Is CHINA CONTROLLING Bitcoin?

[jbreher]

they can open a 51 attack any time they want.

I would agree with you if 'they' was a single entity, rather than the most populous country on the face of the earth -- or even a half-dozen decision makers running a half-dozen pools, which each aggregate the hashpower of multitudinous hashers, all in competition with each other over solving the next block.

But as it stands, there is no singular 'they', so no 51% attack.

[Positid]

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

You must not follow the news on coindesk or some other sources of bitcoin news. China is holding more than 50% of the mining pool, as well as the amount of Bitcoin in the world. In general, they are controlling Bitcoin, and the most dangerous thing is that they can open a 51 attack any time they want.

i do no agree with you. as bitcoin is anonymous therefore no one know that which country has the most number of bitcoin uses, may be it is not China, may the Indian users are more than china may the Russians have the greater number than China and other countries of the world.

It has been said many times that all we can do here is just estimates, there's the blockchain where we can monitor the wallets but that does not guarantee that one person is only using wallet, so the estimate depends on us.

[NEWGOODOUBLE]

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

You must not follow the news on coindesk or some other sources of bitcoin news. China is holding more than 50% of the mining pool, as well as the amount of Bitcoin in the world. In general, they are controlling Bitcoin, and the most dangerous thing is that they can open a 51 attack any time they want.

i do no agree with you. as bitcoin is anonymous therefore no one know that which country has the most number of bitcoin uses, may be it is not China, may the Indian users are more than china may the Russians have the greater number than China and other countries of the world.

I think the biggest user can be predicted from a variety of methods, like you can see the total users in the local section in each country, which is the largest?
at least a country that has a large users, can affect to the bitcoin

[mrcash02]

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

You must not follow the news on coindesk or some other sources of bitcoin news. China is holding more than 50% of the mining pool, as well as the amount of Bitcoin in the world. In general, they are controlling Bitcoin, and the most dangerous thing is that they can open a 51 attack any time they want.

And free tradeable doesn't mean a total anarchy, each one by himself.

If a group of people wish to create a fellowship and start acting together to make profit, they will, the free tradeable allows it and the smart guys do it. Conquer together to rule more! In this world what really matter is the profit, and the most powerful guys will try it at all costs...

[Akash1243]

Well China has taken interest in bitcoin and maybe has the most bitcoin but they don't control it

[shinratensei_]

they can open a 51 attack any time they want.

But as it stands, there is no singular 'they', so no 51% attack.

At least the Chinese will always win the consensus.
Like SegWit a lot of the Chinese miner was rejecting it and there is no doubt for that.

So, this will be affecting for slowly.
There is no singular 51% attack, there is 51% attack by grouping.

The Chinese philosophies tell me the different perspective.

[coynedterm]

Well China has taken interest in bitcoin and maybe has the most bitcoin but they don't control it

That's the right term for it, they may have interest for it and they have the most bitcoin that are holding but they don't have total control for bitcoin. But each of their movement is very solely important to the whole bitcoin system and does affects its price all the time. I speculate that big pools operator are living there and as well as some of whales.

yeah , you said true , but I think Bitcoin is really control by the China because here not only the matter of mining and many miner in China but in  the recent 5-6 days  China made a big purchase of Bitcoin volume and made the price high . So absolutely China controlling the Bitcoin market .

[RhodaGila]

Can you tell where the data can be if China is the ruler and controller of this Bitcoin?
In my opinion, if indeed China has the most or dominates the majority of the owners of Bitcoin then it is possible indications over there, so I do not know the data whether China really has a direction and an indication that goal that I mentioned. And I think also it will be difficult to control the Bitcoin because Bitcoin ownership itself is widespread in the community and not only complains are owned by some of the corporation or some people.

[Amph]

they can open a 51 attack any time they want.

I would agree with you if 'they' was a single entity, rather than the most populous country on the face of the earth -- or even a half-dozen decision makers running a half-dozen pools, which each aggregate the hashpower of multitudinous hashers, all in competition with each other over solving the next block.

But as it stands, there is no singular 'they', so no 51% attack.

i see they might change their mind and work together if something bad happen to because, sort of "this ship is dead let's act criminal now we don't care anymore"

but how the thing are going now, it's not so unbelievable to think that in the future only few of those pool will mine bitcoin, so the thing will certainly get worse from now

[hurain]

Well China has taken interest in bitcoin and maybe has the most bitcoin but they don't control it

That's the right term for it, they may have interest for it and they have the most bitcoin that are holding but they don't have total control for bitcoin. But each of their movement is very solely important to the whole bitcoin system and does affects its price all the time. I speculate that big pools operator are living there and as well as some of whales.

yeah , you said true , but I think Bitcoin is really control by the China because here not only the matter of mining and many miner in China but in  the recent 5-6 days  China made a big purchase of Bitcoin volume and made the price high . So absolutely China controlling the Bitcoin market .

i think no one know the purchaser and the users of bitcoin then how can we say that bitcoin is purchased by china or the most users of  bitcoins are from China, i do not believe on such news.

