China currency and effects on BTC - page 5.

maku

legendary

Activity: 1288

Merit: 1000

Quote from: cptdome1 on December 11, 2015, 09:40:18 AM

So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so? I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them? This would be very good news for the BTC price. Thoughts?

I am not sure that bitcoin market is so developed in China. What I mean here is, sure they have the biggest share in hash power in the worlds. Biggest bitcoin farms and pool.
But bitcoin awareness among normal people are rather low I would imagine. So I doubt that Average Chinese Joe will put money into bitcoin investments.

EdenHazard

legendary

Activity: 2674

Merit: 1048

Quote from: cptdome1 on December 11, 2015, 09:40:18 AM

So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so? I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them? This would be very good news for the BTC price. Thoughts?

i never think that china currency have effects on bitcoin,some couple of month ago,bitcoin price going up and everyone so busy to find out the cause of this case,and they also think that china behind of this all,i never believe that.

sulfurtank

hero member

Activity: 592

Merit: 500

China is pretending to stop capital flight. But only of non-members of the red barons families who work for jpm & goldmanS anyways. The target there are the ones that actually create wealth: the productive middle class. They should not afford to hedge their capital abroad - they are only allowed to flush their yuans down domestic realestate & stockmarket toilets and watch the bubbles pop.

anthonydar

full member

Activity: 203

Merit: 100

★CryptoGamesFX.com★

If the Chinese currency devalue, it means the cost of manufacturing bitcoin will be lower there. So more mining will move to China.

Arcteryx

hero member

Activity: 728

Merit: 500

EtherSphere - Social Games

I can't see an entire country relying on bitcoin at the moment, especially a country as large as China.
That is an immense under taking if they are suggesting getting rid of their currency so to make way for a new all digital currency. They have the infrastructure in place, at least in the large metropolitan cities, to incorporate this endeavour but the smaller cities will not be ready technological wise. That would take decades to make the whole country bitcoin friendly and accessible to everyone, even the farmers and the elderly people.

hunnaryb

hero member

Activity: 506

Merit: 500

Quote from: Yakamoto on December 13, 2015, 12:00:22 AM

Well I wouldn't be surprised if some Chinese investors were dumping their savings into Bitcoin, but I would expect the Chinese too be buying more Precious Metals as opposed to anything. They can probably find a huge amount of them in their country, considering all the purchasing that has been going on in their country, so all of that would make sense.

I'm kind of surprised that China keeps devaluing their currency, but whatever, I hope they kind of know what they're doing.

To the chinese, Bitcoins are like stamps. They are far from dumping significant money into them.

Yakamoto

legendary

Activity: 1218

Merit: 1007

Well I wouldn't be surprised if some Chinese investors were dumping their savings into Bitcoin, but I would expect the Chinese too be buying more Precious Metals as opposed to anything. They can probably find a huge amount of them in their country, considering all the purchasing that has been going on in their country, so all of that would make sense.

I'm kind of surprised that China keeps devaluing their currency, but whatever, I hope they kind of know what they're doing.

hunnaryb

hero member

Activity: 506

Merit: 500

Quote from: jaysabi on December 11, 2015, 11:37:50 AM

I'm not sold on the premise that Chinese citizens are "looking to get their money out of the Yuan." The Chinese government is actively pumping the Chinese stock market and attempting to entice people to invest in it. It seems more likely that people will chase the bubble there than look to get their money out of the Yuan all together.

Second, if people are looking to get their money out of the Yuan, bitcoin is only a temporary transfer method, at best. They're not looking to convert to bitcoin and hold, they're looking to convert to bitcoin, move their money outside of the country, and convert to something more stable like the Euro or USD. In that case, any purchasing pressure this activity causes would be canceled by the selling pressure, with a net of zero. But this still seems unlikely to be happening on a scale large enough to matter.

Its just what the news wants the rest to believe. Of course, you are right though, the net effect would probably be zero.

ajun96

hero member

Activity: 658

Merit: 500

bitcoin users in china is very much,
of course it will make the market YUAN / BTC has a very large volume
i think that is

jaysabi

legendary

Activity: 2044

Merit: 1115

★777Coin.com★ Fun BTC Casino!

Quote from: Pab on December 11, 2015, 11:18:47 PM

Chinise are not devaluating currency.Yuan has lost only 4%to dollar last time.Look Euro and dollar.Look Yuan rates and dollar and Euro rates
Now will be big crash,so hold your btc,crash done by westerness debt economy, derivatives,one big boom

China is devaluing the yuan. They've kept it pegged to a very tight range for over 20 years, but are now actively devaluing it.

Quote from: http://money.cnn.com/2015/12/11/investing/china-yuan-depreciation/index.html

The yuan is trading at about 6.46 to the U.S. dollar, its lowest level since 2011. Also called the renminbi, the currency has lost 3.5% against the dollar this year.

It all started back in August, when China stunned markets by announcing a 2% devaluation -- the biggest one-day fall in the yuan in more than two decades.

