Chinese influence on BTC price | Bitcointalksearch.org

Carlsen

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Quote from: LLec on November 28, 2016, 04:51:46 PM

It all has to do with the miners that they are operating in their part of the world.
The mine so much that they hold most of the mined bitcoins being available.
The price most definitely is driven by that factor of the bitcoin ecosystem.

I believe as well that bitcoin price is driven by the bitcoin ecosystem.
Chine is the country with the highest number of people.
I think that when the number of bitcoin users in China grows, their influence on the bitcoin ecosystem grows as well.
In the future Asia, especially China will have a much bigger influence on bitcoin than it has today. Not because of the miners, but because of the people who use bitcoin.

pinkflower

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Quote from: franta on November 24, 2016, 05:27:13 AM

What are the main drivers of BTC price change in China?

What are the trends?

The main drivers are speculative pumping followed be profit taking then a sell down, aka the dump. There is also blatant price manipulation and coercive practices with the use of mass media.

What do you mean by trends?

maku

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A good way to measure popularity of bitcoin in certain countries is to monitor Google trends data for the search term "Bitcoin".
https://www.google.com/trends/explore?date=today%2012-m&q=bitcoin It is normally true for the whole world...
But unfortunately it is very hard to do it with China - because google is blocked there, they use their own Chinese search engine.

LLec

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It all has to do with the miners that they are operating in their part of the world.
The mine so much that they hold most of the mined bitcoins being available.
The price most definitely is driven by that factor of the bitcoin ecosystem.

alyssa85

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Quote from: Bitsane on November 26, 2016, 10:50:10 AM

Billions of dollars of daily volume on Chinese exchanges (vs) Millions on european ones. Feel the difference!

They don't have fees on the chinese exchanges, and many of those exchanges run bots mindlessly buying and selling at no fee, to create an illusion of volume.

The only true volume is on the fee-based exchanges, because it's too expensive to have fake trades.

Stedsm

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Quote from: Ayers on November 28, 2016, 11:35:37 AM

Quote from: Bitsane on November 26, 2016, 10:50:10 AM

Billions of dollars of daily volume on Chinese exchanges (vs) Millions on european ones. Feel the difference!

but they are also many more that play in the market, 1 billion of chinese against 100M of eurpean or american or other, their influence is at least on par with their network mining superiority, so 70%

Not just mining, but they can manipulate their markets hard whenever they want to.
This is what is making the difference currently, but then we need to be precautious because if they get a hold on these European or American markets too, then the worst markets drive will be visible. Major factors that's helping them is their interest and money that they have, involved in bitcoins, they got a big hold on the markets through mining and money.

alyssa85

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Quote from: capoeira on November 24, 2016, 07:38:44 AM

Quote from: franta on November 24, 2016, 05:27:13 AM

What are the main drivers of BTC price change in China?

What are the trends?

USDCNY atm.

coiners there buy when it goes up. this takes BTCUSD with it.
always when BTCUSD goes up, look for the reason in CHina lol

Yes - and the upcoming Fed rate rise will be interesting. The dollar will strengthen against the yuan, and while US buyers will likely stay in dollars, the Chinese buyers will rush into bitcoin to preserve the value of their money. It really depends on which group is stronger, and at the moment there seem to be more chinese buyers as they try to get money out of their country.

Ayers

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Quote from: Bitsane on November 26, 2016, 10:50:10 AM

Billions of dollars of daily volume on Chinese exchanges (vs) Millions on european ones. Feel the difference!

but they are also many more that play in the market, 1 billion of chinese against 100M of eurpean or american or other, their influence is at least on par with their network mining superiority, so 70%

Kevin77

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Quote from: streazight on November 25, 2016, 03:47:16 AM

As the users of bitcoin can be found in all over the world. All most all the countries of the world will be using bitcoin, so how can it be possible for a single country to manipulated the price of bitcoin so easily, I am not agree with this statement.

You are right, Chinese may manipulate BTC prices to pump and dump but never will be able to influence on bitcoin prices without reasons.

But, we need to remember that those large number of bitcoin mining farms and production of mining equipments might get Chinese people more awareness on bitcoin ecosystem. When more Chinese adopt bitcoins then obviously they will influence bitcoin prices.

