Is CHINA CONTROLLING Bitcoin?

[ekoice]

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?

It was in the past and its no more now.In the past,Chinese exchanges tried to dump the bitcoin price.Since there was no fees in chinese exchanges at that time,chinese holders created fake buy and sell orders to manipulate the price.But since trading fee was announced there,it was no more.Now even if the chinese want to dump bitcoin price by selling it suddenly,then they would be the losers since people around the world have recognized the bitcoin's value and they would immediately buy those bitcoins.Dragon is no more.

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[BitHodler]

I think it not true be course no one has ever discover the founder of bitcoin.

What has this to do with China *supposedly* controlling Bitcoin?

What i come to understand about China and bitcoin is that, they have built many bitcoin mining. Actuary Chinese has an upper hand in bitcoin. 

I think it's a better wording if you say that Chinese mining farms are more or less controlling Bitcoin. If you look at how far their influence reaches when it comes to touching consensus, it's obvious that they can just decide to support whatever proposal they want.

Even when it's not in the benefit of the community and the whole Bitcoin eco system. But hey, I guess that's also part of the freedom aspect of Bitcoin since it's open source..

[Bitcoin0916]

I think it not true be course no one has ever discover the founder of bitcoin. What i come to understand about China and bitcoin is that, they have built many bitcoin mining. Actuary Chinese has an upper hand in bitcoin. 

This will continue to be a debate, I think, china is the majority owner of the bitcoin stock, this fact we can see from the data exchanger in china. Because they have the majority of the stock, surely they could control the bitcoin.

[bravehearth0319]

Is china controlling bitcoin? might be... i would say yes.
Should we worry? i dont think so... what could they do? stop farming? try a big dump and ruin themselves?

I beg to disagreed with you answered, whenever china don't have a capability to control bitcoin. It's not because they owned the biggest percentage of mining farm of bitcoin it doesn't mean they have the power to control it. We all knew that bitcoinis decentralized digital currency, meaning there is no other institution that can control bitcoin ever.

[deisik]

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?

It was in the past and its no more now.In the past,Chinese exchanges tried to dump the bitcoin price.Since there was no fees in chinese exchanges at that time,chinese holders created fake buy and sell orders to manipulate the price.But since trading fee was announced there,it was no more.Now even if the chinese want to dump bitcoin price by selling it suddenly,then they would be the losers since people around the world have recognized the bitcoin's value and they would immediately buy those bitcoins.Dragon is no more

It would be nice if you could explain how no fees allow price manipulation

You are not the first one claiming that and I have yet to see a plausible explanation how no fees can actually facilitate price manipulation. As to my knowledge, the size of trading fee determines the average size of the spread since buyers and sellers should take this fee into account when calculating their entry points. But that's pretty much all there's to it. You can indeed buy and sell from yourself using another account at the exchange but that would just raise trading volume. I can't figure how that could be interpreted as price manipulation, but you are welcome to explain

[mastermold]

If the Chinese miners were unified and collaborative in their approach, then they could theoretically gain control over the blockchain and thus Bitcoin.

However, in the real world what would probably happen is the core devs would code and release an update that would checkpoint the Chinese 'attack' and return control of the chain back to the economic majority (aka banks/coinbase/blockstream).

[deisik]

If the Chinese miners were unified and collaborative in their approach, then they could theoretically gain control over the blockchain and thus Bitcoin.

However, in the real world what would probably happen is the core devs would code and release an update that would checkpoint the Chinese 'attack' and return control of the chain back to the economic majority (aka banks/coinbase/blockstream)

I don't quite understand what you mean by "economic majority"

Care to explain? Apart from that, we don't know how many Chinese miners the Chinese pools actually consist of. Some of them are obviously not mining pools but rather mining farms and those the Chinese government can indeed take control over. But if the pools are actually made up from many individual miners, these miners could potentially withdraw their mining resources from the pools, thereby essentially rendering them impotent. Personally, I'm more inclined to think that the rumors of the Chinese government preparing a 51% attack against Bitcoin network are just another round of FUD. At first, it was the Winklevoss FUD, then the BU FUD, and now the 51% attack FUD

[stergium]

I think it not true be course no one has ever discover the founder of bitcoin. What i come to understand about China and bitcoin is that, they have built many bitcoin mining. Actuary Chinese has an upper hand in bitcoin. 

