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Author Topic: Does China Control Bitcoin?  (Read 7639 times)
DigitalCyberius
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July 12, 2019, 06:14:26 AM
#1

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?

Looking forward to your thoughts,
The Cyberius team. 
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July 12, 2019, 08:05:06 AM
#2

The moment someone manages to take control of Bitcoin, it loses all its value. That takes away the financial motivation of any would-be attackers, and also makes the attack infeasibly expensive.

The Chinese government probably does hold a certain amount of influence considering the hashrate behind their firewall, but miners are wising up by setting up farms elsewhere.

Also:

The paper has yet go through proper peer reviews Ė so take the conclusions with a grain of salt.

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July 12, 2019, 09:37:59 AM
#3

It is just a conspiracy theory so you need to you understand the reality that Bitcoin is not controlled by anyone at least with the current value 51 percentage of attack is not possible and the blockchain network of Bitcoin.

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July 12, 2019, 10:09:01 AM
#4

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

We cant really deny into this fact but doesnt mean that they do have the control over the network they might ave big impact but not totally coming

to a point that it would be monopolized considering that China isnt the only place that do mine. No one control bitcoin and if someone does then its value wont really be the same on what we are seeing now.



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July 12, 2019, 11:32:30 AM
#5

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

if that were true, do you think the Chinese government would let bitcoin exist for many years? how many years have miners in china mining bitcoin? probably over 6 years or more years... you do not think that if the Chinese government wanted to hurt bitcoin they would have done it a long time, right at the beginning when few people knew bitcoin? these theory always make me laugh

It is just a conspiracy theory...

We should not pay attention to this.

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July 12, 2019, 01:35:37 PM
#6

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

We cant really deny into this fact but doesnt mean that they do have the control over the network they might ave big impact but not totally coming

to a point that it would be monopolized considering that China isnt the only place that do mine. No one control bitcoin and if someone does then its value wont really be the same on what we are seeing now.

This.

Still is good that everybody is aware that the miningpools are not descentralized at all, most of them are control by the same entities and it could be a problem in the long run.
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July 12, 2019, 03:02:21 PM
#7

I don't think they will destroy Bitcoin, they will take advantage of it to develop for the more prosperous country. You can see, on the economic front, it is now completely suppressed by the US and everything seems to be too difficult for the government and the people.
Therefore, the crypto decentralized market seems to be quite risky but if they get more and more BTC, they will be one of the market controllers and get the most profit for dump and pump.
not only China wants to own a lot of Bitcoin, it is also in many other countries.

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July 12, 2019, 03:48:58 PM
#8

It was true China having the majority of the mining power even after several issues that has arisen recently regarding the ban of bitcoin mining. Once China has got the increased number of users, but later due to some economic downfall they believed it is the bitcoin that is causing the economic collapse and began to restrict the use. Further citing the environmental pollution mining is restricted. If China hasn't contributed good during its early days bitcoin could've never grown this high.

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July 12, 2019, 04:21:41 PM
#9

Chinese mining pools still control at least 70% of the Bitcoin hashrate.  They still have the biggest Bitcoin pools over the last couple of years, so we can say that they are in control. However, I don't think that they are stupid enough to destroy Bitcoin. Even though there are reports that they government is cracking down or have thoughts of shutting down Bitcoin mining farms because it is hazardous to their environment. I doubt that they destroying it has cross their mind, so this is just probably a hearsay.

 
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July 12, 2019, 04:27:43 PM
#10

Well illegally yes
Legally no

And the government has already banned all this and therefore it is something that is not being controlled by a single authority or the government itself .

So you cannot expect all of them to make a move to destroy the Bitcoins market, because they are just scattered business man doing their work hidden from the government thus you should be sure of a fact that they are not controlling it nor they are in a control of anything that might think bad for the market , the miners would love to see it flourishing therefore they won't actually break it.



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July 12, 2019, 05:43:11 PM
#11

Well illegally yes
Legally no

And the government has already banned all this and therefore it is something that is not being controlled by a single authority or the government itself .

So you cannot expect all of them to make a move to destroy the Bitcoins market, because they are just scattered business man doing their work hidden from the government thus you should be sure of a fact that they are not controlling it nor they are in a control of anything that might think bad for the market , the miners would love to see it flourishing therefore they won't actually break it.
No one can control Bitcoin, no single entity or person can control it since it is a decentralized digital currency.

China is not controlling anything here except for its large mining pool which is one of the reasons why Bitcoin price grows so much before.


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July 12, 2019, 11:09:58 PM
#12

If i remember right wasn't there some regulations against crypto in China?

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July 12, 2019, 11:11:36 PM
#13

China does not control Bitcoin, but most Bitcoin investors come from China so they indirectly control Bitcoin. I've been paying attention to the country that adheres to the communist system, how does the government direct its citizens to invest in precious metals and not in cryptocurrency.

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July 12, 2019, 11:25:15 PM
#14

Chinese mining pools still control at least 70% of the Bitcoin hashrate.  They still have the biggest Bitcoin pools over the last couple of years, so we can say that they are in control.

I believe you're being mistaken here as I can agree with "they control the mining pools" but the fact is not true if you say that they are in control of BTC too because many investors of different countries have bagged themselves great chunks of BTC during its doom and these countries have got very high % in terms of holding BTC against China alone and I believe Japan gives a fair competition to China in same regards.

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However, I don't think that they are stupid enough to destroy Bitcoin. Even though there are reports that they government is cracking down or have thoughts of shutting down Bitcoin mining farms because it is hazardous to their environment. I doubt that they destroying it has cross their mind, so this is just probably a hearsay.

None of them gives a damn to environment or any such thing when it comes to making money over it and they've got many sophisticated ways to mine BTC by powering their miners through solar energy. None of us would think about destroying BTC if we are a country because it helps aid many financial issues (not at a country level but) in people's lives generally and it is making a lot of difference to them while also teaching them the importance of BTC as an asset and cryptonomics.

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July 13, 2019, 02:49:58 AM
#15

The truth is that Bitcoin controls china.

It may look the other way around though. It is because the government of china is the one that issues regulations and policies. Unfortunately, they do not like Bitcoin and eventually issued a restriction.

But then, here's the catch, do the chinese follow the government? No. Do they continue buying and selling Bitcoin? Yes. Which is more powerful then, Bitcoin or the government? Who is in control then?

