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Author Topic: Does China Control Bitcoin?  (Read 8309 times)
vintages
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November 22, 2019, 04:55:42 AM
 #161

Indirectly China not control of bitcoin and altcoin price but they have power how to make bitcoin can up to higher price and make down with lower price, just last few weeks ago where bitcoin have higher price after announcing bitcoin become legal currency transaction there by China government. Without have effect bitcoin support need from China to make their price on the top and keep higher price always.

They actually don't whether directly or indirectly but people are making it seems like so. It's unfortunate that people let  certain types of news to become dominate and control things, and this issue of Bitcoin and China is one of it. Whey many believe this hype is because China has a lot of population so it adoption and rejection 'may' cause Bitcoin price.

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November 22, 2019, 06:38:59 AM
 #162

Yes it is actually true they even have mining factories to mine bitcoin 24/7 ive seen it in social media and also youtube. I wonder if their trying to take over the mining hashrate of btc so they can centralized it, in order to pump and dump the price. I guess this was the one thing every bitcoin dev, bitcoin enthusiast and btc investors didn't anticipated.

 
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November 22, 2019, 08:03:53 AM
 #163

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. 
China can not control Bitcoin because it is decentralized, but there are many Chinese traders, mining companies so they can affect on Bitcoin price by selling or buying Bitcoin.
The China governments's rule on Bitcoin also affect on the market.

 
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November 22, 2019, 12:30:52 PM
 #164

On whether China really controls bitcoin? Well, certainly not, I can assure you of that, everyone knows that bitcoin is a decentralized currency, it's really not controlled by anyone, even the founder. The fact that China is manipulating and holding Bitcoin much in the market is accurate news, they indirectly control Bitcoin, the Chinese government has been actively doing so for many years, through the people and run everything, things like real estate abroad, special zones, .... they're looking to build a multipolar world, a big change.

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November 22, 2019, 12:49:06 PM
 #165

Some years ago, speculation that China was going to ban cryptocurrencies sent the value of cryptocurrencies every where going down and just a few days ago, they decided to close every crypto related exchanges and they publicly raided Binance and this has sent the value spiraling down again and I think from this trend, I will say that China have enormous power when it comes to the valuation of bitcoins.

 
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November 22, 2019, 01:02:17 PM
 #166

China has a huge population and there is money. Unsurprisingly, most computing power is concentrated there. I think that China is able to influence the price of Bitcoin, but there are also many other mining pools outside of China, whose role in mining digital gold is also great. In addition, the opinion of the Chinese authorities on whether to continue to allow mining in the country or to ban mining is unstable. Therefore, there are options for redistribution of mining capacity on the planet in the future.

 
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November 23, 2019, 06:35:08 PM
 #167

Not exactly controlling it in the sense that they have a say on the direction the crypto is heading but they have the ability to cripple bitcoin because they can just shutdown mines if they want to. That's why I was glad when I first heard that they are planning to gradually get rid of mining since that mean operations would be more spread out across the world but then they did a 180° recently. So, we'd be stuck with China for longer.

Do that mean China will dominate the adoption of bitcoin for longer terms but with their powers to influence the market, particular on mining at their own possessions? I guess that's great news if this country will now allow this to be operational in their place, because of the huge potential that their biggest population would be a nice factor to increase a good demand. We didn't see the results yet, somehow more updates will happen in the next few days before December and let's see the more upcoming events that we're about to witness soon.

We are not sure about that. For now the Communist Party is saying that they are fine with it, which could mean that they might ease up on their citizens buying bitcoins, etc. In the end though they want THEIR own cryptocurrency and when that becomes fully operational we don't know what they will do with bitcoin.
Luckily, bitcoin does not come under anyone's control. China has tried to take over this currency for years and when it failed in accomplishing this goal, it started making moves against Bitcoin. The launching of its very own digital currency was destined to happen since the birth of Bitcoin. All the countries will be doing the same as the time passes by. No one can hurt Bitcoin in anyway. It is decentralized in nature which makes it unreachable for enemies.

 
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November 24, 2019, 01:52:03 AM
 #168

I disagree.

However, the statistics show that most Bitcoin transactions are in countries such as Russia, China, Canada, and Nigeria.

