Does China have a large part in the world of cryptocurrency?

Wapfika

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Bitcoin makes the world go 🔃

Quote from: youdacapt on September 13, 2017, 07:24:15 PM

Quote from: cyberpitstop on September 13, 2017, 06:56:35 PM

Quote from: pereira4 on September 05, 2017, 10:09:46 AM

Quote from: nightwishx on September 05, 2017, 10:01:43 AM

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

This is the smartest post I have read in days!! This is the same "cycle" that constantly repeats itself over and over again in the crypto space always has always will.

I do not understand why the China government continues to spread negative news and does not keep trying to make strong rules. they must understand that a large crypto currency market exists in their country, if they prohibit it will automatically affect the economic structure of society explicitly. China has everything for bitcoin especially for traders and miners.

chinese plays a bigger role in bitcoin, as there number increases and as they have more knowledge on how to manipulate it. Chinese investors were always present in making an ICO successful as well the crypto.

youdacapt

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GOD is TRUE

Quote from: cyberpitstop on September 13, 2017, 06:56:35 PM

Quote from: pereira4 on September 05, 2017, 10:09:46 AM

Quote from: nightwishx on September 05, 2017, 10:01:43 AM

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

This is the smartest post I have read in days!! This is the same "cycle" that constantly repeats itself over and over again in the crypto space always has always will.

I do not understand why the China government continues to spread negative news and does not keep trying to make strong rules. they must understand that a large crypto currency market exists in their country, if they prohibit it will automatically affect the economic structure of society explicitly. China has everything for bitcoin especially for traders and miners.

cyberpitstop

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Quote from: pereira4 on September 05, 2017, 10:09:46 AM

Quote from: nightwishx on September 05, 2017, 10:01:43 AM

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

This is the smartest post I have read in days!! This is the same "cycle" that constantly repeats itself over and over again in the crypto space always has always will.

Mike Mayor

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Quote from: nightwishx on September 05, 2017, 10:01:43 AM

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

I think it is just the movement of assets. Wait until the currencies from the exchanges and other places come back. Then the price will go back. Not then though the price would have increased a bit so we might see $6000 soon. Also most of these people making these outrageous statements like Bitcoin being fraud, these people are protecting their I interests. Why is this bad anyway ? A good trader can work both ways. A good trader knows how to take advantage of these situations both up and down. People focus so much on going up they forget that going down can make you profit too.

Fancyax

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If you do a little search you can notice that biggest wallets and biggest exchangers are Chinese. Biggest mining farms are located also in China. So China have a strong impact on bitcoin future.

kamikadze69

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Of course. for example at this time. they made little statements about the prohibition of ICO in China. and instantly the bitcoin price is directly dumped. so China must have great power in the world of cryptocurrency.

Qunenin

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China is a game changer of bitcoin price. when China like to ban the bitcoin then sure bitcoin will be ban. But now china will never down anything wrong. Because we accept China has a large part in all crypto currencies, and now all over the world's people want to use crypto and also trust on them, then suddenly it will be hard if China ban them. It is a talk of trust.

ObscurePen

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A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

Why did China do that? Was there some reason behind it? No wonder, I have seen many ICOs and other companies selling themselves in the Auctions section as of late. So that is why the price has gone down. But I don’t think that Bitcoin went down nearly 1000$ just because China banned ICO activities. Don’t get me wrong, China has a massive amount of influence in the cryptoworld. I am pretty sure that China has the largest amount of total mining hash - power. So China does have some influence in the price of Bitcoin, but will it really cause a price drop of around 1000$? I think there are more factors to this price drop. Anyways, at the moment, the price seems to be rising back.

StrongHandsProfit

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China accounts for about 20% of the cryptocurrency volume in the world to date. They just sold off a majority of that in irrational panic so the impact they can have on BTC now isn't that much. Litecoin is different. They own most of that.

Read this article about their volume in crypto. It settles the mind considerably

https://www.c[Suspicious link removed]m/2017/09/11/bitcoin-price-falls-on-reports-that-china-is-closing-local-exchanges.html

vit05

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Miners would still be able to operate.

yishak

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Yeah China is definitely the huge cryptocurrency currency impactor. Many miners are from there due to the super cheap electricity fees there. Also the government decisions on cryptos has greatly affected the price of some cryptocurrencies.

carrie_white

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I think this is certainly shaking the world of cryptocurrencies, because as we know China is the country with the densest population number 1 in the world, of course the percentage of the population involved in the world of crypto currencies is very much.

PizzaBTC

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Quote from: BitcoinsGreat on September 05, 2017, 11:14:21 AM

Quote from: HAARP on September 05, 2017, 10:11:52 AM

Correct me if I'm wrong, China is the strongest country for the bitcoin trade and bitcoin mining. They have great companies that are mining bitcoin in industrial scale. Their markets has crazy trade volumes both for bitcoin and ether.

