 09:17:04 AM |
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If the majority of the Bitcoin hashing power is physically located in China, then the Government of China has sovereign control over Bitcoin.
^This^ |
ARDOR - Blockchain as a Service. Three birds with one stone. /// Do not hold NXT at exchanges, NXT wallets: core+lite, mobile Android
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Genius Einstein
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May 09, 2016, 09:38:14 AM |
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If China was controlling bitcoin then i am not sure if bitcoin should be still there. I do not think that this is the case. It is a far-fetched idea but if it is true then China is doing a very good job
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Rizky Aditya
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May 09, 2016, 09:39:59 AM |
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Does it really matter?
Not really. It doesn't really matter who controls Bitcoin. And what do you mean by control? Bitcoin is decentrallized which means no one controls it. |
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Wapinter
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Hire me for Bounty Management
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May 09, 2016, 09:52:26 AM |
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Does it really matter?
To me it matters, that's why I'm asking you guys. Is China really controlling Bitcoin? Is Bitcoin really controllable? If so, is it China? Bitcoin by nature can not me controlled by any single miner or cartel of miners.They may contol the prices of bitcoin which is entirely different thing.Anyone who has lots of coins can manipulate prices |
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Genius Einstein
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May 09, 2016, 09:57:46 AM |
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If China is controlling bitcoin then China is doing really well. In my opinion China controlling bitcoin is a highly unlikely outcome. I think that bitcoin is owned by Japan but it is only a feeling that i have.
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Za1n
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May 09, 2016, 10:00:57 AM |
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China is a big player obviously, but it will be interesting to see how it shakes out after the halving. With each halving event, next one in 4 more years, the mining will become less and less relevant except for the mining fees.
So unless the fees get to a point where they are consistently offering 12.5 BTC/block to offset the reduction after halving, we will no doubt see some reduction in mining. The question remains where that reduction will come from. While China does have some big farms, I believe the North West US has cheap electricity and some big mining operations as well.
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rektDude
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May 09, 2016, 10:14:33 AM |
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China is controlling allot in these world. It would not be a surprise if someone in chine controls the bitcoin.
Allot of smart Chinese people over there and, the producer has a kind of Chinese name.
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Herbert2020
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May 09, 2016, 10:23:23 AM |
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they might have some kind of control in mining because of the mining farms there that have the accumulated hashing power in total but i don't see anything worrying here, they mine bitcoin because they can and it is profitable for them.
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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marcus_of_augustus
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Eadem mutata resurgo
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May 09, 2016, 10:27:49 AM |
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No one is controlling bitcoin.
The West is just not competing hard enough because of all the bullshit government rules oppressing bitcoin, AML/KYC, Bitlicense, ECB directives, UK & NY banks, Western multinational banks are all conspiring to keep bitcoin down to protect their weak, broken industries that cannot compete on an even field. However, what they are doing is handing the future lead of value information technology to the East. Incredibly, a communist totalitarian China is more competitive in the realm of financial innovation than the supposedly free-market liberal democracies of the West ... how ironic (but crazy) world that we live in today.
If the West wants to lead in bitcoin, and it is the future of currencies, then it needs to leave the old guard behind. Bitcoin is a gift of technology and if the West is too stupid to receive it with open arms, then it probably does not deserve that gift.
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MaritiJames3
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May 09, 2016, 10:28:52 AM |
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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?
I think not I do not think that a whole country is controlling the Bitcoin. It can be true that some people in China are controlling the Bitcoin but that is something else. |
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AlexBits
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May 09, 2016, 10:32:14 AM |
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Why would you think chine is controlling the bitcoin just because of a small thing some people say.
I don't think china is controlling the bitcoin but it can be..
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martinacar
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May 09, 2016, 10:56:36 AM |
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I honestly think that it is the truth because a lot of investors are there plus they are also mining a lot of bitcoins these days, they have whole buildings for it...
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ASHLIUSZ
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May 09, 2016, 11:32:27 AM |
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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?
I think not I do not think that a whole country is controlling the Bitcoin. It can be true that some people in China are controlling the Bitcoin but that is something else. I am not sure, as more mining farms are there in China a part of control can be there because full control can't be owned by same country. |
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