China is coming back to the game, moon? - page 2.

Jherek

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Quote from: talkbitcoin on May 11, 2017, 04:33:34 AM

so it seems like Chinese exchanges fate are finally coming to a conclusion. the AML laws soon to be applied to these exchanges and they say Withdrawals will possibly start in June.

so how do you think this affects the whole market, with all the Chinese big exchanges being out of the game and now a lot of hungry Chinese traders coming back with their price being much lower than USD value (practically free bitcoin at this point).

currently ~10100 CNY = $1,463.25

link: http://www.newsbtc.com/2017/05/10/chinese-bitcoin-exchanges-may-resume-btc-withdrawals-june-new-regulation-introduced/

i'd like to think that even if the country of china ends up banning bitcoin leading to massive amounts of btc being sold at a far cheaper rate then current value it wouldn't hurt the bitcoin network so bad as too ruin bitcoin for all. However, i do not know enough about consequences of bitcoin trading either having tons of new buyers at current value or having tons of new sellers selling at a 10th of the value. this is still something ive got to learn more about before being able to make an accurate decision based on proper knowledge of what would happen. That being said, i love bitcoin and don't want to see it crash, those reasons not being solely based on financial gain. I think that bitcoin could help not just each of us individually or financial but also collectively( including entire population of earth one day, maybe.) to reach more level ground on social standings.

Sundark

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I heard that bitcoin trading in china moved from centralized mega exchanges OKCoin, Huobi and BTCC to more p2p trading.
Sure, it was dictated by the fact that exchanges were not working 100% but now it is hard to tell if all traders will go back.
Instead moon, we could see a reverse situation and Chinese holders will liquidate their long BTC positions.

Reid

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Why is it always the Chinese? How about the other race?
They dont own the world. They are just making a big fuss all over the world and that's it.
They're people dont even want to stay at their own country for banning almost everything.
Even "if" they do have the largest amount of bitcoin in the world that doesn't matter.
There will be a point that they can just make a wave by selling it then what is next?

btc_angela

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Quote from: alyssa85 on May 12, 2017, 03:59:00 AM

I'd say it depends on how strict their AML rules are and whether the old players on those exchanges decide they want to comply. If it's too much for them, the action might stay where it is (in Japan).

I believed that PBoC will imposed a tighter regulations on Chinese exchanges this time. That have already penalized them for fraudulent activities and I don't think they will violate it again. Because a second violation will mean a closure order. So this might also influence big Chinese traders to whether engaged again but this time in a legal way or totally moved out of bitcoin trading.

aeternus

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Quote from: alyssa85 on May 12, 2017, 03:59:00 AM

I'd say it depends on how strict their AML rules are and whether the old players on those exchanges decide they want to comply. If it's too much for them, the action might stay where it is (in Japan).

I think they are going to comply no matter what they want the profits bitcoin can bring and that they cannot find in any other place.

talkbitcoin

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Quote from: alyssa85 on May 12, 2017, 03:59:00 AM

I'd say it depends on how strict their AML rules are and whether the old players on those exchanges decide they want to comply. If it's too much for them, the action might stay where it is (in Japan).

however strict their AML is going to be, it won't be stricter than AML they have on their Forex markets or other markets they have.
and all the fines, etc are going to be on the exchange not the traders.
but obviously many may not be active or as active as before in China because of this, but at the same time Chinese are known to be big traders, it doesn't matter if it is USD, EUR, Gold, Stocks, ... they are trading or it is bitcoin!

alyssa85

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I'd say it depends on how strict their AML rules are and whether the old players on those exchanges decide they want to comply. If it's too much for them, the action might stay where it is (in Japan).

ekoice

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Quote from: n0ne on May 11, 2017, 08:08:37 AM

I don't think China can easily retain the lost control that China had over bitcoin in the past. China once made the fake volume to generate the market value which too made it downfall in their own economy. Right now without any external influence the price move is quite good and will reach peak values.

Definitely,even if they return,they will not be able to gain control ovr the market as before.If they try to dump the price by selling their bitcoins at lower price,then they would end with loss of their holdings as people all over the world are well aware of bitcoin's potential.

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Quote from: NeuroticFish on May 11, 2017, 07:36:47 AM

Quote from: talkbitcoin on May 11, 2017, 04:33:34 AM

so it seems like Chinese exchanges fate are finally coming to a conclusion. the AML laws soon to be applied to these exchanges and they say Withdrawals will possibly start in June.

so how do you think this affects the whole market, with all the Chinese big exchanges being out of the game and now a lot of hungry Chinese traders coming back with their price being much lower than USD value (practically free bitcoin at this point).

currently ~10100 CNY = $1,463.25

link: http://www.newsbtc.com/2017/05/10/chinese-bitcoin-exchanges-may-resume-btc-withdrawals-june-new-regulation-introduced/

"Buy the rumor, sell the fact". What if the current "steady grow" is just a pump before the Chinese coming in; and then the dump will happen?
I don't like to be on the same with Kwukduck but watching your back never hurts.
Bitcoin had a great rise lately and sooner or later it will need a correction.