 
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July 13, 2019, 08:15:26 AM
#16

Eerm! One can't say China controls Bitcoin. Bitcoin, through the Blockchain technology isnít built to entertain that. However, one can say China has delved a lot into major technologies in the world, including Blockchain technology.

China might have majority of miners but I don not think they have up to 51% of miners in the world. More miners will keep coming from other countries.

Plus, I donít think one country will control bitcoin in the future. As more people in other countries get aware of Bitcoin, more miners will pop out from those countries, thereby leading to further distribution of miners around the world.
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July 13, 2019, 12:28:03 PM
#17

That will not be going too long because China officially banned mining and most of the huge whale miners already moved to other countries anyway so they will not be controlling the price for too long however the point of miners deciding on bitcoin price still stands because they are the ones that is making money from the new coins plus the transaction fee's which in return they sell and drop the price or at least keep the price lower, if they were to keep those coins and not sell them then we would be in a huge bull run where people would only buy and these millions of dollars wouldn't be sold on market every single day.

It doesn't matter if China controls it or someone else does as a nation, it matters how much miners can affect the price and we should look for a way to slow that down, if miners do not sell too much then we can make more profits.

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July 14, 2019, 05:04:51 AM
#18

Having many mining businesses does not mean that Chinese people hold a lot of Bitcoin. Miners can dig bitcoin and sell them for monthly profits and new Bitcoin collectors are market drivers.
In China, they often do not want to hold much Bitcoin because their government disagrees with crypto trading and very high taxation.

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July 14, 2019, 05:33:35 AM
#19

Bitcoin is decentralized and I don't think one country including China has control over it. We have a mining farm everywhere and it might just be that China has the largest farm and I don't think there control the whole thing. In my country, we have Bitcoin miners likewise other country and I don't think a single country can destroy bitcoin because it is decentralized.
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July 14, 2019, 06:23:50 AM
#20

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.
Have you checked the date in which the article is published, coming up with an article that is published in October 2018 and having a debate is a bit cheesy as there were many topics here that talked about it in this forum, since you started this topic here is my opinion regarding it, the Chinese government usually likes to have a control on everything which includes foreign investment in the form of a company and they have being doing that for years and the recent Huawei issue with the US government all stemmed up from that, but to control a decentralized platform is an impossible task and they do not have any control over bitcoin.
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July 14, 2019, 07:14:42 AM
#21

The Chinese government can not control bitcoin. Bitcoins in China are mined by various groups of miners and the mined bitcoins remain with them, the government does not control them. Partially, bitcoin can be controlled jointly by those who now have a lot of bitcoins in their wallets. If they wish, they can periodically raise or lower its price.

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July 15, 2019, 12:43:25 AM
#22

With these new facts and findings i believe China really want to control Bitcoin but not to destroy it but to control foreign economics that some are benefited with Bitcoin. China want to be a superpower in both military and world economy therefore as Bitcoin is gaining supremacy in most of the economy of the countries then China wants that supremacy will depend on them by controlling Bitcoin.

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July 15, 2019, 07:20:27 AM
#23

Chinese mining pools still control at least 70% of the Bitcoin hashrate.  They still have the biggest Bitcoin pools over the last couple of years, so we can say that they are in control. However, I don't think that they are stupid enough to destroy Bitcoin. Even though there are reports that they government is cracking down or have thoughts of shutting down Bitcoin mining farms because it is hazardous to their environment. I doubt that they destroying it has cross their mind, so this is just probably a hearsay.


Are you sure they control 70%? Wow. Good points here. If the government did shut down Chinese Bitcoin farms, what do you think would be the aftermath for BTC?
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July 15, 2019, 01:44:54 PM
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#24

The deal is that china has a lot of bitcoin in its nation, we don't know how they can move it outside the country but the miners, the traders, the ICO participants and everyone else in that nation wants to cash out their crypto currencies and sell it to each other, they earn it from other nations and people from all around the world but then exchange it between themselves.

So, if China was smart even a bit they would have collected the crypto profits in crypto taxes in form of crypto to build a new vault for themselves and in case a country wants to apply an embargo or a trade war like USA wanted to they could just simply sell all their crypto they collected via taxes and could get dollars for it instead of yuan and then sell those dollars to drop the value of it as well. Its smart, its cunning and it would make a nation super strong in economy against others.

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July 15, 2019, 02:26:34 PM
#25

based on what I read in the news that most miners in the world come from China because their area has many cold highlands and cheap electricity costs, indirectly China actually helps Bitcoin price movements but does not control Bitcoin.  I feel that actually now the Chinese government is very stupid, if they want to recognize Bitcoin I think they will have the opportunity to control Bitcoin.

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July 15, 2019, 02:29:49 PM
#26

The question must be " Does China control 3rd world countries such as Vietnam and Philippines?"
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July 15, 2019, 03:23:30 PM
#27

<snip...>

No one takes control over the resource, supply, and demand of bitcoin as its nature is purely decentralized which makes it value highly volatile compared to other investment methods available currently. Assuming that bitcoin is regulated or controlled by a third-party or by the government, it will slowly lose its value in the market. These are the reasons on why bitcoin is highly regarded as a 'double-edged sword' investment that could either make or break your profits depending on its value.

based on what I read in the news that most miners in the world come from China because their area has many cold highlands and cheap electricity costs, indirectly China actually helps Bitcoin price movements but does not control Bitcoin.  I feel that actually now the Chinese government is very stupid, if they want to recognize Bitcoin I think they will have the opportunity to control Bitcoin.

China has created a significant impact on bitcoin's price since the country compromises most of the population of miners in the cryptocurrency field but they have no full control over the regulation of its price.
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July 15, 2019, 05:36:17 PM
#28

I feel that actually now the Chinese government is very stupid, if they want to recognize Bitcoin I think they will have the opportunity to control Bitcoin.

The only thing governments can control is the centralized ecosystem around Bitcoin, not Bitcoin itself.

They have the ability to subject businesses to their regulations where data exchange is mandatory in order to remain compliant, and this might already be the case without people even knowing. I'm fairly sure that at one point governments will come out of hiding and penalize those who refrained from paying their taxes and whatnot.

People still put a lot of faith in Bitcoin's "anonymous" nature, while there is no such a thing as anonymity at all when you use centralized services. One day even the small fishes will pay the price for it when the amounts they initially didn't pay tax over added up to a significant enough amount years later.

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July 15, 2019, 10:09:56 PM
#29

How can China control the BTC? With regulation? or what? All I know, although it seems easy to manage the BTC, it is also hard.

