Is CHINA CONTROLLING Bitcoin?

[deisik]

China in my opinion can control bitcoin's price, since if all their miners sell at the same time, it would cause a very big dump on bitcoin's price. For now, I think those miners are independent and not controlled by the government. Hope that China won't plan to control bitcoin's price just yet. If they do, they will just need to order their miners and bitcoin users to sell all of their bitcoins at the same time or by banning bitcoin causing the miners to sell at the same time

Metaphorically speaking, we have already been there

The Chinese authorities have already effectively banned Bitcoin from trading in China. Now we see runaway prices going straight to the moon. Even if they make the Chinese miners sell all their stashed bitcoins somehow (provided there are any in the first place), that could only make the prices crash momentarily, and we will see buying wall rising to the sky covering the sun itself. Obviously, the Chinese government is not so much interested in controlling Bitcoin prices as driving Bitcoin out of the country altogether

[Supercrypt]

The sun is setting on China's day basking in the bitcoin sun ... that's not a bad thing either, some of them there were getting quite nutty and power-crazed.

Remember the major mining farms are still in china and it is true that there is a slight hiccup with the recent involvement of the government and they have frozen the accounts so that you are not able to withdraw your coins and so is the reason people are moving away from Chinese exchanges.

No country in the world is able to control a currency or have any hold on it completely. Yeah China has some influence on it and it is not the matter of worry if we see its population and the growth it shown in its economy. I think it will be the become next super power so if a number of users are doing mining from a same country and making bitcoins from it I think it is just a common thing.

[TheGodFather]

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?

I think theres no Proof if China is actually controlling the Bitcoin Society. But as of now, most of us came from different countries to earn and use bitcoin. And if China is actually the one who's controlling bitcoin right now ? Maybe there's a reason why. Maybe they want to rule the Bitcoin just to make society even more progressive, or make different currencies more useful.

[gandame]

I think china is not the one who controlls the bitcoin but its the effect of many who uses bitcoin currency in their country. The people mostly in china were more patience rather than other countries because they kept holding btc for their own future and profit. That place has the bigger btc investors online, same as those who are scammers because the bigger their population, the most financial crimes were likely to happen.

[hulla]

China in my opinion can control bitcoin's price, since if all their miners sell at the same time, it would cause a very big dump on bitcoin's price. For now, I think those miners are independent and not controlled by the government. Hope that China won't plan to control bitcoin's price just yet. If they do, they will just need to order their miners and bitcoin users to sell all of their bitcoins at the same time or by banning bitcoin causing the miners to sell at the same time

Metaphorically speaking, we have already been there

The Chinese authorities have already effectively banned Bitcoin from trading in China. Now we see runaway prices going straight to the moon. Even if they make the Chinese miners sell all their stashed bitcoins somehow (provided there are any in the first place), that could only make the prices crash momentarily, and we will see buying wall rising to the sky covering the sun itself. Obviously, the Chinese government is not so much interested in controlling Bitcoin prices as driving Bitcoin out of the country altogether

Yes, you're correct because they are only interested in saving the Yuan not control the bitcoin price. Inaddition, as bitcoin price rises from December last year Yuan loose value and the Chinese government believe bitcoin had something to do with it and in other for them to achieve something they wanted, they almost crush the price of bitcoin early this year.

[deisik]

China in my opinion can control bitcoin's price, since if all their miners sell at the same time, it would cause a very big dump on bitcoin's price. For now, I think those miners are independent and not controlled by the government. Hope that China won't plan to control bitcoin's price just yet. If they do, they will just need to order their miners and bitcoin users to sell all of their bitcoins at the same time or by banning bitcoin causing the miners to sell at the same time

Metaphorically speaking, we have already been there

The Chinese authorities have already effectively banned Bitcoin from trading in China. Now we see runaway prices going straight to the moon. Even if they make the Chinese miners sell all their stashed bitcoins somehow (provided there are any in the first place), that could only make the prices crash momentarily, and we will see buying wall rising to the sky covering the sun itself. Obviously, the Chinese government is not so much interested in controlling Bitcoin prices as driving Bitcoin out of the country altogether

