Is CHINA CONTROLLING Bitcoin?

[marcoman22]

China is not controlling  Bitcoin. But bitcoin mining is done on a large scale in china. I dont think it would help china to control Bitcoin since bitcoin itself is a decentralised currency.

[1714712318]

1714712318

[bitllionaire]

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 , if china which controls the BTC price it is not possible, but if the distribution is in china bitcoin I would think again. Kalok china plays prices BTC, BTC how much do they have? if they sell and buy again? How do you lose? chances are they put on hardware with very many

in fact bitcoin is a unique currency that cannot be control by any state, any group or by any individual, and that is the good quality of bitcoin, it is only the control of such people who are owing, if i have 100 Bitcoin so i am the owner of 100  BTC and i have full control over it.

[poplolnman]

china state power is immense. they are part of a great power in the world today. it is possible that China can control bitcoin. but now I see that bitcoin is used as well in control by all people in the world.

a powerful country doesn't mean have a power to control bitcoin, as bitcoin itself are decentralized which means there is low chance only for anyone to control/manipulating bitcoin. i believe noone can control bitcoin right now nor in the future. bitcoin are not controllable since first time invented.

[skilet14]

In its early conception, Bitcoin was to exist beyond the control of any single government or country. It would be based everywhere and nowhere... Yet despite the talk of a borderless currency, a handful of Chinese companies have effectively assumed majority control of the Bitcoin network. They have done so through canny investments and vast farms of computer servers dispersed around the country...there are fears that China's government could decide, at some point, to pressure miners in the country to use their influence to alter the rules of the Bitcoin network. The government's intervention in 2013 suggests that Bitcoin is not too small to escape notice.

[Fireblade]

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 , if china which controls the BTC price it is not possible, but if the distribution is in china bitcoin I would think again. Kalok china plays prices BTC, BTC how much do they have? if they sell and buy again? How do you lose? chances are they put on hardware with very many

in fact bitcoin is a unique currency that cannot be control by any state, any group or by any individual, and that is the good quality of bitcoin, it is only the control of such people who are owing, if i have 100 Bitcoin so i am the owner of 100  BTC and i have full control over it.

in one sense they are controlling it no doubt about this, as the users of bitcoin in China are more than any other country, the minors of bitcoin afe also too much there, therefore to me they can effect the price of bitcoin so they are controlling bitcoin.

[grandy]

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 , if china which controls the BTC price it is not possible, but if the distribution is in china bitcoin I would think again. Kalok china plays prices BTC, BTC how much do they have? if they sell and buy again? How do you lose? chances are they put on hardware with very many

in fact bitcoin is a unique currency that cannot be control by any state, any group or by any individual, and that is the good quality of bitcoin, it is only the control of such people who are owing, if i have 100 Bitcoin so i am the owner of 100  BTC and i have full control over it.

in one sense they are controlling it no doubt about this, as the users of bitcoin in China are more than any other country, the minors of bitcoin afe also too much there, therefore to me they can effect the price of bitcoin so they are controlling bitcoin.

i do not think that China is controlling bitcoin and how can person say that the most of the users are from Chine, as it is anonymous so it is not possible to say about the more users of bitcoin, may be they are form Russia or may be from Idia etc.

[andron8383]

China have moey and they don't affraid to use it.
They have 1.3b people and massive amounts of cash to hide from government and here bitcoin rules.
They just use it massive. China has overcome USA economy now and they have assets like gold and BTC\
while West control DEBT

[mailman@surebit.co]

I 'm not sure if bitcoin is "being controlled" by any one country, however... at http://fiatleak.com/ you can see that the most vibrant portion of bitcoin activity is in China. Having said that, the difference between which part of your garden grows the most flowers may be moot after a certain amount of time, and adoption takes place.

[shinratensei_]

Chinese Mining Pools
______________________________
AntPool  17.6%
BTC.com   3.9%
BTCC        8.9%
BW.com   10.9%
F2Pool     15%        
HaoBTC     5.5%
ViaBTC      6.4%
_____________________________
Total   68.2%


 

FYI:   http://www.btcpedia.com/bitcoin-51-attack/

Bitcoin 51% Attack
    Reverse transactions that he sends while he’s in control.
    This has the potential to double-spend transactions that previously had already been seen in the block chain.
    Prevent some or all transactions from gaining any confirmations.
    Prevent some or all other miners from mining any valid blocks.

FYI2:
There are 196 countries in the world today.
BTC is controlled by 1 country China.
BTC= BETTER TRUST CHINA

Beside of 51% attack and this was giving a lot of the impact for SegWit. 
But Hash attack wasn't including nodes 51% attack and which mean it's not possible to control the validation of the transaction. correct me if I'm wrong.