Yes, possible changes in China affect the market, but will recover again.

I am not sure about the destruction, so the ones that need to be destroyed have already been destroyed, and the useful ones survive.

 
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July 16, 2019, 08:08:40 AM
#30

As far as i know, China bans cryptocurrency that even there are chinese people who are get jailed because of illigal mining of bitcoin. I domt think they are the ones who controls it even they are a powerful and technological country because of how they treated it in there.
^ This is also I have known that the Chinese government strictly prohibited cryptocurrency to their country. I don't agree that China has full control of Bitcoin since bitcoin price was determined on the demand and the supply. Nevertheless, I heard that some miners companies in China were arrested the authorities because they are planning recently that they want to ban bitcoin mining.
Here is an article that China wants to ban crypto and I think this is one proof that they are not controlling cryptos. https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-idUSKCN1RL0C4
I know that china has lots of cheap labor and materials, and this is why most people assemble the mining machine in china, but it is not a must that the machine must be assembles in china, all they people need are just the parts, and it will be assembled in other crypto friendly country, as regards electricity, china is not the only country that generates and supplies constant electricity, there are so many countries that is crypto friendly and generates constant electricity, so people will just ignore china and move to other countries.

I think china has failed in this part thinking they could control bitcoin, I donít see their ban of mining affecting cryptocurrency in any way, we might see a little side effect, but with time, everything will adjust itself and the market will continue smoothly if they eventually ban miners.

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July 16, 2019, 09:51:28 AM
#31

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?

Looking forward to your thoughts,
The Cyberius team. 

These are theories that have been ravaging the crypto industry for long and more often than not, they have been refuted. Yes the topographical location of China makes it palatable for several mining sites to be located there but that does not mean its being controlled. Its a business and businessmen would continue to look for where they can have competitive advantage at all times. Its part of the fundamentals of business if the motive is to make profit without any sinister motive.

 
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July 16, 2019, 09:23:22 PM
#32

I think china has failed in this part thinking they could control bitcoin
China hasn't failed to control Bitcoin because it was never their intention. China wanted to make sure it has done just enough to make Bitcoin and crypto in general less appealing and a bit harder to dig into. I think they did well there.

I donít see their ban of mining affecting cryptocurrency in any way, we might see a little side effect, but with time, everything will adjust itself and the market will continue smoothly if they eventually ban miners.
What ban? China didn't impose a ban on mining. Not sure where you got that information from, but it's false/fud. I would avoid the news outlets or certain individuals contributing to this fud circus.

If you look at the hashrates of most POW coins, they have nearly all gone up to all time high levels. If China really banned mining the consequences of that would be felt in a more severe way. Mining in China thrives as ever!

 
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July 17, 2019, 07:13:16 AM
#33

All the time we claim that Bitcoin is decentralized and independent and that is one of the biggest advantages especialy compared to fiat currencies and theories appear that China or some other country controls Bitcoin. This makes no sense.
I don't believe in conspiracy theories that any country or government is controling Bitcoin as well as I don't believe that wales are so influencial as some claim to be.

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July 17, 2019, 02:22:20 PM
#34

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?

Looking forward to your thoughts,
The Cyberius team. 
First of we all know that nobody controls it Bitcoin is decentralized.
Yes this might be true that they have a huge mining in their country but that doesn't mean that they control the whole Bitcoin market.
They are going to be consider as a Whale but we already have so many Whales do you think that they would allow a one whale to destroy everything?

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July 17, 2019, 03:00:31 PM
#35

I sometimes thing how awesomely rich China could have gotten if they just allowed crypto stuff in their country and took the taxes in crypto and can't believe how they didn't. First of all what makes a nations currency strong? Its power versus other nations currency right?

Well, if china managed to allow miners and ICO and crypto, basically everything related to crypto currency world and all companies, plus gave them even free electric, than just collected some % as a tax from them but in the crypto form instead of cash (probably btc since it would be hard to collect many currencies as a nation) and than put it in one wallet, send it overseas to some Chinese diplomat or someone in that nation and let them sell it for dollars and bring that dollar back to China to eventually sell it for Yuan and make Yuan super stronger, that would have been awesome for them.

I honestly would do this method as a nation whichever nation it is.

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July 18, 2019, 04:25:24 AM
#36

The government is fair to authorize everything that happens in its country, as well as bitcoin. maybe there must be a goal to be done, because if something happens, surely the country will be directly affected first. even though we know it is not easy to do restrictions with bitcoin because it is clear that transactions can be done because bitcoin has advantages for this.

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July 18, 2019, 08:46:56 AM
#37

It is just a conspiracy theory so you need to you understand the reality that Bitcoin is not controlled by anyone at least with the current value 51 percentage of attack is not possible and the blockchain network of Bitcoin.

Of course, Bitcoin can never be controlled by any country including China itself. And bitcoin was made as an independent digital money thus it is clear that no one will ever have an authority or power to Bitcoin. This theory about China controlling bitcoin is all not true. Decentralized system can not be controlled, remember that.
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July 18, 2019, 09:59:59 AM
#38

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?



One of the main things reader would need to take away from this research paper is this:

Quote
As of June 2018,over 80% of Bitcoin mining is performed by six mining pools [8], and five of those
six pools are managed by individuals or organizations located in China.

This is alarming. I do not think that in the event if China would size the Bitcoin, they would use it to get more wealth. I think that at the moment his could be a fail-safe if public start using BTC more in their own country or even China could use it as leverage over other countries.

But in ordr to understand what exactly is going on, journalists and rather researchers should investigate those 5 out of 8 mining pool owners and their ties to China to understand have vulnerable they are.

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July 18, 2019, 06:28:34 PM
#39

This again. The only control they have is spreading FUDs or closing mines due to violations. Sure a crackdown can affect prices but it is clear by now that China don't even want to have anything to do with bitcoins as they announced they intend for the industry to be "eliminated".

And that's good for the rest of us, as mining become more spread out.

 
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July 18, 2019, 07:12:55 PM
#40

China is not the only country with cheapest electricity neither plus I doubt miners are poor people that need to get some electricity from the nation they are based in. We are not talking about small timer altcoin miner here, we are talking about the biggest miners in the world and they can afford wherever they want to go. Pick up your products, put them on a container or a truck whatever (wrapped them very well since they are very fragile) and than move to anywhere in the world.

When you reach your new base, just buy as many solar panels as you need and put them on the land you now own and use those to cover for all the electricity you need and power all the cooling you need. If the panels are not enough than get some windmills or whatever in order to sustain it, these people are literally billionaires so the solutions will never end.


