Does China Control Bitcoin?

[SquallLeonhart]

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.

I agree with every of the point you have here, when we talk of them controlling bitcoin, I am sure we would not be looking at the aspect of them being able to control the supply but the value is what they can control, and they may actually have a hand in the ways and manners for which the value of bitcoin fluctuates, but I believe that somehow, there will be a day that even china being the largest and richest country will not be able to manipulate the coin and this is where Satoshi becomes more intelligent than them.

They are able to manipulate the coin because there are still coins to be mined, and when it gets to that point where they will not have any coin to be manipulated, I am sure that their power will be reduced a little bit in the regulation of this coin.

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[Blackdeath]

China does not control bitcoin because bitcoin is banned in china and other cryptocurrencies that they think it is full of fraud and scams, but they regulate blockchain technology, that is why they are creating their own digital currency just Facebook Libra which it could also be centralized.

[Shimmiry]

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. 

There are a lot of articles and news releases that the country china adapts the use of cryptocurrency too and it was a good idea for improvements to their country also, I guess the china is still not enough knowledgeable than the other country and crypto are supporting the use of real currency, I think most of the people in China are miners because they have a low cost of electricity than the other country

[imstillthebest]

no they arent . mining maybe because china was known to have a control on btc mining and other crypto coin mining  but they dont totally control btc  . no one can controll btc except to its founder or developers because they are the ones that can make or break btc   .

  china have been up and down before but it did have a slight effect on the other country or on the crypto market however these bad effect can be slowly rebuilt and turn into a good one by other country that dont harm but only support btc and other crypto  .

[S4VV4S]

Of course not, There aren't any countries that control Bitcoin, including China, even though they have the largest technology and Bitcoin mining in the world. China is a country with sophisticated technology today, they can manipulate the price of Bitcoin because Bitcoin is widely circulating there.

[crisanto01]

Of course not, There aren't any countries that control Bitcoin, including China, even though they have the largest technology and Bitcoin mining in the world. China is a country with sophisticated technology today, they can manipulate the price of Bitcoin because Bitcoin is widely circulating there.

That's why China hated Bitcoin because they cannot control it, remember that China would like to be the number one in everything so they are banning and saying negative thing about Bitcoin because they don't hold much of it, and now they will compete with Bitcoin as they will announce soon their own coin. This maybe the reason why the banned the mining in their country, it might be the reason that they want to buy at cheap or they are cooking their own.

[cutesgirl]

Yes does China control bitcoin price, when China announce for good news bitcoin price up and China give bad news bitcoin price goes down. I think China can control bitcoin because their people have much assets in bitcoin where can control to buy or sell bitcoin where make price bitcoin down or up, I want china re announce for good news to make bitcoin back to higher price.

[makolz26]

Yes does China control bitcoin price, when China announce for good news bitcoin price up and China give bad news bitcoin price goes down. I think China can control bitcoin because their people have much assets in bitcoin where can control to buy or sell bitcoin where make price bitcoin down or up, I want china re announce for good news to make bitcoin back to higher price.

I don't agree they have control over Bitcoin, of course not, they don't even like Bitcoin, and if you make research for country which has highest holding of Bitcoin, still USA holds the number one, it's just coincidence sometimes that if China making an announcement the price is rising.

You may refer here, according to the research https://usethebitcoin.com/10-countries-with-the-most-bitcoin-hodlers/

[Genemind]

There are lots of rumors and issues which involves China and cryptocurrency but all of it will always remain as theories since no one can prove all these assumptions. As for me, China isn't controlling Bitcoin and cryptocurrencies. It's actually a good thing that they have started adopting it instead of banning it. Cryptocurrency will be too hard for them to control unless they would spread FOMOs just to influence the prices.

[uneng]

After I saw bitcoin price was manipulated by only one person in 2017, creating that outstanding pump, I don't doubt it's possible for China to control bitcoin, but it would demand a lot of organization and cooperative work among all the miners, investors, traders...
I think if China were controlling bitcoin price, other countries like Usa would put many more restrictions and regulations over bitcoin usage or even a total ban. Then I conclude it's possible, but it's not happening.

[Faxmate]

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

I am unable to understand that how come this idea hit your mind but China definitely does not hold seventy percent of bitcoin or provides that much supply to the world. Bitcoin belongs to no one. If China ever had this power in hand, do you really think it would have not been the super power yet. Do not underestimate the importance of bitcoin. It is the key to become future ruler. Bitcoin will gain value anyway.

