China can destroy bitcoin

[Reatim]

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.

You also have to realized that they have control of mining so they can really create a a big impact to the market, but to destroy bitcoin? I don't think they can single handedly do it. They might impact the price in short term but bitcoin is global so its going to continue specially if the other part of the globe will just pick up and lessen China's monopoly of mining.

[BennyK]

China has the largest population and once was the number one country with the largest Bitcoin mining industries. China has great influence on Bitcoin and the entire crypto market but the total survival of Bitcoin on the market cannot be entirely dependent on China. Although China can cause a great fall in Bitcoin price, it cannot totally destroy Bitcoin.
Bitcoin has gained much roots and support from investors across the globe. Bitcoin would have died when China banned Bitcoin.

[aliceHortrex]

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 is quite a self-sufficient country in terms of the economy and their participation in the life of bitcoin plays a very important role. More than half of bitcoin wallet holders are in this beautiful country. Specific proposals at the moment do not see ( obviously) and therefore I propose to expect a change of events and keep things in focus. Write about changes.

[Crafts12]

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  ?

I don't think it can totally destroy the bitcoin rather it can only damage it. As what you have stated, most miners comes from the China so if ever they are to pull out then I guess the mining would be weak. By that we can conclude that the China has the capability to damage the bitcoin in their own way but not really destroy it.

[PlusOne88]

For as long there is no actual physical damage made to bitcoin, I do think not a nation will be able to destroy it. Bitcoin in its real state is just a piece of code. It doesn't even have the value. And what gives it life are the demands for its usage and the importance it serves to the daily lives of the people. So what will happen if china quits using bitcoin? It will still be the bitcoin we know and will remain as it is for as long as anybody will still use it. The price may go down but their will still be bitcoin.

[munareal]

Bitcoin cannot be destroyed by China even if they have 75% of bitcoin miner. They can only slow down its growth as other countries are using and mining Bitcoin too. The growth rate will only be slower. Remember, Bitcoin is decentralized and cannot be control and anyone

[CrazeCoinz]

China is very powerful country, and consist of huge population. If all the miners there will agreed to destroy bitcoin for sure it can happen, and they will just support the coin that China's made if ever. There are some possibilities for this one but I hope it will not happen in the next 10 years. 

Some Chinese miners had moved to Russia as this is a good indication that bitcoin will survive even without the support of China. I just hope that China will reconsider to support crypto to boost more their economy.

[Sebas.tian]

China is also the main reason of this dump. Imagine most of the miners are there and the also need to constantly sell their bitcoins to sustain their operations. Though I don't believe they can single-handedly destroy bitcoin. As we can see last year, they tightened up regulations in ico (and actually went far as to ban it) but after it happened, it didn't significantly affect the ico market then.

[Bleaking6]

China destroyed using of youtube which was a major failure. They also banned porn sites and different games. China destroying bitcoin is the most unprofitable thing they could do. China has one of the most populated countries in the world. If they haven't destroyed bitcoin then bitcoin could be the mot profitable thing in China.

[Dextract]

Well thats the truth and its sad since they hold most of the mining pools hashrate and they are the ones who supply components to the makers of ASIC miners

[MainIbem]

China has not issued a statement threatening bitcoin. So where is the fear coming from?  What China did was to ban exchanges. It did affect the market when that ban was announced early 2018, but bitcoin is still alive and still the leading cryptocurrency.

[Morjana17]

I think it's not possible because china is a reach country and china has power to distroy bitcoin in their country. However bitcoin also has a big influece in their society and even in their marketing. Their are many good things bitcoin has contribute that's why many people will join day by day.

[bayu7adi]

looking at the facts, the truth is that China is a country that has a strong influence on the cryptocurrency industry and the internet. All policies taken by the Chinese government will easily influence the development of cryptocurrency in the world. But keep in mind that China is not the only player in the world, there are still many countries that participate in becoming the influence of Bitcoin success, such as United States, Canada, Russia and so on

[Afnan_faizah]

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  ?

Yes there is a solution. We need to convince entrepreneurs to get involved in minning industry. Minning revenue should not be monopolized by one group or country, market will always find way to get balance condition. I hope most of people here aren't only concern in bounty campaign but also learn how to mine bitcoin and other coin or even create their own blockchain to ease their job.

We can stop that potency that you said, I am sure mining industry will spread evenly.

[Aristotle Paces]

The Chinese government continues to implement measures to ban digital money transactions, tighter control of online platforms and mobile applications for this transaction.
In addition to the ban one-currency trading last year, the next target of the Chinese government is the domestic platform that allows centralized trading without clearly delineating the difference between these platforms.
Chinese regulators also target individuals and companies that provide clearing services, arrange and market. Small-scale (P2P) transactions are not affected.
Bitcoin plunged 1.2 percent to $ 13,580 in London's midday trading session, according to Bloomberg.

[pacman7331]

This is a very vital question for the crypto community. China has a large economy 70% bitcoin users are from China and we know for bitcoin mining china is the supreme. After banning bitcoin in China mining shifting to others Asian country. For being a large bitcoin adopting country, China won't destroy bitcoin.

[MarioDylan]

In the face of some people trying to deal with the ban in China, others in countries such as Japan and Hong Kong are profiting from Bitcoin and expose Dimon's plot. All have shown that Bitcoin is growing and is not susceptible to market manipulation. The government's ban and repression can make things more difficult for users. Bitcoin in China but doesn't mean that they can't overcome this hard. To improve the situation, many people affected by the ban have switched to using LocalBitcoins and even stopped using a state-controlled messaging app called WeChat.

[pinoyden]

that can not be, because for me there are no countries that can break a bitcoin. I heard again last year that china sometimes becomes banned by bitcoin, so for me all the nations are not perfect and hopefully it will not destroy a blockchain technology in the country nor affect the value.

of course they cannot destroy bitcoin but keep in mind that china is a huge country and alot of chinese were also known to be involved in cryptocurrency . so if ever they decided to ban bitcoin or cryptos in there country , we can also expect that the price can fall of sharply .

I think China has already put to an end on bitcoin and crypto adaption since last year. As a result, bitcoin has obviously collapsed but bitcoin answers back with a skyrocketing progress of its market cap and price until last December 2017.

no they werent . its not bitcoin that banned in china but it is other exchanges and some illegal ico's . i dont think china could ban  mainstream cryptos such as btc because thier business will totally be affected  . price fall isnt also because of china but it is because of other reasons like for example whales manipulation .

[conected]

Big countries and developing countries like China might be able to destroy the price of bitcoin but I am sure that China will not destroy Bitcoin because China sees a good opportunity from Bitcoin.

- With a large number of miners and huge whales, destroy the price of bitcoin is a very easy thing for them but as you say, they will not destroy when bitcoin is still a place to bring a lot of profit to them, this is a gold mine, they will not easily give up and destroy such large gold mine. In addition, although they are a very powerful country with large economic resources but that does not mean they can dominate and do everything they like, miners and whales in other countries will not allow China to do anything to harm bitcoin, China also can not resist the fury of these forces

[Eraldo Coil]

yes, china can destroy bitcoin but not the whole system. They destroy any crypto but they can only do it on their own country like what they did to other investments. China is a very powerful country controlled by the government and destroying what they want depends on the matter if it's bad for their people or not.