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July 18, 2019, 10:32:31 PM
#41

It was true China having the majority of the mining power even after several issues that has arisen recently regarding the ban of bitcoin mining. Once China has got the increased number of users, but later due to some economic downfall they believed it is the bitcoin that is causing the economic collapse and began to restrict the use. Further citing the environmental pollution mining is restricted. If China hasn't contributed good during its early days bitcoin could've never grown this high.

Which means that on a large scale, China really supports crypto indirectly by utilizing what the crypto community needs (Mining Power) but if their government bans Crypto and Bitcoin it certainly only affects users and the company. China really know how to take an advantage of the situation and keep playing in the safe zone.

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July 18, 2019, 11:42:03 PM
#42

This again. The only control they have is spreading FUDs or closing mines due to violations. Sure a crackdown can affect prices but it is clear by now that China don't even want to have anything to do with bitcoins as they announced they intend for the industry to be "eliminated".

And that's good for the rest of us, as mining become more spread out.
Yes, because they canít fully control bitcoin not any country can do that. If China is serious and continues to ban bitcoin mining then we have more option now where to mine. I donít see anyone can literally control bitcoin, they can just manipulate the price but that is not the total control weíre talking about.

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July 18, 2019, 11:49:29 PM
#43

indeed China is a developed country and has the largest population resident in the world, but that does not mean China can control Bitcoin because no one can control Bitcoin or destroy Bitcoin. if China bans Bitcoin it will not adversely affect Bitcoin because the country is not a Bitcoin maker. don't expect China country can to control Bitcoin because that won't happen.
Not because the mining business is mostly inside china means that they can completely controlled bitcoin price, there's already a lots of participating parties who also investing with bitcoin, the supply and demand still impacted the market, players who's willing to buy and to sell coins are the one who's
creating the value to rise or to fall.
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July 19, 2019, 03:49:06 AM
#44

China is a big country but it doesn't mean that they holds a huge amount of bitcoin that they can control it anytime, i believe that there are still, countrys or persons that live in other country that also hold a big amount of bitcoin, there are no direct evidences that whales are Chinese, because there are so many country that used bitcoin now a days.

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July 19, 2019, 04:35:02 AM
#45

China is a big country but it doesn't mean that they holds a huge amount of bitcoin that they can control it anytime, i believe that there are still, countrys or persons that live in other country that also hold a big amount of bitcoin, there are no direct evidences that whales are Chinese, because there are so many country that used bitcoin now a days.
I think the basis here is in the early stage of bitcoin when china were still the one who has the biggest miners, of course with that they earn a lot of bitcoins. Since now China is not pro crypto anymore, maybe the interest of the people now lessens but the fact that they started to accumulate early, I think these whales are continuing to hold and trade their bitcoins.




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July 19, 2019, 12:29:54 PM
#46

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?

Looking forward to your thoughts,
The Cyberius team. 

First I don't think that China has a power to control Bitcoin, Though they have a high contribution of one the biggest average of bitcoin in terms of Bitcoin mining farm. But not enough to say they are capable to control, however they are capable to make the price value of Bitcoin to be dump in the market, I am sure about that, and I've seen many times.

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July 20, 2019, 02:01:20 AM
#47

I believe that no one can control bitcoin even the big country like China. Even if china is a big country ee cannot really say that they can control bitcoin, i believe that bitcoin is usable by so many countrys and i think there are a lot of person that holds a big amount of bitcoin in every country so i think even china cannot control it.

 
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July 20, 2019, 01:43:07 PM
#48

China is a big country but it doesn't mean that they holds a huge amount of bitcoin that they can control it anytime, i believe that there are still, countrys or persons that live in other country that also hold a big amount of bitcoin, there are no direct evidences that whales are Chinese, because there are so many country that used bitcoin now a days.
Agreed, although China is a country with a large number of rich people and participants investing in bitcoin very early but their strength is still limited, their sphere of influence is only at a certain level, they cannot control bitcoin. However, one thing that we should believe is that bitcoin's sudden decline or price increase is always related to them because they are where there are so many rumors, they always bring bad information and good around bitcoin, they create effects and other rich people cooperate with them to manipulate the market

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July 20, 2019, 02:19:26 PM
#49

I believe that no one can control bitcoin even the big country like China. Even if china is a big country ee cannot really say that they can control bitcoin, i believe that bitcoin is usable by so many countrys and i think there are a lot of person that holds a big amount of bitcoin in every country so i think even china cannot control it.
In my opinion, China has many strengths to make decisions that benefit them with a hidden behind. In particular, more than 70% of bitcoin mining stations and large crypto stations are located in China. This does not mean that bitcoins will be controlled by anyone. But speculators or big operators can impact prices. And the recent ideas of Donald Trump are also understood to exert pressure and alleviate any impact on bitcoin. It seems to be understood in many ways.

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July 20, 2019, 02:41:40 PM
#50

I believe that no one can control bitcoin even the big country like China. Even if china is a big country ee cannot really say that they can control bitcoin, i believe that bitcoin is usable by so many countrys and i think there are a lot of person that holds a big amount of bitcoin in every country so i think even china cannot control it.
In my opinion, China has many strengths to make decisions that benefit them with a hidden behind. In particular, more than 70% of bitcoin mining stations and large crypto stations are located in China. This does not mean that bitcoins will be controlled by anyone. But speculators or big operators can impact prices. And the recent ideas of Donald Trump are also understood to exert pressure and alleviate any impact on bitcoin. It seems to be understood in many ways.


there are reports on the past that china banned cryptos and crypto mining but the price of btc as well as other cryptos are not majorly affected . china maybe a big country but they are also strict and not all people can easily use cryptos on thier country  .

there are other countries that are not strict and thier governments fully support the use of cryptos but we cant say that they can control the bitcoin already  . no one controls btc actually because it is decentralized

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July 21, 2019, 07:09:23 AM
#51

China does not control Bitcoin completely. It is true that  China has the majority of the mining power and also some bitcoin holder. But Bitcoin is used all over the world. If China holds a big amount of bitcoin, it can make some influence. But China can not control bitcoin. Bitcoin is a decentralized altcoin and no one can control it.

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July 21, 2019, 10:16:15 AM
#52

Bitcoin is said to be controlled by all bitcoin users around the world including those chinese users. But if you are referring to government control, all China can do is impose regulation on cryptocurrency exchanges instead of the bitcoin. No one can control a decentralized currency and this is the reasons why people from countrol that bans bitcoin can still able to buy or sell it through the underground exchanges.