[Evansloin]

In my eyes they are still not controlling it fully but they are a bit for sure and this was because of the mining they have done back in the days.

[Landak]

China is not controlling  Bitcoin. But bitcoin mining is done on a large scale in china. I dont think it would help china to control Bitcoin since bitcoin itself is a decentralised currency.

i know with what you mean, bitcoin is a decentralised currency maybe they or i mean is china really have power how to do (control) the price of bitcoin on global market. in the fact please look the market, i think 80% on china market very aggresive ask and bid . if i wrong so correct me, because this is include my opinion from what i know
*i just looking the price on market this is doesn't include how many mining on china because i am not enough know about mining*

[Bitcoin0916]

In my eyes they are still not controlling it fully but they are a bit for sure and this was because of the mining they have done back in the days.

Yes it seems like it, many people think that anyone could control the bitcoin, but in fact difficult to proved. China may have bitcoin much, but what percentage compared to the whole of the bitcoin is also no valid data. So I think this is just an assumption.

[plexasm]

What's your concern? That China will hoard all the BTC? Would be a stupid act of futility. Another coin would simply learn the lesson and we would have BTC 2.0, or people will stick with BTC but since supply is low, price will be crazy high. If China wants a monopoly on Bitcoin so they can set insanely high sell prices, then we will get the $5K/coin

[johnny11011]

Chinese people does contribute effect on bitcoin price but in controlling bitcoin i think its impossible to happen as you said the one who controls bitcoin is Us. 

[Positid]

Chinese people does contribute effect on bitcoin price but in controlling bitcoin i think its impossible to happen as you said the one who controls bitcoin is Us. 

What the OP meant is not literally controlling bitcoin, he think chinese people are the biggest holders of bitcoin as big mining business are in china. They are not controlling but if they are big bag holders, they can manipulate the price of bitcoin.

[Shenzou]

In a way that is might be true because china has the largest share of hashing power and most of the miners are located in china because electricity there is cheap so mining is very profitable , most places in china accept bitcoin as a payment method and the thing is the bitcoin is always circulating within the country.

[deisik]

What's your concern? That China will hoard all the BTC? Would be a stupid act of futility. Another coin would simply learn the lesson and we would have BTC 2.0, or people will stick with BTC but since supply is low, price will be crazy high. If China wants a monopoly on Bitcoin so they can set insanely high sell prices, then we will get the $5K/coin

The Chinese are not that stupid

Most of us would certainly love $5K per coin (and I hope we will get there eventually), but if it would be just a casual pump and dump scheme, the Chinese holders who are assumed to have hoarded most of bitcoins by then would be heavily losing because they would be selling their coins at prices way below $5,000 when it begins collapsing. In other words, they won't be able to sell all their coins at that price since the market would be razor thin (remember, they have hoarded almost all bitcoins). They would be interested to push Bitcoin into real use as a means of payment simply because only that could support prices at such levels in the long term

[Ayers]

Chinese Mining Pools
______________________________
AntPool  17.6%
BTC.com   3.9%
BTCC        8.9%
BW.com   10.9%
F2Pool     15%        
HaoBTC     5.5%
ViaBTC      6.4%
_____________________________
Total   68.2%


 

FYI:   http://www.btcpedia.com/bitcoin-51-attack/

Bitcoin 51% Attack
    Reverse transactions that he sends while he’s in control.
    This has the potential to double-spend transactions that previously had already been seen in the block chain.
    Prevent some or all transactions from gaining any confirmations.
    Prevent some or all other miners from mining any valid blocks.

FYI2:
There are 196 countries in the world today.
BTC is controlled by 1 country China.
BTC= BETTER TRUST CHINA

Beside of 51% attack and this was giving a lot of the impact for SegWit.  
But Hash attack wasn't including nodes 51% attack and which mean it's not possible to control the validation of the transaction. correct me if I'm wrong.

they can't do 51%, all pool are not friends, there is a good competition between them, you need to look at the single pool % and that is only 17%, far away from 51%, chinese don't like segwit, and it's the reason why will be never activated

[delliaerd]

In a way that is might be true because china has the largest share of hashing power and most of the miners are located in china because electricity there is cheap so mining is very profitable , most places in china accept bitcoin as a payment method and the thing is the bitcoin is always circulating within the country.

I agree with you, no doubt. China have good bitcoin minning, circulation and may be spreading too. China can influence bitcoin price becouse they have big capital from bitcoin minning. That is why houbi was being benchmark of bitcoin price in local market. I think if people out of china do good bitcoin circulation and spreading, china will control bitcoin no more. China have profitable minning, thats their advantage.

[T-TERI]

i dont think china control it . but chinese maybe . they are good at this type of work