Chinese miners rejecting transactions from the US?

[RawDog]

the law of bitcoin

I like that.

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[luthermanhole]

I really dont think they are though to be cmpletely honest, I still use alibaba and they trade with me

[g2com]

If Chinese miners or any miner groups form a monopoly, the Bitcion will inevitably split in two

[croutonhexagon]

I can't understand what the hell this Chinese are trying to prove. They should be kicked out from bitcoin or china should ban bitcoin i know Chinese have maximum hashing power but why not USA don't dominate bitcoin world.

[g2com]

I can't understand what the hell this Chinese are trying to prove. They should be kicked out from bitcoin or china should ban bitcoin i know Chinese have maximum hashing power but why not USA don't dominate bitcoin world.

Because speculation has always been phenomenal in China. China's stock market reached its highest point at over 6000 in 2007, then fell straight down to 1600. The government dominates the stock market so bitcoin is the only thing left for them to play with.

[croutonhexagon]

Why they do partiality. When all country will unite and give a heavy punch to Chinese then will come to line they are thinking themself as great and we should really have no connection with Chinese.

[Palodar]

I can't understand what the hell this Chinese are trying to prove. They should be kicked out from bitcoin or china should ban bitcoin i know Chinese have maximum hashing power but why not USA don't dominate bitcoin world.

Because speculation has always been phenomenal in China. China's stock market reached its highest point at over 6000 in 2007, then fell straight down to 1600. The government dominates the stock market so bitcoin is the only thing left for them to play with.

It is maybe because of the issues that the investments/stocks that China have in America before cant be given back to them because of the economy problem of US now.

[DooMAD]

At the risk of fuelling anyone's paranoia, there is a Chinese pool that will prioritise transactions relating to their business, but there's still absolutely no evidence that US transactions are being, or even can be, rejected.  Nor is there any evidence that US transactions are, or can be, targetted with higher fees than transactions from other countries.  From some of the posts above, it looks like people are still buying into this FUD as fact.

This thread should be treated purely as a hypothetical 'what if?' scenario.  Not based in reality.  It isn't actually happening.  Nor is it ever likely to.

[audaciousbeing]

What Donald was saying are just empty campaign promises and now that he will there, I am not sure he will take a different decision as against those people that have occupied the position before as decisions of foreign policies are more than just black and white that he is painting it. Also I don't see China now stopping to accept Bitcoin transactions from USA because of that and of what percentage do US citizen occupies of those doing such transactions with China?

[deisik]

I can't understand what the hell this Chinese are trying to prove. They should be kicked out from bitcoin or china should ban bitcoin i know Chinese have maximum hashing power but why not USA don't dominate bitcoin world.

Because, according to Trump, China has been aggressively stealing American jobs for the last thirty years at least. If we are to take his words seriously (and they seem to have some truth in them, let's be honest), we should also accept that some of the stolen jobs were exactly that, i.e. Bitcoin mining jobs. That's one of the reasons why the US doesn't dominate the Bitcoin world, at least, in what concerns Bitcoin mining...

In short, life is not all beer and skittles

Also I don't see China now stopping to accept Bitcoin transactions from USA

They don't need to block all such transactions. Demanding higher fees from US based web wallets like Coinbase and Xapo will suffice

This thread should be treated purely as a hypothetical 'what if?' scenario.  Not based in reality.  It isn't actually happening.  Nor is it ever likely to

We can't even say with surety that the recent congestion was not some rogue Chinese miner playing Bitcoin Ping Pong

[RawDog]

Chinese miners rejecting transactions from the US? Is this true that China can take control of BTC transactions from now on.

They already took control.  China owns bitcoin.

[deisik]

Chinese miners rejecting transactions from the US? Is this true that China can take control of BTC transactions from now on.

They already took control.  China owns bitcoin.

It has been so for at least two years already

I think I can safely assume that many people would disagree with that claim, but if they (I mean the Chinese) control Bitcoin in such a way that it rises 50 dollars every month on average without devastating plunges, many other people would happily agree to this type of control. Let's face the facts, the majority of people are here for profits, and Bitcoin is no more than a speculative vehicle for them. They don't particularly care about who controls Bitcoin as long as they are well off with their Bitcoin investments

[Xester]

Well its not that easy for China to retaliate against USA for increasing the tariffs by filtering transactions and disallow US bitcoin transactions. First, since you cannot determine who and where the owner of the btc address. Second, if they want really to retaliate and if filtered or selective mining for transactions is possible they will eventually mine even if it is coming from the USA, why because USA is large and it means big income. So if they earn big in bitcoin soon they will replace USA at the top of the economy.

[raja2sumi]

maybe it s due to political reasons that they  do not like donal trump at all.and my question to u would be that  how would they know that the transactions is coming from usa until and unless they are all hackers .

[merchantofzeny]

I don't have any idea how they will be able to cherry-pick transactions to reject but IMHO even they wouldn't be that stupid. If news of this break out, people would be alarmed. The adoption rate of btc would drop and people who do have them might dump their bitcoin, fearing instability. This in turn could drop the price of btc, which would then make all those btc the Chinese are mining useless.

[QuestionAuthority]

Chinese miners rejecting transactions from the US? Is this true that China can take control of BTC transactions from now on.

They already took control.  China owns bitcoin.

It has been so for at least two years already

I think I can safely assume that many people would disagree with that claim, but if they (I mean the Chinese) control Bitcoin in such a way that it rises 50 dollars every month on average without devastating plunges, many other people would happily agree to this type of control. Let's face the facts, the majority of people are here for profits, and Bitcoin is no more than a speculative vehicle for them. They don't particularly care about who controls Bitcoin as long as they are well off with their Bitcoin investments

Not only are you right but you are even underestimating the number of people. I believe it's not just a simple majority but almost all people are using Bitcoin simply for profit. I have run across very few people that are using Bitcoin for ideological reasons and I have attended dozens of conferences and meetups.

[deisik]

Well its not that easy for China to retaliate against USA for increasing the tariffs by filtering transactions and disallow US bitcoin transactions. First, since you cannot determine who and where the owner of the btc address. Second, if they want really to retaliate and if filtered or selective mining for transactions is possible they will eventually mine even if it is coming from the USA, why because USA is large and it means big income. So if they earn big in bitcoin soon they will replace USA at the top of the economy.

With the recent price surge, it suddenly struck me that it might be the Chinese way of retaliating on the US in general and the US dollar specifically. That is, to raise the price of Bitcoin (which, as we know, they have full control of, both in terms of mining and wealth) to the sky. Really, they have a lot of bitcoins and they also have trillions of US dollars in the form of bonds (US treasuries), so they have all the tools to make Bitcoin price as high as they see fit, given that most people look at the price of Bitcoin denominated in the dollar

If I'm right, we shall soon see insane prices without being coupled with any substantial corrections

It has been so for at least two years already

I think I can safely assume that many people would disagree with that claim, but if they (I mean the Chinese) control Bitcoin in such a way that it rises 50 dollars every month on average without devastating plunges, many other people would happily agree to this type of control. Let's face the facts, the majority of people are here for profits, and Bitcoin is no more than a speculative vehicle for them. They don't particularly care about who controls Bitcoin as long as they are well off with their Bitcoin investments

Not only are you right but you are even underestimating the number of people. I believe it's not just a simple majority but almost all people are using Bitcoin simply for profit. I have run across very few people that are using Bitcoin for ideological reasons and I have attended dozens of conferences and meetups.

Well, I was just giving folks the benefit of doubt