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July 21, 2019, 10:57:03 AM
#53

Chinese people are really holding a lot of Bitcoin and they seem to control the market.
But I think they will not destroy bitcoin, bitcoin is really a market that is very profitable for market drivers.
they will continue to hold more bitcoin and will make the price of BTC increase over time.

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July 21, 2019, 02:23:19 PM
#54

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?

Looking forward to your thoughts,
The Cyberius team. 
Bitcoin was banned always by China. I think that China just want to trap traders outside of their country. They are banning bitcoin when it goes up because they just want to capitalize the market. But look how they control the market, because of their great population, they easily manipulate the price by withdrawing their capital.

Observe how bitcoin banned in China and see how they are really wise.
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July 21, 2019, 02:28:06 PM
#55

Any activities relating to bitcoin- trade, investment, use, mining or otherwise are strictly limited by the Chinese government.I think the influence of China may have been overstated. As Andrea Antonopolous noted in one of his lectures, even a successful ď51-percent attack,Ē on bitcoin network would not necessarily end bitcoin

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July 21, 2019, 04:19:03 PM
#56

How long paypal is going to you say this kind of stories, Bitcoin is not controlled by anyone but it has been manipulated in very short by the people who has very huge amount of funds.

China cannot control the bitcoins. Bitcoin is only controlled by the whales who hold a big amount of bitcoins. They can dump or pump the bitcoins by manipulation as they hold large amount of fund.



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July 21, 2019, 05:00:32 PM
#57

Any activities relating to bitcoin- trade, investment, use, mining or otherwise are strictly limited by the Chinese government.I think the influence of China may have been overstated. As Andrea Antonopolous noted in one of his lectures, even a successful ď51-percent attack,Ē on bitcoin network would not necessarily end bitcoin
Could not agree more. I think Bitcoin is fully decentralized and is not controlled by anyone around. In addition, Bitcoin and activities related to crypto are not really allowed by the Chinese government so it sound a bit absurd to state that Bitcoin is controlled by Chinese government. The countries having more Bitcoin users would have a huge influence over Bitcoin.
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July 21, 2019, 08:15:28 PM
#58

It is true that China controls most of the Bitcoins mining power in the world. Maybe China was planning to take over the crypto coins before banning it but now they are changed. They are thinking about adopting new digital currencies into their country but of course, they will have their own rules set which will be better for their citizens. No harm was done here.
China can not control Bitcoin even if they want to, its true that one country can control Bitcoin or any other cryptocurrency with 51% attack but this coin is distributed into many people around the world. It is impossible for one individual or organization to collect that many coins.
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July 23, 2019, 04:51:44 AM
#59

This is just a wrong fallacy and wrong mentality, china does not control bitcoin, no one can, it is possible for an individual to have a larger portion of bitcoin, but not because of that control it entirely. Yes it is true that the greater percentage of miners were from china if they still exist though, but if the government owned it controlled it, why are they having issues with it to the extent of proposing to ban miners from china.

China is a country that is finding it very difficult to support cryptocurrency because they have their own technology and would not want to really on another external technology which is why they are giving their strength to see that crypto does not see the light in their country, so how can this type of government be the one controlling bitcoin.


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July 23, 2019, 11:13:23 AM
#60

Large volume holders of bitcoin has got the ability to manipulate the market to some extent, it doesn't mean those are controlling the market. China has got a large userbase of cryptocurrency users as well contributes big to the mining power. This is the reason for people having such a opinion over China. These days users were found all over the world and the every country has a fintech city. Mining of bitcoin too found around, during the early days of bitcoin China supported much.




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July 24, 2019, 05:44:53 AM
#61

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?

Looking forward to your thoughts,
The Cyberius team. 

I don't think China holds and control the flow of Bitcoin. Yes China has a vast user of cryptocurrency compared to other countries but it does not mean they control something like bitcoin though.

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July 24, 2019, 05:50:05 AM
#62

Today is 2019,not 2016 or 2017.This topic is old.China doesn't control bitcoin,because crypto trading is banned,according to the Chinese laws.If China really had any control over bitcoin,do you think that they will ban all crypto trading on their territory.Bitcoin was causing big problems to the Chinese goverments and the PBOC due to the massive capital export outside China.

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July 24, 2019, 08:09:30 AM
#63

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

Here's the article.
https://thenextweb.com/hardfork/2018/10/08/china-means-intent-destroy-bitcoin/

It talks about whether China could destroy Bitcoin, or perhaps use it in some other way.

What do you think? Does China control Bitcoin? If so, is it the government or no? Are these Chinese Bitcoin mining farms working together? What might China do with Bitcoin (government or no) in the future? AKA, attempt to destroy Bitcoin (would they be successful, do you think), use it to bring more wealth into the country or personal pockets, use it to attack other nations, etc?

Looking forward to your thoughts,
The Cyberius team. 

I don't think China holds and control the flow of Bitcoin. Yes China has a vast user of cryptocurrency compared to other countries but it does not mean they control something like bitcoin though.

I think the same thing as you. It is hard for China to control bitcoin because it will need big money to have bitcoin or to buy bitcoin. Although they have a big mining company in the world, they still cannot control bitcoin. They are trying to regulate bitcoin and want to buy as much bitcoin, or they want to mine bitcoin by their hardware. That will happen too with the US, which wants to regulate bitcoin. Bitcoin is free for all people, and no government can control bitcoin, I guess so they could only ban bitcoin from the people used.

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July 24, 2019, 02:44:45 PM
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#64

I think as a nation and as a government are two totally different things. If people think of Chinese government when they think about "china controlling bitcoin" than there is really no way because government bans these crypto movements all together and they really do not want bitcoin or any other coin to get too big in order to keep their power and not give up their power to bitcoin. They even banned miners and ICO funding all together, like it is punishable if you invest into those things and you would have to pay a lot of money in penalties.

However, if you mean "china" as in the people of that country than there is still a lot of power reside there, not only in Chinese people in china but Chinese people all around the world as well, they are really working to become number one or maybe even already are.




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July 24, 2019, 05:07:48 PM
#65

The deal is that china has a lot of bitcoin in its nation, we don't know how they can move it outside the country but the miners, the traders, the ICO participants and everyone else in that nation wants to cash out their crypto currencies and sell it to each other, they earn it from other nations and people from all around the world but then exchange it between themselves.

