Is CHINA CONTROLLING Bitcoin?

[BrewMaster]

this obsession with China and them controlling bitcoin is the stupidest thing that exists in the bitcoin world and we have seen time and again that this is just a hype to spread some news they want like if they want price pumped they say China is buying and if they want a dump they say China government is banning bitcoin. both time it is bullshit.

[zxl912157]

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.

 

Yes currently 51% owned by the Company has been formally derived from mining CHINA pool. There are a lot of factors. They have one of the geographical location of encouragement. China on the Go has the size and Region by the Cold Weather (Cold). making it useful in saving a lot mining server.

[_Miracle]

Let's just say that if any country is going to attempt to "ban" Bitcoin they should probably consult with China.

Struck me as tongue in check(ishly) ringing ironically true(ish)

So "yes(ish)"

but...




https://bitnodes.21.co/




Someone asked "does it matter?"
Yes. It's probably best for decentralized...anything to be widely distributed.

It used to be a more vocal topic when a large percentage of hash power began to cumulate into one (or a couple closely related) pool.

Do I think "China's government" is controlling bitcoin? No.

[Roger Burton]

I think nobody can control bitcoin. If she could do that, she had to do that from the beginning. Because many Chineses sell/buy bitcoins and can affect the price doesn't mean that they control it.

[mayax]

I think nobody can control bitcoin. If she could do that, she had to do that from the beginning. Because many Chineses sell/buy bitcoins and can affect the price doesn't mean that they control it.

look who owns over 70% from BTC and then who is taking "care" of Bitcoin software(developers) and who are the shareholders(those investors and their links) for the biggest exchangers.
 
you will find interesting things about the shit BTC media doesn't say a word. Why? Because the same investors own them too .

the nods are nothing. nobody is interesting about that now. when the time will come, with 100K you can buy tens of thousands of nods

[Victorycoin]

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 controlling 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

Is not the one who pays the piper also the one that determines the tune or how else can control over a thing be made manifest? China owns majority of the companies into mining equipment, mining pools, largest volume of transactions is in Yuan and bitcoin and are found in Chinese exchanges. All that gives China a leeway to control the price of bitcoin and by large, bitcoin as a whole. Highlight here, is that the decentralized nature of bitcoin puts a check to how lasting the control can be.

[betohell]

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?

nope it does not mean China can control the bitcoin including bitcoin prices in general, bitcoin users is very large and spread out in various countries, not only in China, so I think China can not control bitcoin

[serjent05]

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?

nope it does not mean China can control the bitcoin including bitcoin prices in general, bitcoin users is very large and spread out in various countries, not only in China, so I think China can not control bitcoin

I agree.  I also think that China does not control bitcoin.  Even with large hashing power of bitcoin can be found in china, not all this mining farm is owned by Chinese alone.  Besides, I also think that bitcoin is widely spread out globally.  And i don't think having the majority of mining alone can control the entire bitcoin system.

[coinsocieties]

$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.

I do not know how one can make an accurate future guess on what will happen.  I agree that China has a lot of control over the mining, but how much control is that, it is only alow of puppets doing what bitcoin wants and needs it to do.  If they stop mining so much, then they loose because the price will go down because there would be slower transactions until others pick up on the slack.

[RoommateAgreement]

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...

most people who vote on the poll have no idea what they are talking about or what is all of this is about. and many of them are just trolling or want to spread FUD and need others to believe China is controlling bitcoin!!

this doesn't make any sense, if they were controlling bitcoin we would have seen so many more pumps and dumps just like what we see in altcoins.

[Snorek]

For anyone who think that China is controlling bitcoin and they use this power to bring bitcoin down - think twice about it.
China is mining super power but that mining power without node control is not that important, and China has only like 150 nodes.
Secondly - mining is business, if Chinese miners do something irrational or dodgy price of bitcoin will immediately crash.
Who will lose the most money then? Chinese miners.

[deisik]

For anyone who think that China is controlling bitcoin and they use this power to bring bitcoin down - think twice about it.
China is mining super power but that mining power without node control is not that important, and China has only like 150 nodes.
Secondly - mining is business, if Chinese miners do something irrational or dodgy price of bitcoin will immediately crash.
Who will lose the most money then? Chinese miners.

