Is CHINA CONTROLLING Bitcoin?

[arransiv]

I don't think China or a country for that matter can control how bitcoin moves. It move based on how the whole world uses it. It is just affected by supply and demand. If the demand for bitcoin goes up then so will the price.

I believe in it, for example the increase price of today I think it's because Chineses buying the coin to protect their money because the local currency is going down day after day, so if a lot of people buy, for sure the price goes up.

[arcanaaerobics]

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?

China has a big population when we are talking in population but in user i don't think that many people are using bitcoin in there country and yes we can say that china is really rich when it comes in gold and others needs and they have minings but i don't think so that china really controlling bitcoin and they have fully controlled of the price.

Yes, China is a high population country. Mind you they also love technology there both young and adult. In addition to, we all love to make money, so tell me what will stop a young man/lady from making money thru bitcoin when all what he/she need is within him/her reach?

There's few people in China mining bitcoin, so when we talk about China controlling bitcoin, it's just few peoples in china controlling...
I think they can earn million in a month mining and hold it to sell in the future, so it's obvilous that they can control the price.

I do not know about this, can you tell me, is there any correlation advance of the number of users in a country could make mining bitcoin prices become distorted, or control bitcoin? I'm very confused by it

Just my opnion here...
Imagine that 1000 people have 10% of all coins, so that's "normal"...
Now imagine that 1 people have 10% of all coins, this guy(or group of friends, I don't know) have a lot of control, if they dump a lot of coins in the market, the price goes down, if they hold, the price continue growing...

[groll]

I don't think China or a country for that matter can control how bitcoin moves. It move based on how the whole world uses it. It is just affected by supply and demand. If the demand for bitcoin goes up then so will the price.

Indeed. No country could have a full control over bitcoin since it is in a decentralized manner. Maybe some people think that China is in control over bitcoin because of the large number of bitcoin users and miners there. But I think its just an erroneous thought.

[Xester]

They only say that because china is the worlds largest manufactions country. Most things are made in china and so bitcoin would also be something they all jump aboard on. They will have loads and loads of miners and people maintaining them for minimal wage. The most like manufacture mist miners in china so it all makes sense.

The Chinese government got wind of the financial shift in the markets and countered, making Bitcoin persona non grata when it came to banking and regulatory authority. They have also censored Bitcoin rallies and conferences, to keep a lid on Bitcoin’s publicity and level of interest nationwide. Coupled with the Mt. Gox collapse, this started a financial market crash that only now Bitcoin is starting to recover from.  This is just a taste of the power China can exert on ANY financial market within a matter of months.

[MONKEYJUNK]

I don't think China or a country for that matter can control how bitcoin moves. It move based on how the whole world uses it. It is just affected by supply and demand. If the demand for bitcoin goes up then so will the price.

Indeed. No country could have a full control over bitcoin since it is in a decentralized manner. Maybe some people think that China is in control over bitcoin because of the large number of bitcoin users and miners there. But I think its just an erroneous thought.

Just check the last pumps, it all come from China, try to search about the crescent interest from China on bitcoin... The interest of chineses makes the price goes up so for sure they have some power about the price also they have big miners there and it change the price too.

[Polisi Ndeso]

I think nobody knows the bitcoin on domination by which country. due to its anonymous, then it is very difficult to say a country store bitcoin. I though it is not a Chinese citizen, but some time ago and I like bought bitcoin from China site with paypal or payza.

[Jasad]

India is coming up fast ... and Russia too.

it is still china the number 1 bitcoin adopter , number 1 bitcoin miner ,
people knew about that and aware that anytime they can control more than 50% bitcoin supply ,
this is sounds like horrible but it is true ,
i don't think india or russia can compete with china in adopting bitcoin.

[deisik]

I don't think China or a country for that matter can control how bitcoin moves. It move based on how the whole world uses it. It is just affected by supply and demand. If the demand for bitcoin goes up then so will the price.

Indeed. No country could have a full control over bitcoin since it is in a decentralized manner. Maybe some people think that China is in control over bitcoin because of the large number of bitcoin users and miners there. But I think its just an erroneous thought.

Just check the last pumps, it all come from China, try to search about the crescent interest from China on bitcoin... The interest of chineses makes the price goes up so for sure they have some power about the price also they have big miners there and it change the price too.

And what is more, it seems like they are able to affect the price from both sides. I mean that the Chinese miners can willingly change the supply of bitcoins to the market due to their massive share of hashing power. They can either increase the flow of mined bitcoins to the market if they want to increase the supply or withhold these bitcoins if they are going to reduce it. On the other hand, the Chinese buyers essentially control the demand for bitcoins by buying or refraining from buying thanks to their sheer numbers. In this way, the price can be easily manipulated by the Chinese in the wide range...

At least, as long as the buyers and miners are pushing the price in the same direction

[zombie007]

India is coming up fast ... and Russia too.

it is still china the number 1 bitcoin adopter , number 1 bitcoin miner ,
people knew about that and aware that anytime they can control more than 50% bitcoin supply ,
this is sounds like horrible but it is true ,
i don't think india or russia can compete with china in adopting bitcoin.

on one side people says that bitcoin is anonymus and is decentralize universal currency having same value all over the world, then how can it be under control of a country or group, people says that china has more bitcoin users and more bitcoin miners but to me now one know the actual number of bitcoin users and the participant of a particular country, therefore there is not a clear evidence about that china is controlling bitcoin.

