Is CHINA CONTROLLING Bitcoin?

[deisik]

BTC is already too expensive for the micropayments industry.

How come? the decimals go to 8 places, why do you think that it's too expensive for micropayments? fees or...?

The number of decimal places is irrelevant as far as I can see. Since the Bitcoin price has grown dramatically during the last year, transaction fees has also greatly increased in dollar terms. I can't really fathom what is meant by micropayments industry here, I can only guess that it is about payments from Bitcoin faucets and PTC sites, though I still don't quite understand how they are affected by this price surge. Unless they pay bitcoins which they themselves buy for fiat...

Let's wait until this question gets explained in greater detail later

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[tabas]

If China does not have "control" they will soon. There is too many of them and they are smarter than lazy people form the USA. Just callin it like I see it.

I know that attitude of them but in reality they will not have a chance to control it. But instead they will have a chance of making some part for manipulating the price of bitcoin and as well as the quantity of it because they have the majority of the miners and I think many of them are hoarders and whales too.

[kiklo]

BTC is already too expensive for the micropayments industry.

How come? the decimals go to 8 places, why do you think that it's too expensive for micropayments? fees or...?

Exchange charges me 0.00040000 to send BTC
0.00040000 = $ 0.30 US

Micro transactions are way below a penny, and much less on foreign currencies.

Say I received enough payments of micro transactions to reach a penny in payment.
Are you going to pay 30 US cents to send me 1 penny (0.00001 BTC) .
(1 US penny = 134.228 Indonesian Rupiah)

You will not be in business very long.  

BTC price has risen too high to be suitable for micro payments because the fees to send BTC are multiple time greater than the micro payment itself.

Quick comparisons
Exchange  charges me 0.00010000 to send LTC
0.00010000 of LTC is much less than a penny

So for a coin to be suitable for micropayments it can't cost me more in fees than the amount I want to send.  

 

[arcanaaerobics]

BTC is already too expensive for the micropayments industry.

How come? the decimals go to 8 places, why do you think that it's too expensive for micropayments? fees or...?

Exchange charges me 0.00040000 to send BTC
0.00040000 = $ 0.30 US

Micro transactions are way below a penny, and much less on foreign currencies.

Say I received enough payments of micro transactions to reach a penny in payment.
Are you going to pay 30 US cents to send me 1 penny (0.00001 BTC) .
(1 US penny = 134.228 Indonesian Rupiah)

You will not be in business very long.  

BTC price has risen too high to be suitable for micro payments because the fees to send BTC are multiple time greater than the micro payment itself.

Quick comparisons
Exchange  charges me 0.00010000 to send LTC
0.00010000 of LTC is much less than a penny

So for a coin to be suitable for micropayments it can't cost me more in fees than the amount I want to send.  

 

I'm not an altcoin expert however I'm sure that we can find altcoins that don't charge any fee. Maybe one day bitcoin will be used just for big transactions...

Also we can find good altcoins to gamble and use systems like martingale...

[lumeire]

BTC is already too expensive for the micropayments industry.

How come? the decimals go to 8 places, why do you think that it's too expensive for micropayments? fees or...?

The number of decimal places is irrelevant as far as I can see. Since the Bitcoin price has grown dramatically during the last year, transaction fees has also greatly increased in dollar terms. I can't really fathom what is meant by micropayments industry here, I can only guess that it is about payments from Bitcoin faucets and PTC sites, though I still don't quite understand how they are affected by this price surge. Unless they pay bitcoins which they themselves buy for fiat...

Let's wait until this question gets explained in greater detail later

One probable reason why ChangeTip did shutdown I suppose. Microtransactions using btc is no longer feasible.

[ardentvolcanoes]

I'm come from china, but I'm not sure that China can controlling Bitcoin. When I was in a public area, I never found the discussion about bitcoin. even now I still have not found the Bitcoin ATM, it seems this assumption is wrong.

I don't think that have a lot of ATMs in the world so it don't mean much.

Probably most bitcoins are with few people(big miners) and that's why you don't see too much people talking about however for sure China have a better adoption then others countries.

