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GMPoison
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January 08, 2017, 08:36:46 PM |
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Question: Is CHINA CONTROLLING / RULING Bitcoin?
Yes - 148 (47.7%)
No - 162 (52.3%)
Total Voters: 310 I think it's funny that there is a popular vote. What is that going to do?  This is how we determined that the earth is flat and witches cause disease. If you simply read and learn about bitcoin it is obvious that anyone with a funded private key controls those funds. No one on the network can do anything about your money and you can't stop anyone or force anyone to do what they will with their money. That's the idea. It is certainly true that a Chinese mega mine operator has greater influence over the bitcoin economy and even the direction of software development. But that is because he did more. Bitcoin rewards investment in things like infrastructure, capitol, participation (i.e. running a full node), and risk taking. It also is inherently favored where energy costs and regulation is low. In the early days north America dominated bitcoin but times have changed. There is absolutely nothing stopping any other country, group, or individual from going bigger than China. It would cost a lot because the Chinese put up a lot themselves. They risked their money when bitcoin was not so certain to succeed and now they are reaping the rewards. So no one should be whining about someone else's success when they are in a fair contest with them. If you want your people, whoever that may be, to be a check on concentrating the network in China then do something about it. Meet with your government representatives about bitcoin and tell them you want the local economy to be favorable. Ask the businesses you use to take bitcoin and shop at the ones who do. Run a full node. Organize with others and start a bitcoin related business. You can do something to get something. Exactly. While China may have a huge leg up on mining, it doesn't stop anyone in any other country from putting a check on them by starting their own operation. I wish I could hit the lottery and startup a mining operation & pool in the states as I believe that is one of the greatest influences one could truly have. |
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cryp24x
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January 08, 2017, 08:47:09 PM |
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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?
Yes Basically Bitcoin is always addressed as decentralized cryptocurrency but the facts are very different. Till date whatever bitcoins mined out of them 90+% of bitcoin only china stake. Remaining bitcoins are in market. So its clear that majority of bitcoins is centralized in china. Yeah that what i mean, china is very influential on bitcoin world. I am sure about that because in china there are sp many user of bitcoin and many big boss in business (mining or etc) which bitcoin related. it may be right that China has a great contribution in bitcoin because most of the people are from China but still i can say that they are not influencing bitcoin and they are not controlling bitcoin because controlling bitcoin is not so easy. I think China had great influence om Bitcoin Market Price. They have the majority of the volume of Bitcoin trades. Aside from that whenever a negative News happen in China bitcoin price goes down and the opposite when there is good press in that Country. But I don't think that China is controlling Bitcoin. Influence is different than controlling.  |
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serjent05
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January 08, 2017, 08:52:04 PM |
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Exactly. While China may have a huge leg up on mining, it doesn't stop anyone in any other country from putting a check on them by starting their own operation. I wish I could hit the lottery and startup a mining operation & pool in the states as I believe that is one of the greatest influences one could truly have.
This is why China is not controlling Bitcoin. Anyone can set-up a wallet, do transaction without China's Permission, can mine it and get Bitcoin from mining without China interferring with the operation. I think China had great influence om Bitcoin Market Price. They have the majority of the volume of Bitcoin trades. Aside from that whenever a negative News happen in China bitcoin price goes down and the opposite when there is good press in that Country. But I don't think that China is controlling Bitcoin. Influence is different than controlling. Definitely China may have a big influence in Bitcoin market as you stated and yes influence and control is two different things. |
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GMPoison
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January 08, 2017, 09:12:29 PM |
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Exactly. While China may have a huge leg up on mining, it doesn't stop anyone in any other country from putting a check on them by starting their own operation. I wish I could hit the lottery and startup a mining operation & pool in the states as I believe that is one of the greatest influences one could truly have.
This is why China is not controlling Bitcoin. Anyone can set-up a wallet, do transaction without China's Permission, can mine it and get Bitcoin from mining without China interferring with the operation. Indeed! There is a big difference between "control" and "price influence". |
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PokerFace3
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January 08, 2017, 09:26:33 PM |
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China has always been technological advanced than the others. You mad because they knew to get in on mining early the the rest of the idiots. If its a competition and real threat. Those billionaires who are worried should invest into some mining power farms.
Yes there is no doubt about this that Chinese are the most technologically advanced people most of the bitcoin miners are from China. They are holding most of the shares of bitcoin, and they may have the power to manipulate the price of bitcoins now a days. These are enough to conclude that bitcoin controlling bitcoins ? |
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jbreher
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lose: unfind ... loose: untight
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January 08, 2017, 10:12:11 PM |
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... So no one should be whining about someone else's success when they are in a fair contest with them.
... You can do something to get something.
Thank you for derailing this bitch-fest by injecting some sanity to the discussion. |
Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.
