[03-12-2015] China now Controls Bitcoin - CryptoCoinsNews.com

[evandersmart]

https://www.cryptocoinsnews.com/china-now-controls-bitcoin-thats-just-beginning/

Evander

[1Referee]

No surprise at all, but also nothing to be afraid of.

If you had a closer look at the total hashpower that the Chinese pools were gaining then you could have seen this comming a far while ago.

Money leads everything. They are buying and investing as much as they can in equipment without having to worry a lot about power costs.

I can see them getting probably 90% of the total network if they keep growing with current speed.

[lyth0s]

The article title is completely misleading. Just because most of the trade volume happens on chinese exchanges doesn't mean that they 'control bitcoin'. Their exchanges largely have no fees and thus you can trade all day just to make 0.0000001 bitcoins and you will make very very small profits with no fees. Also they most likely fake their trade volume (you can watch 5000 btc bots that instantly buy/sell 5000 btc without the market getting a chance to eat away at them).

Also many americans and other countries trade on these exchanges due to their well developed futures markets that just aren't available elsewhere yet.

And the only mining that the article discusses (which would be the key point to saying a country "controls bitcoin") is mining of rare earth metals, not even bitcoin lol. The article would be better titled "The Rise of China" that includes its role in bitcoin, rather than "China now controls bitcoin".


/end rant

[Armis]

No surprise at all, but also nothing to be afraid of.

If you had a closer look at the total hashpower that the Chinese pools were gaining then you could have seen this comming a far while ago.

Money leads everything. They are buying and investing as much as they can in equipment without having to worry a lot about power costs.

I can see them getting probably 90% of the total network if they keep growing with current speed.

China doesn't want more than about 60% of any really big thing otherwise it will be deemed worthless by the owners of the minority share.  

So they buy up everything to a point, then find something else to buy.  

Did you see the 60 Mins story where there are whole major subdivisions and cities that are completely built, completely sold, and completely empty?

[1Referee]

No surprise at all, but also nothing to be afraid of.

If you had a closer look at the total hashpower that the Chinese pools were gaining then you could have seen this comming a far while ago.

Money leads everything. They are buying and investing as much as they can in equipment without having to worry a lot about power costs.

I can see them getting probably 90% of the total network if they keep growing with current speed.

China doesn't want more than about 60% of any really big thing otherwise it will be deemed worthless by the owners of the minority share.  

So they buy up everything to a point, then find something else to buy.  

Did you see the 60 Mins story where there are whole major subdivisions and cities that are completely built, completely sold, and completely empty?

Well, only time will tell how much they will own of the network.

It's not that hard to guess it will be a greater percentage than they have now.

I did not see the 60 min story. Mind to share a youtube link?

[bitkilo]

No surprise at all, but also nothing to be afraid of.

If you had a closer look at the total hashpower that the Chinese pools were gaining then you could have seen this comming a far while ago.

Money leads everything. They are buying and investing as much as they can in equipment without having to worry a lot about power costs.

I can see them getting probably 90% of the total network if they keep growing with current speed.

China doesn't want more than about 60% of any really big thing otherwise it will be deemed worthless by the owners of the minority share.  

So they buy up everything to a point, then find something else to buy.  

Did you see the 60 Mins story where there are whole major subdivisions and cities that are completely built, completely sold, and completely empty?

I seen that 60min episode, whole cities built and no one living there.
There is alot of very conflicting reports coming out of China ATM, some reports say everything is more than fine with distributed wealth better than ever, next minute i see a story saying they will be in recession within a couple of years, weird.

[Armis]

No surprise at all, but also nothing to be afraid of.

If you had a closer look at the total hashpower that the Chinese pools were gaining then you could have seen this comming a far while ago.

Money leads everything. They are buying and investing as much as they can in equipment without having to worry a lot about power costs.

I can see them getting probably 90% of the total network if they keep growing with current speed.

