Is CHINA CONTROLLING Bitcoin?

[Franz_Huber]

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?

No.
Daniel Krawisz's explanation is pretty accurate:
http://nakamotoinstitute.org/mempool/who-controls-bitcoin

[Zaun]

With the People's bank of China interfering heavily into the bitcoin atmosphere the power/control of the Chinese is surely diminishing.
A handy tool though of where bitcoins are transferred to can be found on http://fiatleak.com/ there you see where coins are spent and used.

With the ETF happening a lot of non-chinese money will be invested into Bitcoin which I hope will create stability and less volatility.

[sublimus]

IMO I think they could also modify the blockchain if hey have 50%+ of the computing power.

[shinratensei_]

Many of us here thinks that China is not controlling bitcoin for many different reasons , I think in myself that I agree that China isn't controlling it , It just happens that China has the Big number of miners and I think bitcoin can survive with out China.

50 percent of people here in forum are believing that china is controling the bitcoin price it just because of the reason of fake volume exchange that makes the bitcoin price boost into increasing price. China also had the most users who uses bitcoin and they starting to create good technology that can change the world with bitcoin.

the fact that the highest number of transactions was using chinese yuan. they have the biggest bitcoin minning in the world. they can control the price of bitcoin by influencing the supply.

After PBOC has done an investigation to the chinese bitcoin exchange site and i think the chinese are not having the power to control or manipulating the price of bitcoin with fake volume.

[BingoDog]

To my opinion it's not possible to totaly control the bitcoin, not for China or any other country. China is a big player with heavy influence on the price but having control is something else.
If this big chineese influence is good or bad for bitcoin the time will tell.

[NEWGOODOUBLE]

Many of us here thinks that China is not controlling bitcoin for many different reasons , I think in myself that I agree that China isn't controlling it , It just happens that China has the Big number of miners and I think bitcoin can survive with out China.

50 percent of people here in forum are believing that china is controling the bitcoin price it just because of the reason of fake volume exchange that makes the bitcoin price boost into increasing price. China also had the most users who uses bitcoin and they starting to create good technology that can change the world with bitcoin.

the fact that the highest number of transactions was using chinese yuan. they have the biggest bitcoin minning in the world. they can control the price of bitcoin by influencing the supply.

if bitcoin in control by china I think there will be an adverse impact, bitcoin created it actually has a purpose no one of any country in the world as well as financial institutions can dominate or control the bitcoin

The Chinese are not controlling the bitcoin. The trade volume is just 30% of total volume now.

yeah and may be on the wane see many people in various countries began to recognize bitcoin. so China will not give too much effect on the bitcoin

[hulla]

Many of us here thinks that China is not controlling bitcoin for many different reasons , I think in myself that I agree that China isn't controlling it , It just happens that China has the Big number of miners and I think bitcoin can survive with out China.

50 percent of people here in forum are believing that china is controling the bitcoin price it just because of the reason of fake volume exchange that makes the bitcoin price boost into increasing price. China also had the most users who uses bitcoin and they starting to create good technology that can change the world with bitcoin.

the fact that the highest number of transactions was using chinese yuan. they have the biggest bitcoin minning in the world. they can control the price of bitcoin by influencing the supply.

Yes, China did have the biggest minning in the world and I even said China control bitcoin last year but with what's happening lately? China did control bitcoin because a lot of good tiding is happening to bitcoiners in the US, Paskistan, Philippines, Japan, Europe etc.

[Vaskiy]

Many of us here thinks that China is not controlling bitcoin for many different reasons , I think in myself that I agree that China isn't controlling it , It just happens that China has the Big number of miners and I think bitcoin can survive with out China.

50 percent of people here in forum are believing that china is controling the bitcoin price it just because of the reason of fake volume exchange that makes the bitcoin price boost into increasing price. China also had the most users who uses bitcoin and they starting to create good technology that can change the world with bitcoin.

the fact that the highest number of transactions was using chinese yuan. they have the biggest bitcoin minning in the world. they can control the price of bitcoin by influencing the supply.

In the past they have been controlling the price of bitcoin with the increased users and the mining availability which is not found in the rest of the world countries. Recent fake volume which affected country's economy has made an end of controlling bitcoin. Now things happen in a better and systematic manner.

[Jasad]

With the People's bank of China interfering heavily into the bitcoin atmosphere the power/control of the Chinese is surely diminishing.
A handy tool though of where bitcoins are transferred to can be found on http://fiatleak.com/ there you see where coins are spent and used.

With the ETF happening a lot of non-chinese money will be invested into Bitcoin which I hope will create stability and less volatility.

so you mean when there is a lot of non-chinese money come to bitcoin investment, there will be a less volatility?
i don't think so , the volatility will always there exist ,
chinese will still in action but they will never ever control the bitcoin market ,
anyway the vote result so far :

Yes    - 168 (48.1%)
No    - 181 (51.9%)
   
Total Voters: 349

[ilovefeetsmell]

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?

One for No, there is no control on a single person or country or even the government. China is absolutely a part of Bitcoin’s future but it doesn't mean they're the controller of the bitcoin. China invested the hardware miners in other countries. 

[Kabul]

Many of us here thinks that China is not controlling bitcoin for many different reasons , I think in myself that I agree that China isn't controlling it , It just happens that China has the Big number of miners and I think bitcoin can survive with out China.

50 percent of people here in forum are believing that china is controling the bitcoin price it just because of the reason of fake volume exchange that makes the bitcoin price boost into increasing price. China also had the most users who uses bitcoin and they starting to create good technology that can change the world with bitcoin.

the fact that the highest number of transactions was using chinese yuan. they have the biggest bitcoin minning in the world. they can control the price of bitcoin by influencing the supply.

