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@ 2016/07/04Despite claims that Bitcoin is free of political and business interference, it seems that the whole operation has been sewn up by the Chinese.
A handful of Chinese companies have effectively assumed majority control of the Bitcoin network. They have done so through investments and vast farms of computer servers dispersed around the country.
According to the New York Times US executives are now having to travel to China to talk to the real powers behind the throne.
More than 70 percent of the transactions on the Bitcoin network were going through just four Chinese companies, known as Bitcoin mining pools. Most flowed through just two of those companies. That gives them what amounts to veto power over any changes to the Bitcoin software and technology.
A handful of Chinese companies have effectively assumed majority control of the Bitcoin network. They have done so through investments and vast farms of computer servers dispersed around the country.
According to the New York Times US executives are now having to travel to China to talk to the real powers behind the throne.
More than 70 percent of the transactions on the Bitcoin network were going through just four Chinese companies, known as Bitcoin mining pools. Most flowed through just two of those companies. That gives them what amounts to veto power over any changes to the Bitcoin software and technology.
