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Author Topic: Does China Control Bitcoin?  (Read 8362 times)
vintages
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November 15, 2019, 07:16:43 AM
 #101

China control bitcoin by means of banning and promoting bitcoin. It manipulates the price because they know that if they will create news dealing with bitcoin FOMO or FUD, they can. Since many Chinese hold bitcoin, they can easily manipulate the market. However, if ever the market ignores their news from China, they cannot control the price. Specially that most of real supporters of bitcoin came from US and Europe.

It's more like what people created because of the high population of the Chinese and the high percent of them holding Bitcoin (like you mentioned).
If people could ignore every threat and sanction the Chinese government makes regarding on Bitcoin, they will  know that the threat will reduces and see how it doesn't affect Bitcoin. Instead people panic on every little thing.

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November 15, 2019, 07:57:07 AM
 #102

China is a very totalitarian country. And they have a great attitude to new technologies. Therefore, of course, China will control bitcoin. And I think that in the coming years they will remove the ban on cryptocurrency
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November 15, 2019, 07:57:53 AM
 #103

It's a relative issue, In recent time China has announced that Blockchain has brought to us a good factor for the new invention purpose, so they are appreciating this platform, not only that but also they are taking a project for their own crypto, so it means a lot. but it doesn't mean that China has played the most influential part of this platform, many people say that the major portion of Bitcoin and cryptocurrency is holding by the Chinese people, it may be true or not but it's true that Bitcoin can't be controlled by anyone. it's a decentralized platform so there should not be any controlling issue.
That's right It is really true that the chinese citizen are playing a big role in the cryptocurrency community especially with the announcement of their president Xi that they are open to accept the blockchain technology in their country and also the rumors or the news that the China are planning to build their own cryptocurrency that will back up by the government and gold to beat up the US dollar. As usual it wouldn't be true that China will control the bitcoin because bitcoin and other cryptocurrency are decentralized meaning, no one can control them even the big whales.

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November 15, 2019, 10:08:39 AM
 #104

Although China have banned using bitcoin as legal currency transaction payment but they still control bitcoin because they have way how to make bitcoin on higher and lower price, last week we have seen how China president can make bitcoin up on higher price, I think when China make bad issues with bitcoin price will be go down and lower.

 
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November 15, 2019, 01:10:30 PM
 #105

No. China don't have any control to bitcoin because bitcoin is decentralized which no one can control bitcoin, and bitcoin is banned in China. But i heard China starts to regulate blockchain technology, that is why they are now launching their own coin just like Facebook's Libra Coin.

 
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November 15, 2019, 03:49:17 PM
 #106

Although China have banned using bitcoin as legal currency transaction payment
China hasn't banned Bitcoin at all.... you can still use it as a means of exchange locally as long as it doesn't involve their fiat currency. Don't listed to news outlets claiming that China banned Bitcoin, they are trying to spread fud.

but they still control bitcoin because they have way how to make bitcoin on higher and lower price, last week we have seen how China president can make bitcoin up on higher price, I think when China make bad issues with bitcoin price will be go down and lower.
I don't think the price move was related to China's president, but more so the technicals as usual.... news is just pointed at because people have no clue how the market works on a technical level.

If it was such great news, why is the price going back down again? It gave back like $2k of its $3k pump and soon it will make even lower lows.
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November 15, 2019, 04:20:00 PM
 #107

there are up four miners in china that control over 50% in bitcoin.in china, bitcoin is one thing and in America and Europe it is another thing.the sites exchanges are controlled by usa .we can say that bitcoin is controlled by china and usa and russia . but investors of all world also have little effect
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November 15, 2019, 05:46:27 PM
 #108

I wouldn't call it "controlling bitcoin" but I would say they do have the biggest weapon in the war of crypto currency. They are super rich, they don't care about emissions or any other pollution related stuff, they can have the biggest mines, they have cheap electricity (I don't know how) and they are basically the worlds economy leader now, sure USA is good but China seems even better lately.

In short, they are not really controlling it but they are shaping it the way they want whenever they can, not like they can, they can't for example change the 21 million maximum to 22 million maximum, that is not in their power which means they don't control it, but at the end they still can manipulate the price of bitcoin, which is not a big deal but its at least something.

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November 15, 2019, 11:51:11 PM
 #109

there are up four miners in china that control over 50% in bitcoin.in china, bitcoin is one thing and in America and Europe it is another thing.the sites exchanges are controlled by usa .we can say that bitcoin is controlled by china and usa and russia . but investors of all world also have little effect
these countries was super power in the world  and its not strange if they could control bitcoin price or whatever.with huge resources usa ,china , rusia could do anything they want .so market could easiky crash or pump when these countries issue positive or good news in market. We can look at last news from china that make flash pump. Its only few example that show how china has power.
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November 16, 2019, 11:37:02 AM
 #110

Actually it depends on how much China is holding bitcoin so those who hold in a lot of it as if will have the power to set the price, and we also know the most shareholders in the crypto market is in Asia, so maybe China's one of the most holders after Korea.
Despite the Chinese president's ban on Bitcoin and other crypto, imagine that bitcoin is legal.