I've tried to find a Bitcoin ATM using the wallet app before then I've found that most of the Bitcoin ATM are in china especially in Hong Kong by the way maybe you haven't seen or heard some people discussing about bitcoin but it really seems that china has a large mining owned by few people but i am not saying that china has a control on bitcoin .

[danherbias07]

I'm come from china, but I'm not sure that China can controlling Bitcoin. When I was in a public area, I never found the discussion about bitcoin. even now I still have not found the Bitcoin ATM, it seems this assumption is wrong.

I don't think that have a lot of ATMs in the world so it don't mean much.

Probably most bitcoins are with few people(big miners) and that's why you don't see too much people talking about however for sure China have a better adoption then others countries.

I've tried to find a Bitcoin ATM using the wallet app before then I've found that most of the Bitcoin ATM are in china especially in Hong Kong by the way maybe you haven't seen or heard some people discussing about bitcoin but it really seems that china has a large mining owned by few people but i am not saying that china has a control on bitcoin .

Yes. Because there is really nothing in control. They could dictate the movememt by using their large amount of coins but still it would go back to reality that they cannot control it. No one can.

[kidoseagle0312]

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?

https://bitcointalk.org/index.php?topic=1465136.0
Stop spamming; Read before you post; don't gamble away the money you make with your shitty signature ad.

I am not spamming, and please stay away from my thread if you're only here to hate and accuse.

Thank you for posting a link at least, LawrenceOfSomalia, Newbie account.

You two shouldn't  argue to each other, besides its only a question that depending on us if we like to answer it or not and there's no big deal about it. Where here only to give our assessment regarding about the question we had in this forum.

[overthetop2011]

I dont think so , no one is controlling btc.

[mayax]

I dont think so , no one is controlling btc.

keep dreaming. BTC is centralized like any other currency

[deisik]

China is the biggest bitcoin mining in the world for right now, and the largest factors to infect about the price is China. If the exchanger market from China down, the price is also down. So I believe that China can controlling bitcoin price and stock.

Bitcoin is a anonymous croptocurrency, therefore no one can exactly say that which country people are participating bitcoin more,  and suppose china is the leading country having more member in bitcoin still they cannot control bitcoin as bitcoin is an universal decentralized currency and it is not so easy to be control  by a single country or group of people.

This is nothing but empty verbiage

Right now the Chinese miners are rejecting a lot of transactions (with over 60k transactions pooled for confirmation), and you are still going to tell us that Bitcoin cannot be controlled? Basically, they can do with it almost anything. Right after Trump had been elected as the next POTUS, I warned people that the miners from China might retaliate for his harsh words about their country, that it was stealing American jobs, subsidizing production and doing things like these, and now we might be witnessing the Chinese miners doing exactly that

[Taki]

Votes shared like 50/50 as I see. I voted as "yes". I don't think that Cheneese governmentc control bitcoin. No way. My opinion is that China is the number one by the number of bitcoin users and that not may affect on bitcoin as currecy and it's price. As well I know that bitcoin is more developed in China. All that promotes bitcoin and make it's price to stay high or to grow, cause of the case of big demand in this current country.

[jbreher]

Right now the Chinese miners are rejecting a lot of transactions

If you think this is anything other than there not being enough room in a maxblocksize block for all the transactions that people would want to transact, your going to have to explain your reasoning. From the number of transactions processed per day : https://blockchain.info/charts/n-transactions?timespan=30days we are clearly on an unbroken trend.

IOW, I'm saying that your assertion that this backlog is due to some sort of intentional miner control action is dead wrong.

