Can China takeover Bitcoin network?

[very_452001]

If you take the bitcoin network, I think everyone can, especially in these countries with very developed technology, they will do what they want to dominate the world of bitcoin. But what we have to remember, is not only China that can, countries like Russia can too, even I would choose Russia which will take the bitcoin network instead of China.

How much hash rate in Russia now?

[Angna27]

I don't think so, because there are many other countries who are now adapting, developing using bitcoin that means to say its their form of transaction, payment and other related matters and not only China has the capacity to do bitcoin, some countries who are more powerful, wealthy and great when comes to technology.

[very_452001]

Okay coming back here with the recent China Ban Bitcoin again FUD from China. Is this a good thing now for Bitcoin Hash rate becoming decentralized now?

China has cheap electricity so which countries the chinese miners will move to that also has cheap electricity so the chinese miners can continue mining btc if China really goes ahead with this FUD?

[Matrix.Max]

No will not happen,
Think Rainbow Foundation might have a chances to take over BTC Network.
since started they are following every required guideline from SEC

[very_452001]

No will not happen,
Think Rainbow Foundation might have a chances to take over BTC Network.
since started they are following every required guideline from SEC

Who the hell are the Rainbow Foundation? I googled it and its a LGBT group?

[nurilham]

China controls over 50% of the btc hashrate meaning they can do a 51% attack on the bitcoin network

This is the reason why negative issues from China can give a serious impact on Bitcoin price. Yes, they have the power to influence Bitcoin price and crypto market trends. But they shouldn't have the power to take over or even control the Bitcoin network. They also mustn't attack the Bitcoin network, what for? Many people in China have a big number of Bitcoin. If they attack the Bitcoin network, they also get a negative impact. They mustn't do something that harms themselves.

[Swordsoffreedom]

China controls over 50% of the btc hashrate meaning they can do a 51% attack on the bitcoin network

This is the reason why negative issues from China can give a serious impact on Bitcoin price. Yes, they have the power to influence Bitcoin price and crypto market trends. But they shouldn't have the power to take over or even control the Bitcoin network. They also mustn't attack the Bitcoin network, what for? Many people in China have a big number of Bitcoin. If they attack the Bitcoin network, they also get a negative impact. They mustn't do something that harms themselves.

China has done this before. Banning their crypto has no effect on the market now at all.
They make noise every now and then to manipulate the market, but they have been mining cryptocurrency for their own needs.

As you can see, China has recently banned financial and payment institutions that provide services in cryptocurrencies. This is a very bearish announcement for the cryptocurrency but the announcement did not have the desired effect on the market. So it is clear that their announcement does not bother investors much anymore.

[CaVO32]

China controls over 50% of the btc hashrate meaning they can do a 51% attack on the bitcoin network

This is the reason why negative issues from China can give a serious impact on Bitcoin price. Yes, they have the power to influence Bitcoin price and crypto market trends. But they shouldn't have the power to take over or even control the Bitcoin network. They also mustn't attack the Bitcoin network, what for? Many people in China have a big number of Bitcoin. If they attack the Bitcoin network, they also get a negative impact. They mustn't do something that harms themselves.

China has done this before. Banning their crypto has no effect on the market now at all.
They make noise every now and then to manipulate the market, but they have been mining cryptocurrency for their own needs.

As you can see, China has recently banned financial and payment institutions that provide services in cryptocurrencies. This is a very bearish announcement for the cryptocurrency but the announcement did not have the desired effect on the market. So it is clear that their announcement does not bother investors much anymore.

They can make a noise in the market but one thing is sure here - crypto market will survive even without their participation. Though right now, there are so many mining companies located in this country but I think, some are already starting to pack up their things and look for much crypto-friendly areas. If you know how Chinese mindset works, then, you very well know that it is just their propaganda and in time, they will give another statement towards bitcoin or crypto accepting its existence in their market.

[nightrider]

I think China could take over the bitcoin network. This is a country with a developed science and technology. China has a lot of talented computer engineers. They can do a lot with bitcoin virtual currency. The bitcoin market is thriving in China. The Chinese government can regulate the bitcoin market. The proof is that the Central Bank of China does not accept bitcoin transactions. It caused the market to plummet without brakes.

[Karish2return]

Yes in some cases it can take over because If We are talking about electricity there then there Is as cheap as water so it is a well defined and well developed country so may be that is possible There. There are so many cases like these

[kryptqnick]

China is probably still the leading territory for mining farms. However, it doesn't mean that Chinese authorities have any control over mining. Moreover, it's not as easy to perform a 51% attack as it may seem because it'll require massive resources. And while technically possible, it'll probably last only briefly and all those resources will just be wasted.
As for Bitcoin decentralization, I think it is NOT about mining but about ownership of the coins by people and entities all over the world, and also about there being no single authority that could simply shut the network down or change the rules.

