Is CHINA CONTROLLING Bitcoin?

[delliaerd]

In February 2013, China became the second largest active Bitcoin market globally as measured by wallet downloads. This has attracted new Bitcoin based businesses to China and what could be a massive market for the developing virtual currency. An example is Bitfash, which was launched in April 2013 and became the first online shopping platform for clothes to accept Bitcoin as payment; one of its key target markets is China.  Can the Chinese consumer shift the value of the virtual currency as they did with gold earlier in 2013? What will the government eventually inevitably do to control the currency? It could be a potentially huge market, but will largely depend on its payment function development, the attitude of the Chinese government and the stability of Bitcoin's value.

People in china prefer like to use bitcoin becouse they want to avoid government control of their money. Although the biggest bitcoin mass adoption is in china, but they still can not control bitcoin. They only can use they big bitcoin capital to control the price of bitcoin. If bitcoin spread and circulation is good,  no one can control bitcoin price although the have really big capital. China is not control bitcoin but the people who have huge capital can control it.

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[hulla]

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.

You're absolutely correct and that's the point why China is the controller of bitcoin. But I don't know is hard for people to accept this cos you can't run away from the truth.

The Chinese are only controlling the mining of the bitcoin. But the miners can also be built by westerners.

Mate you have already know the truth with what you said. Let me use this as an example. The Central Bank of your countrry are the one who provide and design new currency into the system, isn't it? Likewise as bitcoin cos the means to generate more/new bitcoin into the system is to mine and the country which see that as business automatically control bitcoin cos the more they mine the more you and I see more bitcoin in the market.

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.

You're absolutely correct and that's the point why China is the controller of bitcoin. But I don't know is hard for people to accept this cos you can't run away from the truth.

They don't want to listen.

Now that the Yuan is getting weaker it will get worse.

Step 1 make Bitcoin and get rich.

Step 2 go to the most populous nation and let them make you more rich....

How is step 2 working out?

What is step 3?

India?

Maybe it is hand it over to the government so they can continue to tax us to death.

Bitcoin is fine but the people running it have no idea what they are doing.

But don't mention this to to many people.

They will get mad.

I know must people won't accept that fact cos sometime people won't accept the truth even if it right at the tip of their nose.

[deisik]

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.

You're absolutely correct and that's the point why China is the controller of bitcoin. But I don't know is hard for people to accept this cos you can't run away from the truth.

The Chinese are only controlling the mining of the bitcoin. But the miners can also be built by westerners.

Mate you have already know the truth with what you said. Let me use this as an example. The Central Bank of your countrry are the one who provide and design new currency into the system, isn't it? Likewise as bitcoin cos the means to generate more/new bitcoin into the system is to mine and the country which see that as business automatically control bitcoin cos the more they mine the more you and I see more bitcoin in the market

Your analogy is far from perfect

The main problem with it is that the Central bank of your country is the only entity which is allowed to issue new money tokens. This basically means if it doesn't do that, then nobody will. And here's the crux of the matter. If Chinese miners choose not to mine any longer, that doesn't in the least mean that no one else will mine bitcoins either. On the contrary, miners around the world will just be happy to mine the bitcoins that the miners from China chose to lose. This is where your analogy fails

[rapazev]

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

A lot of people are saying that China is controlling most of the Bitcoin mining, and while that might be true, they are not controlling Bitcoin as a whole.
Plus a lot of people that are saying that China controls Bitcoin mining are really exaggerating.

No exaggeration..
you can easily find these informations, and you'll see that the majority comes from china.

it's not like they are manipulating bitcoin right now, but what they can do with all this power...
with more than 51% of the power china can do a big mess in bitcoin, not only attacking but imagine if china government tries to ban bitcoin(like has been discussed by them), that would crash the price.

ps: i dont believe they would ban bitcoin - and i know how hard it would be - but a simple attempt would be enough to see this crash.

[BitHodler]

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

A lot of people are saying that China is controlling most of the Bitcoin mining, and while that might be true, they are not controlling Bitcoin as a whole.
Plus a lot of people that are saying that China controls Bitcoin mining are really exaggerating.

