China to Play a ‘Leading Role’ in Bitcoin’s Future

[SerutEhtt]

I was reading this news: https://news.bitcoin.com/china-leading- ... ns-future/

Is it safe to assume that in future China will have complete control over Bitcoin (If it hasn't already) and will define how things are done?

Don't feel too great about this to be honest.

[rizzlarolla]

I was reading this news: https://news.bitcoin.com/china-leading- ... ns-future/

Is it safe to assume that in future China will have complete control over Bitcoin (If it hasn't already) and will define how things are done?

Don't feel too great about this to be honest.

No it is not safe to assume anything.

Hope you feel better now.

[SerutEhtt]

Does China Hold the Key to Bitcoin's Future?
China is home to 90% of bitcoin trades and 70% of mining
Key meeting this month as network gets closer to max capacity

After 4,400% Surge, Bitcoin’s Fate Hinges on Huge Chinese Miners

http://bloom.bg/29PTsi2

Mining Power
The concentration of bitcoin activity in China has some worried that the system could become vulnerable to meddling by the ruling Communist Party, which restricts cross-border capital flows and has tight control over the Internet. It’s of particular concern to libertarians who value the cryptocurrency’s decentralized nature above all else. Unlike most major units of exchange, bitcoin has no single authority, such as a central bank, with control over the money supply. The maximum number of bitcoins is capped at 21 million.
Having so much mining power in China “is a very negative thing,” Peter Todd, an active bitcoin code contributor based in Toronto, wrote in an e-mail interview. “It’d be all too easy for the Chinese government to do a lot of harm.”
While China’s central bank has said bitcoin isn’t a “real” currency and has taken steps to prevent it from becoming entrenched in the domestic financial system, there’s little evidence that policy makers are trying to gain control over its global development.
Instead, the influence lies with privately-run Chinese miners. Because the current system is dominated by the software miners use most, any proposal to update bitcoin’s architecture will need their validation.

[iFixBTCmemoryIssues]

Does China Hold the Key to Bitcoin's Future?
China is home to 90% of bitcoin trades and 70% of mining
Key meeting this month as network gets closer to max capacity

After 4,400% Surge, Bitcoin’s Fate Hinges on Huge Chinese Miners

http://bloom.bg/29PTsi2

Mining Power
The concentration of bitcoin activity in China has some worried that the system could become vulnerable to meddling by the ruling Communist Party, which restricts cross-border capital flows and has tight control over the Internet. It’s of particular concern to libertarians who value the cryptocurrency’s decentralized nature above all else. Unlike most major units of exchange, bitcoin has no single authority, such as a central bank, with control over the money supply. The maximum number of bitcoins is capped at 21 million.
Having so much mining power in China “is a very negative thing,” Peter Todd, an active bitcoin code contributor based in Toronto, wrote in an e-mail interview. “It’d be all too easy for the Chinese government to do a lot of harm.”
While China’s central bank has said bitcoin isn’t a “real” currency and has taken steps to prevent it from becoming entrenched in the domestic financial system, there’s little evidence that policy makers are trying to gain control over its global development.
Instead, the influence lies with privately-run Chinese miners. Because the current system is dominated by the software miners use most, any proposal to update bitcoin’s architecture will need their validation.

I don't see the same risk Peter Todd does in regards to centralization of mining in China. They are free to build and run a business anywhere they please. It's up to us to invent solutions that makes running Bitcoin mining operations profitable in our countries. People have to look at the problem in their country and find a solution.

Peter Todd is sounding and acting like a fear monger.