Quote from: jakelyson on August 05, 2016, 03:06:07 PM

Quote from: p_linz on August 05, 2016, 12:30:32 PM

Quote from: jimmyenik on August 05, 2016, 12:20:24 PM

Quote from: coingamblingreviews on May 08, 2016, 10:33:19 AM

Why would they do anything detrimental to Bitcoin? It would hurt them more than anyone financially.

i strongly and secondly agree with you..

this is it. if bitcoin is their source of income why would they destroy it?

I think op has a point here. If majority of bitcoin is controlled under one roof (country), the purpose of a decentralized currency will be lost because it will become a centralized currency. If all chinese miners decided to act as one, they can easily control the price of bitcoin through organized dump and pump. Users trust to bitcoin will be lost in the process.

Mining farms don't really have control over the price of Bitcoin (unless they chose to which they won't because it's counter to profit). They have a lot of power over its form but not its price. Bitcoin basically has no real economy. It has no velocity of money, only a moderately large investor/speculator fan base. Mining farms trickle btc into exchanges off book (illegal in stock exchanges and most businesses) to keep from regularly tanking the price. Whale investors (possibly large businesses like BitPay) manipulate the market to keep the price moving in the right direction or at least keep it flat. A million or so peon investors buy and hold a large share of the available bitcoins. Institutional investors are now buying large amounts of the mined bitcoins off book. A few hands full of brick n mortar and online businesses occasionally get purchases with Bitcoin which are immediately exchanged for local fiat. Every piece of info I can find online points to the real lack of a natural economy. That makes the exchange rate a complete manufactured fraud. How many years can it be propped up artificially?