This will continue to be a debate, I think, china is the majority owner of the bitcoin stock, this fact we can see from the data exchanger in china. Because they have the majority of the stock, surely they could control the bitcoin.

yes that is true that china have more users as compare to other countries but i think i do not think that they can control bitcoin, because the users of bitcoin are now present every where and therefore i think it is not becoming more and more difficult to control bitcoin by a single country.

[batang_bitcoin]

I think it not true be course no one has ever discover the founder of bitcoin. What i come to understand about China and bitcoin is that, they have built many bitcoin mining. Actuary Chinese has an upper hand in bitcoin. 

Someone discovers or not who is the founder of bitcoin it doesn't matter when it comes to this type of matter regarding China. We already know that the founder is Satoshi. Chinese are playing a major role in the bitcoin economy as you said majority of the miners are found there, they are crazy greedy but right now PBoC is becoming strict to it's constituents.

[marcus_of_augustus]

china just played their last card ... and it was a big fat bluff.

Stick a fork in them, they're done.

[raven7886]

If the Chinese miners were unified and collaborative in their approach, then they could theoretically gain control over the blockchain and thus Bitcoin.

However, in the real world what would probably happen is the core devs would code and release an update that would checkpoint the Chinese 'attack' and return control of the chain back to the economic majority (aka banks/coinbase/blockstream)

I don't quite understand what you mean by "economic majority"

Care to explain? Apart from that, we don't know how many Chinese miners the Chinese pools actually consist of. Some of them are obviously not mining pools but rather mining farms and those the Chinese government can indeed take control over. But if the pools are actually made up from many individual miners, these miners could potentially withdraw their mining resources from the pools, thereby essentially rendering them impotent. Personally, I'm more inclined to think that the rumors of the Chinese government preparing a 51% attack against Bitcoin network are just another round of FUD. At first, it was the Winklevoss FUD, then the BU FUD, and now the 51% attack FUD

Most of the Chinese bitcoin pools consist of companies who are establishing and dumping a lot of money into servers and mining farms and as it is proving to be very profitable since the kwh costs only 8 cents in china more and more companies regular people invest into it, so it I s not surprising to find that the Chinese dominate the bitcoin mining market and if anything happens to that concept like change in the electricity price than we will see effects on the bitcoin exchanges.

[deisik]

If the Chinese miners were unified and collaborative in their approach, then they could theoretically gain control over the blockchain and thus Bitcoin.

However, in the real world what would probably happen is the core devs would code and release an update that would checkpoint the Chinese 'attack' and return control of the chain back to the economic majority (aka banks/coinbase/blockstream)

I don't quite understand what you mean by "economic majority"

Care to explain? Apart from that, we don't know how many Chinese miners the Chinese pools actually consist of. Some of them are obviously not mining pools but rather mining farms and those the Chinese government can indeed take control over. But if the pools are actually made up from many individual miners, these miners could potentially withdraw their mining resources from the pools, thereby essentially rendering them impotent. Personally, I'm more inclined to think that the rumors of the Chinese government preparing a 51% attack against Bitcoin network are just another round of FUD. At first, it was the Winklevoss FUD, then the BU FUD, and now the 51% attack FUD

Most of the Chinese bitcoin pools consist of companies who are establishing and dumping a lot of money into servers and mining farms and as it is proving to be very profitable since the kwh costs only 8 cents in china more and more companies regular people invest into it, so it I s not surprising to find that the Chinese dominate the bitcoin mining market and if anything happens to that concept like change in the electricity price than we will see effects on the bitcoin exchanges

Electricity costs are important but China is not the only country out there with cheap electricity tariffs

It looks more like their main advantage stems from their first-hand access to mining hardware. There have been rumors that behind some mining pools asic manufacturers are hiding, so it shouldn't surprise anyone they have such an edge. But they are said to be nearing a technological limit already, therefore this advantage is going to diminish soon. It is the same as with CPUs today, the frequencies of processors are no longer growing since it is impossible to overcome physical limits. The bottom line is that the competition between miners should increase once there will be no more growth in the hash rates per hardware unit

[tripplewarz]

If the Chinese miners were unified and collaborative in their approach, then they could theoretically gain control over the blockchain and thus Bitcoin.

