Is CHINA CONTROLLING Bitcoin?

[Sled]

In my opinion, they control the bitcoin but not the whole bitcoin. I'm only pointing the price of the bitcoin which they can control because most of the investors or miners are there in china and if majority of the chinese bitcoin users shutdown their mining rigs or do panic selling it will affect the market price.

[TheRealSheep]

I don't think they control the bitcoin marked completely but they have a huge impact on both marked and the price.

[kiklo]

Just because china controls most of the mining, it does not have control over bitcoin.  They know as well as we do, that if they stop mining, then others will pick up the slack and they will be out all the money for the equipment they have put out.

Actually because China Controls over 51% of the Mining, it does mean they control it.
Over 51% gives them the ability to accept or deny ANY BTC transaction.
Control is an appropriate term.  

 

 

[kiklo]

China soon to require your real name for internet access.
This is the Country you want controlling your Wealth in BTC.
LOL, Big Mistake.  

https://www.hrw.org/news/2016/11/06/china-abusive-cybersecurity-law-set-be-passed

   Requires a range of companies to censor “prohibited” information and restrict online anonymity, including by demanding that
companies require users to provide their real name and personal information. The final law adds instant messaging services to the list of service providers subject to real-name requirements;
    Requires “critical information infrastructure operators” to store users’ “personal information and other important business data” in China. The final draft narrows the scope to only data that is related to a firm’s China operations, but the term “important business data” is undefined, and companies must still submit to a security assessment if they want to transfer data outside the country. The definition of “critical information infrastructure” remains vague and could encompass a broad range of companies;
    Requires companies to monitor and report to the government undefined “network security incidents,” as well as provide undefined “technical support” to security agencies to aid in investigations, raising fears of increased surveillance. The final draft further specifies that network operators must retain network logs for at least six months and accept government supervision; and
    Provides a legal basis for potentially large-scale network shutdowns to respond to “major [public] security incidents.”

 

[kiklo]

 

 
Trump is already Supporting a 45% Tariff on all Chinese Imports.
(Declare BTC a Chinese Import and 45% Tariff takes effect almost overnight.)
http://www.businessinsider.com/donald-trump-45-tariff-chinese-imports-china-2016-1

Real-estate mogul Donald Trump told The New York Times he would support the US' putting a massive 45% tariff on Chinese exports to the US.

http://usuncut.com/news/donald-trump-reveals-plans-first-100-days-terrifying/

Trump has also vowed to impose a 45 percent tariff on Chinese imports, officially branding China as “a currency manipulator” while also seeking a 35 percent tariff on Mexican imports.

 

[Adbitco]

I agree with those who say that the amount of btc spread across the globe in countries or nations other than China is much more bigger than China does have and hence there's nothing to worry about I guess so maybe I'm wrong

[franky1]

china has less hash power then you think

haobtc.. are in tibet aswell as other locations
BW..  are in mongolia aswell as other locations
BTCC..   are around the world
bitfury.. are in Finland, Iceland, and the Republic of Georgia.

put down your racist hats and put on some research glasses

[kiklo]

china has less hash power then you think

haobtc.. are in tibet aswell as other locations
BW..  are in mongolia aswell as other locations
BTCC..   are around the world
bitfury.. are in Finland, Iceland, and the Republic of Georgia.

put down your racist hats and put on some research glasses

The Pools have over 51%, which means they can accept or deny any BTC transactions.
Control of the Pools has a Chinese Origin, and anything in China is Controlled by this guy.


You know trying to play a racist card every time you type is really Pathetic.

Satoshi is the one that warned everyone of the Danger of the 51% attack, even from Governments.
Do you want to call him a racist too?

Fact is it is a problem if any Government has 51% mining of BTC,
you want to call racism to ignore the fact this is a major problem, and Satoshi was the first to warn about it.
No one was ever supposed to have over 51%, Governments included.

There are 196 Countries in the World , One Country China has over 51% of the mining (for over a Year).
Ignoring Satoshi Greatest Warning at your own peril.

