China and price - page 4. | Bitcointalksearch.org

Gameroid

hero member

Activity: 798

Merit: 501

Quote from: cryp24x on February 15, 2017, 03:03:51 PM

Quote from: debtstack on February 13, 2017, 04:46:44 PM

Now I know China has been accused of keeping the price of their fiat down, so this leads me to a question.

Why would china want to keep the price of btc at or below 1000? And I'm not asking for answers around curbing the use of it, because I don't believe they want that. I'm asking for genuine thoughts on how it would benefit china to keep the price low. What long term strategy would they have? Because we all know china doesn't just do things because they want to. They've probably had meeting after meeting on how best to optimize bitcoin for their benefit.

First how sure are we that China wants to keep the price of BTC at or below $1,000? As I think of it China don't care about BTC, as the way you wanted to hear it, they only want to make sure that these exchanges that had been loose for some years to follow what the rule stated with regards to AML and KYC stuff. It is that these market manipulator take advantage of the news and twist the idea to suit what they wanted to the price of BTC.

yes these are just assumptions and there is no reality about this. in fact the it in is now become very difficult to manipulate the price of bitcoin. because the number of bitcoin users are now increasing. therefore it is now become difficult for a single person or a group of people to manipulate the price of bitcoin.

bit1

legendary

Activity: 938

Merit: 1000

Quote from: Snorek on February 17, 2017, 11:08:39 AM

Current mild upward trend of bitcoin markets, is making me think that we may see an end of China dictating and slowing bitcoin by holding the price down.
Top 3 Chinese exchanges stopped withdrawals of BTC/LTC - normally this would cause huge uproar, chaos and panic sell. So why we are not seeing any decline?
But instead price is slowly gaining momentum?

Probably yes, but it would also be logical to think that the increase can be brought about precisely due to the impossibility of that they can make withdrawals of their funds which has led to a sudden drop in offer elsewhere, this coupled with the perspective of confidence that exists to maintain those levels.

robocop3

sr. member

Activity: 375

Merit: 250

although china has banned to withdraw btc for exchanger,but the price has rise slowlly those days.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: sportis on February 17, 2017, 10:53:40 AM

Quote from: hase0278 on February 15, 2017, 05:20:57 AM

I think China want to keep the price below 1000 US Dollars I think to stop their citizens from using it after all tax from using yuan is the main source of income of the government and if the people stops using that they would have lesser income. Maybe China also wants to buy cheaper bitcoin because many Chinese are money minded and as well as their government, and they see bitcoin as a good thing to invest too so they try to make the miners and traders in China dump their coin.

I don't believe that PBOC cares about bitcoin's price more than yuan devaluation. The only thing it wants to stop the outflow of local currency abroad. Of course they try to manipulate bitcoin claiming that is used for illegal activities because it is considered as the digital gold and most Chinese feel confidence to invest on it

What exactly makes you come to this conclusion?

Namely, why would the Chinese government want to prevent its local currency from flowing abroad? I'm more inclined to think that they are desperately trying to prevent the US dollars (as well as bitcoins, for that matter) from leaving China. Really, what's the use of the Chinese yuan outside of China? Unlike the dollar, the yuan is nowhere near being a reserve currency, and its use elsewhere in the world is rather limited

d5000

legendary

Activity: 3906

Merit: 6249

Decentralization Maximalist

Quote from: sportis on February 17, 2017, 10:53:40 AM

I don't believe that PBOC cares about bitcoin's price more than yuan devaluation. The only thing it wants to stop the outflow of local currency abroad.

The reason of the strange connection between "Chinese regulation news" and the $1000 barrier could be actually that this price level is seen by them like "alarm bells" that Bitcoin usage is getting out of the levels they know and think to be able to control.

More than about the $1000 or €1000 they could actually be worried about a new all-time-high in CNY (which has already happened this year, but did not last long). A new generalized ATH (=also in USD) could lead to a new Bitcoin rally - as a Central Bank they should know about Donchian channels Wink

- and that could lead to a massive rise of interest in Bitcoin. So it's logical that they are trying to strengthen the controls about the AML/KYC requirements for exchanges as a preventive measure if the massive rally actually takes place, because capital flight movements could be magnified by such a rally.

mamaita

full member

Activity: 182

Merit: 101

maybe it's just coincidence, after the Lunar New Year, yesterday the price of bitcoin rose steadily, it looks like it has nothing to do with China, it is because fitting coincidence many people on buying bitcoin for stock so prices rise, as it also possible for people in the china was a lot once his bitcoin users so movement is very cause shock effects that taste

Snorek

legendary

Activity: 1400

Merit: 1001

Current mild upward trend of bitcoin markets, is making me think that we may see an end of China dictating and slowing bitcoin by holding the price down.
Top 3 Chinese exchanges stopped withdrawals of BTC/LTC - normally this would cause huge uproar, chaos and panic sell. So why we are not seeing any decline?
But instead price is slowly gaining momentum?