I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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X7
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Let he who is without sin cast the first stone
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January 08, 2017, 10:30:33 PM |
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This title is completely miss leading, china the REPUBLIC is not controlling bitcoin what so ever.
Assuming that there is a coalition of chinese miners who are trying to control bitcoin is a totally different premise.
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For what shall it profit a man, if he shall gain the world, and lose his own soul?
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coolcoinz
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January 08, 2017, 10:43:58 PM |
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This title is completely miss leading, china the REPUBLIC is not controlling bitcoin what so ever.
Assuming that there is a coalition of chinese miners who are trying to control bitcoin is a totally different premise.
He is not stating anything, it's a question. China is in a way controlling the price, because of the amount they are mining, and have stored. They can dump it all to influence the market whenever they want and start a panic and try to buy back at lower prices. When you are a whale, you can influence the market, but when you are a coalition of whales... |
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dreamhouse
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January 08, 2017, 10:45:53 PM |
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No country can control bitcoin, it's like no country can control gold. It is a publicly traded commodity and whenever you have money, you can just buy it. China does have the most mining power of the bitcoin though.
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nara1892
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January 08, 2017, 10:51:18 PM |
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No country can control bitcoin, it's like no country can control gold. It is a publicly traded commodity and whenever you have money, you can just buy it. China does have the most mining power of the bitcoin though.
yeah, and that power makes China can pump the price of bitcoin as long as Chinese bitcoin users keep buying bitcoin and so on. so this power makes an assumption that China is controlling bitcoin. we jus can't say that China controls bitcoin or not. |
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deppil
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January 08, 2017, 10:54:49 PM |
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No country can control bitcoin, it's like no country can control gold. It is a publicly traded commodity and whenever you have money, you can just buy it. China does have the most mining power of the bitcoin though.
I think not state control, but bitcoin users from that country who have more power because it has a very large total users, so when they do something, it will give effect to the bitcoin |
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Yuuto
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January 08, 2017, 10:55:46 PM |
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Even if China is controlling the price of bitcoin, which is probably true, it doesn't mean that they are "ruling bitcoin".
They have equal influence than the rest of the world on bitcoin forks, and they don't have any more power over the bitcoin network than anybody else in the world, do they? They might have traders trading bitcoin a ton but they don't really "rule" bitcoin.
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Pattberry
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January 08, 2017, 11:53:30 PM |
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... So no one should be whining about someone else's success when they are in a fair contest with them.
... You can do something to get something.
Thank you for derailing this bitch-fest by injecting some sanity to the discussion. That is the fact as no one is holding anyone from doing anything and anyone is free to enter or invest in bitcoin or bitcoin mining and now everyone is whining over china trying to control the entire market is just bullshit.They are the biggest investors and so they can influence the price . |
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kiklo
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January 08, 2017, 11:55:02 PM |
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They have equal influence than the rest of the world on bitcoin forks
No they don't have equal influence!China have ~67% influence, meaning they determine which fork is the most secure and which fork will survive.  |
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kiklo
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January 08, 2017, 11:58:57 PM |
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... So no one should be whining about someone else's success when they are in a fair contest with them.
... You can do something to get something.
Thank you for derailing this bitch-fest by injecting some sanity to the discussion. That is the fact as no one is holding anyone from doing anything and anyone is free to enter or invest in bitcoin or bitcoin mining and now everyone is whining over china trying to control the entire market is just bullshit.They are the biggest investors and so they can influence the price .
(Just like a Bank can Freeze your checking account.)  FYI: The Fact, that China can deny you the Use of your BTC, sure seems like Control to me. |
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jbreher
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lose: unfind ... loose: untight
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January 09, 2017, 12:25:53 AM |
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The Fact, that China can deny you the Use of your BTC, sure seems like Control to me.
Again... 'China' is not a single entity. |
Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.
I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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monocolor
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January 09, 2017, 12:29:09 AM |
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China can't control the bitcoin, period. lol
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kiklo
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January 09, 2017, 06:24:09 AM |
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China can't control the bitcoin, period. lol
Enjoy your Delusions. |
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qiwoman2
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Oikos.cash | Decentralized Finance on Tron
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January 09, 2017, 06:41:30 AM |
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I do believe China has a big say now because of the sheer volumes of trading and mining going on in China so it's up to the rest of the world to start getting more aggressive in accumulating bitcoin so they can make more of a balance happening.
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sadiq basha
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January 09, 2017, 10:32:35 AM |
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We say bitcoin is a decentralised currency and cannot be controlled by any one.But in recent, we saw a great pump followed by a big dump in bitcoin price due to situations in china. Price suddenly rose from $750 to $1150 followed by a sudden fall to $850.So we can say bitcoin is partially controlled by china.
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