Is CHINA CONTROLLING Bitcoin?

[BunnyShibe]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

I just think that big whales were from china, that is why people believe that China has that "controlling" thing of bitcoin. But now we see some changes as few rules were implemented and Chinese exchanges were introduced fee for trading etc.

but i think that the concept of big whale of bitcoin is now changing. and the reason can only be that the number of bitcoin user are increasing continuously which is making it more difficult for the big whales to manipulate the price of bitcoin.

but i think it was an old concept when the users of bitcoin were not too much, but now we can see that bitcoin is using through out the world.

[BunnyShibe]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

I just think that big whales were from china, that is why people believe that China has that "controlling" thing of bitcoin. But now we see some changes as few rules were implemented and Chinese exchanges were introduced fee for trading etc.

but i think that the concept of big whale of bitcoin is now changing. and the reason can only be that the number of bitcoin user are increasing continuously which is making it more difficult for the big whales to manipulate the price of bitcoin.

but i think it was an old concept when the users of bitcoin were not too much, but now we can see that bitcoin is using through out the world.

[NEWGOODOUBLE]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

it's because bitcoin users in China that is big enough and there are plenty of great whales are there. so for now china still plays an important role for bitcoin

[BunnyShibe]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

it's because bitcoin users in China that is big enough and there are plenty of great whales are there. so for now china still plays an important role for bitcoin

although it is a fact that most of the people are using bitcoins are from china. but still i will say that now not a single country is controlling bitcoin. and the reason can be that the users of bitcoin are continuously  increasing.

[hulla]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

Yes, the Chinese has big impact in the world of bitcoin so is the Japanese, US and the Europe. But when it control to the level of which country or region controls bitcoin, I will say the miners owns the power and the reason is. Bitcoin is decentralized currency in nature and it is the feature of freedom but bitcoin still relies on software developers to make decisions in terms of protocol changes, approval by miners and node operators.

[ASHLIUSZ]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

it's because bitcoin users in China that is big enough and there are plenty of great whales are there. so for now china still plays an important role for bitcoin

although it is a fact that most of the people are using bitcoins are from china. but still i will say that now not a single country is controlling bitcoin. and the reason can be that the users of bitcoin are continuously  increasing.

Early days of bitcoin evolution was found to be under the control of China as it holds most of the user base as well increased number of miners. At some point the dominance went out of hand and the user base along with the speculative approach kept the bitcoin under control.

[Barbut]

If bitmain was the only great player in town, I would say yes. But fortunately there are other great miners around the world, and I hope it continues that way.

That is the point here, there are great players, read miners, in each part of he world, so its not so truth that miners from china control bitcoins. And here is a little playing with words, China control bitcoin, or miners from China? Here is important for me to know are they connected, and if they are how. If China like country and government have their own mining rigs, or they do that on some other way then story is completely different.

[bncbnc]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

it's because bitcoin users in China that is big enough and there are plenty of great whales are there. so for now china still plays an important role for bitcoin

although it is a fact that most of the people are using bitcoins are from china. but still i will say that now not a single country is controlling bitcoin. and the reason can be that the users of bitcoin are continuously  increasing.

Early days of bitcoin evolution was found to be under the control of China as it holds most of the user base as well increased number of miners. At some point the dominance went out of hand and the user base along with the speculative approach kept the bitcoin under control.

that is such a solid reason you have given. in fact the number of bitcoin users are increasing through out the world and not only in china which is making it impossible for a single state to control bitcoin or to manipulate the price of bitcoin.

[grandy]

I'm sorry to say this - but I think that China has a big impact on bitcoin. This makes bitcoin not what we want it to be. He becomes addicted and loses decentralization

I just think that big whales were from china, that is why people believe that China has that "controlling" thing of bitcoin. But now we see some changes as few rules were implemented and Chinese exchanges were introduced fee for trading etc.

but i think that the concept of big whale of bitcoin is now changing. and the reason can only be that the number of bitcoin user are increasing continuously which is making it more difficult for the big whales to manipulate the price of bitcoin.

but i think it was an old concept when the users of bitcoin were not too much, but now we can see that bitcoin is using through out the world.

yes that is right to say that the number of bitcoin users are increasing continuously. which s really making it more difficult tor the big whales to manipulate the price of bitcoin and hope that in future we will trading bitcoin in its original price.

[Deep BTC]

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 is not possible to know exactly. But we know that China is a serious influence on bitcoin prices.
A large majority of miners operate in China. China does not directly control bitcoin. But I think they control the bitcoin indirectly.