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

Quote from: sportis on February 17, 2017, 10:53:40 AM

Quote from: hase0278 on February 15, 2017, 05:20:57 AM

I think China want to keep the price below 1000 US Dollars I think to stop their citizens from using it after all tax from using yuan is the main source of income of the government and if the people stops using that they would have lesser income. Maybe China also wants to buy cheaper bitcoin because many Chinese are money minded and as well as their government, and they see bitcoin as a good thing to invest too so they try to make the miners and traders in China dump their coin.

I don't believe that PBOC cares about bitcoin's price more than yuan devaluation. The only thing it wants to stop the outflow of local currency abroad. Of course they try to manipulate bitcoin claiming that is used for illegal activities because it is considered as the digital gold and most Chinese feel confidence to invest on it.

Agree. China's foreign exchange reserves were $4 trillion in 2014, but it is now below $3 trillion, so they've spent a trillion trying to offset the outflows in order for the yuan not to crash. They can't really allow the capital outflows to continue because they can't afford it.

sportis

sr. member

Activity: 406

Merit: 252

Veni, Vidi, Vici

Quote from: hase0278 on February 15, 2017, 05:20:57 AM

I think China want to keep the price below 1000 US Dollars I think to stop their citizens from using it after all tax from using yuan is the main source of income of the government and if the people stops using that they would have lesser income. Maybe China also wants to buy cheaper bitcoin because many Chinese are money minded and as well as their government, and they see bitcoin as a good thing to invest too so they try to make the miners and traders in China dump their coin.

I don't believe that PBOC cares about bitcoin's price more than yuan devaluation. The only thing it wants to stop the outflow of local currency abroad. Of course they try to manipulate bitcoin claiming that is used for illegal activities because it is considered as the digital gold and most Chinese feel confidence to invest on it.

BitcoinPC

hero member

Activity: 812

Merit: 500

As we all know that China is behind of bitcoin price. I thought, the reason is that majority of the investors are belong to China, that's why they are using their capital to up and down the price of bitcoin. But i don't think that we are argue on it, because if China do it, than it is good for us and also for bitcoin, when it price up we gain profit and when its price down then it is time to buy the bitcoin.

Vaccinus

sr. member

Activity: 406

Merit: 250

one reason might be that they want to avoid control? they have money laundering too right? perhaps under a certain amount like $1000 you are not contorlled about money laundering, just speculation but there are not other reason that make sense at the moment for me

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

i don't get it. why is it so hard for people to accept the fact that a bitcoin exchange which is an online service working with fiat needs to follow the fiat rules!

and that is all China or any other country cares about as far as bitcoin "price" is concerned.

no country/government would benefit or lose anything if bitcoin price moves up or down. they all care about certain things: Money laundering through not-regulated bitcoin exchanges and any possible illegal activities using bitcoin. in both cases if price is 1 or 5000 that won't matter.

debtstack

full member

Activity: 154

Merit: 100

I think for the Chinese, there has to be some underlying reason as to why they would want to create news that would directly affect the price of btc. Otherwise, they would have just had quiet backroom meetings with the exchanges to see if they were compliant with regulations. The Chinese government can easily decide whether or not news can be released by news organizations and even the exchanges themselves. But they didn't stop that news from getting out. They allowed that news to be released and it has been the case for years that the Chinese government can easily influence the price of bitcoin, for good and bad, solely on news of them taking action. They knew it would negatively affect the price and create panic in the market.

I've heard many cases of people creating bad news and panic to shake weak hands of a coin when it is low. Some people have stated that you can't control btc because it is decentralized. But, if you can create panic and buy more and more each time you do that, you create a market where you can always hold the majority. So now you have a coin that is majority mined in China and a Chinese government that can influence the market to the point where they can always buy low and sell high.

Or maybe I'm reading the whole thing wrong.

cryp24x

sr. member

Activity: 1190

Merit: 253

Quote from: debtstack on February 13, 2017, 04:46:44 PM

Now I know China has been accused of keeping the price of their fiat down, so this leads me to a question.