So, if China was smart even a bit they would have collected the crypto profits in crypto taxes in form of crypto to build a new vault for themselves and in case a country wants to apply an embargo or a trade war like USA wanted to they could just simply sell all their crypto they collected via taxes and could get dollars for it instead of yuan and then sell those dollars to drop the value of it as well. Its smart, its cunning and it would make a nation super strong in economy against others.
I donít understand man, how can they build vault for what is not physical, cryptocurrency is digital and they donít need to build vault to have it saved or have difficulty in moving it outside the country no matter how large the amount is, I think they have been doing this easily which china itself has not been able to successfully control its technology as a result of its anonymous nature.

I believe that this is the reason why they thought of bringing the attack from the angle of miners, since they know that majority of the miners of bitcoin and other cryptocurrency are from china, so if they can limit their mining power, then they can limit the supply of cryptocurrency flowing round which will make it difficult for people to acquire crypto and them becomes difficult for them to move money out of china.

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July 24, 2019, 05:30:56 PM
#66

I don't understand these "strong ideological motives". Why would anyone pay to try to "destroy" bitcoin when they might as well make more money while mining.
Few double spends doesn't destroy bitcoin and they would cost a fortune. I mean why would people support their chain after that? This is just fud. Or the publication has a weak understanding on how the bitcoin works.

 
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July 24, 2019, 05:39:16 PM
#67

Large volume holders of bitcoin has got the ability to manipulate the market to some extent, it doesn't mean those are controlling the market. China has got a large userbase of cryptocurrency users as well contributes big to the mining power. This is the reason for people having such a opinion over China. These days users were found all over the world and the every country has a fintech city. Mining of bitcoin too found around, during the early days of bitcoin China supported much.
I think it is the US that has the maximum number of people involved in Bitcoin and other crypto and the maximum of Bitcoin are owned by people in the US. In other words, the US could be able to influence Bitcoin only with an aggregate action. China put a kind of ban over ICOs in the country thereby limiting the amount of crypto startups in the country. So it is up to a great extent under the influence of the US right now.
I supported what you said base on the research I did which shows the US and Canada as the top countries which had the highest number of people involved in bitcoin while China has the biggest mining power due to electricity rate but that might change if Korea takes a bold huge step into the crypto mining.
Even US or Canada don't have the power to control bitcoin
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July 24, 2019, 05:52:59 PM
#68

I don't understand these "strong ideological motives". Why would anyone pay to try to "destroy" bitcoin when they might as well make more money while mining.
Few double spends doesn't destroy bitcoin and they would cost a fortune. I mean why would people support their chain after that? This is just fud. Or the publication has a weak understanding on how the bitcoin works.
Firstly the question about if China control bitcoin is a long time question which have been asked when the Chinese government havent place some restriction on crypto currencies and the answer is no organization, governments or group control bitcoin except the crypto communities.

Secondly, the ideological reason behind the destruction of an asset is done by group, companies or organization which sees bitcoin as an obstacle to their own investment or business and these are also the reason why 51% attack happened to some crypto currency..

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July 24, 2019, 07:18:26 PM
#69

I don't understand these "strong ideological motives". Why would anyone pay to try to "destroy" bitcoin when they might as well make more money while mining.
Few double spends doesn't destroy bitcoin and they would cost a fortune. I mean why would people support their chain after that? This is just fud. Or the publication has a weak understanding on how the bitcoin works.
Firstly the question about if China control bitcoin is a long time question which have been asked when the Chinese government havent place some restriction on crypto currencies and the answer is no organization, governments or group control bitcoin except the crypto communities.

Secondly, the ideological reason behind the destruction of an asset is done by group, companies or organization which sees bitcoin as an obstacle to their own investment or business and these are also the reason why 51% attack happened to some crypto currency..


Yeah but we were not talking about 51% on some other cryptocurrencies. Andreas Antonopoulos explains this better then i could in this short video. https://www.youtube.com/watch?v=ncPyMUfNyVM

 
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July 25, 2019, 03:12:24 AM
#70

A lot is being discussed about the 51% attack, but it is easier said than done. As per the latest stats, the Chinese mining pools contribute 74% of the hashpower. But not all of this 74% comes from mega mining farms. A significant part comes from the medium-level miners, who operate under the radar. And in case the Chinese government intends to go ahead with the 51% attack, do you really think that the Bitcoin users will just sit back and watch? They will immediately implement hard forks which would nullify any such attack.

In short, China is unlikely to attack Bitcoin. These are the reasons:

1. It is against international law
2. Low probability of success
3. It will ruin the reputation of the country
4. It will move crypto-related businesses out of China
5. The expenses will be significant.
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July 25, 2019, 09:52:54 AM
#71

Here's an interesting article citing some recent research which claims that the majority of mining power is in China, and those miners may have some perks that others outside the country do not have.

We cant really deny into this fact but doesnt mean that they do have the control over the network they might ave big impact but not totally coming

to a point that it would be monopolized considering that China isnt the only place that do mine. No one control bitcoin and if someone does then its value wont really be the same on what we are seeing now.

This.

Still is good that everybody is aware that the miningpools are not descentralized at all, most of them are control by the same entities and it could be a problem in the long run.
Frankly speaking there's no problem that can be seen from what you think because miningpool can't be decentralized and even at that can't be use as an attack against Bitcoin, in as much the coons is decentralized, little will the minner have a control if there will even be.  Even at that there are many others that mine the said Bitcoin and not China only.

So you mean to say that miners control the bitcoins, then this is also not true either. If china has the biggest mining farms then it does not mean that china will be controlling the bitcoins. The advantage of decentralized currency is that it cannot be controlled.

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July 25, 2019, 10:57:58 AM
#72

No, they don't but it's more likely that they have more than half of the current supply of bitcoin right now. The last update that I have read from their latest analysis on btc is very positive which makes me think on what I said is really true. They can't control bitcoin but it is very clear that they can control btc price to makes cash from dumping and pumping.
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July 25, 2019, 01:47:47 PM
#73

hard to belive this after on 2017 china goverment was banning crypto mining on china . also if we put the bitcoin after it was mined it was owned more than 1 people or 1 group so its hard to make them have one vision to control it

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July 26, 2019, 03:49:35 AM
#74

I think it is the US that has the maximum number of people involved in Bitcoin and other crypto and the maximum of Bitcoin are owned by people in the US. In other words, the US could be able to influence Bitcoin only with an aggregate action. China put a kind of ban over ICOs in the country thereby limiting the amount of crypto startups in the country. So it is up to a great extent under the influence of the US right now.
I  doubt if it is United states, the fact that many people use the USD to trade as pairs for BTC does not mean that they are all from United State, I trade with USD and I am never from there so as many people that you see in this forum too. If the numbers of traders or investors from united states was that much, why would Binance pick up that courage to kick them out? I even learnt that the percentage of US citizens in biance exchange is just 14% .

