Is CHINA CONTROLLING Bitcoin?

[ourepts]

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.

The Chinese are such big users of Bitcoin because it's money laundering by corrupt party officials. The reason it's allowed to exist in China is because very powerful people there find it useful. That spigot can get turned off just as easily, if the wrong person gets crossed.

[knowhow]

Well China has become a dream to any companie or minner they have all you need,the governement support,as they allow you to invest,cheap enegy,low salary compared to our country and i believe there you can survive with 200 dollars month ,soo this make China be the top choise of any investment around bitcoin mining,control they arent but holding a big part of bitcoin they are already but the early adopters has several coins as well,soo in the end if those old adopters dont sell all chinese wont ever be able to control the market.

[Ultrafinery]

Chinese miners are divided into 3 or 4 camps, they are not united, nothing to worry about.

[marcus_of_augustus]

Chinese miners are divided into 3 or 4 camps, they are not united, nothing to worry about.

it's ok, they are only crypto-communists 

[wasserman99]

If the majority of the Bitcoin hashing power is physically located in China, then the Government of China has sovereign control over Bitcoin.

China isn't controlling bitcoin until those pools or miners make an alliance to do so.
For now, china only can control/manipulate bitcoin price by make quick dump/pump or share FUD

Yes, that is why I am against the PoW mainly. It is unsustainable.

[Ulloa]

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.

[StevensonCarl]

I do not know who is controlling the Bitcion people now say that it is China  who is controlling it. It does not really matter to me whop is controlling the Bitcoin.

[adelhmdt]

they just have a large percentage of mining Bitcoin, that doesnt mean theyre centralizing bitcoin.
But if they work together, they can attack bitcoin.

[romero121]

In my opinion china doesn't look to be one that controls bitcoin. Bitcoin users and miners have been seen much on china, so bulk movement s make small fluctuations in price.

[dearbesz]

it doesnt matter if china controlling Bitcoin.
for what important now is they know and they also believe that bitcoins can give them a better
innovations to their country and it will be a big progression too to their economy.

[iv4n]

18 votes for YES, and 19 for NO. It`s very close voting, I believe it will stay close to the end of the voting.

I don't think someone control btc totally, of course big players can move market in direction they wish, but I don't think someone control entire bitcoin network. And if I remember good US is country with higher trade volume ( there was some article about it, someone even posted it here on forum ).

In the end its not so important who control btc, as long it have a good direction.

[hendra147]

I think that is true, because I saw when market china always first increase so all also increased, and when it falls, all fall too.

[equator]

I think china is controlling the Mining process of Bitcoin as it is cheap electricity their but the runners of that minning are from outsiders not from china so their is nothing that china or some single country controlling the bitcoins and the main reason of bitcoin is their is no control on a single person or country or ? it is digital currency which is minned and used. China is just a part of it as it is main mining hub. Just to speculate the market the big players just rumour it so that they can play with market.

[ROT13]

I'm sure when the time comes this will be the line they use in the US to try and ban or discredit bitcoin

[dothebeats]

The Chinese own over 50% of the current mining power in the bitcoin network. Also, a lot of trading volume comes from the Chinese markets, meaning that the Chinese traders do have some significant impact in terms of price movements and whatnot. But all of these doesn't mean that the Chinese are controlling bitcoin. Their impact on bitcoin price-wise and volume-wise might be significant, but that doesn't mean that they are the sole players leading the bitcoin markets.

[mindrust]

Wow it was 20/20 before i voted for "yes".

You can't deny Chinese have a big impact on the bitcoin business and they have most of the hashpower. It is not exactly that they have control over bitcoin but in theory, they can have.

[Betwrong]

No, it's not. I'm surprized 50% of the voters say it is. Why? If Adidas Clothes are mostly made in China does it mean China controls Adidas?

[Ayers]

no because imho merchants are more important, china is only miners, no meerchants, or at least this si what i know, there are merchants in china that accept bitcoin? i don't think so

[dothebeats]

no because imho merchants are more important, china is only miners, no meerchants, or at least this si what i know, there are merchants in china that accept bitcoin? i don't think so

To be frank with you, miners who control 51% of the entire hashing power of the network are dangerous because they can create their new chain and ignore any valid chain other miners are creating thus creating a fork. This is not good if all the mining companies in China do such a thing. It is far off from reality, though, but still can happen at anytime.

[mayax]

read this :   https://bitcointalk.org/index.php?topic=1446696.0;all