[Labumi]

Well China has taken interest in bitcoin and maybe has the most bitcoin but they don't control it

That's the right term for it, they may have interest for it and they have the most bitcoin that are holding but they don't have total control for bitcoin. But each of their movement is very solely important to the whole bitcoin system and does affects its price all the time. I speculate that big pools operator are living there and as well as some of whales.

yeah , you said true , but I think Bitcoin is really control by the China because here not only the matter of mining and many miner in China but in  the recent 5-6 days  China made a big purchase of Bitcoin volume and made the price high . So absolutely China controlling the Bitcoin market .

i think no one know the purchaser and the users of bitcoin then how can we say that bitcoin is purchased by china or the most users of  bitcoins are from China, i do not believe on such news.

It is true, that we cannot know who is buying and selling bitcoin. However, if you do not see a static vending deals and the purchase of bitcoin..?? . There I and maybe everyone can conclude that the most influential country on the economy of the bitcoin is China. But it is all indeed not be a permanent thing that could make the economy destroyed by rampant bitcoin China, because the economy in the bitcoin is widespread and China do not have any in the system bitcoin.
 

[BigBoom3599]

In theory it could be, China owns most of the hashrate. If the Chinese government contacts those miners they could in theory control bitcoin. It's not going to happen though, I think most of those Chinese miners are just people who barely even know what bitcoin is and don't really care about it, they just want to make money.

[R3ffun]

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?

in my opinion yes , this is we can see from users of bitcoin from china is very many ..

[hulla]

China can't control bitcoin, it is freely tradable so any people can just buy it.

BTW, I heard that CIA or FBI has a big chunk of it, as they are kinda involved in the beginning... which is scary.

You must not follow the news on coindesk or some other sources of bitcoin news. China is holding more than 50% of the mining pool, as well as the amount of Bitcoin in the world. In general, they are controlling Bitcoin, and the most dangerous thing is that they can open a 51 attack any time they want.

i do no agree with you. as bitcoin is anonymous therefore no one know that which country has the most number of bitcoin uses, may be it is not China, may the Indian users are more than china may the Russians have the greater number than China and other countries of the world.

Well,I agree with what Raja said cos most people in China are well aware of Bitcoin and for China bitcoin is much more than just an investment or business cos bitcoin is also a way to
circumvent capital controls.

[HarryKPeters]

they don't but they have many people that use bitcoins

With them controlling the majority of equipment to mine bitcoin, the hardware, the pools that mine bitcoin it is safe to say they do controll it.
Just look at the volumes of the major exchanges and you will see how China can and is controlling bitcoin. Both the price as the amount of coins.

[BigBoom3599]

they don't but they have many people that use bitcoins

With them controlling the majority of equipment to mine bitcoin, the hardware, the pools that mine bitcoin it is safe to say they do controll it.
Just look at the volumes of the major exchanges and you will see how China can and is controlling bitcoin. Both the price as the amount of coins.

The difference in price is because it's really difficuly to arbitrage between Chinese and American/European exchanges because it's hard and expensive to get money (FIAT) in and out of China. It doesn't have anything to do with them having more hashpower

[Ayers]

In theory it could be, China owns most of the hashrate. If the Chinese government contacts those miners they could in theory control bitcoin. It's not going to happen though, I think most of those Chinese miners are just people who barely even know what bitcoin is and don't really care about it, they just want to make money.

i don't think so if you are a miners you know what bitcoin is, those chinese know how bitcoin work otherwise you can not explain why they refused 2MB and segwit int he first place

[BigBoom3599]

In theory it could be, China owns most of the hashrate. If the Chinese government contacts those miners they could in theory control bitcoin. It's not going to happen though, I think most of those Chinese miners are just people who barely even know what bitcoin is and don't really care about it, they just want to make money.

i don't think so if you are a miners you know what bitcoin is, those chinese know how bitcoin work otherwise you can not explain why they refused 2MB and segwit int he first place

Sure, they know what bitcoin is but I don't think they're really in to it or check this forum daily to see how bitcoin is going. They just want to run the least risky bitcoin software so their investment stays safe and lucrative. They don't really care about the future of bitcoin IMO.

[hulla]

they don't but they have many people that use bitcoins

With them controlling the majority of equipment to mine bitcoin, the hardware, the pools that mine bitcoin it is safe to say they do controll it.
Just look at the volumes of the major exchanges and you will see how China can and is controlling bitcoin. Both the price as the amount of coins.

Yes! It good to see someone who's pondering what I'm pondering and I hope this fellas did understand the fact that China does control bitcoin. Plus China are biggest fan of bitcoin and their influence on bitcoin is huge.

[jbreher]

There is no singular 51% attack, there is 51% attack by grouping.

In regards to collusion amongst multiple parties, nationality is irrelevant. And unless you can point to a concrete instance of these parties colluding, your statement "there is 51% attack" is false.