Therefore,   I donít think it is United states that controls crypto market neither. We could even say that it is china, because that is where 70%  of the miners are from, and what is crypto without the miners, so these is where we may say the control comes from majorly, even though they donít have much influence in the market.

 
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July 26, 2019, 07:55:02 AM
#75

I don't think so for me china is the world largest crypto mining in the world because of the population
A country having the world largest mining factory does mean the country can control Bitcoin and if you're saying this cause you think Bitcoin price will be badly affected if the Chinese shutdown their mining factory, you wrong and alot of experienced crypto price predictors confirmed that the price of bitcoin will even surge more than before.



a huge crypto community depsite of banning cryptocurrency and when it comes to controlling to bitcoin it is possible but maybe not because bitcoin is a united cryptocurrency that different country own to it.

Bitcoin was banned in some part of India and people from there still invest in it despite the jail and punishment sentence that's the influential power of Bitcoin itself.
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July 26, 2019, 08:02:01 AM
#76

I supported what you said base on the research I did which shows the US and Canada as the top countries which had the highest number of people involved in bitcoin while China has the biggest mining power due to electricity rate but that might change if Korea takes a bold huge step into the crypto mining.
Even US or Canada don't have the power to control bitcoin
Korea is gradually becoming cryptocurrency friendly too and it is only a little matter of time, before Korea takes over from china in term of mining, which is why I was never bothered when everyone was thinking china banning miners in china would affect bitcoin, what china does not understand is that in this life, there is no one that is irreplaceable, and this applies to country and government too.

If china pushes too hard to go against miners in their country, those miners will simply not mind migrating to Korea, because it is something that pays them more than the petty work they do in china from the sales of those low quality products that they ship worldwide, so they think because they control the large amount of products going to the world, they can control bitcoin too, it is absolute lie.


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July 26, 2019, 08:29:41 AM
#77

I think it is the US that has the maximum number of people involved in Bitcoin and other crypto and the maximum of Bitcoin are owned by people in the US. In other words, the US could be able to influence Bitcoin only with an aggregate action. China put a kind of ban over ICOs in the country thereby limiting the amount of crypto startups in the country. So it is up to a great extent under the influence of the US right now.
I  doubt if it is United states, the fact that many people use the USD to trade as pairs for BTC does not mean that they are all from United State, I trade with USD and I am never from there so as many people that you see in this forum too. If the numbers of traders or investors from united states was that much, why would Binance pick up that courage to kick them out? I even learnt that the percentage of US citizens in biance exchange is just 14% .

Therefore,   I donít think it is United states that controls crypto market neither. We could even say that it is china, because that is where 70%  of the miners are from, and what is crypto without the miners, so these is where we may say the control comes from majorly, even though they donít have much influence in the market.

Do some diligent research about the information to clear your doubt because the US are picked not because of the USD trading pair and Binance is not the only available crypto exchange site. However,  Binance was founded in the year 2017 and you expect all crypto traders which have been trading since 2015 to leave their trusted exchange and use Binance cause most of the US base crypto traders trust much in coinbase .
Go through their ID verification and you'll see how awesome the exchange is.

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July 26, 2019, 08:44:37 AM
#78

Therefore,   I donít think it is United states that controls crypto market neither. We could even say that it is china, because that is where 70%  of the miners are from, and what is crypto without the miners, so these is where we may say the control comes from majorly, even though they donít have much influence in the market.
Miners do not control the network. That is the first thing what people are mistakenly writing here. What miners do is confirm transactions but they cannot take control of the network just because their mining power helps secure the network. If a group of miners like the Chinese decide to go rogue then other miners can take the upper hand are remain sound in securing the network making the former attack useless.

So that said, we can assume that nobody has the power or the ability to control the blockchain. Where this topic comes from is this misconception that some people have.

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July 26, 2019, 09:46:07 AM
#79

Chinese people are holding a lot of Bitcoin but I think they will not cooperate to manipulate the market. because in many other countries there are many people who hold lots of Bitcoin and they are completely anonymous.
Besides, the Chinese government is quite strict with Bitcoin entrepreneurs and they always have to work in silence.
Therefore, they will not be able to destroy Bitcoin.

Although many bitcoin investors from China and Bitcoin Miners are dominated by China, I think China cannot control the price of Bitcoin. Every exchanger sometimes has a different price even though the difference is small but this indicates that bitcoin transactions are global and cannot be dominated by certain countries

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July 26, 2019, 09:52:07 AM
#80

With over 51% of mining capacity, I think even Satoshi can be helpless with all that processing power, but luckily not all the 51% mining power come from the one person in China, it came from a few big mining farms, we canít rule out they may work together for some profit as benefit, but I donít think they will take the risk to change anything for now. And the best part is no other country can produce more processing power than the manufacturing power house, I donít think anyone can challenge China in mining for a very long time.

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July 26, 2019, 11:27:40 AM
#81

China does not control Bitcoin, but most Bitcoin investors come from China so they indirectly control Bitcoin. I've been paying attention to the country that adheres to the communist system, how does the government direct its citizens to invest in precious metals and not in cryptocurrency.

There are many different hypotheses and conspiracy theories. Some of them have proofs, and some are so insane that I donít even know how this could be thought of.

I agree with you, and I have the same opinion about Bitcoin. In my opinion, this is the most rational explanation for everything.
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July 26, 2019, 11:54:46 PM
#82

China has been so strict with their government system particular on bank money laundering occurrences, and I wouldn't wonder they've going to be strict with bitcoin. Probably they would have controlled the bitcoin existence due to its threat on their financial economy.

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July 27, 2019, 03:41:10 AM
#83

We can say that China is holding a significant amount of Bitcoin, but that doesn't mean that they can have control over the Bitcoin network. They can play all over the price of Bitcoin, but they cannot have control over its power. That is one of the best features of Bitcoin, and no one has control over it.