Red-Apple

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Quote from: JeffBrad12 on November 27, 2016, 07:55:18 PM

Quote from: capoeira on November 26, 2016, 08:04:49 AM

Quote from: pooya87 on November 26, 2016, 12:01:39 AM

Quote from: capoeira on November 25, 2016, 11:36:59 AM

Quote from: Wei H on November 25, 2016, 07:26:07 AM

Quote from: capoeira on November 25, 2016, 07:19:06 AM

Quote from: streazight on November 25, 2016, 03:47:16 AM

Quote from: JeffBrad12 on November 24, 2016, 11:05:20 PM

51% hash attack in my mind.
But the main drive still holds by Chinese miner.

The demand was increasing and which mean will boost the price of bitcoin.

Grin

As the users of bitcoin can be found in all over the world. All most all the countries of the world will be using bitcoin, so how can it be possible for a single country to manipulated the price of bitcoin so easily, I am not agree with this statement.

the answer is volume: https://exchangewar.info/

The is volume not completely true because most Chinese exchanges are using trading bot to create volume and make profit from it.

sure but still we can safly say that way over 50% of volume is in China.

you are forgetting about the 0 fees on their biggest exchange platform. that is why the volume is through the roof there. because simply put you can make profit even with 1 CNY change in price because there is absolutely no fees there to trade.

Look at Huobi's volume. It has trading fees. The "0 fee explains all"-theory is an excuse of western Bitcoiners who don't want to realize that BTC is in China's hands

https://blockchain.info/pools

and according to

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Was being a real evidence if Chinese has held over 50%
51% hash attack is real.

The bold is sad.

- mining pool hash rate has nothing to do with exchange volumes
- 51+% is not owned by one mining farm, there are mining farms then there are mining pools which people also connect to,...
- things weren't always like this not so long ago GHASH.IO (based in US i believe) had 60% of hashrate

p.s. Huoboi is rumored to have fake volume besides you should check the real china exclusive exchange called OKCoin.cn for the biggest volume with 0 fees.

JeffBrad12

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Quote from: capoeira on November 26, 2016, 08:04:49 AM

Quote from: pooya87 on November 26, 2016, 12:01:39 AM

Quote from: capoeira on November 25, 2016, 11:36:59 AM

Quote from: Wei H on November 25, 2016, 07:26:07 AM

Quote from: capoeira on November 25, 2016, 07:19:06 AM

Quote from: streazight on November 25, 2016, 03:47:16 AM

Quote from: JeffBrad12 on November 24, 2016, 11:05:20 PM

51% hash attack in my mind.
But the main drive still holds by Chinese miner.

The demand was increasing and which mean will boost the price of bitcoin.

Grin

As the users of bitcoin can be found in all over the world. All most all the countries of the world will be using bitcoin, so how can it be possible for a single country to manipulated the price of bitcoin so easily, I am not agree with this statement.

the answer is volume: https://exchangewar.info/

The is volume not completely true because most Chinese exchanges are using trading bot to create volume and make profit from it.

sure but still we can safly say that way over 50% of volume is in China.

you are forgetting about the 0 fees on their biggest exchange platform. that is why the volume is through the roof there. because simply put you can make profit even with 1 CNY change in price because there is absolutely no fees there to trade.

Look at Huobi's volume. It has trading fees. The "0 fee explains all"-theory is an excuse of western Bitcoiners who don't want to realize that BTC is in China's hands

https://blockchain.info/pools

and according to

https://en.bitcoin.it/wiki/Comparison_of_mining_pools

Was being a real evidence if Chinese has held over 50%
51% hash attack is real.

The bold is sad.

Deep In The Mines LLC

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Its hard to tell how much volume/infulence china is actually affecting the markets, but if I had to take a guess, they have very large volume.

Seems USD/CNY is currently the biggest driver for Bitcoin Price.

The trends seem to also be attached to psychological monetary walls (E.G -- 5000 CNY, 6000CNY) in a similiar manner to USD (700) (800) USD, when such a wall is broken the majority of the time there is a large dump (if falling) or a large pump (if breaking the wall upwards rather than downwards).

Jasad

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= jasad =

Quote from: densuj on November 26, 2016, 12:30:28 AM

Quote from: franta on November 24, 2016, 05:27:13 AM

What are the main drivers of BTC price change in China?

What are the trends?

