Can China takeover Bitcoin network?

[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.

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.

The true test Benchmark of Bitcoin is El Salvador.

El Salvador is a poor country with their currency experiencing hyper inflation so they had to rely on the $US dollar meaning the country has given up its sovereignty and hope to the US who now owns El Salvador. Most people in El Salvador don't have a bank account.

Bitcoin claims that it set frees poor nations in shackles from their richer country masters.

So in 5-10 years after recently El Salvador passed a law making Bitcoin legal tender, then shall we see El Salvador becoming wealthy and looking like Switzerland within the next decade because Bitcoin has freed them from financial dependency to Financial independency. Only time will tell yeah?

If Bitcoin passes this test that we have to wait a decade to see results then other poor countries will go into Bitcoin and embrace it.

China is already a wealthy country and a clever country also so they must have bitcoins in their treasury reserves otherwise are they just relying on the tons of gold they have as insurance against the next financial global disaster?

[oHnK]

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.

The true test Benchmark of Bitcoin is El Salvador.

El Salvador is a poor country with their currency experiencing hyper inflation so they had to rely on the $US dollar meaning the country has given up its sovereignty and hope to the US who now owns El Salvador. Most people in El Salvador don't have a bank account.

Bitcoin claims that it set frees poor nations in shackles from their richer country masters.

So in 5-10 years after recently El Salvador passed a law making Bitcoin legal tender, then shall we see El Salvador becoming wealthy and looking like Switzerland within the next decade because Bitcoin has freed them from financial dependency to Financial independency. Only time will tell yeah?

If Bitcoin passes this test that we have to wait a decade to see results then other poor countries will go into Bitcoin and embrace it.

China is already a wealthy country and a clever country also so they must have bitcoins in their treasury reserves otherwise are they just relying on the tons of gold they have as insurance against the next financial global disaster?

Even though it is considered a benchmark for countries that use BTC, there will definitely be many evaluations, especially since El Salvador is a small country so it will be much easier to manage it than in a large country.  Seeing the use of energy sources that are less environmentally friendly creates new issues if in large-scale countries it is legalized.  I see this as a good policy but not very appealing to the whales.

[Kez1817]

How can China takeover Bitcoin network? First China is not the owner or creator of bitcoin. Although the large numbers of miners came from China but now it was drastically reducing. Also there is a news that China are banning bitcoin. I can't imagine how can China think about bitcoin network to be their own. Not only do they claim the territory of other countries as well as the bitcoin network they also want to claim.

[Ozero]

How can China takeover Bitcoin network? First China is not the owner or creator of bitcoin. Although the large numbers of miners came from China but now it was drastically reducing. Also there is a news that China are banning bitcoin. I can't imagine how can China think about bitcoin network to be their own. Not only do they claim the territory of other countries as well as the bitcoin network they also want to claim.

Even if it were possible, the Chinese government would not do it. They always follow their own path of development, copying only perfect technologies and certain groups of goods from others.
We have been observing for a long time that the Chinese government is very interested in blockchain technology, but there is no strong interest in cryptocurrency there. They even make their digitized yuan not on blockchain technology, most likely to distance themselves from cryptocurrency.

[Kong Hey Pakboy]

How can China takeover Bitcoin network? First China is not the owner or creator of bitcoin. Although the large numbers of miners came from China but now it was drastically reducing. Also there is a news that China are banning bitcoin. I can't imagine how can China think about bitcoin network to be their own. Not only do they claim the territory of other countries as well as the bitcoin network they also want to claim.

Probably what OP meant was the mining, which they really can do if they want to but given that they have finally banned bitcoin already means that they have already banned bitcoin mining in their country, I don't think that there's a possibility of takeover in the near future.

[n0ne]

How can China takeover Bitcoin network? First China is not the owner or creator of bitcoin. Although the large numbers of miners came from China but now it was drastically reducing. Also there is a news that China are banning bitcoin. I can't imagine how can China think about bitcoin network to be their own. Not only do they claim the territory of other countries as well as the bitcoin network they also want to claim.

Even if it were possible, the Chinese government would not do it. They always follow their own path of development, copying only perfect technologies and certain groups of goods from others.
We have been observing for a long time that the Chinese government is very interested in blockchain technology, but there is no strong interest in cryptocurrency there. They even make their digitized yuan not on blockchain technology, most likely to distance themselves from cryptocurrency.

