Re: Is CHINA CONTROLLING Bitcoin?

China in my opinion can control bitcoin's price, since if all their miners sell at the same time, it would cause a very big dump on bitcoin's price. For now, I think those miners are independent and not controlled by the government. Hope that China won't plan to control bitcoin's price just yet. If they do, they will just need to order their miners and bitcoin users to sell all of their bitcoins at the same time or by banning bitcoin causing the miners to sell at the same time

Metaphorically speaking, we have already been there

The Chinese authorities have already effectively banned Bitcoin from trading in China. Now we see runaway prices going straight to the moon. Even if they make the Chinese miners sell all their stashed bitcoins somehow (provided there are any in the first place), that could only make the prices crash momentarily, and we will see buying wall rising to the sky covering the sun itself. Obviously, the Chinese government is not so much interested in controlling Bitcoin prices as driving Bitcoin out of the country altogether

Yes, you're correct because they are only interested in saving the Yuan not control the bitcoin price. Inaddition, as bitcoin price rises from December last year Yuan loose value and the Chinese government believe bitcoin had something to do with it and in other for them to achieve something they wanted, they almost crush the price of bitcoin early this year

I don't really think that they do actually believe in that

Bitcoin is too small yet to affect the value of yuan as such in any meaningful way. But the said doesn't of course mean that the situation couldn't potentially get out of control in the future. In most authoritarian countries (like China or Venezuela), the population doesn't believe their governments either, and further devaluation of the Chinese currency would drive even more people into value-preservation mode. And that's where Bitcoin could come in quite handy. So basically, the Chinese government delivered a preemptive attack against Bitcoin

You have to believe me mate because that's the scoop behind the new law implement by the Chinese government to all China bitcoin exchangers cause they believe people are using bitcoin to move there money (foreign currence) oversea which make Yuan loose value and that's the Chinese bitcoin exchangers ask for
further customer identification lately

That may well be true in respect to Chinese folks moving, say, the US dollars out of the country

But it is still not quite clear what Bitcoin has to do with all that and to which degree if ever. I don't mean to say that the Chinese folks can't buy bitcoins for yuans (they certainly can, or, rather, could till some time ago), but you shouldn't forget that there are over 1.3 billion people in China presently. Can you imagine what the Bitcoin price would be if it were actually used for getting rid of yuans on mass scale? The impact that Bitcoin has on the value of yuan is negligible as of yet