Mostly people of China are traders, enterpreneur or businessman, in my opinion they make investment into bitcoins for long term strategy and the price on there always more higher than other markets. And The trend is goes up of course, they can be control price of bitcoin.

you just make a random speculation right?
but based on my limited knowledge china have a big impact on the world economy ,
there a lot of ways for china to have a big influence on global economy ,
inlcude bitcoin where there a lot of mining farm owned by chinese bitcoin miner more than any other bitcoin miner arond the world.

hurain

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to me i think it cannot be so. as bitcoin is a decentralized universal crypto currency and not a regional, therefore it is really difficult to manipulate the price of bitcoin by a single country.

Bitsane

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Billions of dollars of daily volume on Chinese exchanges (vs) Millions on european ones. Feel the difference!

capoeira

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Quote from: pooya87 on November 26, 2016, 12:01:39 AM

Quote from: capoeira on November 25, 2016, 11:36:59 AM

Quote from: Wei H on November 25, 2016, 07:26:07 AM

Quote from: capoeira on November 25, 2016, 07:19:06 AM

Quote from: streazight on November 25, 2016, 03:47:16 AM

Quote from: JeffBrad12 on November 24, 2016, 11:05:20 PM

51% hash attack in my mind.
But the main drive still holds by Chinese miner.

The demand was increasing and which mean will boost the price of bitcoin.

Grin

As the users of bitcoin can be found in all over the world. All most all the countries of the world will be using bitcoin, so how can it be possible for a single country to manipulated the price of bitcoin so easily, I am not agree with this statement.

the answer is volume: https://exchangewar.info/

The is volume not completely true because most Chinese exchanges are using trading bot to create volume and make profit from it.

sure but still we can safly say that way over 50% of volume is in China.

you are forgetting about the 0 fees on their biggest exchange platform. that is why the volume is through the roof there. because simply put you can make profit even with 1 CNY change in price because there is absolutely no fees there to trade.

Look at Huobi's volume. It has trading fees. The "0 fee explains all"-theory is an excuse of western Bitcoiners who don't want to realize that BTC is in China's hands

densuj

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Quote from: franta on November 24, 2016, 05:27:13 AM

What are the main drivers of BTC price change in China?

What are the trends?

Mostly people of China are traders, enterpreneur or businessman, in my opinion they make investment into bitcoins for long term strategy and the price on there always more higher than other markets. And The trend is goes up of course, they can be control price of bitcoin.

pooya87

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Quote from: capoeira on November 25, 2016, 11:36:59 AM

Quote from: Wei H on November 25, 2016, 07:26:07 AM

Quote from: capoeira on November 25, 2016, 07:19:06 AM

Quote from: streazight on November 25, 2016, 03:47:16 AM

Quote from: JeffBrad12 on November 24, 2016, 11:05:20 PM

51% hash attack in my mind.
But the main drive still holds by Chinese miner.

The demand was increasing and which mean will boost the price of bitcoin.

Grin

As the users of bitcoin can be found in all over the world. All most all the countries of the world will be using bitcoin, so how can it be possible for a single country to manipulated the price of bitcoin so easily, I am not agree with this statement.

the answer is volume: https://exchangewar.info/

The is volume not completely true because most Chinese exchanges are using trading bot to create volume and make profit from it.

sure but still we can safly say that way over 50% of volume is in China.

you are forgetting about the 0 fees on their biggest exchange platform. that is why the volume is through the roof there. because simply put you can make profit even with 1 CNY change in price because there is absolutely no fees there to trade.

capoeira

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It's not that they have no faith in their currency. I'm no China expert, but they generaly love their semi-dictatorship. this includes that they trust in it. it's just that they see advantage in buying BTC when USDCNY goes down. They are not like westerns who see those moves of their currency as bad. they just react. and we talk about those "few" Chineses who can speculate. "few" in this case are many many....but few in the sense of the whole population,

Slark

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I still think that main factor is fact tht Chinese citizens have no faith in their own currency yuan renminbi.
This FIAT is totally controlled and steered to always have low value compared to USD.
They do this to make sure export will always be profitable even at cost of undermining their own FIAT.
That is why Chinese speculators/investors/normal people buy large amounts of bitcoin.

Here is old news presenting this situation: http://www.zerohedge.com/news/2015-11-02/bitcoin-more-doubles-2015-lows-chinese-ignore-easing-capital-controls

Topic: Chinese influence on BTC price (Read 1722 times)