China doesn't want more than about 60% of any really big thing otherwise it will be deemed worthless by the owners of the minority share.  

So they buy up everything to a point, then find something else to buy.  

Did you see the 60 Mins story where there are whole major subdivisions and cities that are completely built, completely sold, and completely empty?

I seen that 60min episode, whole cities built and no one living there.
There is alot of very conflicting reports coming out of China ATM, some reports say everything is more than fine with distributed wealth better than ever, next minute i see a story saying they will be in recession within a couple of years, weird.

That's neither conflicting or weird, what you have described is an economic bubble about to burst, normally followed by a recession.

[bitkilo]

No surprise at all, but also nothing to be afraid of.

If you had a closer look at the total hashpower that the Chinese pools were gaining then you could have seen this comming a far while ago.

Money leads everything. They are buying and investing as much as they can in equipment without having to worry a lot about power costs.

I can see them getting probably 90% of the total network if they keep growing with current speed.

China doesn't want more than about 60% of any really big thing otherwise it will be deemed worthless by the owners of the minority share.  

So they buy up everything to a point, then find something else to buy.  

Did you see the 60 Mins story where there are whole major subdivisions and cities that are completely built, completely sold, and completely empty?

I seen that 60min episode, whole cities built and no one living there.
There is alot of very conflicting reports coming out of China ATM, some reports say everything is more than fine with distributed wealth better than ever, next minute i see a story saying they will be in recession within a couple of years, weird.

That's neither conflicting or weird, what you have described is an economic bubble about to burst, normally followed by a recession.

With whole cities newly built and nobody living there it sounds like the bubble has already burst.

[TraderTimm]

Just the usual newbie mistake of thinking that any of the Chinese Casinos, er, I mean Exchanges report volume in a truthful manner. For the most part, exchanges like OkCoin are ping-ponging trades across a few bots every 'n' seconds, and since there are zero trading fees, they don't have to pay for that privilege. This leads people to believe that they have real volume, where the order books aren't that thick to begin with.

I've been watching the rise of the Chinese exchanges since BTCChina, and have actually talked to Bobby Lee, but as we can see its easy for the chinese to fool the westerners into thinking they have dominance. All they really have is the gall to self-promote through simulated volume.

The top exchanges are actually Bitfinex, followed closely by Bitstamp and BTC-e. OKCoin is just dual-reporting everything and doesn't make any damn sense whatsoever.

[CIYAM]

I think that "entire cities" that have been built and no-one lives in is an exaggeration (and I have lived here a long time).

For sure there are "ghost areas" (generally outer suburbs) in which this is the case and one of them is/was famous for having the largest shopping mall in the world (that is/was basically devoid of any shoppers).

[Armis]

https://www.cryptocoinsnews.com/china-now-controls-bitcoin-thats-just-beginning/

Evander

Evander

PICISI is a crowdfunding website that I'm currently having constructed.  When the site is completed Campaign Contractors will be able to work for campaign organizers to create, develop, and/or promote their campaign.  It's going to be a place where satisfaction and performance determine who does financially well.  In an effort to insure reasonable standards it will have a free escrow service, a comprehensive feedback system, and a reward system for contractors that do well.   

PICISI contractors will have a leg up because campaign organizers will be able to access CC funds donated to the campaign to spend with campaign contractors during the campaign.   I mention this to you because you are a writer with a publishing vehicle so that gives you a stronger leg up -- you can write an article and publish it too.
Keep PICISI on your radar.

[unamis76]

Don't quite agree with this... even tough 51% of the hashrate is, or seems to be based there, this doesn't necessarily mean they control Bitcoin. If they wanted to hard fork it, or direction the blockchain in a way convenient to them, they would be damaging the Bitcoin ecosystem, damaging themselves in the process.

