Is CHINA CONTROLLING Bitcoin?

[Mbah Slamet]

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.

I think so,certainly very reasonable if China which controls bitcoin. when the Chinese New Year soon and bitcoin mining companies many dismiss employees, of course, the stock bitcoin not be increased but demand remains high, of course this is causing bitcoin prices rose dramatically.

[gilangIDR]

china is a big country with many bitcoin users. in china bitcoin is growing very large. even today the biggest turnaround bitcoin be there. if there are people who have a majority of bitcoin then it could happen, and they are the china.

[Searing]

Well in the sense..the Chinese 'get crypto' and are a few years ahead on the learning curve..then add the amount of folk that like to 'speculate' on anything and the cheap
electric power...well....if it was a teeter totter the rest of the world crypto wise would not have enough weight to play that game with china action as it exists now.

Actually rest of the world needs to catch up on Chinese Crypto Kool Aid consumption..but gonna take a few years of wild price action first imho.

[carlerha]

China can't control the bitcoin, period. lol

yes i also think so that China cannot control bitcoin. actually bitcoin is a universal decentralize currency and no one can control it. because it is difficult for a single person  or a group of persons even for a state to control bitcoin. hope that bitcoin will continue its free state for ever.

[hulla]

Actually i'm start thinking about that since yesterday, because yesterday when the price of bitcoin decrease, China bitcoin market like Huobi is the first one that make bitcoin's price fall down. Because of that i'm thinking that China have a big affect into bitcoin and the price too. I don't know is it right or not, but it's my opinion.

Most of bitcoin is traded using chinese yuan. China has really big domination of bitcoin. But I am sure that it will not forever. Becouse big country lime USA, Russia and Japan is try to be big player of bitcoin too.

Yes,that's correct. US and Japan are coming strong into the world of bitcoin and the only problem they could have is the cost of electricity which is one of the thing that make China the biggest miner in the world.

[deisik]

Breaking news on Bitcoin in China (seems to be real)

The People's Bank of China (Central bank of China) together with Shanghai and Beijing police departments has launched an assault on Bitcoin exchanges in Beijing and Shanghai including such exchanges as BTCC, Huobi and OKCoin. The pretext is as usual and according to the People's Bank of China, the investigations are due to "possible market manipulation, money laundering, unauthorized financing and other issues"

[danishcookie]

Breaking news on Bitcoin in China (seems to be real)

The People's Bank of China (Central bank of China) together with Shanghai and Beijing police departments has launched an assault on Bitcoin exchanges in Beijing and Shanghai including such exchanges as BTCC, Huobi and OKCoin. The pretext is as usual and according to People's Bank of China is due to "possible market manipulation, money laundering, unauthorized financing and other issues"

It is just investigation, not shut down them, fuck China, why this stupid country always hating bitcoin?

[boydewit2]

If so, we'd already have bitcoin as a real life currency. Maybe.

[Searing]

Breaking news on Bitcoin in China (seems to be real)

The People's Bank of China (Central bank of China) together with Shanghai and Beijing police departments has launched an assault on Bitcoin exchanges in Beijing and Shanghai including such exchanges as BTCC, Huobi and OKCoin. The pretext is as usual and according to People's Bank of China is due to "possible market manipulation, money laundering, unauthorized financing and other issues"

It is just investigation, not shut down them, fuck China, why this stupid country always hating bitcoin?

I've less concern about China looking...more what they will find out about fake volume and other games the exchanges MAY be doing of an iffy nature.

Add an agenda against crypto and/or they find out there is a real move of $$$ out of china by the customers too boot.

Well even if a fair investigation this is gonna suck the next 2-3 months wondering...then blamo ....an announcement.

[GMPoison]

Breaking news on Bitcoin in China (seems to be real)

The People's Bank of China (Central bank of China) together with Shanghai and Beijing police departments has launched an assault on Bitcoin exchanges in Beijing and Shanghai including such exchanges as BTCC, Huobi and OKCoin. The pretext is as usual and according to People's Bank of China is due to "possible market manipulation, money laundering, unauthorized financing and other issues"

It is just investigation, not shut down them, fuck China, why this stupid country always hating bitcoin?

I've less concern about China looking...more what they will find out about fake volume and other games the exchanges MAY be doing of an iffy nature.

Add an agenda against crypto and/or they find out there is a real move of $$$ out of china by the customers too boot.

Well even if a fair investigation this is gonna suck the next 2-3 months wondering...then blamo ....an announcement.

The only threat China has is themselves, they can't even breathe their own air.

[Red-Apple]

these days the only control the Chinese have on bitcoin is the rest of the world thinking they are bigger than they really are.
the volume on their exchanges are fake and we all know it, many of the hashrates come from pools not one place, and so many other things but when it comes to talking about their power and control everybody forgets all that.