 

[shinratensei_]

china has less hash power then you think

haobtc.. are in tibet aswell as other locations
BW.. are in mongolia aswell as other locations
BTCC.. are around the world
bitfury.. are in Finland, Iceland, and the Republic of Georgia.

put down your racist hats and put on some research glasses

The Pools have over 51%, which means they can accept or deny any BTC transactions.
Control of the Pools has a Chinese Origin, and anything in China is Controlled by this guy.


You know trying to play a racist card every time you type is really Pathetic.

Satoshi is the one that warned everyone of the Danger of the 51% attack, even from Governments.
Do you want to call him a racist too?

Fact is it is a problem if any Government has 51% mining of BTC,
you want to call racism to ignore the fact this is a major problem, and Satoshi was the first to warn about it.
No one was ever supposed to have over 51%, Governments included.

There are 196 Countries in the World , One Country China has over 51% of the mining (for over a Year).
Ignoring Satoshi Greatest Warning at your own peril.

 

Even the nodes are still spreading around the world i don't think about the another caused by 51% attack.

[Dudeperfect]

china has less hash power then you think

haobtc.. are in tibet aswell as other locations
BW..  are in mongolia aswell as other locations
BTCC..   are around the world
bitfury.. are in Finland, Iceland, and the Republic of Georgia.

put down your racist hats and put on some research glasses

The Pools have over 51%, which means they can accept or deny any BTC transactions.
Control of the Pools has a Chinese Origin, and anything in China is Controlled by this guy.


You know trying to play a racist card every time you type is really Pathetic.

Satoshi is the one that warned everyone of the Danger of the 51% attack, even from Governments.
Do you want to call him a racist too?

Fact is it is a problem if any Government has 51% mining of BTC,
you want to call racism to ignore the fact this is a major problem, and Satoshi was the first to warn about it.
No one was ever supposed to have over 51%, Governments included.

There are 196 Countries in the World , One Country China has over 51% of the mining (for over a Year).
Ignoring Satoshi Greatest Warning at your own peril.

 

It is getting more serious than it was expected. If this is true then we should really care about this issue and find the solution for this situation. Yes china is holding majority and it is a known fact but we should not criticize it because they are not doing it with illegal way. Creating more power is a great way to diminish the majority of mining pools but it is another complex thing. I am not expert in mining but still giving my two cents.

[iamTom123]

In my opinion, they control the bitcoin but not the whole bitcoin. I'm only pointing the price of the bitcoin which they can control because most of the investors or miners are there in china and if majority of the chinese bitcoin users shutdown their mining rigs or do panic selling it will affect the market price.

You are actually stating a fact. However, in the layman's point of view everything can be circling around the price or value of the coin so if we are to talk on that area alone then probably China has a big leverage on Bitcoin...for now I would avoid the word "control" because this is crytocurrency and can be hard to control. Knowing the tendency of China to censor and control, many people are thinking ahead of the future and worrying about this possibility. Hope it would not be boiling on that anyway.

[Kabul]

The majority of Bitcoin in the world is mined in China because China own the world biggest bitcoin mining system. Thus, it is no doubt that China is controlling Bitcoin at present. And it makes me really sad because Bitcoin was created to use anonymously and p2p. The impact which China makes to bitcoin is very huge. I hope that one day there will be a solution to avoid china controlling Bitcoin.

[RGBKey]

Popping in here to throw in my two bits, I definitely think that if we plan to compete with China in mining power, we need to start finding our own cheap electricity. Until we have cheap electricity, we won't have mining in other places.

[arransiv]

Popping in here to throw in my two bits, I definitely think that if we plan to compete with China in mining power, we need to start finding our own cheap electricity. Until we have cheap electricity, we won't have mining in other places.

The only way to find cheap electricity is moving to China and renting a place to store yours machines and well, you will need a lot of money to start to compete with this guys because I think they have a lot of money invested there and for sure have more to keep investing.