In the past they have been controlling the price of bitcoin with the increased users and the mining availability which is not found in the rest of the world countries. Recent fake volume which affected country's economy has made an end of controlling bitcoin. Now things happen in a better and systematic manner.

Fake volume is really an important issue since they are trying to make them look like a powerful country. However, it is end now and as you can see, the recent increasing in the Bitcoin prices have no relation with the China

[Latviand]

IMO I think they could also modify the blockchain if hey have 50%+ of the computing power.

I do not think it is in their benefit to do so.

[delliaerd]

Many of us here thinks that China is not controlling bitcoin for many different reasons , I think in myself that I agree that China isn't controlling it , It just happens that China has the Big number of miners and I think bitcoin can survive with out China.

50 percent of people here in forum are believing that china is controling the bitcoin price it just because of the reason of fake volume exchange that makes the bitcoin price boost into increasing price. China also had the most users who uses bitcoin and they starting to create good technology that can change the world with bitcoin.

the fact that the highest number of transactions was using chinese yuan. they have the biggest bitcoin minning in the world. they can control the price of bitcoin by influencing the supply.

After PBOC has done an investigation to the chinese bitcoin exchange site and i think the chinese are not having the power to control or manipulating the price of bitcoin with fake volume.

Indeed PBOC investigation was to look into possible market manipulation according to the statements posted on the People's Bank of China's website. But the reality china still have any impact for bitcoin and 'playing' with bitcoin. Your opinion isn't fully true if said that china are NOT HAVING power.

[1Referee]

Indeed PBOC investigation was to look into possible market manipulation according to the statements posted on the People's Bank of China's website. But the reality china still have any impact for bitcoin and 'playing' with bitcoin. Your opinion isn't fully true if said that china are NOT HAVING power.

Manipulation and everything was being caused by high frequency traders exploiting the zero fee platforms, and thus could recklessly make the price go up and down to their heart's content. In fact, it made them look far more important than they actually were if you look at the situation now. Chinese exchanges are now nothing more than what western exchanges are. I even tend to say that they are less than western exchanges, since a few of them (previously the undisputed nr1-2 with millions BTC in volume every day) fail big time to generate decent volumes.

[nillohit]

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?

Absolutely not 

[MONKEYJUNK]

China will keep getting most of the hashing power as long as its profitable to do so, and this coupled with the fact that no one is still competing against them will keep making the China monopoly bigger, but Andreas says that we will see new technology developed that will decentralize mining again.

[deisik]

Indeed PBOC investigation was to look into possible market manipulation according to the statements posted on the People's Bank of China's website. But the reality china still have any impact for bitcoin and 'playing' with bitcoin. Your opinion isn't fully true if said that china are NOT HAVING power.

Manipulation and everything was being caused by high frequency traders exploiting the zero fee platforms, and thus could recklessly make the price go up and down to their heart's content. In fact, it made them look far more important than they actually were if you look at the situation now. Chinese exchanges are now nothing more than what western exchanges are. I even tend to say that they are less than western exchanges, since a few of them (previously the undisputed nr1-2 with millions BTC in volume every day) fail big time to generate decent volumes

I don't really think that zero fees could somehow contribute to price manipulation

They might (and likely do) contribute to more volume as well as narrowing the spreads, but I can't possibly see how they would make price manipulations easier to perform. If we take 0.2% trade fees as the basis, then at the price of Bitcoin equal to 1,000 dollars per coin, this percentage would amount to just 4 dollars (0.2+0.2=0.4x1000=4). We will just see the spread widening, but that's pretty much all. Manipulations usually happen in the range of dozens (or even hundreds) of dollars, so 4 dollars are actually nothing in this regard. Anyway, I would like to hear your arguments and explanations how zero fees could make them possible

[bitjoin]

I find it interesting as soon as the china control of bitcoin took a hit just recently another "boom" happens with a zero fee exchange in japan.  This exchange now tops the list, how long before we get a... bitcoin banned in japan news to try and move the market.

[nyanhtet]

Almost. Major pools and miners are china.

[1Referee]

I don't really think that zero fees could somehow contribute to price manipulation

They might (and likely do) contribute to more volume as well as narrowing the spreads, but I can't possibly see how they would make price manipulations easier to perform. If we take 0.2% trade fees as the basis, then at the price of Bitcoin equal to 1,000 dollars per coin, this percentage would amount to just 4 dollars (0.2+0.2=0.4x1000=4). We will just see the spread widening, but that's pretty much all. Manipulations usually happen in the range of dozens (or even hundreds) of dollars, so 4 dollars are actually nothing in this regard. Anyway, I would like to hear your arguments and explanations how zero fees could make them possible

One example is where you make use of the 'stupidity' of bots that will constantly pop up and place orders above your order, which you use to sell into. In that case you can scoop up profits of +0.10% in a matter of seconds. Usually these profits are peanuts, buts since tranding fees don't apply they are a more than welcome bit of profit that just take HFT a second or two at most. Do that x100/500 times a day and you'll be doing extremely well.

Another example is that they have no problems dumping the price down, where they fill up the buy side of the orderbook with mostly their own orders, and dump thousands of coins at once to trigger panic sellers and stop loss orders that will sell into their buy orders. After that they do exactly the opposite and fill the sell side of the orderbook with their own orders, and start buying the price up and have people buy through their sell orders.

It's insanely fast how they used to trade. I have seen several 10,000BTC orders being used to dump the price down and to lift it up like $20-$30 in CNY equivalent in a matter of a few seconds. If you just look over your shoulders and look back at your screen, it would appear that nothing has happened until you look at the charts.