Yes, you're correct because they are only interested in saving the Yuan not control the bitcoin price. Inaddition, as bitcoin price rises from December last year Yuan loose value and the Chinese government believe bitcoin had something to do with it and in other for them to achieve something they wanted, they almost crush the price of bitcoin early this year

I don't really think that they do actually believe in that

Bitcoin is too small yet to affect the value of yuan as such in any meaningful way. But the said doesn't of course mean that the situation couldn't potentially get out of control in the future. In most authoritarian countries (like China or Venezuela), the population doesn't believe their governments either, and further devaluation of the Chinese currency would drive even more people into value-preservation mode. And that's where Bitcoin could come in quite handy. So basically, the Chinese government delivered a preemptive attack against Bitcoin

[prass tyo]

Does it really matter?

To me it matters, that's why I'm asking you guys.
Is China really controlling Bitcoin?
Is Bitcoin really controllable?
If so, is it China?

bitcoin is not true if it is controlled, because bitcoin is created not to like it, people think so china control bitcoin is not it in china many users the possibility of there the most. therefore in great numbers that then every transaction made will affect the price of bitcoin
something like that.

[hulla]

China in my opinion can control bitcoin's price, since if all their miners sell at the same time, it would cause a very big dump on bitcoin's price. For now, I think those miners are independent and not controlled by the government. Hope that China won't plan to control bitcoin's price just yet. If they do, they will just need to order their miners and bitcoin users to sell all of their bitcoins at the same time or by banning bitcoin causing the miners to sell at the same time

Metaphorically speaking, we have already been there

The Chinese authorities have already effectively banned Bitcoin from trading in China. Now we see runaway prices going straight to the moon. Even if they make the Chinese miners sell all their stashed bitcoins somehow (provided there are any in the first place), that could only make the prices crash momentarily, and we will see buying wall rising to the sky covering the sun itself. Obviously, the Chinese government is not so much interested in controlling Bitcoin prices as driving Bitcoin out of the country altogether

Yes, you're correct because they are only interested in saving the Yuan not control the bitcoin price. Inaddition, as bitcoin price rises from December last year Yuan loose value and the Chinese government believe bitcoin had something to do with it and in other for them to achieve something they wanted, they almost crush the price of bitcoin early this year

I don't really think that they do actually believe in that

Bitcoin is too small yet to affect the value of yuan as such in any meaningful way. But the said doesn't of course mean that the situation couldn't potentially get out of control in the future. In most authoritarian countries (like China or Venezuela), the population doesn't believe their governments either, and further devaluation of the Chinese currency would drive even more people into value-preservation mode. And that's where Bitcoin could come in quite handy. So basically, the Chinese government delivered a preemptive attack against Bitcoin

You have to believe me mate because that's the scoop behind the new law implement by the Chinese government to all China bitcoin exchangers cause they believe people are using bitcoin to move there money (foreign currence) oversea which make Yuan loose value and that's the Chinese bitcoin exchangers ask for
further customer identification lately.

Chinese miners are divided into 3 or 4 camps, they are not united, nothing to worry about.

It is indeed true, it could also give a bad impact for miners or the owner of the bitcoin another. Because there is nothing to know that secretly they work together and want to get a bigger profit from those outside of China. Although china is a great country, but sometimes there are some people who have the ambition to earn a bigger profit than those who have only little bitcoin. Just be patient and see the best results in the future, for now it's the price of the bitcoin has started a fun and profitable

I think Mkc was right because no tangible relationship between most of the Chinese miners. Meanwhile, some of the Chinese miners supported the act of only a larger mining transaction fee will maintain the
balance by increasing block size and transaction numbers and the fees will gradually replace the block
reward providing enough incentive for the miners to defend the bitcoin hashrate.

