competing in china's mining power is just crazy yet not impossible as well. We do all know here that obviously china's government is taking control of everything which actually good on their part. Now if you can have the support of your government you surely can.  In another way, i would just go to the china's flow rather than competing with them.

China might not be directly controlling Bitcoin, however they have a very huge effect on on Bitcoin Markets. The large scale Bitcoin miners combining their hash power means something and its effect cannot be ignored.

It's a race to the bottom, that's for sure. I'm all for free market capitalism and free enterprise, but what you have in China is a bizarre mix of Communism and Social Darwinism: you have the elites at the apex of the pyramid with all the slaves at the bottom. It's modern day slavery, in the sense that you work 10/12 hours a day chained to a work desk for a pittance of a salary. If that isn't slavery, I don't know what is.

But you're right, multinationals are slowly moving to other countries with better access to slave labor. Will the same thing happen with Bitcoin? If miners start exploring other options and diversifying to the Philippines or Bangladesh, this might actually be a good thing

Of course, that is the main reason why china is almost controlling the highest proportion of mining today because they have cheap source of electricity in which almost all countries of the world lack. If any country or invidual can come up with a source of electricity which is cheaper than china then they can be able to overtake china in that aspect.

These are empty words, there is no absolute decentralization. The Blockchain itself is an example of utmost centralization since there can be just one authentic instance of it. Perhaps, only total chaos comes close enough to the idea of absolute decentralization, though even this is debatable. The homespun truth is that right now Bitcoin mining is heavily centralized. Whether this would count as control over Bitcoin is debatable too, but this doesn't in the least undermine the possibility of the Chinese miners to essentially shut down Bitcoin if they ever choose so...

If you don't see that, you'd better open your eyes

I'm getting awfully weary of this assertion being bandied about as gospel. All y'all need to check your facts. If cheap-ass electricity was an all-encomapssing criteria for miners, the bulk of hash power would be in Saudi Arabia.


<a href="https://www.statista.com/statistics/477995/global-prices-of-electricity-by-select-country/"><img src="http://www.statista.com/graphic/1/477995/global-prices-of-electricity-by-select-country.jpg" alt="Statistic: Electricity prices by country in 2015 (in U.S. dollars per kilowatt hour)* | Statista" style="width: 100%; height: auto !important; max-width:1000px;-ms-interpolation-mode: bicubic;"/></a><br>Find more statistics at <a href="https://www.statista.com">Statista</a>

For that matter, how do you know it isn't?

I guess I did misunderstood what you meant but currently as we speak it seems like you do believe China control bitcoin. What are the risk involve if China reduce bitcoin use there cos since they have the huge mining farm normal individual are unable to mine profitable and it could a chance normal individual

The real question here isn't about chinese citizens but about the chinese miners, we know they got a lot of power in the mining, so they can earn a lot of bitcoins and they can be a wale in the bitcoin, in that way they can manipulate the price selling or not the coins.

they can hoard it but not control, btc is decentralized, noone can control it, you could try to pump but not control

Controling the hash is controling bitcoin.
they have a big prodution every day and they can "stop" the network(if china simple "turn off" bitcoin mining, we would be in big trouble).