bitcoin users love drama more than any other people on the planet. they even attract drama, and sometimes even produce some when everything is calm and nothing is going on.
in case of China, most probably nothing is going to happen. bitcoin and all its related businesses have multi million dollars at work. there is mining, manufacturing of mining equipment, the Electric companies that are earning money just because mining farms exist otherwise they would have gone bankrupt. China cares about earning money and nothing else and if that rumor is true it means they are going to shut down so many money earning opportunities and eliminate hundreds of jobs which is against their history so far!
Topic: bitcoin without china, how would it look? - page 3. (Read 1472 times)
I don't think they will stop mining, they can mine and sell the coins in another country, isn't so hard.
So in my opnion China just have miners and if they don't stop mining becuse some ban, the bitcoin world will still the same.
So in my opnion China just have miners and if they don't stop mining becuse some ban, the bitcoin world will still the same.
It could even the competition in finding new blocks,they are the one actively mining bitcoin with their mining farms beating the other miners,they are a game changer indeed and if they are out of bitcoin could make a big difference on small players.I'd love to mine bitcoin but with China's big mining farm it's not possible..
My guess would be that bitcoin would survive, even in China. The majority of mining would be done in Eastern Europe and Southeast Asia as opposed to China. There would be a dip in demand which would negatively affect price. However, if China was out of the picture or reduced to a smaller role than debates about the future of bitcoin would no longer depend on who can court the Chinese miners and confidence in bitcoin might go higher, which would affect the price positively.
many things could happen, but worse case..
manufacturing and pool farming moving to the Ukraine as thats the next best wage&climate&electricity price alternative
but as for what is most likely.
china wont do crap.
they know if someone is buying a bitcoin someone else is obviously selling a bitcoin(thats how trading works).. the chinese currency does not go out of circulation. it just changes whos chinese bank account it sits in.
its only paper money that can be burned or shipped out of the country to get removed from circulation. so digital currency swaps are not a threat
at most the BANKS (commercial and national) wont be allowed to handle bitcoin direct.. but hey their subsidiaries can and will..
but even without the subsidiaries. the main banks themselves will be using a sidechain of the hyperledger project, so they cannot exactly rule out blockchain currencies in full, if they themselves will be using one.
so while china is using the BRICS network sidechain of hyperledger as their legal tender(near future), the citizens can handle all the currencies they like, such as going to the airport or a 'bureaux de change' to swap one currency for another like they have done.
as for mining industry. electric companies are making alot of profit supplying electric to previously vacant warehouses. staff are being employed and technology being built. which are all economic boosts to the chinese economy.
yes china love setting up warehouses and making things even if the payment is not chinese currency. they know it gets converted to chinese currency at some point thus not harming the economy.
after all bitcoins are created via the electric of chinse businesses and chinese yuan is just moving from bank account to bank account. happily still handled by the chinese banks.
it would be different if a bitcoin was created by having to physically burn chinese bank note. but its not, so they dont care.
much like they are happy that apple pay them lots of dollars that get converted to yuan. chinese industry are happy to do that for bitcoin.. its no harm.
so outside the box there is no big issues
you just wont see bitcoin being a "national" (legal tender) currency, to pay fines, taxes with. but then again american express is not legal tender. yet accepted in many many places in china
manufacturing and pool farming moving to the Ukraine as thats the next best wage&climate&electricity price alternative
but as for what is most likely.
china wont do crap.
they know if someone is buying a bitcoin someone else is obviously selling a bitcoin(thats how trading works).. the chinese currency does not go out of circulation. it just changes whos chinese bank account it sits in.
its only paper money that can be burned or shipped out of the country to get removed from circulation. so digital currency swaps are not a threat
at most the BANKS (commercial and national) wont be allowed to handle bitcoin direct.. but hey their subsidiaries can and will..
but even without the subsidiaries. the main banks themselves will be using a sidechain of the hyperledger project, so they cannot exactly rule out blockchain currencies in full, if they themselves will be using one.
so while china is using the BRICS network sidechain of hyperledger as their legal tender(near future), the citizens can handle all the currencies they like, such as going to the airport or a 'bureaux de change' to swap one currency for another like they have done.
as for mining industry. electric companies are making alot of profit supplying electric to previously vacant warehouses. staff are being employed and technology being built. which are all economic boosts to the chinese economy.
yes china love setting up warehouses and making things even if the payment is not chinese currency. they know it gets converted to chinese currency at some point thus not harming the economy.
after all bitcoins are created via the electric of chinse businesses and chinese yuan is just moving from bank account to bank account. happily still handled by the chinese banks.
it would be different if a bitcoin was created by having to physically burn chinese bank note. but its not, so they dont care.
much like they are happy that apple pay them lots of dollars that get converted to yuan. chinese industry are happy to do that for bitcoin.. its no harm.
so outside the box there is no big issues
you just wont see bitcoin being a "national" (legal tender) currency, to pay fines, taxes with. but then again american express is not legal tender. yet accepted in many many places in china
so whether or not the recent panic turns out to result in some action, i for one think china killing off the bitcoin exchanges at some point is a total certainty.
they think nothing of directly intervening in their stock and property markets and bitcoin is nothing but a tiny thorn in their side that might grow into a tree some day. it's of no benefit to the government.
in that scenario what do you think happens to bitcoin? mining aside, china contributes nothing to development, there's no actual bitcoin economy there and the exchanges are all probably bucket shops. at the same time of course the exchanges lead the west by a long way, though i'd guess many people on there are westerners anyway.
does it fatally hole the bitcoin market for a long period of time? is western volume reinvigorated when the traders migrate back? does chinese mining fade away and change into hardware sales and not much else? would many or any chinese people rig up some type of black market?
would the chinese government attempt to moderate it recognising that they'd be left behind if it was squashed or would they not care?
what do you think?
they think nothing of directly intervening in their stock and property markets and bitcoin is nothing but a tiny thorn in their side that might grow into a tree some day. it's of no benefit to the government.
in that scenario what do you think happens to bitcoin? mining aside, china contributes nothing to development, there's no actual bitcoin economy there and the exchanges are all probably bucket shops. at the same time of course the exchanges lead the west by a long way, though i'd guess many people on there are westerners anyway.
does it fatally hole the bitcoin market for a long period of time? is western volume reinvigorated when the traders migrate back? does chinese mining fade away and change into hardware sales and not much else? would many or any chinese people rig up some type of black market?
would the chinese government attempt to moderate it recognising that they'd be left behind if it was squashed or would they not care?
what do you think?
Jump to: