Are We Dead Without China? - page 42.

smsupto

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Quote from: iamTom123 on September 14, 2017, 10:05:09 PM

China has become the powerhouse for Bitcoin (and the whole cryptocurrency in general) as it is hosting many Bitcoin miners due to cheaper electricity and maybe also cheap labors. China also boasts of probably millions of Bitcoin owners and traders who are influencing the moves of the market on day to-day basis. As far as acceptance of Bitcoin in China, it is comfortably good until such time when the government decided that it is time to intervene.

In general, the Chinese government is not comfortable with Bitcoin as it indeed representing a different currency that they can not control with. since Bitcoin is decentralized it would be hard for the government to make interventions and so they are thinking that maybe it is time to ban it altogether. The government can not kill Bitcoin but what they are doing is actually closing the country as a market for Bitcoin.

So the question is: Can Bitcoin survive without China? In case, it can't then then there is something wrong with it since it is not resilient to ride the big storm it is in.

Though china is a big country. It have large population and many people use btc (all most 20% of btc). It is not fact because btc is not a country wise usable. It is world wide. It's just my opinion.

mace15

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Quote from: mysacrifice on September 15, 2017, 11:33:48 AM

Despite China is one of the major actor for crypto world, it does not mean that if China banns bit-coin it will be the end of it.

Definitely bitcoin will not be the end without China. Apparently, China has become the biggest contributor in cryptocurrency world. Bitcoin will still exists as long there is demand and continues users of.

KnightElite

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Quote from: helars2008 on September 14, 2017, 10:41:54 PM

China is indeed a big contributor to bitcoin and other cryptocurrency as well. But i wont believe that all of the China's cryptocoin holders could have really sold their coins. The sudden fall on price can also be attributed to those who have panicked about the news during the past few days. Maybe some real chinese holders are just laughing right now because othe nationalities are selling while they are still holding and buying.

Yeah I agree to you that the china is a big contributor to bitcoin but I don't think so that without china the bitcoin will die. Bitcoin will survive this challenge and It will become successful even though without China.

mysacrifice

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Despite China is one of the major actor for crypto world, it does not mean that if China banns bit-coin it will be the end of it.

SilentNightElf

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Quote from: kucritt on September 15, 2017, 09:14:57 AM

BITCOIN can survive without china, WE can survive without china. 20% of bitcoin is on china? YES, but if china banned bitcoin, i think 20% of bitcoin will spread into another country and another people in the world, we can see bitcoin demand in the world is higher thank bitcoin stock. we can for a week or 2 week bitcoin price will go up like normally Grin

OK but we will just go back to the 1 year bear market again. It's not really that favorable unless you are shorting.

Xxmodded

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China is a great country and a state of plagiarize. China has an influence on the bitcoin market. this thing we can see what happened lately. but not necessarily bitcoin will be destroyed, if chinese leave bitcoin. I think bicoin has started pumping a few hours ago. this is very positive news.

noictib

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Quote from: iamTom123 on September 14, 2017, 10:05:09 PM

China has become the powerhouse for Bitcoin (and the whole cryptocurrency in general) as it is hosting many Bitcoin miners due to cheaper electricity and maybe also cheap labors. China also boasts of probably millions of Bitcoin owners and traders who are influencing the moves of the market on day to-day basis. As far as acceptance of Bitcoin in China, it is comfortably good until such time when the government decided that it is time to intervene.

In general, the Chinese government is not comfortable with Bitcoin as it indeed representing a different currency that they can not control with. since Bitcoin is decentralized it would be hard for the government to make interventions and so they are thinking that maybe it is time to ban it altogether. The government can not kill Bitcoin but what they are doing is actually closing the country as a market for Bitcoin.

So the question is: Can Bitcoin survive without China? In case, it can't then then there is something wrong with it since it is not resilient to ride the big storm it is in.

I think this is the truth of the bitcoin field .
Because here we can see clearly that what happened with the bitcoin market due to effect of the news about to ban exchange which are operating ICOs platforms like things .
So here we can say directly that what is the position of the bitcoin with china market .
With -ve news point the Market get falled to about 30% but after small increase in the time of one month to analyse comes then the price got jump to $400+ instantly .
So here this is directly showing that what is the value of china bitcoiners is and how can they effect it .
Well here we have the chance to buy more bitcoin for now and then sell within the week because here price will increase surely for this moment but may be the same condition will come easily near the mid of the next month .

voltesbit777

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Quote from: iamTom123 on September 14, 2017, 10:05:09 PM

China has become the powerhouse for Bitcoin (and the whole cryptocurrency in general) as it is hosting many Bitcoin miners due to cheaper electricity and maybe also cheap labors. China also boasts of probably millions of Bitcoin owners and traders who are influencing the moves of the market on day to-day basis. As far as acceptance of Bitcoin in China, it is comfortably good until such time when the government decided that it is time to intervene.

In general, the Chinese government is not comfortable with Bitcoin as it indeed representing a different currency that they can not control with. since Bitcoin is decentralized it would be hard for the government to make interventions and so they are thinking that maybe it is time to ban it altogether. The government can not kill Bitcoin but what they are doing is actually closing the country as a market for Bitcoin.

