Does China have a large part in the world of cryptocurrency? - page 5.

DylanJones

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Quote from: BrewMaster on September 05, 2017, 10:47:33 AM

but the size of China and its effect is greatly exaggerated in bitcoin. and it is simply because those who did it want to control the market and sway it in their own direction. which is why price going down is always because of FUD and panic sells. nothing else.

Curious why you think it's exaggerated? Data from incoming ICO traffic and funnel participation have them as a top participant in most of the sales I've heard of. Will be interesting to see if these trades drop off with the announcement.

khaled0111

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Chinease government have huge impact on BTC value since there are many miners there, and as we all know, china is one of the biggest financial monopoles and most of hardwares used to mine are built there. Furthermore, I believe most BTC tradors are from China.
So, any act the Chinease government takes regarding Bitcoin, will immediately influence it's price. But, the real question here is if that impact will be permanent or we will see prices rise again because what we see know is very bad.

BrewMaster

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China has a big market and we can not deny the effect they have on everything crypto related. Chinese are also known for being big traders of everything. they are good at it too.
but the size of China and its effect is greatly exaggerated in bitcoin. and it is simply because those who did it want to control the market and sway it in their own direction. which is why price going down is always because of FUD and panic sells. nothing else.

Rising Suns

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The gross domestic product (GDP) of China is $11 trillion USD. It represents almost 15% of the world's economy. US GDP is $18 trillion USD. So, yes, anything that the Chinese government does/says in regards to cryptocurrency will make a difference.

The world’s 10 biggest economies in 2017 https://www.weforum.org/agenda/2017/03/worlds-biggest-economies-in-2017/

Fatunad

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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.

Thats how it works and you are definitely right on what you have said here on which strong hands will surely remain and buy all those golds which are scattered on the street being sold off buy those weak hands.I do remember on those PBOC event which it did really affect the price but in return we do reach a new ATH which we can really presumed as of now that it would happen again. China is really a big player on cryptoworld.

Gotottack

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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?

Apparently they do, because it caused a lot of fear all over the world when they did it. It is not because they have so much investors in their country but more off that they can influence others because of what they did. Next thing we know, globally all ICOs are already banned because every government followed china's steps.

alboss

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They don't want people to be independent of the current slave system.. tax money is too good for their rich friends...
Oh yea and it's a direct competitor with that new gold backed oil securities China is bringing out.. just rig ICOs out of existence.. this is more strategic than I first thought...

gentlemand

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It plays a large part in certain aspects such as mining. As far as I know it's never contributed to one line of Bitcoin's development.

As for trading, when it had zero fee exchanges people believed that 98% of trading volume happened there. In reality it was few bots throwing the same coins at each other thousands of times a second. When the exchanges were shut down and reopened with fees then we got a realistic impression.

It's significant but not the be all and end all.

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

HAARP

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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.

pereira4

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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 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.

nightwishx

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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?

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