[yohananaomi]

China is probably still the leading territory for mining farms. However, it doesn't mean that Chinese authorities have any control over mining. Moreover, it's not as easy to perform a 51% attack as it may seem because it'll require massive resources. And while technically possible, it'll probably last only briefly and all those resources will just be wasted.
As for Bitcoin decentralization, I think it is NOT about mining but about ownership of the coins by people and entities all over the world, and also about there being no single authority that could simply shut the network down or change the rules.

that indeed we have to admit that almost all mining roles are in China, at least we see that this role is real because of the deep correction of bitcoin from the influence of the bad news. as you said that I totally agree, the Chinese authorities will not be able to control it, because it will indeed run into many problems that will be experienced. it is not just a ban, but many sectors will be affected which will make all also relate to one another.

It should be true that you said bitcoin decentralization is not only in mining, there are still many sectors that participate in the movement of bitcoin. it shouldn't be partially or at least for a while it could affect what happens to bitcoin, but it seems that many can not distinguish this and make it worse than bitcoin with the wrong steps taken. because panic alone will make a bad thing from bitcoin, therefore it must be able to reduce not taking steps that actually worsen bitcoin itself.

[Kakmakr]

OP, You are obsessed with China ..... and it is not a issue at all.

Yes, ASIC chips that are used for mining are manufactured in China, but a lot of those chips are exported to other countries. There are massive mining farms in Iceland and other countries too, so all mining are not located in China.

The Chinese government can seize all the mining equipment in China and it will not have an drastic impact on the security of Bitcoin. (Doing a 51% attack on Bitcoin is almost impossible now, because it requires a huge amount of hashing power ...and even if they succeed.. people will shift to other Pools to protect Bitcoin.)

After their first double spend, developers will make some changes (possibly a hard fork) to spoil their attack (That was something Gavin Andreson said, when he was still lead developer of Bitcoin) ... or people will simply shift to another Alt coin or hard fork to another new coin.

It will cost them an awful amount of money to sustain an attack like this, so I cannot see that this will continue for more than one day.  

[tranthidung]

Okay coming back here with the recent China Ban Bitcoin again FUD from China. Is this a good thing now for Bitcoin Hash rate becoming decentralized now?

It is too soon to say the miners will actually migrate from China and the mining crack down is real. I see geographical decentralization for Bitcoin mining is good

China has cheap electricity so which countries the chinese miners will move to that also has cheap electricity so the chinese miners can continue mining btc if China really goes ahead with this FUD?

If mining farms migrate to other nations and can not find cheap energy resources as same as in China, the mining cost for Bitcoin will rise. It in the long term, will contribute to higher price of Bitcoin.

Net-effects of them, assumes that FUD is real, will be good in long term but on my view it is not the case, it is FUD.

Despite of all FUD from China, hashrate increases and difficulty adjustments in history are mostly positive (see the chart of mine).

• The history of Bitcoin difficulty adjustment (in percent)

[very_452001]

Okay coming back here with the recent China Ban Bitcoin again FUD from China. Is this a good thing now for Bitcoin Hash rate becoming decentralized now?

It is too soon to say the miners will actually migrate from China and the mining crack down is real. I see geographical decentralization for Bitcoin mining is good

China has cheap electricity so which countries the chinese miners will move to that also has cheap electricity so the chinese miners can continue mining btc if China really goes ahead with this FUD?

If mining farms migrate to other nations and can not find cheap energy resources as same as in China, the mining cost for Bitcoin will rise. It in the long term, will contribute to higher price of Bitcoin.

Net-effects of them, assumes that FUD is real, will be good in long term but on my view it is not the case, it is FUD.

Despite of all FUD from China, hashrate increases and difficulty adjustments in history are mostly positive (see the chart of mine).

• The history of Bitcoin difficulty adjustment (in percent)

But if electricity isnt cheap in other countries where the Chinese miners migrate to then this makes mining unprofitable right so chinese miners will ditch bitcoin mining right? If chinese miners ditch btc mining then wont this affect the security of the btc network?

Which countries allow Chinese nationality citizens to migrate there without a visa?

OP, You are obsessed with China ..... and it is not a issue at all.

Yes, ASIC chips that are used for mining are manufactured in China, but a lot of those chips are exported to other countries. There are massive mining farms in Iceland and other countries too, so all mining are not located in China.

The Chinese government can seize all the mining equipment in China and it will not have an drastic impact on the security of Bitcoin. (Doing a 51% attack on Bitcoin is almost impossible now, because it requires a huge amount of hashing power ...and even if they succeed.. people will shift to other Pools to protect Bitcoin.)

After their first double spend, developers will make some changes (possibly a hard fork) to spoil their attack (That was something Gavin Andreson said, when he was still lead developer of Bitcoin) ... or people will simply shift to another Alt coin or hard fork to another new coin.

It will cost them an awful amount of money to sustain an attack like this, so I cannot see that this will continue for more than one day. 

How much does a Quantum Computer costs and how much energy a Quantum computer takes in relation to Bitcoin mining?