So it's not that linear... I don't think anyone will ever be able to "control" Bitcoin

[Armis]

Don't quite agree with this... even tough 51% of the hashrate is, or seems to be based there, this doesn't necessarily mean they control Bitcoin. If they wanted to hard fork it, or direction the blockchain in a way convenient to them, they would be damaging the Bitcoin ecosystem, damaging themselves in the process.

So it's not that linear... I don't think anyone will ever be able to "control" Bitcoin

control of bitcoin is relatively easy, it's been proven numerous times.   In fact, one major pool in the UK purposely chose to limit the size of their pool so as to NOT be in a controlling position.  

  

[unamis76]

Don't quite agree with this... even tough 51% of the hashrate is, or seems to be based there, this doesn't necessarily mean they control Bitcoin. If they wanted to hard fork it, or direction the blockchain in a way convenient to them, they would be damaging the Bitcoin ecosystem, damaging themselves in the process.

So it's not that linear... I don't think anyone will ever be able to "control" Bitcoin

control of bitcoin is relatively easy, it's been proven numerous times.   In fact, one major pool in the UK purposely chose to limit the size of their pool so as to NOT be in a controlling position.  

  

I understand your point, but the question here is: If you have the power to change the course of something, but choose not to interfere in any way, are you in control of that thing?

[orryde]

https://www.cryptocoinsnews.com/china-now-controls-bitcoin-thats-just-beginning/

Evander

Really a very good news for the world of cryptocoins

[Armis]

Don't quite agree with this... even tough 51% of the hashrate is, or seems to be based there, this doesn't necessarily mean they control Bitcoin. If they wanted to hard fork it, or direction the blockchain in a way convenient to them, they would be damaging the Bitcoin ecosystem, damaging themselves in the process.

So it's not that linear... I don't think anyone will ever be able to "control" Bitcoin

control of bitcoin is relatively easy, it's been proven numerous times.   In fact, one major pool in the UK purposely chose to limit the size of their pool so as to NOT be in a controlling position.  

  

I understand your point, but the question here is: If you have the power to change the course of something, but choose not to interfere in any way, are you in control of that thing?

Your earlier statement was about ability: "I don't think anyone will ever be able to "control" Bitcoin " as I mentioned that is relatively easy.

Now as for the deeper question of 'if you can control but choose not to control are you actually in control', the fundamental answer to that question lies in YOUR definition of the word control.

You tell me your definition of the word 'control' and I'll let you know.    

[Kprawn]

Yea, you cannot believe everything you see .....remember the affect of "Willy trading bot" ? and the latest news about Coindesk.

They are a very disciplined workforce ..... I have read the article in the Fortune magazine a while ago, on how fast they have build Super Nuclear power plants... and that was impressive.

If they do set their minds to it, they would most certainly be able to create a SUPER structure for Bitcoin mining and have a degree of control ... So I for one, would not right off this article as complete FUD.

 

[Armis]

Yea, you cannot believe everything you see .....remember the affect of "Willy trading bot" ? and the latest news about Coindesk.

They are a very disciplined workforce ..... I have read the article in the Fortune magazine a while ago, on how fast they have build Super Nuclear power plants... and that was impressive.

If they do set their minds to it, they would most certainly be able to create a SUPER structure for Bitcoin mining and have a degree of control ... So I for one, would not right off this article as complete FUD.

 

There is nothing to fear, as I mentioned if anyone has too much power and uses it in an abusive fashion people will simply exit the market.
Remember BTC is firstly a technology, considering the fact that it is an open source technology it obviously can be duplicated.  The community
is a totally different story, communities are extremely difficult to create, once hurt or damages if they start to exit it is almost impossible
to win them back without a huge influx of resource.   

Ripple is a great example of the same technology in the control of a single entity however the community is comfortable so no problem.

In other word, if China takes over via mining power or majority coins it doesn't matter they are not looking to screw up, nevertheless as I mention earlier I doubt if they want majority interest it simply puts too much weight on them.  Whereas being a large minority share holder of any position allows you to complain with force because all you need to do is get with others like you to make things happen if you really want change.