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Author Topic: Does China Control Bitcoin?  (Read 8738 times)
DevilSlayer
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December 04, 2019, 04:22:29 AM
 #201

Chinese people are highly industrious people, very hardworking is an understatement.
Most Chinese citizen has bitcoin mining farm when the going was good, the largest number of such industry exists only in China.
Does China Control Bitcoin? China dominates bitcoin and can easily determine its fate and that is the major reason behind the spike in btc price whenever the Chinese president says anything about it unlike other world powers.


I disagree with china can determine the fate of bitcoin.  There is a large user population outside of china.  China has banned and unbanned bitcoin more than I can follow.  Bitcoin kept plugging down the road, china can do what they want it wont affect the long term viability of bitcoin
I do not know why many people are focusing in fundamental analysis than in technicals, it is better to rely on technical than fundamentals. I do not have care whether the China is controlling the bitcoin. Once again, my strategies rely on technicals only so I do not have care if there are news about bitcoin that they "said" cause the spike or the crash of the bitcoin.

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December 04, 2019, 04:38:42 AM
 #202


I disagree with china can determine the fate of bitcoin.  There is a large user population outside of china.  China has banned and unbanned bitcoin more than I can follow.  Bitcoin kept plugging down the road, china can do what they want it wont affect the long term viability of bitcoin
But it is the fact that China currently controls the majority of hashes although it's far from 51% attack it could be a problem later on. However, if China really does harsh law enforcement regarding cryptocurrencies or even banned it with punishment for those who break the law. We could potentially lose a major hashes power However it will then adjust automatically after 2016 blocks and become profitable again for small miners to mine bitcoin. Actually there's nothing really need to worry about as of now and to be clear, China didn't control Bitcoin but a price manipulation with massive capital could still happen.

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December 04, 2019, 01:37:42 PM
 #203


I disagree with china can determine the fate of bitcoin.  There is a large user population outside of china.  China has banned and unbanned bitcoin more than I can follow.  Bitcoin kept plugging down the road, china can do what they want it wont affect the long term viability of bitcoin
But it is the fact that China currently controls the majority of hashes although it's far from 51% attack it could be a problem later on. However, if China really does harsh law enforcement regarding cryptocurrencies or even banned it with punishment for those who break the law. We could potentially lose a major hashes power However it will then adjust automatically after 2016 blocks and become profitable again for small miners to mine bitcoin. Actually there's nothing really need to worry about as of now and to be clear, China didn't control Bitcoin but a price manipulation with massive capital could still happen.

Price manipulation can come from anywhere.  And yeah if china drops off their are plenty of people on the sidelines waiting for diff drop and will jump right back on.  So long as their is profit there will be miners I dont care which country bans it.  I'm not worried about that aspect.  And as technological bitcoin/blockchain is, China's governmnet would be imploding the ability to keep up.  Bitcoin is here to stay like it or not.  Get on the train or get off cause she ain't stopping
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December 05, 2019, 02:00:05 AM
 #204

No one has control over bitcoin,  they might try to create FUD that will dump the price but that doesn't give them the control over bitcoin because the market will react to either FUD news or bull news
China doesn't control bitcoin but that doesn't mean that they're not going to try to do precisely that, they know they are very powerful and it seems the Chinese government doesn't want to accept that bitcoin is a decentralized currency of which they cannot take control.

Honestly I do not have any problem with them doing everything they can to try to destroy bitcoin, every single time they fail they prove to the world and to anyone which may try something similar about the futility of their efforts.
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December 05, 2019, 03:05:54 PM
 #205


I disagree with china can determine the fate of bitcoin.  There is a large user population outside of china.  China has banned and unbanned bitcoin more than I can follow.  Bitcoin kept plugging down the road, china can do what they want it wont affect the long term viability of bitcoin
But it is the fact that China currently controls the majority of hashes although it's far from 51% attack it could be a problem later on. However, if China really does harsh law enforcement regarding cryptocurrencies or even banned it with punishment for those who break the law. We could potentially lose a major hashes power However it will then adjust automatically after 2016 blocks and become profitable again for small miners to mine bitcoin. Actually there's nothing really need to worry about as of now and to be clear, China didn't control Bitcoin but a price manipulation with massive capital could still happen.

