China can destroy bitcoin

[Omela44]

I have also read reports that china has the options to destroy bitcoin and i think that is not really good either. I find it questionable and hope that china will never do something like that. It just is not good if a single country has so much power to destroy bitcoin.

[muddy waters]

very interesting when we hear that academics from Princeton University and academics from the University of Florida have concluded that China has the potential to threaten stability, internet infrastructure, security and bitcoin development.

in the world of mining, China dominates using ASIC vendors. China controls mining hashrate, so they affect the bitcoin protocol.

Is there a solution to stop that potency  ?

The only way out I can see is to create a more powerful (international?) union of miners and thus counterbalance the might of China. Such countries like India and Canada, as well the West European region with relatively low fees for electricity could be the core of such an "organization". And again, there should be some international regulation pertaining mining that is conducted on an industrial scale.

[cryptonewsID]

I don’t think that China is interested in the destruction of Bitcoin. China only declares its negative attitude towards cryptocurrencies, and in fact most mining and equipment mining facilities are concentrated in China.

China clearly rejects bitcoin and intends to destroy bitcoin, the Chinese government even forbids the existence of bitcoin in its country. this also causes bitcoin to drop dramatically.

[bitfocus]

China can't destroy a decentralized and P2P currency like BTC - but yes, they can do some damage and that damage is recoverable with time.

[Cassy14]

China can not destroy BITCOIN, though they can regulate it on their country.
China is just a part of the world and BTC is for the world.
They can have their own, but they cant put out the fact that BTC will stay forever.

[ruybanoya]

i think china can't destroy bitcoin.

[Compiler]

What China does could definitely affect the prices of BTC, but I'm sure they can not destroy it, because it is not only used by the people of China, there is an almost international use.

[Anatoly339102]

I don't think China can destroy bitcoin or any other country. In a few years bitcoin will be in the 1st row with gold and oil, and people will always invest in it

[378budiman]

yes, China can do what other countries cannot do, let alone bitcoin. like electronics, it can be slowly destroyed and become a Chinese product, but I'm sure bitcoin cannot be destroyed by any country.

[Om.monata]

China's influence on cryptocurrency is huge, including bitcoin. China can provide any rules for bitcoin. but so far China still sets fair rules for bitcoin so I think China hasn't taken further action.

[no0dlepunk]

China can threaten any economy that somehow depends on them - and yes it includes bitcoin. We are talking about a huge community here, assuming that 8 out of 10 of them are into bitcoins, then they surely can affect the circulation of it. But then again, I don't agree about them destroying bitcoins, I only said they are somehow threats.

[cizatext]

Well despite the fact that China is one of the biggest country in term of technical and technological development its very hard for China alone to be able to bring down bitcoin because bitcoin as a decentralized technology does not rely on the Internet which we think for it sole survival because before you can kill bitcoin in it totality you need the cooperation of so many factors and most important among this are the end users of bitcoin once there no more demands then we can say bitcoin is dead but if China alone say it want to see to the end of bitcoin the battle will be as good as a lost battle because bitcoin has the capacity to go beyond any attack a single country may put forward.

[zitbau]

No, I do not think China has more bitcoin producers and they can create a lot of turmoil with the virtual money market. There are many big countries that are focusing on the electronic money industry. And I think China can not hold everything and can destroy bitcoin.

[RiskySanchez]

I am not surprised that China has better innovation than bitcoin. but any mining product produced is still bitcoin that dominates the crypto market. bitcoin has investors who bet high on maintaining its stability in value

[sirminesalot]

I don’t think that China is interested in the destruction of Bitcoin. China only declares its negative attitude towards cryptocurrencies, and in fact most mining and equipment mining facilities are concentrated in China.

China clearly rejects bitcoin and intends to destroy bitcoin, the Chinese government even forbids the existence of bitcoin in its country. this also causes bitcoin to drop dramatically.

China is only entitled to ban the use of bitcoin in its country but is not entitled to destroy bitcoin. China prohibits the use of bitcoin, maybe because China is able to make its country go forward without the help of bitcoin and the average Chinese population is a smart person in terms of making money and business or company.

[Sirait]

China can't destroy Bitcoin, indeed China is one of the gold fields for cryptocurrencies especially Bitcoin. but that does not mean cryptocurrencies will not be able to survive or destroy without China, there are still many large countries that are the gold fields for the development of cryptocurrencies, one of which is Russia and America.

[teejayrichard2]

the truth is china with her huge population seem to have influence over so many things. most miners no doubt are from china and if the government bans bitcoin which i doubt will take place, then bitcoin will greatly affected. sure it wont fade out but the price will drop drastically but i dont think china will do such a thing as bitcoin is good for their economy grwoth.

[ixtreme1gaming]

I hope this law of property in China, will bring more moves from them soon.. If we could get Chinese people back on the markets for trading,this would be huuuuge marketcap boost.. could be bullrun capitalist! Now they are buying some with OTC option I guess.. Chinese money flow would rise up CMC a lot

[goolesby]

I realize China has the power to give big impacts in crypto, including bitcoin. However, the power doesn't come from China only. There are many countries have power to control bitcoin. So, bitcoin won't be destroyed by China as a single power.

[andika2018]

very interesting when we hear that academics from Princeton University and academics from the University of Florida have concluded that China has the potential to threaten stability, internet infrastructure, security and bitcoin development.

in the world of mining, China dominates using ASIC vendors. China controls mining hashrate, so they affect the bitcoin protocol.

Is there a solution to stop that potency  ?

China government do many thing to dominate every aspect and i think its not their fault. Its normal a country want to dominate anything because any country must want it. I think its hard to stop China domination right now because they already become super power