Is CHINA CONTROLLING Bitcoin?

[Vivace92]

I do not think China controls direct bitcoins. Bitcoin is not controlled by anyone because of its decentralized structure. I think the indirect way is China's influence on bitcoin. I think that especially the news that comes out in it causes changes in the price of bitcoin.

True, there is no control but the main impact on the Bitcoin has just China. The latest example is the verification of the Chinese stock exchanges, the price at the time dropped significantly.

Lol, it means being able to control, take a look at the Chinese new year when staying 2 days away, most of them sell bitcoin so prices bitcoin already down 4% in just 1 day. It's the proof that china controls the bitcoin.

[n0ne]

I do not think China controls direct bitcoins. Bitcoin is not controlled by anyone because of its decentralized structure. I think the indirect way is China's influence on bitcoin. I think that especially the news that comes out in it causes changes in the price of bitcoin.

True, there is no control but the main impact on the Bitcoin has just China. The latest example is the verification of the Chinese stock exchanges, the price at the time dropped significantly.

As mentioned the major impacts on bitcoin can be experienced based upon the china's market. On this basis we cannot judge bitcoin is controlled by China. Recent days in a popular Television Channel program the debate based upon the Bitcoin and its flaws and advantages for a digital economy which cannot be seen in any other country.

[HarringtonStark]

No one own or control bitcoin. Bitcoin is different from fiat currency and it is not taxed. Bitcoin isn't controlled by banks.

[lOvE mE forEvEr]

No one own or control bitcoin. Bitcoin is different from fiat currency and it is not taxed. Bitcoin isn't controlled by banks.

Agree, I think no one can control the bitcoin, marketcap bitcoin already billions of dollar, if any person or community can control the bitcoin surely she mastered the stock at least 51%. Is it still possible? I think not.

[hurain]

I don't think that china can control bitcoin because the transactions are confirmed by miners and there is a proper code for doing that.
However, I am willing to see some of the replies made on this topic.

Chinese people aren't controls all of bitcoin. They only can controls bitcoin that they have. Because they have the most of bitcoin so they can easily influence the price of bitcoin.

but how can you know that majority of bitcoin users are from China, because bitcoin is anonymous and no one know about this that who is using bitcoin from where. to me bitcoin is decentralize currency and the users of bitcoin are present everywhere. therefore a sing country cannot manipulate the price of bitcoin, either it is China or any other country.

[RealBitcoin]

They own one of the biggest exchanges.

They have most of the mining power.

Miners have also a lot of coins, most of the new wealth was acquired by miners, so I think the wealth centralization is also from there.

In short,  I would say yes.

[1Referee]

They own one of the biggest exchanges.

They have most of the mining power.

Miners have also a lot of coins, most of the new wealth was acquired by miners, so I think the wealth centralization is also from there.

In short,  I would say yes.

Indeed, mining farms located in China do "own" the majority of the mining power, but when it comes to their exchanges, they suffered a serious blow if you pay close attention to their volumes; https://bitcoinity.org/markets/list From millions in traded Bitcoins every day, to just ten thousand today. Important to know is, how much lower will their volumes drop if traders from abroad start ditching these exchanges? It's basically pointless to go through the hassle of getting CNY converted to USD or EUR as they lost the ability of zero fee trading. It's just a matter of time before they hop over to USD exchanges.

[Windpower]

I think that China definitely does have a big influence on the price of Bitcoin. They control most of the Bitcoin mining industry and I don't think that is going to change anytime soon. There is also a lot of trade volume coming from China. It kind of ruins the point of decentralization, but I guess it is not too bad. Whenever they pump and dumb, the price start to jump up and down which shows how much power the Chinese have.

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?

https://bitcointalk.org/index.php?topic=1465136.0
Stop spamming; Read before you post; don't gamble away the money you make with your shitty signature ad.

How is he spamming? He is just asking a question and he doesn't even have a paid signature equipped. You should stop spamming with random posts.

[RealBitcoin]

They own one of the biggest exchanges.

They have most of the mining power.