Price manipulation can come from anywhere.  And yeah if china drops off their are plenty of people on the sidelines waiting for diff drop and will jump right back on.  So long as their is profit there will be miners I dont care which country bans it.  I'm not worried about that aspect.  And as technological bitcoin/blockchain is, China's governmnet would be imploding the ability to keep up.  Bitcoin is here to stay like it or not.  Get on the train or get off cause she ain't stopping
China can do nothing at all. It is not like that China is the god of technology. If it was that capable then it would have already owned bitcoin and controlled the digital market but that is not the case here. Whether China becomes a part of digital currencies by accepting them or stays its enemy, nothing can stop bitcoin and altcoins from becoming the new face of money. Instead of focusing on China, grabbing these coins would be actually more beneficial.

 
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December 06, 2019, 05:34:40 PM
 #206

Chinese people are highly industrious people, very hardworking is an understatement.
Most Chinese citizen has bitcoin mining farm when the going was good, the largest number of such industry exists only in China.
Does China Control Bitcoin? China dominates bitcoin and can easily determine its fate and that is the major reason behind the spike in btc price whenever the Chinese president says anything about it unlike other world powers.


I disagree with china can determine the fate of bitcoin.  There is a large user population outside of china.  China has banned and unbanned bitcoin more than I can follow.  Bitcoin kept plugging down the road, china can do what they want it wont affect the long term viability of bitcoin
Yes China use to do this, they most of time used to do this like they ban and unban China so many times but it used to happen with when people start using bitcoin more than fiat or their national currency so the government gets worried but I think in progress of bitcoin China use to play vital role if they keep using and people keep investing.



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December 06, 2019, 06:59:42 PM
 #207

Chinese people are highly industrious people, very hardworking is an understatement.
Most Chinese citizen has bitcoin mining farm when the going was good, the largest number of such industry exists only in China.
Does China Control Bitcoin? China dominates bitcoin and can easily determine its fate and that is the major reason behind the spike in btc price whenever the Chinese president says anything about it unlike other world powers.


I disagree with china can determine the fate of bitcoin.  There is a large user population outside of china.  China has banned and unbanned bitcoin more than I can follow.  Bitcoin kept plugging down the road, china can do what they want it wont affect the long term viability of bitcoin
Yes China use to do this, they most of time used to do this like they ban and unban China so many times but it used to happen with when people start using bitcoin more than fiat or their national currency so the government gets worried but I think in progress of bitcoin China use to play vital role if they keep using and people keep investing.
Yeah China can control with bitcoin price because their announcement can make many bitcoin investor around the world allow with their suggestion, maybe last month when China president make announce for legal using bitcoin price is up but waiting when bitcoin banned in China bitcoin price will down, but I miss when China want to announce again for adopting bitcoin as legal payment.

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December 06, 2019, 08:36:11 PM
 #208

Chinese people are highly industrious people, very hardworking is an understatement.
Most Chinese citizen has bitcoin mining farm when the going was good, the largest number of such industry exists only in China.
Does China Control Bitcoin? China dominates bitcoin and can easily determine its fate and that is the major reason behind the spike in btc price whenever the Chinese president says anything about it unlike other world powers.


I disagree with china can determine the fate of bitcoin.  There is a large user population outside of china.  China has banned and unbanned bitcoin more than I can follow.  Bitcoin kept plugging down the road, china can do what they want it wont affect the long term viability of bitcoin
Yes China use to do this, they most of time used to do this like they ban and unban China so many times but it used to happen with when people start using bitcoin more than fiat or their national currency so the government gets worried but I think in progress of bitcoin China use to play vital role if they keep using and people keep investing.
Yeah China can control with bitcoin price because their announcement can make many bitcoin investor around the world allow with their suggestion, maybe last month when China president make announce for legal using bitcoin price is up but waiting when bitcoin banned in China bitcoin price will down, but I miss when China want to announce again for adopting bitcoin as legal payment.

It gets old, yeah in 2015 ish it used to make waves in the price but less and less these absurd announcements go unnoticed.  There is only so many times they can ban and unban it before the wolf cry means nothing. 
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December 07, 2019, 05:11:06 AM
 #209

But it is the fact that China currently controls the majority of hashes although it's far from 51% attack it could be a problem later on. However, if China really does harsh law enforcement regarding cryptocurrencies or even banned it with punishment for those who break the law. We could potentially lose a major hashes power However it will then adjust automatically after 2016 blocks and become profitable again for small miners to mine bitcoin. Actually there's nothing really need to worry about as of now and to be clear, China didn't control Bitcoin but a price manipulation with massive capital could still happen.