However, in the real world what would probably happen is the core devs would code and release an update that would checkpoint the Chinese 'attack' and return control of the chain back to the economic majority (aka banks/coinbase/blockstream)

I don't quite understand what you mean by "economic majority"

Care to explain? Apart from that, we don't know how many Chinese miners the Chinese pools actually consist of. Some of them are obviously not mining pools but rather mining farms and those the Chinese government can indeed take control over. But if the pools are actually made up from many individual miners, these miners could potentially withdraw their mining resources from the pools, thereby essentially rendering them impotent. Personally, I'm more inclined to think that the rumors of the Chinese government preparing a 51% attack against Bitcoin network are just another round of FUD. At first, it was the Winklevoss FUD, then the BU FUD, and now the 51% attack FUD

Most of the Chinese bitcoin pools consist of companies who are establishing and dumping a lot of money into servers and mining farms and as it is proving to be very profitable since the kwh costs only 8 cents in china more and more companies regular people invest into it, so it I s not surprising to find that the Chinese dominate the bitcoin mining market and if anything happens to that concept like change in the electricity price than we will see effects on the bitcoin exchanges

Electricity costs are important but China is not the only country out there with cheap electricity tariffs

It looks more like their main advantage stems from their first-hand access to mining hardware. There have been rumors that behind some mining pools asic manufacturers are hiding, so it shouldn't surprise anyone they have such an edge. But they are said to be nearing a technological limit already, therefore this advantage is going to diminish soon. It is the same as with CPUs today, the frequencies of processors are no longer growing since it is impossible to overcome physical limits. The bottom line is that the competition between miners should increase once there will be no more growth in the hash rates per hardware unit

Why do not you consider the question that the Chinese government can be very interested in income using bitcoins and thus their farms are provided with free electricity. And if you take into account the increased interest in alternative energy sources, the process of mining bitcoin is even better.

[bncbnc]

If the Chinese miners were unified and collaborative in their approach, then they could theoretically gain control over the blockchain and thus Bitcoin.

However, in the real world what would probably happen is the core devs would code and release an update that would checkpoint the Chinese 'attack' and return control of the chain back to the economic majority (aka banks/coinbase/blockstream)

I don't quite understand what you mean by "economic majority"

Care to explain? Apart from that, we don't know how many Chinese miners the Chinese pools actually consist of. Some of them are obviously not mining pools but rather mining farms and those the Chinese government can indeed take control over. But if the pools are actually made up from many individual miners, these miners could potentially withdraw their mining resources from the pools, thereby essentially rendering them impotent. Personally, I'm more inclined to think that the rumors of the Chinese government preparing a 51% attack against Bitcoin network are just another round of FUD. At first, it was the Winklevoss FUD, then the BU FUD, and now the 51% attack FUD

Most of the Chinese bitcoin pools consist of companies who are establishing and dumping a lot of money into servers and mining farms and as it is proving to be very profitable since the kwh costs only 8 cents in china more and more companies regular people invest into it, so it I s not surprising to find that the Chinese dominate the bitcoin mining market and if anything happens to that concept like change in the electricity price than we will see effects on the bitcoin exchanges

Electricity costs are important but China is not the only country out there with cheap electricity tariffs

It looks more like their main advantage stems from their first-hand access to mining hardware. There have been rumors that behind some mining pools asic manufacturers are hiding, so it shouldn't surprise anyone they have such an edge. But they are said to be nearing a technological limit already, therefore this advantage is going to diminish soon. It is the same as with CPUs today, the frequencies of processors are no longer growing since it is impossible to overcome physical limits. The bottom line is that the competition between miners should increase once there will be no more growth in the hash rates per hardware unit

Why do not you consider the question that the Chinese government can be very interested in income using bitcoins and thus their farms are provided with free electricity. And if you take into account the increased interest in alternative energy sources, the process of mining bitcoin is even better.

yes that is right to say, China is the biggest support of bitcoin and the majority of bitcoin users are from China, i think their government is also taking interest in bitcoin .