So it's hard to say that only China controls Bitcoin; of course, I base this argument on statistics.

But in my personal opinion, Satoshi Nakamoto is either a Russian or Chinese citizen or organization.

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November 24, 2019, 02:31:31 AM
 #169

I disagree.

However, the statistics show that most Bitcoin transactions are in countries such as Russia, China, Canada, and Nigeria.

So it's hard to say that only China controls Bitcoin; of course, I base this argument on statistics.

But in my personal opinion, Satoshi Nakamoto is either a Russian or Chinese citizen or organization.
I think different from you. China is really dominating the bitcoin market because there are so many bitcoin mining factories in their country and there are many bitcoin billionaires and millionaires. They gathered there and you can see, the crypto market is always fluctuating with Chinese salt hours because the sharks are always waiting for the traders to sleep and then they act. This shows that the Chinese are really holding a lot of bitcoins and they control the market.

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November 24, 2019, 03:21:19 AM
 #170

I disagree.

However, the statistics show that most Bitcoin transactions are in countries such as Russia, China, Canada, and Nigeria.

So it's hard to say that only China controls Bitcoin; of course, I base this argument on statistics.

But in my personal opinion, Satoshi Nakamoto is either a Russian or Chinese citizen or organization.
I think different from you. China is really dominating the bitcoin market because there are so many bitcoin mining factories in their country and there are many bitcoin billionaires and millionaires. They gathered there and you can see, the crypto market is always fluctuating with Chinese salt hours because the sharks are always waiting for the traders to sleep and then they act. This shows that the Chinese are really holding a lot of bitcoins and they control the market.
if majority miners in china stop their operation cryptocurrency market will crashing soon. Its still from on side , meanwhile they have many factors that could influence crypto market. China investors contribution and their money , we could not imagine if china really our from market. Trust to bitcoin and crypto market will decrease alot.
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November 24, 2019, 11:14:53 PM
 #171

I disagree.

However, the statistics show that most Bitcoin transactions are in countries such as Russia, China, Canada, and Nigeria.

So it's hard to say that only China controls Bitcoin; of course, I base this argument on statistics.

But in my personal opinion, Satoshi Nakamoto is either a Russian or Chinese citizen or organization.
I think different from you. China is really dominating the bitcoin market because there are so many bitcoin mining factories in their country and there are many bitcoin billionaires and millionaires. They gathered there and you can see, the crypto market is always fluctuating with Chinese salt hours because the sharks are always waiting for the traders to sleep and then they act. This shows that the Chinese are really holding a lot of bitcoins and they control the market.
if majority miners in china stop their operation cryptocurrency market will crashing soon. Its still from on side , meanwhile they have many factors that could influence crypto market. China investors contribution and their money , we could not imagine if china really our from market. Trust to bitcoin and crypto market will decrease alot.

Yes, of course, but it was a different indicator that I pointed out.

By clicking on the link below, you can understand more clearly what I'm trying to say.

https://twitter.com/eljaboom/status/1187732341017448450?s=09

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November 26, 2019, 01:04:45 AM
 #172

Indirectly China not control of bitcoin and altcoin price but they have power how to make bitcoin can up to higher price and make down with lower price, just last few weeks ago where bitcoin have higher price after announcing bitcoin become legal currency transaction there by China government. Without have effect bitcoin support need from China to make their price on the top and keep higher price always.

They actually don't whether directly or indirectly but people are making it seems like so. It's unfortunate that people let  certain types of news to become dominate and control things, and this issue of Bitcoin and China is one of it. Whey many believe this hype is because China has a lot of population so it adoption and rejection 'may' cause Bitcoin price.
I remember that there was a time in the past in which any news that came from China affected the price in a significant way but I think we have left those days behind us and all of those that care about any news coming from China are worrying about something that has no effect on the markets today.

I know there are many traders that are looking for an explanation about why the market moves the way it does and sometimes they have to accept that it is impossible to tell why it happened.

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sapnu
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November 26, 2019, 08:15:08 PM
 #173

Indirectly China not control of bitcoin and altcoin price but they have power how to make bitcoin can up to higher price and make down with lower price, just last few weeks ago where bitcoin have higher price after announcing bitcoin become legal currency transaction there by China government. Without have effect bitcoin support need from China to make their price on the top and keep higher price always.

