China?

[solteykr]

Is China trying to control Bitcoin?

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[asuryan180]

It's hard to answer that because I think that's not exactly intentional,yes it may be happening but it's for no reason in my opinion and it will stop at one point or another-it's just   sure that just a contry can't control a huge crypto like BTC without the help of some really powerful people and I don't think that is the case we see right now-just the most miners are located in China

[terrate]

No. is impossible for one country to take control btc, they just can affect the btc price now.
They need to protect RMB (china currency) and prevent btc for laundering.

 

[solteykr]

Ok, but as we can see, a little move from their currency, Bitcoin rate also moves.. scary.

[chesatochi]

Ok, but as we can see, a little move from their currency, Bitcoin rate also moves.. scary.

They don't control the bitcoin, but they have an impact on the bitcoin ecosystem. You must be aware that China is the country that trades a huge volume in bitcoins exchanges. Also, they control a huge percentage of the mining operations with the price of electricity is so low, that a good business model to implement there.

One story can move the price the same day and the market react to it.

[harizen]

Is China trying to control Bitcoin?

According to my own view, in most of the cases, attempts of making a panic whether a pump or a dump always happened first at Chinese exchanges. Yes a triggering one and will make some bubbles of speculation throughout all of the bitcoin exchange around the globe. If there is a case of pump and dump, it's now up for other traders if they will follow the trend. But as a whole, to the point that China is controlling bitcoin, no I see that is not happening. Only the price is involved.

Ok, but as we can see, a little move from their currency, Bitcoin rate also moves.. scary.

Honestly it's not scary after all. That is the challenge of riding a certain trend. Take it as challenge and soon you will improve your knowledge about it.

[RodeoX]

Ok, but as we can see, a little move from their currency, Bitcoin rate also moves.. scary.

They invested more in infrastructure and bought more coins. What did you think would happen? They earned their way into this position.

[franky1]

can this topic be renamed

"racism, lets blame a country of 1.3billion unrelated people.. and not talk about reality of a few smarter people"

but seeing as people want to discuss asian mindsets
Danielson, Mr Miagi says "trading like painting fence.. 'upp, down, upp down'"

[mrcash02]

If all of them join themselves they will control Bitcoin, they have more than 50% of currently Bitcoin amount, and even earning more BTCs. The electricity there is cheap, profitable to mine, and they like technology, BTC turned very important for them. If another countries are worry about it, they should try make their people have interest for Bitcoins too, this way they can stop the China power.

[franky1]

If all of them join themselves they will control Bitcoin, they have more than 50% of currently Bitcoin amount, and even earning more BTCs. The electricity there is cheap, profitable to mine, and they like technology, BTC turned very important for them. If another countries are worry about it, they should try make their people have interest for Bitcoins too, this way they can stop the China power.

if all of america join together they can vote on america's got talent to suggest a dancing dog should be the most talented american..

wait.. britain done that 2 times in the last decade.. (im a brit by the way so its not racist for me to insult my own)

[megynacuna]

Is China trying to control Bitcoin?

It's evidently clear because they control the largest part of the bitcoins network, I learnt just 3 Chinese mining farms control about 70% of the entire bitcoin network so in effect they are in control and decentralization is at risk.

[franky1]

Is China trying to control Bitcoin?

It's evidently clear because they control the largest part of the bitcoins network, I learnt just 3 Chinese mining farms control about 70% of the entire bitcoin network so in effect they are in control and decentralization is at risk.

?they?
what if i told you that slushpool. many classify as part of your THEY.. is actually managed by a guy in thailand..
another pool manager is in mongolia. and another pool manager travels between europe and america.. where each of them have stratum servers dotted around the world

1.3billion people do not own bitcoin.. only a few people do and those few people do not all live in the same house eating the same bowl of rice.

the individuals have separate lives living hundreds/thousands of miles apart from each other and are actually competing against each other.. not colluding with each other.

in short. there is no chinese "they".

whats next every american is a KKK member purely because a few americans are that racist... fine you deem all of america KKK members under your mindset.

whats next every italian is a part of a mob

[mrcash02]

Is China trying to control Bitcoin?

It's evidently clear because they control the largest part of the bitcoins network, I learnt just 3 Chinese mining farms control about 70% of the entire bitcoin network so in effect they are in control and decentralization is at risk.

?they?
what if i told you that slushpool. many classify as part of your THEY.. is actually managed by a guy in thailand..
another pool manager is in mongolia. and another pool manager travels between europe and america.. where each of them have stratum servers dotted around the world

1.3billion people do not own bitcoin.. only a few people do and those few people do not all live in the same house eating the same bowl of rice.

the individuals have separate lives living hundreds/thousands of miles apart from each other and are actually competing against each other.. not colluding with each other.

in short. there is no chinese "they".

whats next every american is a KKK member purely because a few americans are that racist... fine you deem all of america KKK members under your mindset.

whats next every italian is a part of a mob

But, "they" can join themselves to control Bitcoin, why not? It's not impossible and free market allows this. All depends the will of each one of the members of "they" group (chineses). If they want they will be partners on it to try rulling Bitcoin to make big money while the only thing another people can it to follow their lead trying to predict what will be their steps.