[springgers]

India is coming up fast ... and Russia too.

it is still china the number 1 bitcoin adopter , number 1 bitcoin miner ,
people knew about that and aware that anytime they can control more than 50% bitcoin supply ,
this is sounds like horrible but it is true ,
i don't think india or russia can compete with china in adopting bitcoin.

Why horrible? We must be happy...

People in others countries are losing their times don't accepting the coin yet.

China is doing their job, nothing wrong here.

[asriloni]

India is coming up fast ... and Russia too.

it is still china the number 1 bitcoin adopter , number 1 bitcoin miner ,
people knew about that and aware that anytime they can control more than 50% bitcoin supply ,
this is sounds like horrible but it is true ,
i don't think india or russia can compete with china in adopting bitcoin.

Why horrible? We must be happy...

People in others countries are losing their times don't accepting the coin yet.

China is doing their job, nothing wrong here.

They were getting 51% hash power, it meant a bad thing for all. It can affect the bitcoin. But, you need read more about this. And the another horrible thing if China will going to launch his national crypto coin and this will become an opponent for bitcoin. The competition of crypto will be so strict soon. I'm not feeling happy with this news.

[FlamingFingers]

India is coming up fast ... and Russia too.

it is still china the number 1 bitcoin adopter , number 1 bitcoin miner ,
people knew about that and aware that anytime they can control more than 50% bitcoin supply ,
this is sounds like horrible but it is true ,
i don't think india or russia can compete with china in adopting bitcoin.

on one side people says that bitcoin is anonymus and is decentralize universal currency having same value all over the world, then how can it be under control of a country or group, people says that china has more bitcoin users and more bitcoin miners but to me now one know the actual number of bitcoin users and the participant of a particular country, therefore there is not a clear evidence about that china is controlling bitcoin.

Well, what about Bitcoin PTC and gambling sites?(40%-90% of those sites' users are Russians!). Surely, no one can calculate the exact number of Bitcoin users in a particular country but anyone can know that there are users from specific countries more interested in Bitcoin than others(but of course that doesn't necessarily mean that those users/countries control Bitcoin).

[densuj]

I think yes there are war between miners and traders and there is info. President-elect Donald Trump often described how China sucked jobs on the United States and proposed the solution of the persecution of trade cases against China for its "unfair subsidy behavior" and currency manipulation. He suggested rates as high as 45 percent on exports.

"We can not continue to allow to violate China in our country, and that's what they do," he told his supporters in May.

"We have power over China, economic power, and people do not understand," Trump also said that during the campaign.

If Trump pursuing such a path would beat China - it is even said himself. It would be closer to China a regional ally, Russia. Russian anti-Bitcoin attitude could spread to China's leaders, who could crack (go to 70% of Bitcoin transactions through four pools of Bitcoin miners) on Chinese Bitcoin miners and currency traders as he Has already promised it earlier this month to do.

[deisik]

If Trump pursuing such a path would beat China - it is even said himself. It would be closer to China a regional ally, Russia. Russian anti-Bitcoin attitude could spread to China's leaders, who could crack (go to 70% of Bitcoin transactions through four pools of Bitcoin miners) on Chinese Bitcoin miners and currency traders as he Has already promised it earlier this month to do.

Russian authorities have already changed their attitude 180 degrees, from openly hostile toward openly friendly. For a few years, the Russian Ministry of Finances had been suggesting to outright ban Bitcoin and make its users into criminals as well as threatening to put them in prison, though nothing had actually been done to that end. Right now they are no longer considering Bitcoin users as criminals and in fact developing a draft that would regard Bitcoin as just another foreign currency...

That seems to the right thing to do, and China should follow them

[nocryinginbtc]

China has well over half the trading volume. And most of the mining. They could certainly make some bumps in the road but they wont do anything that will negatively impact the price.They own too much.

[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.

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

I can only hope that the US/EU get their shit together and start moving towards cheap clean energy ASAP, but there's a lot of obstacles in the way of that currently.

[markyminer]

Very much as majority of the bitcoin is being held by Chinese and if all decide to sell bitcoin will go down to below 100$ so its China who has the power to increase or decrease the btc price.

i do not think so that bitcoin can be control by china. as bitcoin is a universal currency and have anonymous characteristic therefore it is not so easy to control it by a country, although it is a fact the chines users of bitcoin are more that any other country but still they cannot control bitcoin because of it universal and anonymous characteristic.

[1enterthebtc]

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

I can only hope that the US/EU get their shit together and start moving towards cheap clean energy ASAP, but there's a lot of obstacles in the way of that currently.

wait until china has a nuclear accident followed by anti nuclear sentiment. They wont have such an advantage any longer. It could happen.

[Rinder]

As long their price keeps cheap, and they do offer security to the investors, China will alwyas have control over bitcoin mining process. Besides those bitcoin has several big whales that can play anytime affecting bitcoin value, as well early adopters.

[mirakal]

As long their price keeps cheap, and they do offer security to the investors, China will alwyas have control over bitcoin mining process. Besides those bitcoin has several big whales that can play anytime affecting bitcoin value, as well early adopters.

One thing is certain is that China has own good mining business for bitcoin but for the big whales we cannot determine which country they are representing because it's anonymous by nature, whatever the price is, it will still good for us as adoption continues.