It is true that in every price surge there is always a massive dump behind, sincfe we believe it is a hype that cause bubbles. But looking at the current situation, there is really a reason why Bitcon price is increasing. There are several good news regarding bitcoin adoption, Japan, India, China, and other countries that is so positive about BTC. And considering the line ups of Big player in Japan, I think the crash won't happen anytime soon.

pooya87

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Quote from: SHAWN-MIDWAYS on May 11, 2017, 05:29:52 PM

Quote from: surix on May 11, 2017, 07:05:27 AM

I would not underestimate their potentials, as far as I see, in average their have quite a bit more spare money to invest than Western countries. When bitcoin gets on the right track, money will jumps in very quickly.

I would not underestimate them either but china has to many strings attached to centralization and bureaucracy
i would not like to see them drag bitcoin to its knees with all these PBOC counter measures ....so top spot definitely not china

"drag bitcoin to its knees"!!! LOL
in the past few months bitcoin has grown way too big and all of a sudden. and i am not talking about the price rise, that part is obvious and irrelevant to bitcoin growth that i am talking about.

what i am pointing out is all the positive news that is coming out. we saw Japan adopt bitcoin as a real currency. we saw Russia finally stop treating bitcoin with such negativity. we saw a lot of other countries follow Japan, the other day i read Australia is planning on doing the same. all these are bringing a lot of new people in, China is just one country against all of these.

SHAWN-MIDWAYS

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Quote from: surix on May 11, 2017, 07:05:27 AM

I would not underestimate their potentials, as far as I see, in average their have quite a bit more spare money to invest than Western countries. When bitcoin gets on the right track, money will jumps in very quickly.

I would not underestimate them either but china has to many strings attached to centralization and bureaucracy
i would not like to see them drag bitcoin to its knees with all these PBOC counter measures ....so top spot definitely not china

Biodom

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i agree... did china mattered one iota during the last 3-4 mo. Clearly, NO.
They (PBOC, politburo, etc) thought that they would matter, but they did not...surprise, surprise.
China would continue to matter even less now...in fact, i would prefer that they close their 'exchanges' for a long time.

BrewMaster

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Quote from: n0ne on May 11, 2017, 08:08:37 AM

I don't think China can easily retain the lost control that China had over bitcoin in the past. China once made the fake volume to generate the market value which too made it downfall in their own economy. Right now without any external influence the price move is quite good and will reach peak values.

from what i have seen China never had any real influence on the market. they just showed a very big trading volume which was partly because of their margin trading partly because their 0 fee trading and also partly because of competition.
and whenever price went in any direction people said it is because of China.
rise > China was pumping
drop > China dumped.
now that they are out, the same rises and falls are happening and people have nobody to blame!

n0ne

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I don't think China can easily retain the lost control that China had over bitcoin in the past. China once made the fake volume to generate the market value which too made it downfall in their own economy. Right now without any external influence the price move is quite good and will reach peak values.

gentlemand

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Quote from: NeuroticFish on May 11, 2017, 07:36:47 AM

"Buy the rumor, sell the fact". What if the current "steady grow" is just a pump before the Chinese coming in; and then the dump will happen?

But this time around dumping and buying back costs them money in fees. If they attempted it in the volume they used to they'd all be skint within a few weeks. They're going to be players of course but the behaviour will be a lot more staid than before.

BTCLovingDude

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BTC to the moon is inevitable...

some stats from bitcoinwisdom:
USD market > price = $1827 > volume 30 days = 881,963
CNY market > price = 10378 > volume 30 days = 764,432

https://coin.dance/volume/localbitcoins/CNY
localbitcoins CNY volume last 4 weeks > 199,466,11 (this amount has risen 30 times since last year)

NeuroticFish

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Quote from: talkbitcoin on May 11, 2017, 04:33:34 AM

so it seems like Chinese exchanges fate are finally coming to a conclusion. the AML laws soon to be applied to these exchanges and they say Withdrawals will possibly start in June.

so how do you think this affects the whole market, with all the Chinese big exchanges being out of the game and now a lot of hungry Chinese traders coming back with their price being much lower than USD value (practically free bitcoin at this point).

currently ~10100 CNY = $1,463.25

link: http://www.newsbtc.com/2017/05/10/chinese-bitcoin-exchanges-may-resume-btc-withdrawals-june-new-regulation-introduced/

"Buy the rumor, sell the fact". What if the current "steady grow" is just a pump before the Chinese coming in; and then the dump will happen?
I don't like to be on the same with Kwukduck but watching your back never hurts.
Bitcoin had a great rise lately and sooner or later it will need a correction.

BitcoinPanther

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It seems this news somehow bring another hype to BTC. Bitcoin breaks its ATH again setting up another New ATH today. Having a news that these Chinese exchanges will be back in Bitcoin circulation again.

Quote from: surix on May 11, 2017, 07:05:27 AM

I would not underestimate their potentials, as far as I see, in average their have quite a bit more spare money to invest than Western countries. When bitcoin gets on the right track, money will jumps in very quickly.

I agree, Chinese people have lots of spare money in their stash. They can use them to push bitcoin price higher if they decided to.

surix

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I would not underestimate their potentials, as far as I see, in average their have quite a bit more spare money to invest than Western countries. When bitcoin gets on the right track, money will jumps in very quickly.

gentlemand

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Quote from: mikenz on May 11, 2017, 06:06:27 AM

they are 40-45 % of the market.

No they're not.

In the brief period when they were operating with fees they were just another player among many others. China was quickly exposed as the mirage it is. Them getting shut down was the best thing that's happened to this market in years. There's absolutely no way it would be where it is if China had been allowed to continue operating as it had.

Topic: China is coming back to the game, moon? - page 2. (Read 2578 times)