No exaggeration..
you can easily find these informations, and you'll see that the majority comes from china.

it's not like they are manipulating bitcoin right now, but what they can do with all this power...
with more than 51% of the power china can do a big mess in bitcoin, not only attacking but imagine if china government tries to ban bitcoin(like has been discussed by them), that would crash the price.

ps: i dont believe they would ban bitcoin - and i know how hard it would be - but a simple attempt would be enough to see this crash.

Operators of Chinese mining farms are only interested in the financial aspect (profits) that their farms are generating, and not how to mess up things.

If they want to cause a massive amount of harm, it will not only harm Bitcoin, but also themselves as they have huge coin stashes and millions worth hardware when it comes to the larger farms.

Theoretically it's possible to harm Bitcoin, but as long as they are making millions each year, there is no point into making a mess of Bitcoin. Doesn't make sense.

Governments are another aspect of this story. If they were planning to ban Bitcoin completely, they would have done it already. I don't think they ever will.

[MMA]

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 believe that china controlls the biggest bitcoin exchanges and also the biggest bitcoin mining industries. but i would disagree with the saying that china controls it. It plays a big part in the success of bitcoin but does not control it.

Bitcoin is for all of us, and the control we are talking here is not the manipulation because I believe we are smart enough to understand if it's a manipulation or not. It's not centralized like the government are in control so we have the freedom to choose the action that we want.

yes that is right to say but i think in one sense we can say that China is controlling bitcoin, as the number of bitcoin users is more that users of bitcoin in any other country, so in this sense we can say that China is controlling bitcoin.

[bettercrypto]

I do not think that China is controlling bitcoin,  the concept of decentralized peer to peer should explain it.  Even with majority of the hashrate is located in that place, it is not own by a single personality.  So the interest and idealism about what to do with he hashpower is not controlled by only one person. 

[babo]

I do not think that China is controlling bitcoin,  the concept of decentralized peer to peer should explain it.  Even with majority of the hashrate is located in that place, it is not own by a single personality.  So the interest and idealism about what to do with he hashpower is not controlled by only one person. 

exactly, peer to peer concept
+
strong community
+
opensource code
+
love about users
=
no one can control bitcoin

[Sir Alpha_goy]

I do not think that China is controlling bitcoin,  the concept of decentralized peer to peer should explain it.  Even with majority of the hashrate is located in that place, it is not own by a single personality.  So the interest and idealism about what to do with he hashpower is not controlled by only one person. 

exactly, peer to peer concept
+
strong community
+
opensource code
+
love about users
=
no one can control bitcoin

Besides the original concept of bitcoin that exists in theory land can you please tell the viewers ho many exchanges currently control the price of bitcoin?

They are after all responsible for the perception that bitcoin is not a tulip.

[Rahar02]

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?

No, I don't think so as we know that bitcoin is p2p system and owned by every user around the world which mean no one/country could really control bitcoin. Even majority of bitcoin miners located in China doesn't mean that the country control bitcoin through them and what I know that most of daily transactions (spending) occurred in US (forget where I read about it). If in China has more miners so they could manipulate bitcoin price I thought due to mostly supply comes from there with big volume of daily trading but not to take control.

[babo]

Besides the original concept of bitcoin that exists in theory land can you please tell the viewers ho many exchanges currently control the price of bitcoin?

They are after all responsible for the perception that bitcoin is not a tulip.

original concept of bitcoin exists in REAL land.. this forum is a REAL clue of this and other company and country will use concept of blockchain and crypto currencies for other stuffs

is real, not theory.. and no one can control a p2p network

[mastica]

Even knowing that China does have big miners over there, the mas they can do is to control them, but not bitcoins, early adopters and small traders does own a lot of bitcoins, preventing a single person to get control over bitcoin, besides to we be talking about a currencie worthing billions.

[Xester]

Even knowing that China does have big miners over there, the mas they can do is to control them, but not bitcoins, early adopters and small traders does own a lot of bitcoins, preventing a single person to get control over bitcoin, besides to we be talking about a currencie worthing billions.

