Is CHINA CONTROLLING Bitcoin?

[Velkro]

Do you think that China is controlling/ruling bitcoin yes or no?

What do you mean by that? They have biggest exchanges, biggest miners but there is no reason to other countries not keep up in future so they are strong now but no reason to this not change in near future.

[mirakal]

Do you think that China is controlling/ruling bitcoin yes or no?

What do you mean by that? They have biggest exchanges, biggest miners but there is no reason to other countries not keep up in future so they are strong now but no reason to this not change in near future.

By saying CHINA, we are referring to a nation and we know that it's not the government of China who are into bitcoin. Investors from china is just part of the system but even with that reality, we cannot ensure that they are the whales who can manipulate bitcoin.

[MTBTT]

I dont think so , no one is controlling btc.

keep dreaming. BTC is centralized like any other currency

I think for the moment in which the user is not too much and volume turnover bitcoin is arguably still small. bitcoin can still be controlled by someone who has a lot bitcoin or large capital,

[Supercrypt]

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.

I really do not have big knowledge on how mining pool consensus is happening and how miners accept or reject transactions.

Still being an average Joe, I just want to ask : why not those 60k transactions could be included by other country miners if those tx are with sufficient fees ? All recent blocks were mined only by Chinese people ?

To break the dominance of miners, why not bitcoin devs increase the size of blocks (like 1.5MB or 2 MB, I read big block sizes will make miners to come forward to pick a tx ).
I mean to say in a decentralized system the powers are distributed, if one sort of people go against fairness or against a better system, the rest of people definitely might have some simple solutions to bring back them "normal".

[Tanic]

Bitcoin is well known with that fact that any country and government do not control it.
I think Chinese users can affect only on the price of bitcoin. Everybody knows that China has the biggest number of bitcoin users. So there is big demand in this country and demand makes the price for bitcoin rise or fall.

[Herbert2020]

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.

I really do not have big knowledge on how mining pool consensus is happening and how miners accept or reject transactions.

Still being an average Joe, I want to ask : why not those 60k transactions could not be included my other country miners if those tx are with sufficient fees ? All recent blocks were mined only by Chinese people ?

To break the dominance of miners, why not bitcoin devs increase the size of blocks (like 1.5MB or 2 MB, I read big block sizes will make miners to come forward to pick a tx ).
I mean to say in a decentralized system the powers are distributed, if one sort of people go against fairness or against a better system, the rest of people definitely might have some simple solutions to make them "normal".

i don't know why a legendary member (deisik) is trying so hard to spread misinformation about mining bitcoin (rejecting transactions from other countries). in his topic it was explained that this is not possible because they have no way of knowing the origin of a transaction.

the reason why there are that much transactions unconfirmed is that the block size can not support this many transaction (it is only 1MB) and they are all full at the moment if you check an explorer.

[SHAWN-MIDWAYS]

In as much as bitcoin is decentralized I think china has an influence in the bitcoin market has the own major bitcoin mines (especially after the having process) so they can easily dictate how the  bitcoin market will perform

[poplolnman]

I dont think so , no one is controlling btc.

keep dreaming. BTC is centralized like any other currency

I think for the moment in which the user is not too much and volume turnover bitcoin is arguably still small. bitcoin can still be controlled by someone who has a lot bitcoin or large capital,

this is make people afraid for a new investor especially , they would not interested anymore as they now the fact that bitcoin are just same like another fiat currency centralized and also controlable due small number that can be acquired by single person or a single group like chine in this case.

[betohell]

In as much as bitcoin is decentralized I think china has an influence in the bitcoin market has the own major bitcoin mines (especially after the having process) so they can easily dictate how the  bitcoin market will perform

bitcoin decentralized so there will be no one who can control the bitcoin, but because the total Chinese miners is very large, so they may provide little effect on the price of bitcoin, when they do certain things

[1Referee]

In as much as bitcoin is decentralized I think china has an influence in the bitcoin market has the own major bitcoin mines (especially after the having process) so they can easily dictate how the  bitcoin market will perform

bitcoin decentralized so there will be no one who can control the bitcoin, but because the total Chinese miners is very large, so they may provide little effect on the price of bitcoin, when they do certain things

Little effect? If you know how many coins these farms are stashing up, and have been stashing up before the block halving, then you'll be surprised to see the actual number. I would be greatly surprised to find out that their actual coin count is below the 1 million BTC mark. The major Chinese farms can basically ignore transactions and mint empty blocks to bother everyone if they so wish. If they want to cause damage, then they certainly have the ability to do so. Empty blocks are popping up from time to time to time, where I seriously dislike that pool for as they could have confirmed thousands of transactions with that block.

[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)

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

What did you not understand in my post by the first link I gave?

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.

Below is the chart by the link which as you said clearly shows "an unbroken trend":



Now show me where I can see an unbroken trend in it since I don't see any such there. But please don't tell me about variance and things like that because it was your choice and it was you who picked up exactly this chart as a proof of your point. I can only see lower highs which is pretty much opposite to what you claim..

Where is the unbroken trend here?

[TheGreatPython]

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.

It does not matter that which country has the majority of bitcoin users, is bitcoin is a decentralize currency and is practices in all over the world having same value and in fact not a single country can claim that they have the most users of bitcoin as bitcoin is an anonymous crypto currency.

[Cangkeman Wae]

I'm not sure that any people or country can controlling bitcoin. We know that bitcoin is anonym, so no one can adjust that China can controlling bitcoin.

[BlokF4No27]

I'm not sure that any people or country can controlling bitcoin. We know that bitcoin is anonym, so no one can adjust that China can controlling bitcoin.

I believe China can controlling the bitcoin, this thing we can see because china is the biggest for bitcoin miners, so bitcoin results from miner of course they save.

[Jasad]

I'm not sure that any people or country can controlling bitcoin. We know that bitcoin is anonym, so no one can adjust that China can controlling bitcoin.

I believe China can controlling the bitcoin, this thing we can see because china is the biggest for bitcoin miners, so bitcoin results from miner of course they save.

as far as i can tell that noone can and will control bitcoin ,
although bitcoin miner mostly come from china ,
but it is doesn't mean automatically they can control over bitcoin ,
there is a lot of things to acquired to anyone who want to control bitcoin market.

[rajasumi3]

Actually china is not controlling bitcoins .they are investing a lot of money in the mining of bitcoins .bitmain is the biggest company in the mining of bitcoins .well if u buy one of them u are likely to earn a lot of bitcoins .kudoo

[doomistake]

If you are trying to say is bitcoin network then it is not controllable because bitcoin network is never belong to somebody, it is just there living and functioning because of the bitcoin users, investors and buyers, and if I'm going to answer your other question if Bitcoin is being control by China, my answer would be still No. There's no such thing that China can control all the Bitcoin that is being produce all around the globe. Maybe only the bitcoin in their country, but not in all the places.

[jbreher]

Where is the unbroken trend here?

Yeah - it's imprecise. I am integrating by eye. But it is close. What line would you draw as a linear interpolation of this data?

[hulla]

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.

Simply because the so call country/group treat it so good and have passion for. Besides, they also enlight and bring in new equipment to generate the coin.

[Gifted]

From what i understand is they have like 75% of control of the  BTC mining. The reason is the cheap technology they have like mother boards and other components. Not to mention the cheap energy they have. Its very hard in the USA where i live to compete with them due to how expensive energy and computers are here.