Topic: bitcoin without china, how would it look? - page 2. (Read 1472 times)

Asian countries might have got less adoption to the digitalization and the use of bitcoin. As china has got more mines compared to other countries help get the attention towards bitcoin. China's influence is highly required as it is in a state to generate the country's own digital currency.

please for the love of god stop this fake obsession with China and bitcoin. nothing will change ever with anything.

even if China stops using bitcoin in any form today, apart from a temporary hit to the price and hash rate there will be no other effect and bitcoin will continue on existing and being strong and popular.

Bitcoin is not all depending of China. If mining stop there, then, maybe the gold rush will start again ?

You'll get to see for yourself in three to seven years. At the next reward drop or possibly the one after that it will become unprofitable to mine bitcoins for just the reward profit. All the old mining hardware the Chinese are using will need to be replaced and updated. The massive cost of hardware replacement combined with the reward drop will most likely make the large Chinese farm owners move on to more profitable investments.

Based on the current cost of Bitcoin in three years for profit to remain flat (taking inflation and reward drop into account) Bitcoin will need to maintain a cost above $2,775 a coin and the transaction fee would need to double. In seven years the price of Bitcoin will need to be $5,130 a coin and the reward fee will need to increase four fold for the price to be equal to today's price. Taking into account a complete replacement of aging old mining hardware (using current hardware prices which will likely increase) the price of Bitcoin in order to equal today's mining profits would need to be roughly $16,400 a coin with a ten fold increase in transaction fees. I see the Chinese and lots of other miners moving on.

Probably the majority of Bitcoin mining farms are placed in China and that is the reason they influence Bitcoin a lot.
But if it wasn't China then some other country would be at China's place so thing would be prety much the same.
At the moment Chinese are maybe in advantage but this may change in the future.

it is not a certainty except in your opinion.
i have been hearing about this for years. i remember two years ago people were saying the same thing that country x is going to ban bitcoin trading and kill it because it is ruining economy and crap like that.

and as we know today nothing has happened apart from FUD.


it is a thorn in the eyes of many who feel threatened by it and they have been spreading their FUD for a very long time as long as bitcoin exists.

but again nothing has changed so far and government is more accepting of bitcoin than you are showing it to be.


how do you know they don't contribute to bitcoin. got any proof?
even if they don't contribute to the developement the number of full nodes which is the back bone of blockchain and decentralization is at a good number in china.


there was a day when nobody thought about China and what thy do or do not do with bitcoin and they didn't say anything else about any other country and the reason was because US had more than 60% of hashrate and 70+% of the trading volume and nobody was complaining.

so why complain now?!!!

I believe Bitcoin will probably survive, difficulty will decrease for obvious reasons but more people will start considering building some mining farms in Ukraine, as suggested on a reply above mine.
What I know is that i'll be a good time to find some old ASICs and start those dusty machines again. 

i Think the price of the bitcoin Became high because china is the top most country to mine btc . because the electricity cost is low so many people earn btc through mining and making the more btc which makes lots of btc in the bitcoin world . making the price maintain .

Chinese are known to run business in foreign countries and if china also start to tighten the rules against bitcoin, bitcoin miner may also start to shift from china and start to run it on other remote locations in foreign countries. There are many countries who like to welcome foreign investors and business tycoons.

Bitcoin without china would  be alive still  but  i   believe they have  big  impact regarding  on bitcoins price thats why  its somehow  have a  big  contribution into bitcoin and also  the  most   miners  made  are  on china . I could say that they really help  out  on bitcoin.

If there is going to be a lot of money involve, even the local government may want to control it.  
You may find it crazy but i think it may even lie behind that ANTshare to which they end up trying to start at the beginning of the Chinese cryptocurencies.