[barabarian1]

I think it's just an issue so far that no country can stop or control bitcoin. bitcoin remains free and decentralized. Strong countries like China also cannot control bitcoin. but I realize that Chinese government policies can sometimes affect the price of bitcoin. because we know that most traders and bitcoin miners come from China. but the last news I heard at this time was that the Chinese government had adopted blockchain technology and I heard the Chinese government would make its own crypto, which was named DCEP.

[Natalim]

China have control bitcoin price how to make down, after creating their own coin now bitcoin have lower price and difficult to get back higher because China investor have their own coin and left bitcoin as their investment, without support from China investor bitcoin loo difficult to back higher price and keep waiting how long bitcoin always have lower price.

China has not created their own coin yet so we can't made judgement without seeing a result.
Bitcoin will survive even without china, as they make their own currency, that doesn't mean that it will compete with Bitcoin as most likely its a centralized currency where they are still in control of it.

Bitcoin is popular among investors because it has limited supply, decentralized and we know its transparent.
This is the real definition of freedom where those who are in control are those who hold the bigger portion of supply, and the good thing is they are anonymous.

[Clement Kaliyar]

I agree with every of the point you have here, when we talk of them controlling bitcoin, I am sure we would not be looking at the aspect of them being able to control the supply but the value is what they can control, and they may actually have a hand in the ways and manners for which the value of bitcoin fluctuates, but I believe that somehow, there will be a day that even china being the largest and richest country will not be able to manipulate the coin and this is where Satoshi becomes more intelligent than them.

Hope you are aware that the country is not behind mining of bitcoin and individual who invested are running the mining as a huge industry as you need to invest millions to run a farm if you are looking to have substantial hash power as it is a competitive field and there are business people who have invested elsewhere and anyone can run a mining farm as all you need is the money to purchase all the equipment and hence you cannot call that some country is controlling something, this is a decentralized market and mining is not a monopoly that is given to anyone.

They are able to manipulate the coin because there are still coins to be mined, and when it gets to that point where they will not have any coin to be manipulated, I am sure that their power will be reduced a little bit in the regulation of this coin.

How you think they will manipulate the coin, by inflating the price of bitcoin and if that is the case it is good for traders, other than that how they are going to manipulate as they are mining the coins to earn the profit and there is no way they will do something to harm the market.

[miningguru]

Of course not, There aren't any countries that control Bitcoin, including China, even though they have the largest technology and Bitcoin mining in the world. China is a country with sophisticated technology today, they can manipulate the price of Bitcoin because Bitcoin is widely circulating there.

I don't think so, but even they have banned on Bitcoin mining, but China will manipulate the price of Bitcoin because people from China have a higher number of Bitcoin and even recently their government officials announced very soon they are going to implement their public and private sector project with blockchain.

[Shasha80]

In my opinion no one can control bitcoin, because bitcoin is decentralized and does not belong to anyone. Although majority of
mining power is in China, it doesn't mean that China controls bitcoin. If to manipulate bitcoin prices Chinese often do it, one
of them when the president of China made a speech said in support of the blockchain. The price of bitcoin when suddenly rise,
because a lot a big investor from china. I think China is not about controlling bitcoin but rather wanting to defeat bitcoin, because
china is planning to make their own cryptocurrency coins in the near future to deal with bitcoin.

[Mometaskers]

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.

[Webetcoins]

Yes does China control bitcoin price, when China announce for good news bitcoin price up and China give bad news bitcoin price goes down. I think China can control bitcoin because their people have much assets in bitcoin where can control to buy or sell bitcoin where make price bitcoin down or up, I want china re announce for good news to make bitcoin back to higher price.

I don't agree they have control over Bitcoin, of course not, they don't even like Bitcoin, and if you make research for country which has highest holding of Bitcoin, still USA holds the number one, it's just coincidence sometimes that if China making an announcement the price is rising.

You may refer here, according to the research https://usethebitcoin.com/10-countries-with-the-most-bitcoin-hodlers/

The main reason why China does not like Bitcoin is because it cannot control bitcoin. To be very honest, it is not like China hates or dislikes bitcoin. The truth is exact opposite. It loves this crypto currency and knows its position among digital coins. Anyone who takes over bitcoin will become the power in digital coin market too. But due to decentralized nature of bitcoin, this is impossible.

[AliMan]

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.

[royalfestus]

I want to believe big whale a capable of controlling this space. China was so active until regulation was imposed that controls the chinese the involvement. They seems to have the largest numbers of miners which is a massive investment but it is believed that they sell off as they mined but who they sell to matters as well. I dont trust the Chinese in their financial moves, they cant be careless with cyptocurrency especially when America can be in contention.  My fingers are crossed on Chinese move next year and am more concern on how I will benefit if Chinese come into market with bigger fund