Is CHINA CONTROLLING Bitcoin?

[Devboy]

Currently no one really controls bitcoin but on how the market goes where the price go up and down depending on how much people buy/sell.In breif no one has the special power to control the network of bitcoins there the group of people that holds the most. Chinese people, they are one of those people that are making to helps griwing the economy also Chinesec has a good economy.That means the Chinese people has the ability to control bitcoins.They are part of this.

[mastica]

The exchanges had made another bubble into bitcoin, something i thinked werent possible to happen, but well exchanges does have all the tools to make a huge pump and bring the market into it, it were amazing opportunity to sell bitcoin, knowing the price would dump sooner or later. But if we do see the hash the most miners are located at China even without them having all at one pool they have huge influence over the bitcoin at the moment.

[Hammerschmidt]

With the level of mining difficulty so high, nobody can control bitcoin. Even at today's price, mining is a losing proposition for any duration under 24 months. We're lucky the miners don't "go on strike" and just refuse to sell. Once that happens BTC will hit $10,000/coin overnight.

[talkbitcoin]

With the level of mining difficulty so high, nobody can control bitcoin. Even at today's price, mining is a losing proposition for any duration under 24 months. We're lucky the miners don't "go on strike" and just refuse to sell. Once that happens BTC will hit $10,000/coin overnight.

sell what? miners are getting 12.5+ bitcoin each block they mine and most of the big names you see have to share that with others because they are pools not farms so they share with those who are connected to their pool
and also there are currently 16 million coins in circulation, miners not selling has and effect but it is not going to be big.

[BitHodler]

With the level of mining difficulty so high, nobody can control bitcoin. Even at today's price, mining is a losing proposition for any duration under 24 months. We're lucky the miners don't "go on strike" and just refuse to sell. Once that happens BTC will hit $10,000/coin overnight.

sell what? miners are getting 12.5+ bitcoin each block they mine and most of the big names you see have to share that with others because they are pools not farms so they share with those who are connected to their pool
and also there are currently 16 million coins in circulation, miners not selling has and effect but it is not going to be big.

Miners, and I am talking about the larger farms in special, they have been saving up nearly everything they have been gaining through mining.

Them not selling their coins is resulting in the price to be able to reach current levels. Bitcoin as a market hasn't got the liquidity to eat through even 10% of what they are mining on a monthly basis.

Result is that even though a big chunk of the rewards are being spread to pay out miners connected to their pool, these farms have probably more than 1 million coins in reserves just sitting in wallets doing nothing.

[deisik]

Miners, and I am talking about the larger farms in special, they have been saving up nearly everything they have been gaining through mining.

Them not selling their coins is resulting in the price to be able to reach current levels. Bitcoin as a market hasn't got the liquidity to eat through even 10% of what they are mining on a monthly basis

Oh, really? I remember you were saying quite the contrary to what you say now

But I must say that if there wasn't a block halving going to happen within a year, that the price would most likely go to the $300's with the current over-supply. Glad Satoshi thought out everything well enough

What you said before essentially comes down to asserting that miners would have to decrease their supply of new coins to the market due to the halving, which turned out to be quite in line with the price growth after the halving (if we exclude the Bitfinex hack soon after and the hype before the event). But this doesn't add up very well to what you claim now, namely that Bitcoin market doesn't have enough liquidity to absorb even 10% of the miners current rewards...

So, how do you know that miners are "saving up nearly everything"?

[cryptoanalyzer]

I guess both yes and no. China is one of main countries which have a direct effect on BTC but there are other countries involved as well.

[DiCE1904]

Of course they do:  http://fiatleak.com/
                             https://blockchain.info/pools

[GMPoison]

Of course they do:  http://fiatleak.com/
                             https://blockchain.info/pools

It's a good thing that the mining pools are the same thing as the miners themselves, oh wait.

[marcus_of_augustus]

PBOC just took another squat on bitcoin ... wonder how many PBOC and gubmint insiders had short positions on Huboi, BTCC before the "announcements?

And might explain the extreme run-up if they knew this was coming also.

[n0ne]

As users quoted China has got the highest number of bitcoin users than other country people who're into digital currency usage. Also China has the miners who are the backbone for the success of bitcoin as well the technology. Based upon this changes in China's economy or governance sure makes some impact upon bitcoin for which we cannot feel that bitcoin is controlled by China. Bitcoin is always control free.

[nelson4lov]

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.

Just because China leads the bitcoin mining does not mean they control the Prices & the bitcoin network. Bitcoin is still that decentralized cryptocurrency and If you say It's being controlled by an individual, organization and country (China for example)  China doesn't control bitcoin, Get your facts right.

[jeraldskie11]

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?

There is no one controlled a bitcoin even the china cause the maker of that is nakamoto and it has its own rules.  And if theres no bitcoiners,  bitcoin will disappear. Bitcoin is a cryptocurrency and it has a own code.  Try to search more in google maybe it could help your question so much.

[Anarchist]

despite the talk of a borderless currency, a handful of Chinese companies have effectively assumed majority control of the Bitcoin network

sad but true

[JohnBitCo]

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.

Yes, i think china is the biggest market of bitcoins.

[waltonvani]

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?

There is no one controlled a bitcoin even the china cause the maker of that is nakamoto and it has its own rules.  And if theres no bitcoiners,  bitcoin will disappear. Bitcoin is a cryptocurrency and it has a own code.  Try to search more in google maybe it could help your question so much.

Chinese people has owned nearly 90%of total bitcoins in the world. this fact shows chinese people can control bitcoin price as you know when china's government has some bitcoin restrictions on the big bitcoin exchanges and yes, bitcoin price will deeply decrease at once from 1,180$ being down 820$.

[SuperHero87]

No one cant control the bitcoins. Not even China

[Hammerschmidt]

No one cant control the bitcoins. Not even China

I think "control" is the operative word here. Replace "control" with words such as "dominate" or "influence," and you have an inescapable scenario. Some conglomerate will always be able to dominate or influence Bitcoin, even your perception of "the good guys," whoever they may be. It's like a race will always have a winner. It's expected and it should not deter anyone from racing.

[canhchuacaro1]

no one country can control completely
no matter how many measures, the black site still works
This is totally happening
Chinese government can not manage the Bitcoin
I believe that is true

[Shiroslullaby]

Big time investors are definitely manipulating the price to make money, and a lot of them are Chinese.
If you think this drop from $1100 to sub $800 wasn't partially manufactured, you're fooling yourself.
Smart, powerful people used existing events, spread FUD to further push prices down, and bought tons of cheap Bitcoin that weak investors sold off.
Now price is going back up and they are making a fortune.