China always want everything to be unique and separately designed for them same as the separate search engine they've got. Once it was China to hold the power of network with maximum hash being generated from China. Even now scenario is the same, but the government wants them to have their own cryptocurrency and own blockchain. So, we can't expect China takeover bitcoin network.

In the past if one of the miner leaves the market there will be difference in the process. Now people are ready to take the space.

[dificanovi]

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?

even though china is the biggest miner but they will not be able to control all bitcoin price movements in the crypto market. There are still many other miners and investors from countries other than China will fight if China regulates the price of bitcoin, bitcoin holders will not benefit if buyers refuse to buy it. The traders also have to be careful of everything they do because if the traders make a fatal mistake with bitcoin then the buyers will choose another coin and leave bitcoin.

[Kittygalore]

I don't think China will be able to take over the bitcoin network, because we know the Chinese government really hates bitcoin, but I admit that China dominates in bitcoin mining, but if the problem is they want to take over the bitcoin network, I don't think it will be possible, even though they do. any way, I'm sure they will not be able to do it all..

The hatred for bitcoin is all the much more reason to takeover the network of bitcoin, they could've done that but luckily they thought that dominating the network is futile effort since the market can recover but and they will probably spend a lot of resources just to do that. Also they can't dominate anymore if most mines in their country are gone.

[DarkDays]

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?

I believe a bulk of the mining hashrate is as a result of mining pools; miners from all over the world concentrate their computing power to a single server to increase the chances of them getting the next block collectively. This does not mean the hashrate is controlled by China, miners can easily switch to pools from other nations.

Indeed, there is no monopoly from China on the hashrate of BTC. Since the ban, the bulk of mining to maintain the network coming out of China is somewhat something of the past, as miners have already started to relocate.

As for China manipulating BTC's consensus, well, that's not so easily achieved because despite the miners having been in China it doesn't mean miners knew exactly where each were located to forum such an organised attack. Plus, the penalties if found out are harsh and it would destroy any miner's equipment and trust for future mining participation, a risk not many are prepared to take.

[btc78]

I don't think China will be able to take over the bitcoin network, because we know the Chinese government really hates bitcoin, but I admit that China dominates in bitcoin mining, but if the problem is they want to take over the bitcoin network, I don't think it will be possible, even though they do. any way, I'm sure they will not be able to do it all..

it is not that they will be able the thing is they will not because instead of bitcoin they will certainly push their own coin instead.
we knew that they dont like bitcoin from the start so why need to take over this coin

They have HPB coin. Its much faster.

much faster than bitcoin because? there are no much users to congest the network 

[velosepur]

With China everything is possible but regarding this theme my opinion is no, cant. China have many miners but that is not enough for control of btc network sure.

[germsite]

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?

I believe a bulk of the mining hashrate is as a result of mining pools; miners from all over the world concentrate their computing power to a single server to increase the chances of them getting the next block collectively. This does not mean the hashrate is controlled by China, miners can easily switch to pools from other nations.

Indeed, there is no monopoly from China on the hashrate of BTC. Since the ban, the bulk of mining to maintain the network coming out of China is somewhat something of the past, as miners have already started to relocate.

As for China manipulating BTC's consensus, well, that's not so easily achieved because despite the miners having been in China it doesn't mean miners knew exactly where each were located to forum such an organised attack. Plus, the penalties if found out are harsh and it would destroy any miner's equipment and trust for future mining participation, a risk not many are prepared to take.

I think the owners of the largest pools have been known pretty much forever and if they wanted they could coordinate an attack regardless of their location anyway. As for China dominating the network on purpose, I guess they would only do it with the intent to harm the network and thereby perhaps destroy it. As that is almost practically impossible I guess, and as China isn't interested in a strong network that might give their own citizens possibilities to hide capital and get it out of China without anyone noticing, they are just trying to support the network as least as possible and to lock up their citizens within their own borders by cracking down on access to foreign capital markets and technologies like Bitcoin.

[geegaw]

I don't think China will be able to take over the bitcoin network, because we know the Chinese government really hates bitcoin, but I admit that China dominates in bitcoin mining, but if the problem is they want to take over the bitcoin network, I don't think it will be possible, even though they do. any way, I'm sure they will not be able to do it all..