So the question is: Can Bitcoin survive without China? In case, it can't then then there is something wrong with it since it is not resilient to ride the big storm it is in.

I would agreed that China has a big impact and big contributor in this field of industry. They maybe owned the 20% average of bitcoin mining farm in the whole world, which means there is 80% of different country also owning the average of bitcoin mining farm, therefore even China ban bitcoin it maybe affect the market volume. But its impossible for China to ban it. I think that is insane anyway.

kucritt

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BITCOIN can survive without china, WE can survive without china. 20% of bitcoin is on china? YES, but if china banned bitcoin, i think 20% of bitcoin will spread into another country and another people in the world, we can see bitcoin demand in the world is higher thank bitcoin stock. we can for a week or 2 week bitcoin price will go up like normally Grin

loyseu

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Quote from: iamTom123 on September 14, 2017, 10:05:09 PM

China has become the powerhouse for Bitcoin (and the whole cryptocurrency in general) as it is hosting many Bitcoin miners due to cheaper electricity and maybe also cheap labors. China also boasts of probably millions of Bitcoin owners and traders who are influencing the moves of the market on day to-day basis. As far as acceptance of Bitcoin in China, it is comfortably good until such time when the government decided that it is time to intervene.

In general, the Chinese government is not comfortable with Bitcoin as it indeed representing a different currency that they can not control with. since Bitcoin is decentralized it would be hard for the government to make interventions and so they are thinking that maybe it is time to ban it altogether. The government can not kill Bitcoin but what they are doing is actually closing the country as a market for Bitcoin.

So the question is: Can Bitcoin survive without China? In case, it can't then then there is something wrong with it since it is not resilient to ride the big storm it is in.

Bitcoin can still survive without bitcoin because only 20% percent of btc's value is coming from china. I know 20% is still a big amount but people shouldn't panic because we all know bitcoin can revive its value anytime soon. People panics just because of those people who spread some false information.

KuromaYoichi

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No, we are not dead without china. There's a lot of volume outside china as the china dominance already reduced since the early this year when they freeze bitcoin withdrawal in their exchange. There's a lot of mining power in china but there's still a lot of place with cheap electricity that welcome bitcoin miner.

waiberz

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How's the Chinese a great impact of the crypto world. Is bitcoin can't survive without them?

thejaytiesto

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China's importance is overblown. Just like how "90% of volume is coming from china" bullshit got proved to be fake by the PBoC regulations on exchanges which exposed the true volume was not that much, after China being stupid enough to ban the exchanges, they will get exposed as not that important for Bitcoin. But in any case chinese oligarchs will keep buynig BTC over the counter, this is only to screw the common man. They only want the rich to be able to buy crypto.

Oh and im assuming this is not a temporal ban until licensing of exchanges is delivered so they will pump the market again by saying the bans are lifted.

UCHCHILD

sr. member

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I think the answer is no, since bitcoin is decentralized cannot figure out who are the investors and holder of it then the government of China cannot do anything with that, they cannot hold the decision of their countrymen due to its security. No need to feel so worry about it.

care2yak

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What's the deal with Chinese exchanges closing on Sept. 30th? Saw this on cointelegraph just now... https://cointelegraph.com/news/breaking-all-chinese-bitcoin-exchanges-must-close-by-september-30

Pab

legendary

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There is flood of new chinise registration on Singapore exchange,ban is for china exchanges not for chinise citzens for now,if thay will block ip we will have a lot new chinise restaurants all over the world lol

Look like chinise regulators lost his heads

User365

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physics, mathematics and engineering

First, China does not prohibit cryptocurrencies!

They said ICO´s are prohibited till they have been regulated.
Why would they ban cryptocurrencies if they want to regulate ICO´s ?

That exchanges are beeing closed is not confirmed till now, but if they are closed what reasen could the Chinese gov have? Only to regulate it Why? Because why regulate ICO´s when there are no exchanges Wink

DoublerHunter

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Nope we are not dead without china because if we are going to think for the other countries who uses bitcoin and have a lot of volume then we can see that the Japan and South Korea will help us to make the price go up again because Japan already made bitcoin as a legal currency and a lot of people in Japan are trading bitcoin and other cryptocurrency.

AleSergio

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You really shouldn`t be worried about this China has a great impact on a price of bitcoin, but still there are lots of others who are investing in cryptos. Still at the moment we are having a price correction, so there is nothing to be worried about.

neurotypical

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Quote from: Maheshkumar_Hrangkhawl on September 15, 2017, 06:56:15 AM

Quote from: razzbee on September 15, 2017, 06:19:20 AM

The ban wont affect bitcoin much, also Chinese will use other means like VPN to buy and sell coins in other countries .. Its too late for china to do this

They can use a VPN but still there will be difficulties in making cash deposits to the exchanges. Also, VPN is not a 100% risk-free method to hide your real identity from the authorities. And most of the international exchanges are going to ban the users from mainland China.

You can route Tor through VPN and the other way around and try to get things going. Also thanks to Blockstream's satellite people can now receive the blockchain with the correct gear. Of course the problem of needing to send back the transaction remains but I think in 10 years we will have satellites that are able to send and receive simple transactions and then BTC will be all over the planet regardless of what governments have to say about it.

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