[deisik]

Just because china controls most of the mining, it does not have control over bitcoin.  They know as well as we do, that if they stop mining, then others will pick up the slack and they will be out all the money for the equipment they have put out.

Actually because China Controls over 51% of the Mining, it does mean they control it.
Over 51% gives them the ability to accept or deny ANY BTC transaction.
Control is an appropriate term.

People see only what their eyes want to see. Such control is bad by itself, I mean the very fact that someone (or some government, for that matter) is controlling over 51% of hashing power is detrimental to Bitcoin. If Trump is really going to impose hefty protective tariffs on the Chinese goods exported to the US markets as he promised to do many times during his presidential campaign, the Chinese miners (read their government) could, for example, start rejecting or massively postponing transactions from the US, or, as an option, substantially raise fees ("tariffs") for such transactions...

Needless to say that such "tariff wars" bode disaster for Bitcoin should they start for real

[Sharma]

Popping in here to throw in my two bits, I definitely think that if we plan to compete with China in mining power, we need to start finding our own cheap electricity. Until we have cheap electricity, we won't have mining in other places.

I wonder Who are "we" in your post?I don't think there is a need to panic as mining power can not play much role than what users can play.If the rest of world has more bitcoin users,mining will be dependent on them too.What is bitcoin without it's users?Instead of shifting mining power,we should help bitcoin become mainstream for if bitcoin price is high,even mining at high electricity rates would be profitable

[deisik]

Popping in here to throw in my two bits, I definitely think that if we plan to compete with China in mining power, we need to start finding our own cheap electricity. Until we have cheap electricity, we won't have mining in other places.

Electricity produced by nuclear power plants seems to be one of the cheapest major sources of power available nowadays. According to Wiki, 35 nuclear reactors are operating in China today, and it has "the fastest growing nuclear power program with 28 new reactors under construction" at that. In European countries as well as in Japan after the Fukushima events and in the US to a degree there is a strong movement against nuclear power stations in particular and nuclear energetics in general. On this account, the number of operated reactors in these countries seems to be rapidly diminishing. Old power stations are being closed every year while new ones are not being built. So China would most certainly remain one of the cheapest countries in terms of electricity costs, at least, until the thermonuclear energetics, otherwise known as nuclear fusion, becomes mainstream...

But this is not likely to happen very soon

[muhcoins]

it's not only electricity(yeah, mainly electricity but not only).
china has everything cheaper. Electricity, hardware, Workers..

Anyway, their government wants to "control" bitcoin from now on so things might change.

[hulla]

Hey, the words of controlling bitcoin are you mean might due bitcoin in china most dominated by a rich man? they on there having skill and knowledge for reduce expensive technology use.  And we could see example of this in make MNCs
so, they are on there create a much bitcoin machine like bitcoin miner in cheaper price. then they sell their product. so do not be surprised if they dominate bitcoin. Instead let us also make that possible

Though, I don't really understand your first sentence but I understand what you said in the second sentence. I want you to know that you're absolutely right and you get the point why China literally control bitcoin.

They may dominate the bitcoin market and the mining, but they do not control bitcoin.  To be able to control it, they would have to be able to make a decision that would make or break bitcoin, which is not the case.  All the do is dominate the market, which anyone can do, it does not mean they control it.  If they do control it, tell them to do a chargeback on my last transaction.

That's not possible  cos there is a chance of freedom in the world of bitcoin which mean the owner of wallet control his/her bitcoin and if I said China control bitcoin it simply because they put a lot of effort mining bitcoin which is the source of each sato which literally become what we call bitcoin.

[rapazev]

That's not possible  cos there is a chance of freedom in the world of bitcoin which mean the owner of wallet control his/her bitcoin and if I said China control bitcoin it simply because they put a lot of effort mining bitcoin which is the source of each sato which literally become what we call bitcoin.

i think you dont understand what 51% of hashpower means in a network...
the whole concept of decentralization falls apart(and i'm not even talking about the risks).

things are changing, china is trying to reduce bitcoin use there.. could be the end of this "china controlling bitcoin".