The slide has continued since, and further losses are likely -- analysts say -- following the International Monetary Fund's decision to promote the yuan to its elite basket of global currencies from October next year.
That's because China will face more pressure than ever to show its commitment to economic reforms, and further relax its grip on the yuan.

fiscorcle

hero member

Activity: 994

Merit: 502

Quote from: justspare on December 12, 2015, 05:09:00 AM

Why do you say that the Chinese want to get their money out of Yuan? I don't really see why they would want to do that. I would say that the Chinese aren't really into Bitcoin, except for mining, so I don't think they will be buying Bitcoin anytime soon.

There is no large scale selling in the exchanges outside China at the moment. So there is no large scale capital out of China through bitcoin.

justspare

hero member

Activity: 1022

Merit: 538

Quote from: Sir_lagsalot on December 11, 2015, 11:40:19 PM

Maybe that's why bitcoin has gone up so much Grin

I don't really think the Chinese are really trying to cash their Yuan out, nor are they as desperate as you think, at least.

But to be honest, the bitcoin price would go up if a whole country cashed out. But I don't think the Chinese are cashing out.

Yeah. The Chinese are definitely not trying to cash out their Yuan. But the Chinese play a big role in the mining sector of Bitcoin. With all their mining farms, they are making a lot of money and making our lives (Bitcoin users) much easier.

justspare

hero member

Activity: 1022

Merit: 538

Why do you say that the Chinese want to get their money out of Yuan? I don't really see why they would want to do that. I would say that the Chinese aren't really into Bitcoin, except for mining, so I don't think they will be buying Bitcoin anytime soon.

MTBTT

hero member

Activity: 504

Merit: 500

Yes... There is a $50,000 USD limit each year of how much foreign currency they can get. So they're basically stuck with a bunch of useless paper and numbers.

Many people in China saw bitcoin as an opportunity to move funds out of China, and of course these people are quite wealthy and just one buy or sell order can impact the market quite a bit.

steveds

legendary

Activity: 966

Merit: 1000

It will surely effect Btc price but not as soon as we assume ,it will take years for people to get into coins and put their assets into bitcoins.
with China blocking google and else could be that they care about their citizens privacy and maybe accept bitcoin sooner than others and yes could be a very good thing for BTC then.

n2004al

legendary

Activity: 1134

Merit: 1000

Quote from: cptdome1 on December 11, 2015, 09:40:18 AM

So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so? I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them? This would be very good news for the BTC price. Thoughts?

Sure that it will be, not good, but very good for the bitcoin if the Chinese people will buy bitcoin continuously. Because of the devaluation of yuan or for another reason have no importance. That is important is to buy. That mean increase of the demand for bitcoin and as a direct consequence even increase of price and the value for bitcoin as a currency and invention. Will have more visibility, more spread and again, with big probabilities, further increase of demand because of the reasons given in the beginning of this sentence. Don't needed to much analyse and intelligence to arrive in such conclusions.

amacar2

legendary

Activity: 1120

Merit: 1008

CryptoTalk.Org - Get Paid for every Post!

After seeing larger volume on chinese bitcoin exchange platform continuously after first week of november we can be sure chinese are behind the latest rise in price. But due to that other traders are also get interested to buy bitcoin as they think it is sure for price to rise by chinese massive demand.

Sir_lagsalot

sr. member

Activity: 392

Merit: 251

Maybe that's why bitcoin has gone up so much Grin

I don't really think the Chinese are really trying to cash their Yuan out, nor are they as desperate as you think, at least.

But to be honest, the bitcoin price would go up if a whole country cashed out. But I don't think the Chinese are cashing out.

Pab

legendary

Activity: 1862

Merit: 1012

Chinise are not devaluating currency.Yuan has lost only 4%to dollar last time.Look Euro and dollar.Look Yuan rates and dollar and Euro rates
Now will be big crash,so hold your btc,crash done by westerness debt economy, derivatives,one big boom

The Sceptical Chymist

legendary

Activity: 3556

Merit: 7011

Top Crypto Casino

Quote from: jaysabi on December 11, 2015, 11:37:50 AM

I'm not sold on the premise that Chinese citizens are "looking to get their money out of the Yuan." The Chinese government is actively pumping the Chinese stock market and attempting to entice people to invest in it. It seems more likely that people will chase the bubble there than look to get their money out of the Yuan all together.

Second, if people are looking to get their money out of the Yuan, bitcoin is only a temporary transfer method, at best. They're not looking to convert to bitcoin and hold, they're looking to convert to bitcoin, move their money outside of the country, and convert to something more stable like the Euro or USD. In that case, any purchasing pressure this activity causes would be canceled by the selling pressure, with a net of zero. But this still seems unlikely to be happening on a scale large enough to matter.

You got this right. I think when currencies collapse, or when folks are ready to get out of their native currency, they look for something stable. Bitcoin is not that. The Chinese are huge buyers of precious metals if I'm not mistaken. Bitcoin, too, but I don't think there's going to be a flight to it such that the price will balloon.

Actually the price is ballooning as I write this ($464.60), but I'm not sure China is responsible.

Topic: China currency and effects on BTC - page 5. (Read 5392 times)