[DIAH PERMATASARI]

it looks like it will not happen its just that there are many so that when conducting transactions in large amounts the effect will affect the price of bitcoin

[Sadlife]

Well they have 50% or i think 51% of hashpower so yeah i guess i could say that they're controlling bitcoin.
If they feel like it they can attack the bitcoin network anytime but i guess
The core devs has the solution against the 51% attack.

[Casabrandy]

Well they have 50% or i think 51% of hashpower so yeah i guess i could say that they're controlling bitcoin.
If they feel like it they can attack the bitcoin network anytime but i guess
The core devs has the solution against the 51% attack.

I don't think they were the one whose in control , but in terms of the number of users,they were really a lot in numbers,they knew bitcoin long before. But I believed bitcoin is decentralized that it depends on the economy and value of dollars.

[AUDREY23]

no one can control the bitcoin unless the users of its own, china control bitcoin I guess it's just a rumor that in fact there was its large, many mine miner bitcoin, the stock ownership of BTC there are also many, so when there is a sale on a large scale in china then it will affect the price of bitcoin

[deisik]

If the Chinese miners were unified and collaborative in their approach, then they could theoretically gain control over the blockchain and thus Bitcoin.

However, in the real world what would probably happen is the core devs would code and release an update that would checkpoint the Chinese 'attack' and return control of the chain back to the economic majority (aka banks/coinbase/blockstream)

I don't quite understand what you mean by "economic majority"

Care to explain? Apart from that, we don't know how many Chinese miners the Chinese pools actually consist of. Some of them are obviously not mining pools but rather mining farms and those the Chinese government can indeed take control over. But if the pools are actually made up from many individual miners, these miners could potentially withdraw their mining resources from the pools, thereby essentially rendering them impotent. Personally, I'm more inclined to think that the rumors of the Chinese government preparing a 51% attack against Bitcoin network are just another round of FUD. At first, it was the Winklevoss FUD, then the BU FUD, and now the 51% attack FUD

Most of the Chinese bitcoin pools consist of companies who are establishing and dumping a lot of money into servers and mining farms and as it is proving to be very profitable since the kwh costs only 8 cents in china more and more companies regular people invest into it, so it I s not surprising to find that the Chinese dominate the bitcoin mining market and if anything happens to that concept like change in the electricity price than we will see effects on the bitcoin exchanges

Electricity costs are important but China is not the only country out there with cheap electricity tariffs

It looks more like their main advantage stems from their first-hand access to mining hardware. There have been rumors that behind some mining pools asic manufacturers are hiding, so it shouldn't surprise anyone they have such an edge. But they are said to be nearing a technological limit already, therefore this advantage is going to diminish soon. It is the same as with CPUs today, the frequencies of processors are no longer growing since it is impossible to overcome physical limits. The bottom line is that the competition between miners should increase once there will be no more growth in the hash rates per hardware unit

Why do not you consider the question that the Chinese government can be very interested in income using bitcoins and thus their farms are provided with free electricity. And if you take into account the increased interest in alternative energy sources, the process of mining bitcoin is even better

No, I don't consider this question

First, there is no reason to provide someone with free electricity just because they could earn something (and the latter itself is not certain). This simply doesn't make sense economically. Second, I don't think that the Chinese government is actually interested in Bitcoin at all. Otherwise, you will have to coherently explain the attacks on the Chinese Bitcoin exchanges that the PBoC has launched earlier this year. As you can see, there is no reason to take such and similar questions seriously (it is like a conspiracy theory inverted)

[dothebeats]

no one can control the bitcoin unless the users of its own, china control bitcoin I guess it's just a rumor that in fact there was its large, many mine miner bitcoin, the stock ownership of BTC there are also many, so when there is a sale on a large scale in china then it will affect the price of bitcoin

China "potentially" controls bitcoin because of the large mining farms in there. They can do a 51% attack if they want to which means that they would be able to create their own chain which would disrupt bitcoin in general. However for whales and such, I think they are equally distributed and not all whales are found in Chinese exchanges.