A 51% attack would leave Bitcoin completely worthless and anyone who has made investments in Bitcoin (including the large-scale miners) would try their best to avoid that. So I don't think that the mining pools would come together and launch a 51% attack, because it will be self-defeating for them. Only the government agencies would try something like that.

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December 07, 2019, 05:34:34 AM
 #210

But it is the fact that China currently controls the majority of hashes although it's far from 51% attack it could be a problem later on. However, if China really does harsh law enforcement regarding cryptocurrencies or even banned it with punishment for those who break the law. We could potentially lose a major hashes power However it will then adjust automatically after 2016 blocks and become profitable again for small miners to mine bitcoin. Actually there's nothing really need to worry about as of now and to be clear, China didn't control Bitcoin but a price manipulation with massive capital could still happen.

A 51% attack would leave Bitcoin completely worthless and anyone who has made investments in Bitcoin (including the large-scale miners) would try their best to avoid that. So I don't think that the mining pools would come together and launch a 51% attack, because it will be self-defeating for them. Only the government agencies would try something like that.
I think more than 50% population using and holding bitcoin come from China where they can make bitcoin on higher and lower price, when China make good news with bitcoin price can up without some one can stop to make bitcoin down, but when China give negative effect for bitcoin price make low and I am still don't know how China can manipulated bitcoin price.

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December 09, 2019, 12:30:36 PM
 #211

But it is the fact that China currently controls the majority of hashes although it's far from 51% attack it could be a problem later on. However, if China really does harsh law enforcement regarding cryptocurrencies or even banned it with punishment for those who break the law. We could potentially lose a major hashes power However it will then adjust automatically after 2016 blocks and become profitable again for small miners to mine bitcoin. Actually there's nothing really need to worry about as of now and to be clear, China didn't control Bitcoin but a price manipulation with massive capital could still happen.

A 51% attack would leave Bitcoin completely worthless and anyone who has made investments in Bitcoin (including the large-scale miners) would try their best to avoid that. So I don't think that the mining pools would come together and launch a 51% attack, because it will be self-defeating for them. Only the government agencies would try something like that.
I think more than 50% population using and holding bitcoin come from China where they can make bitcoin on higher and lower price, when China make good news with bitcoin price can up without some one can stop to make bitcoin down, but when China give negative effect for bitcoin price make low and I am still don't know how China can manipulated bitcoin price.
China will also launch a crypto currency in 2020, I hope this news is the beginning of a bitcoin bull,
but what's scary is that China is making negative news, and it has been proven that China indeed manipulates the price of bitcoin

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December 09, 2019, 12:45:50 PM
 #212

It's a big NO because bitcoin is already banned in china due to increased of scams in ICO projects and other reasons, so it is impossible for china to control bitcoin. Other reasons why china can't control bitcoin is because bitcoin is decentralized that no one can control it, even the government in every country.

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December 09, 2019, 01:03:10 PM
 #213

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. 
I have opposite thoughts with you. We all know bitcoin is very valuable and it is a tool used to manipulate the market to gain profit for manipulating organizations. so if Chinese people hold a lot of bitcoins, they will not be foolish to sell it to crush bitcoin's future. While they can use bitcoin to make more money than the fry like us, why should they destroy this market? they will continue to maintain this market and even make it larger market capitalization.

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December 09, 2019, 01:37:46 PM
 #214

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. 
We cannot remove the fact that China had the major contribution regards with Bitcoin mining and I admit as well that they have big impact in this industry but I don't think they have the full control on Bitcoin. Perhaps you we are all aware that no one can manipulate Bitcoin because if it does then we cannot say it as decentralized.
It's a big NO because bitcoin is already banned in china due to increased of scams in ICO projects and other reasons, so it is impossible for china to control bitcoin. Other reasons why china can't control bitcoin is because bitcoin is decentralized that no one can control it, even the government in every country.
As far as I know, Bitcoin is not banned in the said country but rather the exchanges related with crypto. Bitcoin mining is still widely processed in China so we cannot totally say that it is prohibited. They may use their own digital currency but it won't overthrow Bitcoin in any other way.