[deisik]

Right now the Chinese miners are rejecting a lot of transactions

If you think this is anything other than there not being enough room in a maxblocksize block for all the transactions that people would want to transact, your going to have to explain your reasoning. From the number of transactions processed per day : https://blockchain.info/charts/n-transactions?timespan=30days we are clearly on an unbroken trend

I have already explained my reasoning in another thread (here and here)

If you follow my posts there, you will learn that the blocks are far from being full even if we discard the empty ones altogether. Regarding the chart by your link, I can't possibly see how we are "on an unbroken trend" at all. Just in case, about a month ago the number of transactions processed daily was a way higher than it is now, and what we have now is in fact below what we saw on 8th and 17th of November

[jbreher]

Right now the Chinese miners are rejecting a lot of transactions

If you think this is anything other than there not being enough room in a maxblocksize block for all the transactions that people would want to transact, your going to have to explain your reasoning. From the number of transactions processed per day : https://blockchain.info/charts/n-transactions?timespan=30days we are clearly on an unbroken trend

I have already explained my reasoning in another thread (here and here)

Your reasoning is unpersuasive. You do not seem to understand the fact that miners mine on empty blocks in the interval of time between the discovery of a new block, and the time they can have a new list of transactions bundled into a new block upon which to mine. There is a non-zero time during which this occurs.

Regarding the chart by your link, I can't possibly see how we are "on an unbroken trend" at all. Just in case, about a month ago the number of transactions processed daily was a way higher than it is now,

You also seem to miss the concept of variance. Yes, on occasion, there are an unusually large number of transactions processed per day. So what? On other days, there are an unusually small number. Have you looked at a windowed average? The trend is clearly upward.

and what we have now is in fact below what we saw on 8th and 17th of November

On Nov 8, the average number of transactions per block was 1837.
On Nov 17, the average number of transactions per block was 1864.
Latest available -- Nov 21 -- the average per block was 2132. Which is, in fact, the second highest ever (2016 Nov 3 was 2138).

Your cherry-picked dates are working to disprove your thesis.

Source: https://blockchain.info/charts/n-transactions-per-block?timespan=all

[staff_1307]

I do not think that China controls Bitcoin because I think that every person controls his Bitcoins.

[TDutch]

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 is not controlling BTC, but it has a huge influence. Most volatility in crypto currency happens when the exchanges in China opens.

[babo]

1) bitcoin isnt anonymous
2) bitcoin isnt only a cryptocurrencies, bitcoin is a BIG community, bitcoin is a phylosophy, bitcoin is a faith and future hope without bankers

this is the bitcoin revolution

Many people believes of that, that bitcoin is anonymous because it doesn't require information. Maybe the right term for it is anonymity, bitcoin provides anonymity. And it doesn't mean just because the number of bitcoin users in China will be more than enough for the rest of the world, they are the ones who are controlling it, no.

ok, but doesnt require information is different .. isnt anonymous
if one forenser guy trace all transanction in blockchain and if you use for pay stuffs with bitcoin in shops (like steam, shopify, etc) you are traced and you arent anonymous

bitcoin is anonymous if all transaction are "private" or crypted (like some cryptoalts)

edit: sorry for OT, in every case, china dont control bitcoin..

[PhilPrime]

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 no. Maybe the larger user or investor are more usually in China. More of the businessman in China is now in Bitcoin world they ise it more in trading and investing knowing that the value of btc is increasing as it is now.

[arcanaaerobics]

I'm come from china, but I'm not sure that China can controlling Bitcoin. When I was in a public area, I never found the discussion about bitcoin. even now I still have not found the Bitcoin ATM, it seems this assumption is wrong.

I don't think that have a lot of ATMs in the world so it don't mean much.

Probably most bitcoins are with few people(big miners) and that's why you don't see too much people talking about however for sure China have a better adoption then others countries.

I've tried to find a Bitcoin ATM using the wallet app before then I've found that most of the Bitcoin ATM are in china especially in Hong Kong by the way maybe you haven't seen or heard some people discussing about bitcoin but it really seems that china has a large mining owned by few people but i am not saying that china has a control on bitcoin .

Yes. Because there is really nothing in control. They could dictate the movememt by using their large amount of coins but still it would go back to reality that they cannot control it. No one can.

Of course miners can control, they can control the minimum fee to process, they can hold a lot of coins and make the price goes up...

The first idea of bitcoin doesn't envolve big miners, pools and things like that, now we can see the power that they have.