Does China Control Bitcoin?

[Ozero]

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.

[1713867184]

1713867184

[1713867184]

1713867184

[1713867184]

1713867184

[marcbitcoins]

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.

[DigitalCyberius]

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?

[FanEagle]

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.

[Renampun]

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.

[kannikaamudee]

The question must be " Does China control 3rd world countries such as Vietnam and Philippines?"

[qwertyup23]

<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.

[1Referee]

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.

[Xardasim]

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.

[bitgolden]

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 don’t 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.

[audaciousbeing]

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.

[BitHodler]

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 don’t 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!

[bitbunnny]

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.

[xvids]

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?

[RealMalatesta]

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.

[lepbagong]

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.

[Moiyah]

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.

[Schirer]

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:

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.

[Mometaskers]

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.

[barbara44]

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.