Topic: China thoughts and data. Much more impact than we think?! (Read 583 times)

So, you trying to say that the one that happened already is just a temporary ban of ICOs and there will even be a permanent ICO, what the… does this mean that crypto currency will be affected in a bigger way? I don’t really think so. Well, no matter what, the community will always find a way to survive it.

if my opinion do not ever despair because the current price began to fall into this incident to make it all motivate to be more diligent in collecting any currency. hopefully this ban is only in China so as not to cause other countries to intervene. so we can still earn money every month although Categorizing is not big enough but rest assured that over time the price will also return to the starting position with increasing significantly.

ICOs are so much of a joke at this point that I personally am not against a decision for a government body to ban them. They only ever offer speculation and are way more often than not just an income for the coin creators, since they sell a token that they could honestly start to copy-paste at a point, and then have it release, never touch it again, and let the markets trade it for a week or two before everyone forgets about it. The cycle repeats, etc. It's so useless as a means of improving cryptos to be completely honest. Even if they design a good coin it gets discarded as a speculation asset most of the time.

it is true only because you forgot about the history.

in about 95% of this past 2 years period that you checked, the Chinese exchanges had 0 fees (hence huge volume), were unregulated (hence reporting fake volume and also did a lot of shady things). these simply means the numbers you see are not 100% valid and also even if they are, they should not be compared with others.

an exchange with 0.2% fee can never have the same volume as an exchange with 0% fee.
reason is simple. with 0 fees you buy at 20300CNY and sell at 20301 CNY and still make profit
with 0.2% fee if you buy at 20300 CNY you need to sell at least at 20361 CNY to make any profit

if you compare the data from these past months belonging to Chinese exchanges with their last year volume you can see what i mean. you see the drastic drop in the volume.

ico ban that occurred in china, I think this is only for a moment, if we see the development of ico is very fast.
and maybe in the next few days China will start receiving ICO.
and the fact that this is one of the biggest income

China didn't ban any exchanges but they to put a restriction on ICO sales because they think that most of those ICO are Ponzi or cheating, investors. ICO ban is nothing to do with exchanges and why they will ban these exchanges? It looks like some fake news to take weak people money at a cheaper price.

If they really ban ICO's permanently in the future, for sure we will see a more massive dump ever because China was considered one country with the most early adopters and most Chinese users who use bitcoin uses it for speculative purposes and for investing into ICO's. China greatly affected the movements of bitcoin price in the past and I will not be surprised if they will affect it a lot again in the next coming months.

They may have the largest volume. That is actually not new to us anymore. Given the fact that the chinese government ban the ICO from their country the market share is still so high(maybe the effect is still not so solid lets try to see if what is going to happen for the next few months)

Yes it's also just mass panic and histeria. People panic selling like during the fork when people thought the world would end.
Must stay with Bitcoin. I think the price will recover and then some more. Don't give up on our precious bitcoin.

I don't see how the exchanges would close especially if they only use cryptocurrency.

A lot of the volume back then was from when the exchanges in China had no fees so people traded there like mad.

https://bitcoinwisdom.com/markets/okcoin/btccny

https://coinmarketcap.com/currencies/bitcoin/#markets

People selling their coins just because they think something is going to happen that is based on fud are just dumb ~ nothing other than cashing out profits justifies selling your coins, period.

We've been through this fake news drama already, and we've constantly been hearing that Bitcoin is forming a bubble, and that while the price was sitting below the $1000 mark.

People need to calm down and focus on trading the volatility, or just keep hodling ~ right now people are afraid for no reason, but once we're a week or two further from now, people don't remember anything from China anymore.

Well not to burst your bubble but this was all for nothing as no Chinese exchange is closing. It was just some idiot on some paid article.

https://bitcointalksearch.org/topic/m.21677930

There is no single evidence that bitcoin is a bad currency model,it is infact the invention of the century when it comes to age old financial system which is shredded by scams and illegal activities and central authority and bitcoin takes all that away and give freedom to the people who own their assets rather than the other way around,the problem here is most people here panic sells everything because they are not aware of the technology and the higher impact it will have in a few years.