Miners have also a lot of coins, most of the new wealth was acquired by miners, so I think the wealth centralization is also from there.

In short,  I would say yes.

Indeed, mining farms located in China do "own" the majority of the mining power, but when it comes to their exchanges, they suffered a serious blow if you pay close attention to their volumes; https://bitcoinity.org/markets/list From millions in traded Bitcoins every day, to just ten thousand today. Important to know is, how much lower will their volumes drop if traders from abroad start ditching these exchanges? It's basically pointless to go through the hassle of getting CNY converted to USD or EUR as they lost the ability of zero fee trading. It's just a matter of time before they hop over to USD exchanges.

What are you telling me? Most exchanges do have fees on trading, to prevent spam trades. Of course.

But most Chinese are pretty wealthy, definitely more wealthy than the average westerner being sucked dry by the last bailout and endless welfare.

So middle class Chinese are probably trading big sums of money even without the leverage. And there are many Chinese ppl, so that will only grow.

Besides a light regulation is still better than the threats of ban from Russia and others. So if many Chinese will start trading that will just grow the real volume of trade, and not the fake leveraged one.

I bet Asia is at least 6 steps ahead in BTC usage than the west. The westerners are clueless fools, they just love their fiats so much.

[20kevin20]

No one own or control bitcoin. Bitcoin is different from fiat currency and it is not taxed. Bitcoin isn't controlled by banks.

Agree, I think no one can control the bitcoin, marketcap bitcoin already billions of dollar, if any person or community can control the bitcoin surely she mastered the stock at least 51%. Is it still possible? I think not.

There is not just one person that owns over 51% of Bitcoin, there are probably hundreds needed to be added up in order to get that result. China controls most part of the mining, so indeed China is a factor on which part of the price depends. While there are more people coming and joining the mining program, there are also a lot of people and businesses that are welcoming Bitcoin there. As far as I know, China has the biggest percentage of BTC Businesses.

[CyanFox]

China does control the bitcoin, you see current price is led by Chinese big 3 exchanges, after they charge fees, the volume drops and price is stagnant.

[1Referee]

What are you telling me? Most exchanges do have fees on trading, to prevent spam trades. Of course.

But most Chinese are pretty wealthy, definitely more wealthy than the average westerner being sucked dry by the last bailout and endless welfare.

So middle class Chinese are probably trading big sums of money even without the leverage. And there are many Chinese ppl, so that will only grow.

Besides a light regulation is still better than the threats of ban from Russia and others. So if many Chinese will start trading that will just grow the real volume of trade, and not the fake leveraged one.

I bet Asia is at least 6 steps ahead in BTC usage than the west. The westerners are clueless fools, they just love their fiats so much.

Not sure whether or not you got my point. I was referring to traders not from China that were using Chinese exchanges for flash trading just because of the zero fees. In case of Chinese exchanges, they were generating their fees solely from the popular margin side of their exchange, and thus could afford to offer free regular trading. And of course, spamming the orderbooks with worthless orders was being prevented, but not by fees, but by minimum orders. These traders will eventually distance themselves from these exchanges since there is no benefit in using them anymore, where of course the western exchanges will be seeing their volumes grow after a number of months.

[cellard]

China does control the bitcoin, you see current price is led by Chinese big 3 exchanges, after they charge fees, the volume drops and price is stagnant.

I wouldn't say is stagnant, it's holding pretty well at 900 USD area... we will see in the coming weeks. Overall the big decrease in volume has not been fatal for the price, so it's good news that the price can be sustained at 900 USD without needing all the big fake volume of the chinese exchanges.

[erpbridge]

I personally do feel that the big holders or big exchanges and organizations in China could easily be the ones controlling bitcoin. For example, 2 weeks back the exchange price was nearing 1100, and suddenly some chinese authority or exchange went into inspection and the price crashed to 850. Now they could easily have been creating fake news and shorting on the fall in price.

[GMPoison]

China does control the bitcoin, you see current price is led by Chinese big 3 exchanges, after they charge fees, the volume drops and price is stagnant.