[deisik]

You guys are talking about this like China as a nation controls the mining power.

China doesn't control Bitcoin because their geographical location has the most hashing power. Individual pools are what matter, or pools that are in a coalition and are aiming to control Bitcoin one way or another.

I'm not going to lie, this is starting to get annoying. Just because mining power is centered around a country doesn't mean they control Bitcoin. You can't control Bitcoin just by having the most hashing power in an area. Are you even thinking about how the technology works?

It is not about China as such

As about some dude from China (code-named Jihad), who is rumored to be the mining king controlling directly one of the biggest mining pools, namely, the notorious AntPool and who is also rumored to be indirectly controlling a few other important pools as well as mining equipment manufacturers. But since this mining magnate lives in China (if I'm not mistaken), it is said that China is controlling Bitcoin mining and thus important part of Bitcoin infrastructure as well

[TIDOVEE]

If the majority of the Bitcoin hashing power is physically located in China, then the Government of China has sovereign control over Bitcoin.

Definitely,  you are making the point.
But i don't think that does really matters,  but as time goes on there will be some balances. and if it doesnt has long as we are not having problem with them and we are achieving the aim. No qualms.   

[Salazarian]

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 is not possible to know exactly. But we know that China is a serious influence on bitcoin prices.
A large majority of miners operate in China. China does not directly control bitcoin. But I think they control the bitcoin indirectly.

to me i think they where influencing bitcoin in future, but now as soon as the users of bitcoin are increasing so their influence on bitcoin is also decreasing so we can say that they are not now influencing the price of bitcoin any more.

[andrew24p]

The chinese miners are not controlling it, but they are definitely influencing many people involved. Honestly in my opinion we should move back to a gpu centric algo and recentralize it. Maybe a very memory intensive algo so asics would be hard to develop for.

[btcwonder1]

In terms of Mining, yes. In terms of flow, No. Since the electricity is relatively cheap in China, about 60% new coins are generated by Chinese mining firms. Out of top 10 mining companies, 4 belong to China. So yes, it's safe to say that they partially control BTC.

[1Referee]

In terms of Mining, yes. In terms of flow, No. Since the electricity is relatively cheap in China, about 60% new coins are generated by Chinese mining firms. Out of top 10 mining companies, 4 belong to China. So yes, it's safe to say that they partially control BTC.

There are more than four, but the main thing that is concerning me even more, is that the chances are high that various large mining farms are owned by the same entity. There is no definite proof to back this up, but I am definitely not the only one thinking like that. There was an interesting thread I came across a few months ago regarding this, but unfortunately I can't find it right now.

[Taki]

In terms of Mining, yes. In terms of flow, No. Since the electricity is relatively cheap in China, about 60% new coins are generated by Chinese mining firms. Out of top 10 mining companies, 4 belong to China. So yes, it's safe to say that they partially control BTC.

China is number one not only by the number of the largest mining farms, they are taking the first place by the number of users. And this factor affect on bitcoin's price as well. I think exactly in China bitcoin will be accepted as second payment instrument after their national currency.

[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?

Once they were dominating the bitcoin market as they have largest share of mining farms and so more bitcoins.They easily manipulated the price by dumping bitcoins and then buying those bitcoins for cheaper price.But now,the game is no more as people all around the world have understood the potential of bitcoin and if the chinese try to dump the bitcoins,they would be losing their bitcoins as there is more demand for bitcoins.Dragon era has come to an end.

[Toyking]

No body can control bitcoin, that's the reason we trust bitcoin. So china can't control bitcoin.

[hulla]

You guys are talking about this like China as a nation controls the mining power.

China doesn't control Bitcoin because their geographical location has the most hashing power. Individual pools are what matter, or pools that are in a coalition and are aiming to control Bitcoin one way or another.

I'm not going to lie, this is starting to get annoying. Just because mining power is centered around a country doesn't mean they control Bitcoin. You can't control Bitcoin just by having the most hashing power in an area. Are you even thinking about how the technology works?

It is not about China as such

As about some dude from China (code-named Jihad), who is rumored to be the mining king controlling directly one of the biggest mining pools, namely, the notorious AntPool and who is also rumored to be indirectly controlling a few other important pools as well as mining equipment manufacturers. But since this mining magnate lives in China (if I'm not mistaken), it is said that China is controlling Bitcoin mining and thus important part of Bitcoin infrastructure as well

If I'm not mistaken the name Jihad is arab name and if that's the case then the big whale is not Chinese but Arab. In addition, the controller of bitcoin are the miners and the software developer and you can quote me right due to what happened in terms of block size debation.