Why would china want to keep the price of btc at or below 1000? And I'm not asking for answers around curbing the use of it, because I don't believe they want that. I'm asking for genuine thoughts on how it would benefit china to keep the price low. What long term strategy would they have? Because we all know china doesn't just do things because they want to. They've probably had meeting after meeting on how best to optimize bitcoin for their benefit.

First how sure are we that China wants to keep the price of BTC at or below $1,000? As I think of it China don't care about BTC, as the way you wanted to hear it, they only want to make sure that these exchanges that had been loose for some years to follow what the rule stated with regards to AML and KYC stuff. It is that these market manipulator take advantage of the news and twist the idea to suit what they wanted to the price of BTC.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: olubams on February 15, 2017, 02:14:37 PM

Quote from: debtstack on February 13, 2017, 04:46:44 PM

Now I know China has been accused of keeping the price of their fiat down, so this leads me to a question.

Why would china want to keep the price of btc at or below 1000? And I'm not asking for answers around curbing the use of it, because I don't believe they want that. I'm asking for genuine thoughts on how it would benefit china to keep the price low. What long term strategy would they have? Because we all know china doesn't just do things because they want to. They've probably had meeting after meeting on how best to optimize bitcoin for their benefit.

The only way one can influence price is if its within one's control and in this case the only price Chinese government can control is theirs alone and not bitcoin because the origin and source of bitcoin, does not rest solely on China

This claim is farther from truth than you might think

It is no secret that most bitcoins are mined today by China alone, and it is the same as if they issued not only all the Chinese yuans but also two thirds of the US dollars. Would that count as control over the dollar? In my opinion, this is exactly what is usually meant by control over prices. If you control the supply side (as well as demand side too, though to a lesser degree), you can basically set any price you want (in certain limits, of course)

maku

legendary

Activity: 1288

Merit: 1000

What China is trying to do is curb bitcoin trading, they don't care about price that much.
All they care about that Chinese citizens couldn't buy BTC and transfer their wealth/deposits outside China in that form.
That is why we have all that regulations in place - to keep circulation of BTC/yuan within the Chinese exchanges.

olubams

hero member

Activity: 798

Merit: 503

Quote from: debtstack on February 13, 2017, 04:46:44 PM

Now I know China has been accused of keeping the price of their fiat down, so this leads me to a question.

Why would china want to keep the price of btc at or below 1000? And I'm not asking for answers around curbing the use of it, because I don't believe they want that. I'm asking for genuine thoughts on how it would benefit china to keep the price low. What long term strategy would they have? Because we all know china doesn't just do things because they want to. They've probably had meeting after meeting on how best to optimize bitcoin for their benefit.

The only way one can influence price is if its within one's control and in this case the only price Chinese government can control is theirs alone and not bitcoin because the origin and source of bitcoin, does not rest solely on China. If they make some moves against it, it will only influence the price in relation to their own currency and definitely not a determining factor. The earlier they know this the better for them...

HanSchultz

full member

Activity: 224

Merit: 100

Quote from: Idrisu on February 15, 2017, 11:12:10 AM

The way people bank of china are controlling bitcoin and other crypto currencies as if Satoshi is a Chinese is bad. My understanding of what they are doing is, creating unnecessary panic to keep bitcoin price below $1000 and this is bad for those buying and holding bitcoin. But very soon their effect on bitcoin will fail as many people will understand they tricks.

Why would anyone want to control the price of bitcoin.They might manipulate the volume and price so that they could make the maximum profit during the price surge in both directions,that is what can happen in an unregulated market as the majority stock holders could make a difference in the price.

blackhawkeye1912

sr. member

Activity: 784

Merit: 250

Quote from: SvenBomvolen on February 13, 2017, 05:33:56 PM

That's known fact that China have an effect on the price for bitcoin, many big investors from this country are moving their capitals in bitcoin to skip government's taxes for those money. So bitcoin is just comfortable instrument for their transactions.

Agreed, this is the reality happened at the present time now. It is one of their methods maybe so if ever happened that it will down to 900$ example they can get a volume of it on which there is a big a chance that bitcoin will increase again.

allthingsluxury

legendary

Activity: 1540

Merit: 1029

It is no secret that the Chinese government hates BTC. They are all about capital controls and keeping their citizens money within the country. The day is coming soon, where they seriously crack down on their citizens who are using BTC in a major way.

Topic: China and price - page 4. (Read 4352 times)