To think that China is controlling bitcoin is one thing while to think that they are going to use this power to bring bitcoin down is a massively different one. On the other hand, mining is a business but you should not forget that miners (or businessmen in general, for that matter) are not the ones who are making decisions in China. In this way, I would hardly expect them to be particularly rational...

If things get serious as they are going now when Trump is the president-elect of the US

[Victorycoin]

For anyone who think that China is controlling bitcoin and they use this power to bring bitcoin down - think twice about it.
China is mining super power but that mining power without node control is not that important, and China has only like 150 nodes.
Secondly - mining is business, if Chinese miners do something irrational or dodgy price of bitcoin will immediately crash.
Who will lose the most money then? Chinese miners.

Looks to me, you are getting it all mixed up! Now if as you said, China has dummy control over bitcoin, why would something irrational or dodgy by Chinese miners immediately precede a crash in price of bitcoin? That is invariably ascribing to them, the power you professed they do not have. Actually, what China may not have is the absolute control over bitcoin, which of course is good news to all, but as is, they are in a position to jostle the bitcoin market from time to time. 

[arcanaaerobics]

For anyone who think that China is controlling bitcoin and they use this power to bring bitcoin down - think twice about it.
China is mining super power but that mining power without node control is not that important, and China has only like 150 nodes.
Secondly - mining is business, if Chinese miners do something irrational or dodgy price of bitcoin will immediately crash.
Who will lose the most money then? Chinese miners.

Looks to me, you are getting it all mixed up! Now if as you said, China has dummy control over bitcoin, why would something irrational or dodgy by Chinese miners immediately precede a crash in price of bitcoin? That is invariably ascribing to them, the power you professed they do not have. Actually, what China may not have is the absolute control over bitcoin, which of course is good news to all, but as is, they are in a position to jostle the bitcoin market from time to time. 

I believe that the chinese miners sell and good part o mined coins because they have to pay for the place/eletricity and costs like that... And I doubt they will dump the coin, it's their money, why they will do this? If they are manipuling the price, it's up.

[mlbs]

Well if they have overcrowded the mining environment that does not allow the smaller outfits to compete for the amount of coins available to mine. Then yes they are controlling how much is available across the board. Essentially hording all the available power to mine those coins available.

[arransiv]

Well if they have overcrowded the mining environment that does not allow the smaller outfits to compete for the amount of coins available to mine. Then yes they are controlling how much is available across the board. Essentially hording all the available power to mine those coins available.

I have the same thought, if they are mining major part of bitcoins, they have a lot of coins in head, if they hold all of it, they can control the price and for sure they will mine for years and years, none can compete with it. In some way this is good for all holders.

[bitcoinsforall]

They are controlling the bitcoins since their own currency is going down due to economic crisis.

They want to make or break the price as per their needs

[clickerz]

They are controlling the bitcoins since their own currency is going down due to economic crisis.

They want to make or break the price as per their needs

Maybe those who knows the bitcoin and those  who has access to it, will be parking their money on bitcoin. Now even in China but anywhere in the world also.Because of the uncertainty of their economy also, like in Brexit and USA too.

[GregH37]

Well if they have overcrowded the mining environment that does not allow the smaller outfits to compete for the amount of coins available to mine. Then yes they are controlling how much is available across the board. Essentially hording all the available power to mine those coins available.

China can only afford to dominate the mining sector but they can never be able to dominate the investment sector.
Just to continue their mining process, they must need to sell of their reward bitcoins so the rest of world will simply benefit from that. Most people cannot afford to be mining but will prefer to buy the bitcoins, it means China is doing the right thing for the growth of bitcoin ecosystem.

[Bitcoin0916]

Well if they have overcrowded the mining environment that does not allow the smaller outfits to compete for the amount of coins available to mine. Then yes they are controlling how much is available across the board. Essentially hording all the available power to mine those coins available.

China can only afford to dominate the mining sector but they can never be able to dominate the investment sector.
Just to continue their mining process, they must need to sell of their reward bitcoins so the rest of world will simply benefit from that. Most people cannot afford to be mining but will prefer to buy the bitcoins, it means China is doing the right thing for the growth of bitcoin ecosystem.

No doubt again if China is the largest for bitcoin mining, I sure they have big capital without sell bitcoin as fast. With big bitcoin stocks, I sure China can drive for price.