China is an old fox in scams and changes between black and white very quickly, a stormy day will allow them to confide in their interest in bitcoin, even disgust for the network but as long as the situation of the world and surrounding countries show special behavior with bitcoin, they become a more friendly and sociable face. The takeover is probably also one of the few strategies they are working on, even readying parts to manage, it's just that they're not the only wolves in this world, countries all have an insularity about the bitcoin network as well as approaching takeovers.

[germsite]

I don't think China will be able to take over the bitcoin network, because we know the Chinese government really hates bitcoin, but I admit that China dominates in bitcoin mining, but if the problem is they want to take over the bitcoin network, I don't think it will be possible, even though they do. any way, I'm sure they will not be able to do it all..

China is an old fox in scams and changes between black and white very quickly, a stormy day will allow them to confide in their interest in bitcoin, even disgust for the network but as long as the situation of the world and surrounding countries show special behavior with bitcoin, they become a more friendly and sociable face. The takeover is probably also one of the few strategies they are working on, even readying parts to manage, it's just that they're not the only wolves in this world, countries all have an insularity about the bitcoin network as well as approaching takeovers.

Nobody knows whether they have taken it over already or not. From my point of view the easiest takeover could already have happened years ago when Bitcoin was so cheap that a country like China would laugh about the money they needed to purchase a couple of million Bitcoins. Why is it a takeover and the most effective one probably? If the world gets into problems with a hostile China and it is discovered that China owns 25% of the units of the most powerful value network in the world, that would be the end for it I think. Then again China would probably keep it a secret and reign over the world with richness.

[BOAEDAN]

we can't deny it, China is a country that does everything they can to get what they want, China can also rule the world, under their control, in fact almost all countries use Chinese products, but if the problem is China wants to take over bitcoin network, I thought they would never be able to, that's why they banned bitcoin mining in their country..

[777Jolami]

I think, China can take over the bitcoin network, it is possible but I personally do not support that.  Although China has one of the largest power generation facilities in the world, an area equal to the width, ... hoards large mining facilities, but the problem is not only that.  China is so politically ambitious, they can pull bitcoin into that spiral.  Overall, China has the infrastructure and technology to take over the bitcoin network.
Bitcoin getting out of China is great.

[7788bitcoin]

~
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.

I liked the way you created an entire conspiracy with the Chinese government at the forefront  . We can speculate that the Chinese government stacked away 100,000 of Bitcoin but what is the point in doing so when they are restricting users for years and there will be an uprising if there is something like this and since you concluded that they are smart, they will not do anything that could create a revolution against the government  .

The points you said about Elon, i do accept them because he is smart enough to manipulate the market and he is doing that for years without any repercussions.

[defi-Dany]

Why is China cracking down on Bitcoin mining and trading?
First consider from a regulatory perspective:

In order to protect the interests of investors: due to the limited scale of bitcoins entering the trading market, it creates the illusion that investors can live in rare goods. Many investors have the mentality of getting rich overnight and magnify the trading leverage to five times or more. At this time, investors’ trading risks are huge. The regulators believe that it seriously infringes on the people’s property security and disrupts the normal economic and financial order. In order to prevent individual winds from passing to the social field, the regulators are prepared to attack.

From a legal point of view:

Prevent international hot money from using Bitcoin to enter and exit illegally: There are indeed some regulatory gaps in the digital currency transaction itself. The most obvious is that it can facilitate the transfer of property abroad.
In recent years, cross-border exchange of virtual currency has been used to convert criminal proceeds and proceeds into overseas legal currency or into property. This is a new means of money laundering crime, disrupting the normal economic and financial order.

It can be seen from the above that the Chinese government does not want to gain control. Moreover, it is impossible to get it.

If Bitcoin is so easily controlled, then it will not survive until now.
De-Chinese is a good thing.

[Kiley33]

China's mining ban has caused many people to withdraw from the Chinese market.
They are just learning blockchain technology. Because they are not open-minded, they feel that cryptocurrency is counterfeit, and China's information on the cryptocurrency market is negative. Therefore, many Chinese people are afraid of investing in cryptocurrencies.

[velosepur]

China's mining ban has caused many people to withdraw from the Chinese market.
They are just learning blockchain technology. Because they are not open-minded, they feel that cryptocurrency is counterfeit, and China's information on the cryptocurrency market is negative. Therefore, many Chinese people are afraid of investing in cryptocurrencies.

Sure that is main reason why China citizens dont have option to plan long term. Investing become very dangerous, unpredictable. Impact is negative.