I wouldn't say is stagnant, it's holding pretty well at 900 USD area... we will see in the coming weeks. Overall the big decrease in volume has not been fatal for the price, so it's good news that the price can be sustained at 900 USD without needing all the big fake volume of the chinese exchanges.

Rising now because of some good news.

[BitcoinPanther]

China does control the bitcoin, you see current price is led by Chinese big 3 exchanges, after they charge fees, the volume drops and price is stagnant.

I wouldn't say is stagnant, it's holding pretty well at 900 USD area... we will see in the coming weeks. Overall the big decrease in volume has not been fatal for the price, so it's good news that the price can be sustained at 900 USD without needing all the big fake volume of the chinese exchanges.

Indeed they are still fluctuating, after the removal of fake volume of Chinese big 3 exchanges, it seems the belief that China controlling bitcoin is not true.  You can see that the volume is almost evenly distributed between large exchanges.  This only means that Bitcoin is not centralized by Chinese people instead it was distributed in different regions.

[RodeoX]

... 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 .

China can also Freeze your BTC , where you can't use it. (51% attack Security issue)
(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.

I don't where you heard that, but it's completely incorrect. China can not "freeze" your bitcoin. No entity on Earth can do that. Tell you what. I'll pay $100 in BTC to anyone who can freeze my coins or keep me from sending them. Not that you would have a clue about my coins. Any takers? 

[deisik]

I don't where you heard that, but it's completely incorrect. China can not "freeze" your bitcoin. No entity on Earth can do that. Tell you what. I'll pay $100 in BTC to anyone who can freeze my coins or keep me from sending them. Not that you would have a clue about my coins. Any takers? 

If I'm not mistaken, those who possess 51% of hashing power (read China) could easily reject your transaction as invalid if they ever wanted to, and thus you would get stuck with your measly 100 dollars. Obviously, no one is going to single you out specifically, but if this kind of attack is ever going to happen, you may well got hit by it. And then you will certainly regret your bravado...

Your vanity is the enemy of your dignity

[RodeoX]

I don't where you heard that, but it's completely incorrect. China can not "freeze" your bitcoin. No entity on Earth can do that. Tell you what. I'll pay $100 in BTC to anyone who can freeze my coins or keep me from sending them. Not that you would have a clue about my coins. Any takers? 

If I'm not mistaken, those who possess 51% of hashing power can easily reject your transaction as invalid, and thus you will get stuck with your measly 100 dollars. Obviously, no one is going to single out you specifically, but if this kind of attack is ever going to happen, you may well got hit by it. And then you will certainly regret your bravado...

Your vanity is the enemy of your dignity

Here is why I am so brave. It is simply not logical to launch a 51% attack. If a group of evil miners got together and launched a 51% attack they would hurt themselves more than anyone else. Speculator would greatly devalue the price. And rightly so. All the tens of thousands of dollars in hardware would be wasted if the price were low. All their own holdings in bitcoin would take a hit. And for what? They would not gain in any way. It makes zero sense.   

But if someone wants to call my bluff then go ahead. 

[kiklo]

... 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 .

China can also Freeze your BTC , where you can't use it. (51% attack Security issue)
(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.

I don't where you heard that, but it's completely incorrect. China can not "freeze" your bitcoin. No entity on Earth can do that. Tell you what. I'll pay $100 in BTC to anyone who can freeze my coins or keep me from sending them. Not that you would have a clue about my coins. Any takers?  

Chinese Mining Pools can Freeze your BTC, by not Allowing any transactions when they mine a block, and then blocking all other blocks, using a 51% attack scenario.
I hate to break it to you, but you are too insignificant for them to tip their hand at how they can control BTC.    

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

Prevent some or all transactions from gaining any confirmations.
Prevent some or all other miners from mining any valid blocks.

 

FYI:
However China may tip their hand , when the Tariff battles with the US begin.
Any US Citizen is a fool to hold BTC, until this trade disputes between the US & China is resolved.

BTC= Better Trust China  
Because they control BTC, ~68% last count.