Does China Control Bitcoin?

[don_ricci]

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 don’t 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.

[sheenaedago]

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.

[Misshi]

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.

[microsurfer]

There are a lot of mining power from China but it comes from different companies

[SquallLeonhart]

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.

[seraph_the_wise]

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  

[elisabetheva]

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.

[Broly46]

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, that’s why proof of stake are invented, POS give the people with most coin stake the power to control the network, but it’s up to personal choice to prefer POW or POS, both of them also is a form of anarchy system, we’re 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? I’m not a advocate to any side, I’m just here to enjoy my share of pop corn.

[Indamuck]

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.

[blue_nexus15]

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.

[kennen1113]

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

[kpcian]

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?

[ohyeahhaha122]

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.

[tmlee]

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.

[FaMouS8828]

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.

[Maslate]

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.

[NathanJB]

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.

[Greed Dev]

I think Europeans now hold more bitcoins. They have many money laundering activities that we don't know behind. Do you see that China has many bitcoin billionaires because its press is free to interview bitcoin billionaires? In the United States and some European countries, bitcoin billionaires often have to remain anonymous so they won't be sought by the government.
Besides, the most typical example is the big fluctuations of bitcoin usually taking place around the morning in Europe, especially in the US.

[Murat]

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.

[bettercrypto]

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.