China, I think, wouldn't pull the same shit again on bitcoin in terms of the regulation. I mean, come on, China is the world's superpower in terms of economic matters so why the heck would they care about a small, thriving market in the first place? They have better things to do lol, and as for bitcoin being dependent on Chinese markets, traders and players, yes, because Chinese sets the pace for most of the big movements and the West only follows suit. Lastly, most of the heavy trades happen on Chinese markets and exchanges, and again, the West and other markets only follows what they are seeing on the Chinese exchanges.

Bitcoin is not dependant on china and so even if china is not there, Still bitcoin will be alive in the market without any change.If mining is not done in china, it will be mined in some other parts of the world.

I could say that people will move in another country and run their mining farms in another country which has the next lowest eletricity rate.

We are aware that china mostly controls the bitcoin price and when there happens something the bitcoin price is affected directly.

Franky says that Ukraine can be the next country but since it is in europe the EU can make new rules/laws and again bitcoin price can crash.

Chinese government may tighten the rules or limit the trading volume per chinese citizen over a year time period or whatever. This may create certain panic like even FUD regarding this have created few days ago and price may get dumped a little bit when this policy get approved by chinese government. However i don't see this going to happen soon, chinese government only cares about cross-border transaction and may not limit bitcoin buy/sell within country.

I don't think it will happen as they could have done it already. Bitcoin offers people the exact same options as it did years ago. No difference here beside Bitcoin that has become more popular. In that regard, I believe China at some point will force through severe restrictions that will make it much harder to trade Bitcoin, but not impossible. I don't see China issuing a total ban.


I seriously believe so. It's all China that has been dominating nearly every aspect of Bitcoin. Without China on board, the entire market will become different, empty, less interesting for traders, less liquidity, no real price driving from one country anymore, etc.


I surely believe that certain traders will join western exchanges as result, but it won't be much of an impact. Especially when you consider that the exchanges here do indeed charge trading fees. Traders on exchanges as Huobi & Co, have adjusted their trading style to the zero fee structure. If they choose to join western exchanges, they need to adapt to a slower trading style due to the fees that exchanges here charge.


The Chinese government only cares about eliminating ways to transfer money out of the country. If they need to go hard on Bitcoin or any other tool to accomplish that, they will definitely do so. But the fact that they haven't done it yet, makes me doubt whether or not they will be doing it at some other stage. If Bitcoin stays in its current form, then not much will happen, but if at some point Bitcoin grows too large, then you can bet that they will put a stop to it.

For starters , BTC would probably still be a decentralized crypto,
however now it is only a Centralized puppet coin of the Chinese Mining Pools.

The BTC XT would have been enacted and there would be no transactions problems.
But Chinese Mining pools blocked XT, so transactions problems are still here for BTC.
https://cointelegraph.com/news/chinese-mining-pools-call-for-consensus-refuse-switch-to-bitcoin-xt

http://www.ibtimes.com/bitcoins-big-problem-transaction-delays-renew-blockchain-debate-2330143

 

FYI:
The Fact is that over 51% of BTC mining, has been coming from China for over a year is not rumor,
it is history.
https://www.reddit.com/r/Bitcoin/comments/3fjkcs/the_communist_part_of_china_controls_more_than_51/

What recent panic?What are you talking about?

Bitcoin will remain strong without China.All the mining will move to another country.

There are a lot of rumors about China and nothing more.

I think I do not know enough about how China is really involved into bitcoin.
All I know is that there are mining farms in China.

Does anybody have an idea of how high the mining capacity in China is compared to the whole bitcoin mining capacity?

I have looked up the list of some notable bitcoin exchanges on wikipedia. One is noted to be in Hong Kong, one in China. The other 13 have nothing to do with China.
Bitfinex was not mentioned, but I think it is in Hong Kong as well.
Since there are so many exchanges outside China, I do not see why regulating, or even closing those in China would be such a big thing.

 

eventhough the government forbid bitcoin, i think some of them will still stealthily used it, but let's say if all the user in china stop using bitcoin and stop mining, then of course it will affect bitcoin as we know most of the miners is come from china, so without them our transaction will be slower and there are a lot of bitcoin user from china, so if they stop using it then it will affect the price