They actually don't whether directly or indirectly but people are making it seems like so. It's unfortunate that people let  certain types of news to become dominate and control things, and this issue of Bitcoin and China is one of it. Whey many believe this hype is because China has a lot of population so it adoption and rejection 'may' cause Bitcoin price.
I remember that there was a time in the past in which any news that came from China affected the price in a significant way but I think we have left those days behind us and all of those that care about any news coming from China are worrying about something that has no effect on the markets today.

I know there are many traders that are looking for an explanation about why the market moves the way it does and sometimes they have to accept that it is impossible to tell why it happened.
We can say that China is a big country and that a fact, but we cannot say that china controls bitcoin because as far as I know the usage of cryptocurrency in china is regulated maybe there are some news that they are adopting cryptocurrency and creating their own bitcoin but as of now it is not happening. If that's gonna happen, it is actually good for the cryptocurrency community because I think the more people will know about it, the more possibility that there are investors coming to support and make a profit by investing their money.
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November 26, 2019, 08:34:09 PM
 #174

We can say that China is a big country and that a fact, but we cannot say that china controls bitcoin because as far as I know the usage of cryptocurrency in china is regulated maybe there are some news that they are adopting cryptocurrency and creating their own bitcoin but as of now it is not happening. If that's gonna happen, it is actually good for the cryptocurrency community because I think the more people will know about it, the more possibility that there are investors coming to support and make a profit by investing their money.
I believe that influencing and controlling are slightly different things. It is also possible to talk about control on its territory through regulation and the issuance of bylaws but it is premature to talk about global control although a persistent struggle may unfold in the near future. The question is whether the Chinese comrades need it Wink

 
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November 26, 2019, 08:55:56 PM
 #175

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. 

Coincidentally the bigger bitcoin gets the less someone would be abt to destroy it.  I think a single government understands they could not bring down bitcoin.  There are too many widespread actors on the network that would have to simultaneously collaborate which just would not happen.  People are becoming more and more reliant on crypto which in turn would make them more abt to defend it.  Crypto is here to stay, at least for years to come.




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November 28, 2019, 03:55:37 AM
Last edit: November 28, 2019, 04:14:58 AM by waitforme
 #176

China owns more than 80% of the hashrate in bitcoin mining. They were involved in bitcoin mining very early and it brought them a lot of profits. They recently allowed crypto mining operations to be legal. Claims related to Bitcoin or blockchain from China are making the market volatile.
https://www.buybitcoinworldwide.com/mining/pools/

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November 28, 2019, 05:54:33 AM
 #177

China owns more than 80% of the hashrate in bitcoin mining. They were involved in bitcoin mining very early and it brought them a lot of profits. They recently allowed crypto mining operations to be legal. Claims related to Bitcoin or blockchain from China are making the market volatile.
https://www.buybitcoinworldwide.com/mining/pools/

China as in the government or just random people.  Because if we are talking about the government bitcoin profits are a nothing burger in terms of GDP, it doesn't even make a blip on their radar as far as profits go.  China doesnt own bitcoin, nobody does that's the beauty




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November 28, 2019, 06:41:42 AM
 #178

Purely theoretically, China can take control of bitcoin, as He is one of the leaders in Bitcoin mining. But I do not think that he will do this, now China is more interested in creating its own crypt, which will be 100% under its control. https://neironix.io/news/china_plans_release_national_dcrp

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November 28, 2019, 07:16:03 AM
 #179

In my honest opinion, I don't think that the Chinese people are controlling the bitcoin because if they are really controlling it then we can see different abnormal pump and dump in the market to wipe out the other people's money. One thing for sure is, bitcoin is not manipulated by the Chinese and the market is now more free than before and it is now relying on law of demand and supply.

 
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AniviaBtc
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November 28, 2019, 07:33:01 AM
 #180

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.

What do you mean china doesn't control bitcoin? It has the largest population in the world. Mining bitcoin is very easier for them because they can mine a lot of bitcoin in just one snap. Their industry an economy grows faster because of their population and communist system. They know that investing in metals is much easy, the same as fiat currency. But they don't know what bitcoin can do to their economy.

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