[asuryan180]

China has the most miners and this is something which gives it advantage one way or another because the power is in the miner's hands.And as more people start orientating into becoming miners in China it can mean that one day most of the BTC is held in people in China-now another question is if these people start holding that BTC and that way trying to control the price or the behaviour of BTC-I higlhy doubt that would happen because there has to be serious organization and I think that most of the miners just want ot make profit

[deisik]

China in my opinion can control bitcoin's price, since if all their miners sell at the same time, it would cause a very big dump on bitcoin's price. For now, I think those miners are independent and not controlled by the government. Hope that China won't plan to control bitcoin's price just yet. If they do, they will just need to order their miners and bitcoin users to sell all of their bitcoins at the same time or by banning bitcoin causing the miners to sell at the same time

Metaphorically speaking, we have already been there

The Chinese authorities have already effectively banned Bitcoin from trading in China. Now we see runaway prices going straight to the moon. Even if they make the Chinese miners sell all their stashed bitcoins somehow (provided there are any in the first place), that could only make the prices crash momentarily, and we will see buying wall rising to the sky covering the sun itself. Obviously, the Chinese government is not so much interested in controlling Bitcoin prices as driving Bitcoin out of the country altogether

Yes, you're correct because they are only interested in saving the Yuan not control the bitcoin price. Inaddition, as bitcoin price rises from December last year Yuan loose value and the Chinese government believe bitcoin had something to do with it and in other for them to achieve something they wanted, they almost crush the price of bitcoin early this year

I don't really think that they do actually believe in that

Bitcoin is too small yet to affect the value of yuan as such in any meaningful way. But the said doesn't of course mean that the situation couldn't potentially get out of control in the future. In most authoritarian countries (like China or Venezuela), the population doesn't believe their governments either, and further devaluation of the Chinese currency would drive even more people into value-preservation mode. And that's where Bitcoin could come in quite handy. So basically, the Chinese government delivered a preemptive attack against Bitcoin

You have to believe me mate because that's the scoop behind the new law implement by the Chinese government to all China bitcoin exchangers cause they believe people are using bitcoin to move there money (foreign currence) oversea which make Yuan loose value and that's the Chinese bitcoin exchangers ask for
further customer identification lately

That may well be true in respect to Chinese folks moving, say, the US dollars out of the country

But it is still not quite clear what Bitcoin has to do with all that and to which degree if ever. I don't mean to say that the Chinese folks can't buy bitcoins for yuans (they certainly can, or, rather, could till some time ago), but you shouldn't forget that there are over 1.3 billion people in China presently. Can you imagine what the Bitcoin price would be if it were actually used for getting rid of yuans on mass scale? The impact that Bitcoin has on the value of yuan is negligible as of yet

[NoiseBoy]

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?

Spam thread much?

And for the record, no, otherwise they wouldn't keep shitting on it.

[hamiltonik]

I think that China has an impact on Bitcoin. But no control. As we know a large number of Bitcoins mined by Chinese miner and it means that we can not neglect the fact that.
And we notice that the negative news from China affect the price of Bitcoin.

[agamasrori]

I think that China has an impact on Bitcoin. But no control. As we know a large number of Bitcoins mined by Chinese miner and it means that we can not neglect the fact that.
And we notice that the negative news from China affect the price of Bitcoin.

I agree with you, who can control the bitcoin is the holder itself. china might reasonably affect because most bitcoin is in their hands. maybe if china sell all of their bitcoin, then the price of bitcoin will be down for a while. but there are some countries that are trying to beat the dominance of china against bitcoin.

[Bitcoin0916]

China is the biggest bitcoin mining in the world for right now, and the largest factors to infect about the price is China. If the exchanger market from China down, the price is also down. So I believe that China can controlling bitcoin price and stock.

Yes true, china strongly influenced the bitcoin. When the Chinese new year, many of user sell bitcoin so the price drop from $1.160 to $800. And after the new year, they bought bitcoin again so the prices look stable and continues to rise.