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July 27, 2019, 12:03:41 PM
#84

There are a lot of mining power from China but it comes from different companies
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July 27, 2019, 07:47:15 PM
#85

I think there is bit of a truth to miners controlling. I mean what do people mean when they say "control bitcoin", if it means controlling the network then yes miners are not controlling the network, we can see that clearly by miners wanting to create bitcoin cash type thing in bitcoin itself but failing so they went with their own currency. However it also means that they are mining so much and they are earning from transactions as well so it means they can actually control the price a bit.

I mean a miner that mines for 4-5 thousand dollars right now can save all of his coins for a long time since we are way above their profits, and then sell it all at once to drop the price and buy back cheaper. Hence if the control means network then no China doesn't control it, but if its price then I assume they have some sort of power.

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July 27, 2019, 08:50:14 PM
#86

While currently there is no evidence of direct Chinese state interference with the Bitcoin network, this could become a credible attack vector in the future.
I believe its economic value its still too low to be of real concern, becoming more so as it grows (and likewise the same for other state actors).

There will the serious possibility of covert tampering using state-own-enteprises to control miners while disrupt non-chinese miners, using the GFW for technical interference, and undermining consensus by destabilization.
There was an excellent paper on this topic published by Ben Kaiser, Mireya Jurado & Alex Ledger (circa 2018):

The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin
https://[Suspicious link removed]/2Yvlg74

Check it out if your keen  Wink
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July 28, 2019, 06:29:53 AM
#87

We cannot deny that most of the crypto work is indeed carried out by the China state. so is the circulation of bitcoin, but I doubt that they can manage bitcoin for certain purposes. because bitcon has become the basis of crypto movement and doesn't seem easy to do.

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July 29, 2019, 11:01:34 AM
#88

It is the very big mistakes features bitcoin has implemented, by giving the total control to the people who has most of the mining capacity, thatís why proof of stake are invented, POS give the people with most coin stake the power to control the network, but itís up to personal choice to prefer POW or POS, both of them also is a form of anarchy system, weíre all but gullible and hostile when it came to power. Of course some one can challenge the system to fight the injustice, change the system? Or fix the system? Iím not a advocate to any side, Iím just here to enjoy my share of pop corn.

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July 29, 2019, 11:20:11 AM
#89

China definitely controls the mining game.  Most new hardware is made in china and it is used exclusively by the manufacturers before it is put on sale for the public.  Additionally, they have very cheap electricity compared to other parts of the world.  These mining farms have specialized deals or sometimes supply their own power.
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July 29, 2019, 01:09:18 PM
#90

Undeniably, China is becoming a real financial force in the world, They have many factors that have a big impact on the process of mining bitcoin and crypto. However, I don't think China can dominate and control bitcoin. Bitcoin is a separate and peer-to-peer autonomous system for all people around the world. Only humans are greedy enough to understand and push bitcoin to that risk.


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July 30, 2019, 08:33:08 AM
#91

China definitely controls the mining game.  Most new hardware is made in china and it is used exclusively by the manufacturers before it is put on sale for the public.  Additionally, they have very cheap electricity compared to other parts of the world.  These mining farms have specialized deals or sometimes supply their own power.
The heart of mining farms is one that no one dares to deny about China but China cannot control bitcoin when they are not the only strong people in this area, many countries and many other individuals, they are strong enough to oppose China. So, if we speak more accurately, bitcoin is controlled by many corporations and groups around the world, they come together to make a profit from bitcoin, no one dares to admit that bitcoin is under their control, it is too dangerous when many people can cooperate and push prices down, drown the control

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July 30, 2019, 09:34:00 AM
#92

Is it really? How can anyone control over this platform?
I think Bitcoin is not a thing which can be controlled, Itself is a decentralized system so How they can do it? I don't think so. It may be that China is one country in which population has the largest holding of Bitcoin, In this context, they have the major collection of Bitcoin. but how can you do this calculation regarding this amount of Bitcoin? So I don't believe this equation anyone.
But I do believe that China is the new emerging and powerful country in the coming days, they are going to dominate the economic and monetary world. So they have any planning regarding any issues. but how can do you know?
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July 30, 2019, 02:49:11 PM
Last edit: July 30, 2019, 03:57:31 PM by ohyeahhaha122
#93

It can be said because the number of Chinese users who hold coins is very large. But it is not necessarily possible to manipulate prices because there are many sharks in the world that can reduce or increase the value of any coin.

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July 30, 2019, 04:03:16 PM
#94

At the moment, most of the pools are consolidated in China (arguably miners too)
But there is a lot at stake, for someone to want to "Control" or "Manipulate" the network.
Expensive cost, game theory mechanics, high risk all makes up the high probabilistic finality of bitcoin transactions for it to be trusted in a decentralized manner.
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November 14, 2019, 10:01:07 PM
#95

It is just a conspiracy theory so you need to you understand the reality that Bitcoin is not controlled by anyone at least with the current value 51 percentage of attack is not possible and the blockchain network of Bitcoin.
yeah, bitcoin is not controlled by anyone compared with altcoins. The opinion that China has a lot of miners/farm and can make a 51 percent attack is wrong. I assume that it is a conspiracy theory for making more hype only to show that bitcoin is not a good asset for buying or investment.

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November 14, 2019, 11:20:17 PM
#96

It can be said because the number of Chinese users who hold coins is very large. But it is not necessarily possible to manipulate prices because there are many sharks in the world that can reduce or increase the value of any coin.
China has a huge number of bitcoin miners but this is not an enough reason that they can control bitcoin already. Bitcoin is not manipulated by anyone or any country and so its price keeps on fluctuating which increases or decreases its price. Once it will be controlled by anyone which i think won't happen at all, it's price will be stable already.

 
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November 15, 2019, 03:02:32 AM
#97

It can be said because the number of Chinese users who hold coins is very large. But it is not necessarily possible to manipulate prices because there are many sharks in the world that can reduce or increase the value of any coin.
China has a huge number of bitcoin miners but this is not an enough reason that they can control bitcoin already. Bitcoin is not manipulated by anyone or any country and so its price keeps on fluctuating which increases or decreases its price. Once it will be controlled by anyone which i think won't happen at all, it's price will be stable already.

China is neither very interested in Bitcoin itself nor its control. They don't care much about Bitcoin because they will be developing its own digital currency. They cannot control Bitcoin even if they will buy half of the total circulating supply. Bitcoin is not owned by anyone. And if China cannot find anyone in control of Bitcoin which they probably want to take control of, they cannot control Bitcoin at all. But they can influence Bitcoin up to a certain extent with its large market.

 
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