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December 09, 2019, 02:37:45 PM
 #215


We cannot remove the fact that China had the major contribution regards with Bitcoin mining and I admit as well that they have big impact in this industry but I don't think they have the full control on Bitcoin. Perhaps you we are all aware that no one can manipulate Bitcoin because if it does then we cannot say it as decentralized.
It is true China is one of the leading countries when it comes to bitcoin mining for once it mined almost 3/4 of the bitcoin in a month and even affected the stability of bitcoin's price. The cause of this centralized mining in China is the cheap electricity rates but these past few months China are being rude to their miners attacking then about the e-waste that bitcoin mining produced.


As far as I know, Bitcoin is not banned in the said country but rather the exchanges related with crypto. Bitcoin mining is still widely processed in China so we cannot totally say that it is prohibited. They may use their own digital currency but it won't overthrow Bitcoin in any other way.
Actually they are not against bitcoin, in fact they are handling it a good way but there are just exchanges whose being illegal that involves in various scams and fraud in the country so China decided to take it down. I guess they are initiating these matters to fully clean their country and start with a their own blockchain and digital currency.

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December 09, 2019, 05:00:52 PM
 #216

Why we call Bitcoin as a decentralized crypto currency? It is not controlled by any person or government. Actually users of it are controlling it. A huge number of people are involved with Bitcoin in China but it doesn't mean that Bitcoin is maintained by China.
Bitcoin is definitely not maintained by the Chinese but you, us and myself because the reason why bitcoin still exist till now is that we all choose to use and hold a portion of it. Besides, the governments and the institutions understand this than us which the reason why they make FUD statement in other cause some kind of fear and misunderstand in the crypto community.


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December 09, 2019, 05:27:26 PM
 #217

Why we call Bitcoin as a decentralized crypto currency? It is not controlled by any person or government. Actually users of it are controlling it. A huge number of people are involved with Bitcoin in China but it doesn't mean that Bitcoin is maintained by China.
Bitcoin is definitely not maintained by the Chinese but you, us and myself because the reason why bitcoin still exist till now is that we all choose to use and hold a portion of it. Besides, the governments and the institutions understand this than us which the reason why they make FUD statement in other cause some kind of fear and misunderstand in the crypto community.
Before bitcoin become most popular digital currency payment China become first country have adopted bitcoin and have many bitcoin mining project in their country, although Bitcoin have been banned in China they still have good power for controlling bitcoin with higher or lower price, how ever they still have much bitcoin supply in their hands to make bitcoin price on higher or lower.

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December 09, 2019, 05:46:35 PM
 #218

Why we call Bitcoin as a decentralized crypto currency? It is not controlled by any person or government. Actually users of it are controlling it. A huge number of people are involved with Bitcoin in China but it doesn't mean that Bitcoin is maintained by China.
Bitcoin is definitely not maintained by the Chinese but you, us and myself because the reason why bitcoin still exist till now is that we all choose to use and hold a portion of it. Besides, the governments and the institutions understand this than us which the reason why they make FUD statement in other cause some kind of fear and misunderstand in the crypto community.
Before bitcoin become most popular digital currency payment China become first country have adopted bitcoin and have many bitcoin mining project in their country, although Bitcoin have been banned in China they still have good power for controlling bitcoin with higher or lower price, how ever they still have much bitcoin supply in their hands to make bitcoin price on higher or lower.
In my opinion, this is not about Bitcoin users and not about those who use and store Bitcoin in their wallets, namely Bitcoin miners, most of which are located in China.  Very often information appeared in the media, which was confirmed by many experts, that almost 70% or 75% of the Bitcoin hash rate is controlled by Chinese miners.  To some extent, this can be called the real control of Bitcoin, which is concentrated more in the hands of one country.

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December 09, 2019, 06:13:41 PM
 #219

China got a big hand on the crypto currencies market because of the big population and the huge number of projects there. It has a lot of famous company who's interested on bitcoin, but it's not all about china, it's about the whole world thought.
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December 09, 2019, 06:38:41 PM
 #220

China got a big hand on the crypto currencies market because of the big population and the huge number of projects there. It has a lot of famous company who's interested on bitcoin, but it's not all about china, it's about the whole world thought.
It would be nice if the Chinese government acted as their Chinese companies want, who really do not mind using cryptocurrency for their business.  Despite the fact that cryptocurrency has a certain amount of everyday life in China, it is still under heavy pressure from the Chinese authorities, which is why many people think that the Chinese government intends to ban cryptocurrency.  I hope that along with the Chinese national cryptocurrency, the entire cryptocurrency market in this country will be legalized.

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