[deisik]

China is the biggest bitcoin mining in the world for right now, and the largest factors to infect about the price is China. If the exchanger market from China down, the price is also down. So I believe that China can controlling bitcoin price and stock.

Yes true, china strongly influenced the bitcoin. When the Chinese new year, many of user sell bitcoin so the price drop from $1.160 to $800. And after the new year, they bought bitcoin again so the prices look stable and continues to rise.

There are more plausible explanations in regard to the price changes you refer to

And the causes of these changes are well known, and they have nothing to do with the Chinese new year since they are mostly related to the initiatives carried out by the Chinese authorities. The Chinese New Year happened in mid-February while the the price crashes you refer to had happened in January. In any case, it kinda looks that China is no longer controlling Bitcoin or its price. Bitcoin pretty much proved to be self-sufficient and global, i.e. not depending on any particular country (even if it is China) or whatever it might try to do to Bitcoin

[lionheart78]

China is the biggest bitcoin mining in the world for right now, and the largest factors to infect about the price is China. If the exchanger market from China down, the price is also down. So I believe that China can controlling bitcoin price and stock.

Yes true, china strongly influenced the bitcoin. When the Chinese new year, many of user sell bitcoin so the price drop from $1.160 to $800. And after the new year, they bought bitcoin again so the prices look stable and continues to rise.

There are more plausible explanations to price changes

And the causes of these changes are well known, and they have nothing to do with the Chinese new year since they are mostly related to the initiatives carried out by the Chinese authorities. The Chinese New Year happened in mid-February while the the price crashes you refer to had happened in January. In any case, it kinda looks that China is no longer controlling Bitcoin or its price. Bitcoin pretty much proved to be self-sufficient and global, i.e. not depending on any particular country (even if it is China) or whatever it might try to do to Bitcoin

Or maybe manipulator cannot find any reason to use Chinese Government Action to FUD Bitcoin since traders have kinda develop a resistance to the news.  Aside from that the current price increase of Bitcoin have shown that the Chinese does not have an influence on it since even with their big exchanges BTC withdrawal had been suspended, the price of Bitcoin keep on increasing until at the current price.

[bncbnc]

China is the biggest bitcoin mining in the world for right now, and the largest factors to infect about the price is China. If the exchanger market from China down, the price is also down. So I believe that China can controlling bitcoin price and stock.

Yes true, china strongly influenced the bitcoin. When the Chinese new year, many of user sell bitcoin so the price drop from $1.160 to $800. And after the new year, they bought bitcoin again so the prices look stable and continues to rise.

but i do not think that they can influence the price of bitcoin any more. because bitcoin is now available everywhere and the uses of bitcoin are also increasing continuously therefore i do not think that bitcoin can be manipulate any more.

[shinratensei_]

China is the biggest bitcoin mining in the world for right now, and the largest factors to infect about the price is China. If the exchanger market from China down, the price is also down. So I believe that China can controlling bitcoin price and stock.

Yes true, china strongly influenced the bitcoin. When the Chinese new year, many of user sell bitcoin so the price drop from $1.160 to $800. And after the new year, they bought bitcoin again so the prices look stable and continues to rise.

but i do not think that they can influence the price of bitcoin any more. because bitcoin is now available everywhere and the uses of bitcoin are also increasing continuously therefore i do not think that bitcoin can be manipulate any more.

Nope, it caused by the PBOC audit and it was securing bitcoin from the chinese manipulation, but i glad to see PBOC had done it on the previous time. The bitcoin will try to get more trend in the future without an intervention by some parties although not for his scaling problem.

[marcus_of_augustus]

If you buy chinese food with bitcoin that might be influencing it .... otherwise, nup.

[The_Dark_Knight]

If China is in fact controlling bitcoin indirectly, I don't have a problem with it as long as they are not trying to destroy bitcoin or anything like that since at some point their influence is going to diminish as bitcoin is adopted by more and more people.