When you say it will cost them a awful amount of money to sustain an attack then how much approximately in $millions will it take to do such an attack on Btc?

[moderator's note: consecutive posts merged]

[nightxglow]

Even if china has the majority of mining, i don't think it is possible for china to takeover bitcoin. In fact, it seems that china has no interest in bitcoin, since they are always trying way to ban it and make it illegal, and never show any support to bitcoin. If China really think bitcoin is beneficial, then there is no way they would let the chance pass. They will surely try to grab the opportunity and maximize the profit. Chinese government too, I believe doesn't have any bitcoin in their reserve. They can't really take over bitcoin, but I guess they can interfere in some ways possible.

[KEN L]

Most btc mining is done in China because electricity is cheap there and all mining hardware originates from there also right?

China controls over 50% of the btc hashrate meaning they can do a 51% attack on the bitcoin network or control which btc transactions are valid according to their liking correct?

Has the chinese government or chinese central bank added bitcoins to their treasury reserves apart from the tons of gold they have been buying recently?

If the chinese govenment/central bank has bitcoins in its treasury then there is no incentive for them to raid and take control of the mining pools in china otherwise they be shooting themselves in the foot right because they be crashing the price value of their btc treasury reserves correct?

Do you think electricity will get more expensive in China and by when? Higher electricity costs should encourage mining out of China to other countries so the mining becomes more decentralized.

Finally if the Chinese government/central bank dont have bitcoins in their treasuries and release their digital chinese currency CBDC then from there what guarantees can be made to long term btc investors that the chinese regime wont raid btc mining pools in China or torturing/threatening mining pool owners into handing over the hashrate control to them or force mining pool owners to get together together into 1 big mining pool company owned by the chinese authorities?

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Now  China Govenment take more policy to forbide Bitcoin mining.
More mining pool will be closed.what we worried will be truth.

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[dkbit98]

But if electricity isnt cheap in other countries where the Chinese miners migrate to then this makes mining unprofitable right so chinese miners will ditch bitcoin mining right? If chinese miners ditch btc mining then wont this affect the security of the btc network?

Many countries have cheaper electricity than in China and I don't know why everyone thinks that everything from China is cheaper than in rest of the world without doing any actual research.

It's so funny to think that China can take over Bitcoin network despite the fact that they are banning Bitcoin every year, and same thing could happen in United States or in any other country in the world.

There is however a issue with microchip manufacturing needed from miners that are coming mostly from China but they could also be created in US, India, Japan, Korea or other asian countries if needed.

[very_452001]

China is a clever country not dumb. So I don't believe they will shoot themselves in the foot by erasing all association with bitcoin from their country.

I believe China govt. or the Chinese central bank has 100,000s of bitcoins in their treasury reserves secretly stashed away. They realised Elon Musk energy FUD tweet can affect bitcoin prices so they don't like that so they playing ball by kicking out all these so called dirty killing the planet btc chinese miners forcing them to go other countries to use renewable energy then when btc reaches 50% renewable energy like what Elon Musk has said then China will unban bitcoin again and invite btc miners back to their country later on this year I guess. Think about it this is good for Bitcoin as they are putting on a show trying to save bitcoin by showing that they kicking out the dirty killing the planet miners making the country look green so China can participate in green trade deals with other countries in the G7 summit then when bitcoin becomes green with 50% renewable energy like Elon mentioned above then everything will be back to normal with bitcoin.

The Chinese Yuan CBDC can run parallel with bitcoin as Bitcoin is not designed to be a currency but as a store of wealth asset so the Chinese govt. know bitcoin is not a threat to their CBDC.

Add to that Elon is a clever dude also. He wants bitcoin to succeed but he knows that their will be energy FUD against it in the future hindering btc price progress and Elon also knows China control much of the BTC hashrate that can also affect btc in the future as he tweeted on these 2 issues a month or 2 ago. Elon thinks bitcoin is not truly decentralized cause China controls most of the hastrate so his clever tweets got the Chinese government in action to make bitcoin proper decentralized and make bitcoin look green.

Think about it if Elon didnt tweet this energy FUD then someone else would bring up this FUD later in the future and that can be the US government or Biden which is much worse so its best to deal with this energy and decentralization FUD out of the way 1st so Bitcoin can truly flourish.

I dont believe all this FUD's are random events by chance, just look at the coordinated timing of all of this so no way these FUD's are coincidences

[ivankoh]

China is a clever country not dumb. So I don't believe they will shoot themselves in the foot by erasing all association with bitcoin from their country.

For many years now when there is bitcoin, how does it mean that China has become stronger economically??? How longing and strong do they become? They think that they will continue to bully the world's finance and economy in 2021 like the conspiracy they made like on the occasion of the 2018 Lunar New Year, then they have drawn their own weaknesses and this will be a mistake. And so I think China will realize it soon when bitcoin goes to over $100k.
Although, it doesn't seem to have any links. But it has many traces that I believe it is.