If the chineses living in different houses join one only big house they will be stronger and more influential over crypto-currency world, over Bitcoin.

[just_Alice]

Is China trying to control Bitcoin?

If you mean they trade a lot and they mine a lot, yes, that's true. But is that a control? No. if you mean they can start panic selling or panic buying. Yes, probably they can, but I think all of that happens unintentionally and no one is able to predict the course of events. So that would be a dangerous game and no one wants that.

[franky1]

But, "they" can join themselves to control Bitcoin, why not? It's not impossible and free market allows this. All depends the will of each one of the members of "they" group (chineses). If they want they will be partners on it to try rulling Bitcoin to make big money while the only thing another people can it to follow their lead trying to predict what will be their steps.

If the chineses living in different houses join one only big house they will be stronger and more influential over crypto-currency world, over Bitcoin.

instead of spreading out the hash power to give the smaller guys a bigger chance and themselves hurting each other by being separate by competing against eachother.
you would see one pool. ensuring block rewards with every block. if your mindset had a chance of being onto something.

all the technical reasons about your mindset have been done to death for a few years.

think about it in the mindset of all of the segwit/dynamic block talk. even if something malicious/intentional was to occur, user nodes will orphan a malicious block of rule breaking data.
at very worse the block production from a massive superpool doing something malicious can be blacklisted and orphaned off.
but when you say "they" you are not talking as if the rational conversation is about say 100 people spread over 3-4 pools.. managing mining farms in 10-15 locations hundreds-thousands of miles apart

your talking as if its 1.3billion people all in it together eating the same bowl of rice.

[Mometaskers]

If you're asking if anyone in China is actually controlling Bitcoin, I don't think so. If you are thinking of "control" as in that the country is affecting bitcoin then yes - but just to some extent. They have a lot of really large mines there because of cheap electricity and they also trade a lot. Many people there are also using bitcoin for day-to-day transaction. Now if all those people suddenly dump their bitcoins then you'd see a noticeable drop in exchange rate. But those are individuals doing what they want to do, the government really can't do much. Systems become more complicated as more and more people are included it becomes increasingly harder to predict trends.

[solteykr]

can this topic be renamed

"racism, lets blame a country of 1.3billion unrelated people.. and not talk about reality of a few smarter people"

but seeing as people want to discuss asian mindsets
Danielson, Mr Miagi says "trading like painting fence.. 'upp, down, upp down'"

good day sir franky1, I am chinese. I'm new at mining bitcoin and just wanted to know more knowledge about it. How did racism got into my thread?

anyways, I got my answer. Thank you guys for the very good read.

[mrcash02]

But, "they" can join themselves to control Bitcoin, why not? It's not impossible and free market allows this. All depends the will of each one of the members of "they" group (chineses). If they want they will be partners on it to try rulling Bitcoin to make big money while the only thing another people can it to follow their lead trying to predict what will be their steps.

If the chineses living in different houses join one only big house they will be stronger and more influential over crypto-currency world, over Bitcoin.

instead of spreading out the hash power to give the smaller guys a bigger chance and themselves hurting each other by being separate by competing against eachother.
you would see one pool. ensuring block rewards with every block. if your mindset had a chance of being onto something.

all the technical reasons about your mindset have been done to death for a few years.

think about it in the mindset of all of the segwit/dynamic block talk. even if something malicious/intentional was to occur, user nodes will orphan a malicious block of rule breaking data.
at very worse the block production from a massive superpool doing something malicious can be blacklisted and orphaned off.
but when you say "they" you are not talking as if the rational conversation is about say 100 people spread over 3-4 pools.. managing mining farms in 10-15 locations hundreds-thousands of miles apart

your talking as if its 1.3billion people all in it together eating the same bowl of rice.

On pools, mining, BTC acquisition is every man for himself. So, they can pick the big investors, the big whales and create a club, a fellowship only with those holding huge amounts of Bitcoin. They can choose when to sell BTCs, when to hold, to control the price at their favour.

Surely it's not interesting for them to have 1.3 billions of people eating on the same bowl of rice, so only the rich guys can join the party.

[mining1]

China does control bitcoin. Chinese government, if they want to, can crash bitcoin / shut it down at any time. Because bitcoin is mostly centralized in china. I was thinking about buying some bitcoins for the next halving, but nowadays china will try to control bitcoin, and that may cause panic exit to fiat, therefore price crash.

[Kprawn]

Ok, but as we can see, a little move from their currency, Bitcoin rate also moves.. scary.

They invested more in infrastructure and bought more coins. What did you think would happen? They earned their way into this position.

You could not have said this any better... All the countries in the world, has the opportunity to make the best of this technology, but they are

dumping Trillions of dollars into War efforts and depreciating Fiat reserves. China has seen the potential and they started huge mining farms

and they bought huge Bitcoin reserves. Other governments should stop printing "toilet paper money" and invest in a technology that

actually increase in value.