East Asia:Pro Traders and Stablecoins Drive World’s Biggest Crypto Market

bearexin

full member

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Quote from: CucakRowo on August 23, 2020, 04:52:28 AM

Quote from: bearexin on August 22, 2020, 01:48:14 PM

I think that this "money flight from china" makes super sense, right now China is a dictatorship and a bad one that kills their own people for even saying anything negative, so a really really scary and horrible place to be.
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Pfffttt.. Have you ever traveling to china? And try to stay there for (let say) a week? Trust me. You will not get killed at there. You too much consuming "garbage" news. Remember this quote "Don't trust, verify".

The people who are getting killed are not the tourists for crying out loud, why would they kill a tourist, if I go there they wouldn't kill me, there is literally zero reason for that. But you could simply check the "garbage news" about what they are doing in Hong Kong for example, you really think ALL OF THEM are fake? Like china is doing zero things in Hong Kong, they are totally out of there? Or maybe how about Muslims in their nation? Uyghur Turks? That is all a lie right?

And the statistical fact that can be proven about how they are the biggest organ sellers (totally legal, when someone dies they can sell their stuff to leave money for the money, that is not the bad part, that is actually sweet) to the world? All those organs came from naturally dead people since they have a big population and India just... hates organ donation I suppose? These are not "garbage news" stuff, these are literally facts you can see with proof.

hugeblack

legendary

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Buy/Sell crypto at BestChange

Some of the most important things that can be noticed are that the new amendments that have taken place in the laws of Hong Kong, which will lead to the flight of a lot of capital to East Asia.
Other than that, I do not expect that there are many things that will make the money flee from China or Asia. The markets are in a state of extreme volatility and it is not possible to rely on recent data because we are in the midst of many exceptional events.
As for the sale of money that comes from mining, I do not think so, most of the mining does not come from China and there are many participants in it.

CucakRowo

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aka JAGEND.

Quote from: bearexin on August 22, 2020, 01:48:14 PM

I think that this "money flight from china" makes super sense, right now China is a dictatorship and a bad one that kills their own people for even saying anything negative, so a really really scary and horrible place to be.
-

Pfffttt.. Have you ever traveling to china? And try to stay there for (let say) a week? Trust me. You will not get killed at there. You too much consuming "garbage" news. Remember this quote "Don't trust, verify".

Back to OP thread. I just don't know. why some people in parts of Europe and US still cynical about the capital strength of traders from Asia. And don't forget, Asia is not only China. There are still many countries in Asia where their traders have large capital. Such example: Japan, Indonesia, India, Singapore.

Baofeng

legendary

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I don't know if the figure is right, but $50 billion going out of China is very huge amount. It could be capital flight, as we all know that wealthy Chinese are not safe from the government itself and that's why there is a crackdown on crypto since 2017. And then we have the trade war with US, the political tension with Hong Kong. So it makes sense and perhaps this is why Tether is also having a huge trade. But then again, the data comes from Chainalysis, so we need to take everything with a grain of salt.

bearexin

full member

Activity: 1162

Merit: 168

I think that this "money flight from china" makes super sense, right now China is a dictatorship and a bad one that kills their own people for even saying anything negative, so a really really scary and horrible place to be.

But, if you are Chinese and you make money and you have a chance to take out money with bitcoin to some other nation, you would basically have a chance that you could have a capital in some other nation and all there is left is get out of China somehow (which they do travel and allowed) and just call for a refugee in any nation you can and just use the bitcoins you saved to live for a while, or forever if you can depending on financial situation.

Crypto is against centralized controlling and that is why I believe it will be even more of a banning reason for china.

cryptomaniac_xxx

hero member

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Merit: 540

Not surprising, specially coming from China itself:

Quote

East Asia is the world’s largest cryptocurrency market, accounting for 31% of all cryptocurrency transacted in the last 12 months. East Asia-based addresses have received $107 billion worth of cryptocurrency in the last 12 months, which is 77% more than Western Europe, the second-highest receiving region. Much of this can be attributed to the region’s stranglehold on mining activity. China alone controls 65% of Bitcoin’s global hashrate — the measurement of how much computing power goes toward mining Bitcoin — which means that the majority of all newly-mined Bitcoin starts out at Asia-based addresses, giving the market a massive liquidity boost.

Despite having the highest proportion of domestic activity, East Asia still sends more cryptocurrency to foreign addresses than any other region. Over $50 billion traveled from East Asia addresses to addresses in other regions, compared to just over $38 billion for Western Europe, the region next in terms of value sent out of region. Some of this is undoubtedly related to East Asia’s mining dominance — it makes sense that a significant share of the newly mined cryptocurrency coming from East Asia would go to North America and Western Europe, as these are the next-largest cryptocurrency markets. However, we believe that at least some of this activity represents capital flight from China.

https://blog.chainalysis.com/reports/east-asia-cryptocurrency-market-2020

As I have said, I'm not surprise since

1. China still have the biggest facility of bitcoin miners
2. There are a lot of (professional) traders in East Asian region
3. Wealthy Chinese are using bitcoin and other crypto as a leverage in this pandemic

But it could be 'capital flight' though, and this is the subject that I want members to discuss specially those more knowledgeable in the subject. Yes, the Chinese government as clamping down on it, but crypto are becoming as one of the best assets to somewhat circumvent it.

What are your thoughts?

Topic: East Asia:Pro Traders and Stablecoins Drive World’s Biggest Crypto Market (Read 96 times)