[deisik]

Breaking news on Bitcoin in China (seems to be real)

The People's Bank of China (Central bank of China) together with Shanghai and Beijing police departments has launched an assault on Bitcoin exchanges in Beijing and Shanghai including such exchanges as BTCC, Huobi and OKCoin. The pretext is as usual and according to People's Bank of China is due to "possible market manipulation, money laundering, unauthorized financing and other issues"

It is just investigation, not shut down them, fuck China, why this stupid country always hating bitcoin?

It doesn't matter what it is

What matters is that price has already collapsed another 100 dollars today. Whether it should collapse yet more remains to be seen, but such actions don't bode well for Bitcoin overall. So don't get surprised if Bitcoin gets finally banned in China for the reasons mentioned (money laundering, etc). The Chinese Yuan hasn't been doing very well for the last year, so such attitude toward Bitcoin by the Chinese government can be easily explained



If Renminbi continues to depreciate at these rates, expect more blood on the streets

[Pattart]

China can't control the bitcoin, period. lol

yes i also think so that China cannot control bitcoin. actually bitcoin is a universal decentralize currency and no one can control it. because it is difficult for a single person  or a group of persons even for a state to control bitcoin. hope that bitcoin will continue its free state for ever.

certainly control it will not be done by one person alone, but you can see many bitcoin users from china, they are mostly bitcoin miner? and most bitcoin users are from china ?

[lordquanta]

China can't control the bitcoin, period. lol

yes i also think so that China cannot control bitcoin. actually bitcoin is a universal decentralize currency and no one can control it. because it is difficult for a single person  or a group of persons even for a state to control bitcoin. hope that bitcoin will continue its free state for ever.

certainly control it will not be done by one person alone, but you can see many bitcoin users from china, they are mostly bitcoin miner? and most bitcoin users are from china ?

Correct, somehow people from China were/are actively involved in bitcoin mining and trading as well. Till date biggest chunk of bitcoin Market is traded there. Thus it is understandable that ripples from these Chinese exchanges felt all over world.  Somehow in bitcoin world chinese market has become parallel to the status of US dollar   in regards with ability to affect rest of world.

[canhchuacaro1]

China is controlling bitcoin in the sense that it is the world's most populated country and most importantly Chinese adopted bitcoins early and as their markets are not stable in the last few months, a chunk of Chinese population is arming themselves with bitcoins to steer away from the possible threat of financial crisis (Majority of China's people were using bitcoins before Greece crisis and this crisis made them smarter).

Bitcoin is decentralized so i don't think it can be easily controlled even by the world's largest populated country.

[erickkyut]

It's a BiG NO NO!!! China doesn't control bitcoin!! China is only the biggest user of bitcoin because they have the biggest population among the rest of the countries worldwide. We can never tell who controls bitcoin because even the real founder or maker of it is still unknown. We only knew that he is Satoshi Nakamoto but no one can really prove it.

[coin revolution]

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?

Bitcoin's control is never anyone. But a large majority of mining activities are carried out in China. Therefore, we can say that the bitcoin is controlling the Chinese.

For example, it was discussed how the Bitcoin trade would be organized by Chinas financial regulators. After this discussion, the price of bitcoin fell. So even if it is not direct, we can say that the bitcoin is controlled indirectly by the Chinese.

[Qunenin]

It's a BiG NO NO!!! China doesn't control bitcoin!! China is only the biggest user of bitcoin because they have the biggest population among the rest of the countries worldwide. We can never tell who controls bitcoin because even the real founder or maker of it is still unknown. We only knew that he is Satoshi Nakamoto but no one can really prove it.

China is not only the biggest User of bitcoins but if you investigate you will find the 70% of the Bitcoin mining is being done in China. For this reason, they are the controllers of bitcoins and its price more importantly. Rest of the world is just following them.

[marcoman22]

Bitcoin is mentioned as a decentralized currency. But unfortunately, bitcoin is mostly mined in china and it has given china an upper hand in volume of bitcoins.Thus, when they want to dump bitcoin, they can just sell their bitcoins on large volumes and again when its price falls down, they can buy it much cheaper.A small change in china economy also causes a noticable effect in bitcoin price all over the world.Even last week, we saw bitcoin price rose to $1150 and within two days it fell to $750 due to policy change by PBOC.

[deisik]

Bitcoin is mentioned as a decentralized currency. But unfortunately, bitcoin is mostly mined in china and it has given china an upper hand in volume of bitcoins.Thus, when they want to dump bitcoin, they can just sell their bitcoins on large volumes and again when its price falls down, they can buy it much cheaper.A small change in china economy also causes a noticable effect in bitcoin price all over the world.Even last week, we saw bitcoin price rose to $1150 and within two days it fell to $750 due to policy change by PBOC.

The dump was obviously not due to policy change by the Central Bank of China

Simply because the pump wasn't either. The price basically plunged to levels from where it had started to grow, and right now strong support around 800 dollars per coin is keeping the price at levels above 800. The assaults launched by the PBOC on major Chinese exchanges may be as fake as the Bitcoin price pump that the Chinese price manipulators had pulled off just before that. Next time, take it as an opportunity to sell dear and buy cheap