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November 16, 2019, 12:22:19 PM
 #111

Isn't Bitcoin decentralized and without of control of any country or institution? So, how could then China control Bitcoin and what are actuall indicators to prove that?
For me this is another conspiracy theory and I don't pay much attention to that.
Chinese bitcoiners and chinese miners are influental in community but we can't talk on control.

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November 16, 2019, 01:50:20 PM
 #112

No. China don't have any control to bitcoin because bitcoin is decentralized which no one can control bitcoin, and bitcoin is banned in China. But i heard China starts to regulate blockchain technology, that is why they are now launching their own coin just like Facebook's Libra Coin.
China cannot control bitcoin as the coin is decentralized in nature. Due to this, it has no central authority or server. Though it tried hard to take over it because China understands the importance of this coin. However, it pathetically failed every time. Bitcoin cannot be tamed and this is one of the most cherished feature of crypto king. China is just trying to get the power from bitcoin.

 
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November 16, 2019, 02:33:23 PM
 #113

You need to understand the fact that btc and other cryptocurrencies being decentralized in nature cannot be controlled by any governmemt,insititution or any other individual.Thats why they are free to operate in market and volatility depends upon on market demand and supply.Although china control network and being center of mining have influence on prices but mining farms are present in different parts of world so they do not contribute much to the market and btc have value as it is free from any political issues.

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Zeke_23
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November 16, 2019, 02:55:15 PM
 #114

Isn't Bitcoin decentralized and without of control of any country or institution? So, how could then China control Bitcoin and what are actuall indicators to prove that?
For me this is another conspiracy theory and I don't pay much attention to that.
Chinese bitcoiners and chinese miners are influental in community but we can't talk on control.
Yes, it is fully decentralized and not even a powerful country has control over it.
I also don't remember that they lift the ban on bitcoin in their country. They adopt blockchain technology but there is no news update regarding that, it is clear that they don't control it.

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November 16, 2019, 03:22:25 PM
 #115

Isn't Bitcoin decentralized and without of control of any country or institution? So, how could then China control Bitcoin and what are actuall indicators to prove that?
For me this is another conspiracy theory and I don't pay much attention to that.
Chinese bitcoiners and chinese miners are influental in community but we can't talk on control.
Yes, it is fully decentralized and not even a powerful country has control over it.
I also don't remember that they lift the ban on bitcoin in their country. They adopt blockchain technology but there is no news update regarding that, it is clear that they don't control it.

Bitcoin has a total supply and of course China does not control all of them, if China has 70% of the total supply of Bitcoin I can say YES,
but if not that won't happen !, I know China has an important role and a big impact for bitcoin because China is a country big after the United States,
if China is able to legalize bitcoin there, the price of Bitcoin I'm sure will go fast like a rocket

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November 16, 2019, 11:55:55 PM
 #116

I do not think so. In my view China would only be the primary sector (the one that generates the material) because the cost is lower compared to other countries, so everything it generates there goes to more developed and rich countries.

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November 17, 2019, 01:19:23 AM
 #117

I don't think anyone can control bitcoin even though in a country it has a holder. On the other hand, if indeed the Chinese government wants to destroy bitcoin, what do their people buy it for? I think this is just a mental game. They spread this to get bitcoin from Weakhand at the price they wanted. All of this is just a matter of buying and selling games that are wrapped up with issues of state, institutions, people, etc. or what we usually call fundamental analysis. And all lead to profits and profits, both in money and strength.

 
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November 17, 2019, 10:42:15 AM
 #118

As far as I know, there is a lot of whales in cryptocurrency market and they are not just in China so it is clearly it is not China that control the Bitcoin but the whales around the world. They have a lot of money or capital to manipulate the market so bitcoin will be on their favor. It is inevitable to experience manipulation especially with this decentralized market of cryptocurrency.

 
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November 17, 2019, 11:55:40 AM
 #119

No country can control bitcoin.
You say so maybe because any information (good/bad) released by China will definitely have a big impact, you are not wrong (if you think like that), just as any information (good/bad) released by America will also have a big impact too. because these 2 countries are big countries that affect global economic conditions including bitcoin itself which can be affected.
bitcoin can't be controlled but if feel the impact of the global economy, it's very clear right now.
in my opinion the current price of bitcoin is also due to slowing global economic conditions.

 
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November 17, 2019, 12:11:10 PM
 #120

No. China don't have any control to bitcoin because bitcoin is decentralized which no one can control bitcoin, and bitcoin is banned in China. But i heard China starts to regulate blockchain technology, that is why they are now launching their own coin just like Facebook's Libra Coin.

They are not totally banned crypto, they are just making decision to cut out bitcoin mining. but that announcement make an big trouble for them because there is a lot of miners in china. so this decision of them are very difficult. may they lost a lot and people are never trust them about blockchain legalities. but this are not totally discharged and carried out yet. so there no treat about it. they will make a big history soon about blockchain and cryptocurrency. hope for a positive out come.

 
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