Their decissions are game changer.

No one can deny the fact that China is a super power in bitcoins but i still dont get the Chinese government decision of banning the ICO ?? What will they gain by banning the ICO and more importantly since ICO can be run online anonymously will they ever be able to make people obey they new rule ?

Yes of course china is the most bitcoin holder’s country. And they have already accepted and legalize bitcoin to buy and sell bitcoin and also to use it in the open markets to buy everything of daily routine.

It is because china has created many crypto currencies. The other reason is that they want to prevail one digital currency all over the world, because china is also the market holder of almost everything.

nightwishx

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Quote from: pereira4 on September 05, 2017, 10:09:46 AM

Quote from: nightwishx on September 05, 2017, 10:01:43 AM

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

I hope this does not happen again to countries like China. yesterday even China had made a statement that they will also ban bitcoin, and the result bitcoin price yesterday to dump. I hope everything will improve and return to normal.

pitiflin

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Quote from: nightwishx on September 05, 2017, 10:01:43 AM

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China has one of the biggest contribution in the bitcoin as well as the whole crypto currency community and now that China has banned icos it's going to be a bit difficult for the crypto currency community not to get affected by this. I don't know what exactly will happen in the future but come what may bitcoin will survive and will recover as soon as possible.

Reid

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I believe they do have a large part in the crypto world specially bitcoin but that doesn't say they are the one pulling it down because of their recent news.
Maybe it is the other holders who doubts the power of bitcoin and believed the FUD's that have been scattered.
One news and many panics. Or they could be going with the flow and will try to buy back after the FUD's is successful.

naidray

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Quote from: d5000 on September 07, 2017, 02:32:55 AM

Quote from: bitcoinmaniac52 on September 05, 2017, 09:08:31 PM

Quote from: MarkAvatar on September 05, 2017, 08:46:15 PM

China is top 1 of known of any bitcoin or altcoin activities, 2nd is Russia. No wonder they can control bitcoin price.

This is not true! Japan is the world leader in cryptocurrency at the moment, and even Bitcoin ahead of the United States, China AND Russia.

Both false. Japan is currently the "zero-fee exchange utopia" like China was one year ago, and there is some speculation frenzy there, as we can not only see because of the Bitcoin price that is often higher than in other countries, but also because of (mostly Japanese) altcoin NEM, a cryptocurrency with almost empty blocks that is in the top 10 only because of bitFlyer Grin

.

But in terms of real world usage Japan continues to be one of the "lower powers": There are only 139 Japanese Bitcoin nodes. That is position #11 in the world (China is currently at #4). There was some growth from last time I checked (at the beginning of the year, Japan had about 80 nodes) but it's not near the top.

Yep, I’ve always thought of the same thing. Though I saw some articles/news contents online, claiming that Japan is the world leader in crypto currency; It really got me confused, because I thought at first it was China. By the way, I didn’t even see much drop down on the Bitcoin price after China banned ICO; so that means they don’t have a large part in the world of crypto currency.

d5000

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Decentralization Maximalist

Quote from: stompix on September 07, 2017, 06:33:56 AM

All the RL services that are supportin bitcoin are in the US and EU mainly.

Check coinmap:
https://coinmap.org/#/world/53.12040528/74.53125000/2

Overall I agree, the node list I linked above leads to the same conclusion. About 80% of the Bitcoin nodes seems to be in the EU and the US/Canada, so it's logical to think that there the majority of the Bitcoin commerce is concentred.

But Coinmap is also a bit biased, because as far as I know it has only an English interface. It looks also a bit outdated, for example, a shop appears near my house that doesn't exist anymore.

I think the Bitcoin commerce in non-Firstworld countries is still on a low level, but is growing. An interesting find: Bitpay is surprisingly highly ranked in India and Nigeria, according to Alexa.

S A KHAIR

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1xBit recovered their reputation

CHINA is one of the king of Crypto world.
They can influence Crypto market.

Qastessa

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Quote from: Fundalini on September 05, 2017, 11:53:44 AM

A large portion of miners are in china which is why they are very influential in the crypto world. And now that they have banned ICO's I'm pretty sure it would have a major effect in bitcoin's price.

indeed the price of the bitcoin can affect the value and the demand of the bitcoin if it will be legalize in china then it will be more popular and important than other currencies for sure, in china the legalization of the bitcoin was raised as an issue but now the government of the china has announced the legalization of the bitcoin and the other currencies such as Japan and new York does

Topic: Does China have a large part in the world of cryptocurrency? (Read 2011 times)