Well you're right China cannot control bitcoins. The only thing they have power on is their mining capacity and the bitcoin market. They rule the mining industry since they are the number one miners of bitcoin. They also rule bitcoin market since Chinese owns huge amount of bitcoins, if they hoard it bitcoins price will skyrocket but if they will sell all maybe bitcoin will go back to one dollar each.

[hulla]

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.

You're absolutely correct and that's the point why China is the controller of bitcoin. But I don't know is hard for people to accept this cos you can't run away from the truth.

The Chinese are only controlling the mining of the bitcoin. But the miners can also be built by westerners.

Mate you have already know the truth with what you said. Let me use this as an example. The Central Bank of your countrry are the one who provide and design new currency into the system, isn't it? Likewise as bitcoin cos the means to generate more/new bitcoin into the system is to mine and the country which see that as business automatically control bitcoin cos the more they mine the more you and I see more bitcoin in the market

Your analogy is far from perfect

The main problem with it is that the Central bank of your country is the only entity which is allowed to issue new money tokens. This basically means if it doesn't do that, then nobody will. And here's the crux of the matter. If Chinese miners choose not to mine any longer, that doesn't in the least mean that no one else will mine bitcoins either. On the contrary, miners around the world will just be happy to mine the bitcoins that the miners from China chose to lose. This is where your analogy fails

Don gt me wrong mate. If China choose not to mine anymore all the miners in the world will be happy i know that and i use the Central Bank thing as an example cos China is the gateway of bitcoin mining.

[deisik]

Mate you have already know the truth with what you said. Let me use this as an example. The Central Bank of your countrry are the one who provide and design new currency into the system, isn't it? Likewise as bitcoin cos the means to generate more/new bitcoin into the system is to mine and the country which see that as business automatically control bitcoin cos the more they mine the more you and I see more bitcoin in the market

Your analogy is far from perfect

The main problem with it is that the Central bank of your country is the only entity which is allowed to issue new money tokens. This basically means if it doesn't do that, then nobody will. And here's the crux of the matter. If Chinese miners choose not to mine any longer, that doesn't in the least mean that no one else will mine bitcoins either. On the contrary, miners around the world will just be happy to mine the bitcoins that the miners from China chose to lose. This is where your analogy fails

Don gt me wrong mate. If China choose not to mine anymore all the miners in the world will be happy i know that and i use the Central Bank thing as an example cos China is the gateway of bitcoin mining.

China is a gateway to Bitcoin mining

But only as long as they have the controlling stake in mining, i.e. as long as they continue mining. As soon as they stop mining or someone eventually outmines them, so to speak, they will lose that control. So it is rather lopsided and not very authoritative overall (if what we see can be called control at all) since they can do nothing if someone powerful decides to wrest it from their grasp

[inyourear1]

Does it really matter as long as the price goes up. The Chinese are taking over the world not just bitcoin.

[youdacapt]

China capable of decentralized bitcoin / alt for all developing countries, the quantity of cheap low-quality market Bitcoin make them affordable to most people in the world. If Bitcoin collapse, it is not because the quality is declining, but trust humans to market movements.

If the African continent is able to do the same thing, bitcoin will become a phenomenon unmatched.

[LegendOF45]

I agree if china can control the bitcoin, because as the largest world's country and largest bitcoin users surely china can controlling the bitcoin. So, is this very advantage for us.

[Pursuer]

I agree if china can control the bitcoin, because as the largest world's country and largest bitcoin users surely china can controlling the bitcoin. So, is this very advantage for us.

having a large population or having the most interest in bitcoin doesn't mean they are controlling bitcoin. this is a false assumption which starts from the high volume on their exchanges.
controlling bitcoin has a completely different meaning which is not the discussion of this topic and I am not getting into it.

[Xester]

I dont think so bitcoin is being controlled by china because i havnt seen chinese involved in bitcoins.. if it would have been controlled by china then there would be many chinese..

Yes it is true tha China has no control over Bitcoin. But wait, China has the biggest stocks of bitcoin, it means that if they hold bitcoins the price may increase in a very large range and deflate at a very large range also. They also have the biggest bitcoin mining farms in the world. This just implies that though they have no control on bitcoin but they have the ability to control its market.