You have a point and i agree to you because that is one of the cause for the dump of bitcoin. The news from different sites and the different articles that keep saying that bitcoin is not a good currency and a lot of negative thoughts affect the market a lot because the traders and investors are only depending on their emotion.

its not only about China.

In the neews there has been several people saying that Bitcoin is an excellent example of a big bubble.

If I would own lots of bitcoins, I would propably sell some of them too..

Thanks for your thoughts, it's not so much the ICO ban that concerns me, more the possible closure of the three exchanges that control pretty much the entire market. I confess that I am one of those that knows very little about the technology behind blockchain and cryptocurrency. I work in the music industry! However I have known about BTC for a long time and what excites me is the fact that it is now getting to the stage where non tech types are getting involved which shows that widespread adoption could be achieved... But only if the price continues on an upward curve in order to build excitement.

Well its no surprise to me. The chinese were very quickly in on the whole Blockchain thing right from the start. The largest promotions in the early years of the technology all happened in China and they have been an economical superpower for quite long now. Of course a permanent ban would be felt, that is for sure. But right now its only a temporary ban of ICOs until they get proper regulations. Nothing to worry about at all.

I'd say in EU the knowledge of cryptos and blockchain is very very small unless you're in the tech business. Only reason I even remotely heard of it is because I work in tech and a CEO (at a fintech event) was promoting and hyping Blockchain technology as a huge thing for the future, that was in 2012 or something. If you're outside of tech/fintech there is a slim chance that you even know anything about Bitcoin or Blockchain tech.

But all in all, thats a good thing. Just think of the potential the technology has when it spreads

So I've been doing some research today on the current markets and everything that is going on. I know a lot of us are very positive about BTC and other cryptos ability to bounce back but the evidence I've found has certainly concerned me a little.

Firstly, over the past two years from the data I've found China appear to have been BY FAR the largest traders. Now I'm not sure how accurate this data or website is but it's certainly alarming to look at the volume of business going on within these exchanges.

Exchange   Volume BTC   Market share
 okcoin   535M   39.79%
 huobi   503M   37.43%
 btcchina   215M   16.00%
 others   28.0M   2.08%
 bitfinex   15.9M   1.18%
 lakebtc   14.1M   1.05%
 bitflyer   9.78M   0.73%
 kraken   7.91M   0.59%
 bitstamp   7.83M   0.58%
 bit-x   7.61M   0.57%

https://data.bitcoinity.org

Secondly. Business is CNY within this 2 year time period is higher than all other currencies combined

CNY Markets

 btcchina   215M   17.07%
 huobi   503M   39.94%
 okcoin   529M   42.02%

Compared to USD markers

Exchange   Volume BTC   Market share
 bitfinex   15.9M   27.98%
 bitstamp   7.34M   12.94%
 coinbase   6.42M   11.32%
 okcoin   5.56M   9.80%
 bit-x   4.90M   8.64%
 others   4.37M   7.71%

And EUR markets

 kraken   5.99M   52.71%
 bit-x   1.93M   16.99%
 gatecoin   585k   5.15%
 coinbase   554k   4.88%
 others   515k   4.54%

My final thought is about the huge amount of BTC that was dumped yesterday compared to last week or any other dump.

I can't copy data of these results but in short. Trades went from an average of 5,000BTC per hour globally on Thursday to 47,500BTC per hour yestersday. Compare this to a peak of 25,00BTC during last weeks mini dump and we see something much bigger emerging.

Please note that these are just a few things I have found and I am simply sharing to find out peoples thoughts and feelings. I am in no way saying this information is reliable but I have provided a link above for you to look yourself. Also, I noticed that Bittrex, probably the largest USD and EUR trader is not included in their figures however I doubt they would make a huge amount of different to the overall numbers.

Let me know what you think, I welcome any discussion. I am fairly new to this space so am eager to learn and talk