How BIG will the crypto market be if China legit cryptos? - page 2.

Mike Mayor

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Quote from: mk4 on November 08, 2019, 04:05:26 AM

Legalization of crypocurrencies in China doesn't automatically mean that everyone suddenly puts their money into cryptocurrencies, so don't get your hopes up. With that said, if they really wanted cryptocurrencies, they would already grab some through exchanges like btcc.com; because though cryptocurrencies aren't declared legal in China(as far as I know), they aren't illegal either.

Yes exactly. I really don't know what the OP is talking about. Those who want bitcoin or crypto already have. Those who do not are just not exposed to it yet or have yet to discover it's joys.
Google is banned in China and people use it. If bitcoin is banned people will still use it. Even more so. Why would you want a communist country tracing your financial info? Using bitcoin makes sense. You can't prove who is a holder of bitcoin. If you could then people could make all sorts of crazy accusations about anyone about anything. Really do they think the rest of the world will sit and do nothing while Chine punishes people for using bitcoin? Not gonna happen. No country would support such laws. May as well make slavery legal again to quite honest.

Ayiranorea

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Quote from: Wysi on November 08, 2019, 11:10:52 AM

Quote from: kaya11 on November 08, 2019, 10:42:14 AM

Quote from: mk4 on November 08, 2019, 04:05:26 AM

Legalization of crypocurrencies in China doesn't automatically mean that everyone suddenly puts their money into cryptocurrencies, so don't get your hopes up. With that said, if they really wanted cryptocurrencies, they would already grab some through exchanges like btcc.com; because though cryptocurrencies aren't declared legal in China(as far as I know), they aren't illegal either.

But it will be a massive fuel to run crypto currencies around the world on the long run. China is just great in most of everything, production machinery, name it. They have conquered most of the countries in their products. Imagine a new silk road is set up, but in a different manner, precision, transparent and less time consumption.

That's what makes us worry because where ever China has been it has conquered that domain let it be manufacturing or engineering or advanced technology etc. What if they try to do same with crypto and control the price because there is a huge difference between whales manipulating price and a country doing it. Not sure if there will be more positive effects or negative.

This is true to some level, the competence between China and USA have reached the highest level. Now China takes the lead in all sectors and as in the above quote it always tries to conquer the respective markets. The same is not possible with bitcoin, because the available bitcoin is limited. Even if the entire farming process happens within China it is impossible to hold the entire fund in government's vault. When China makes it legal with government support they'll try to manipulate, and everytime the reaction won't be the same.

boltz

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It will for sure be big enough in order to surprise all of us. If China regulates cryptocurrencies it will boost the market value to crazy number and China is only the beginning as I'm sure more countries will follow the example as they don't want to sit behind and watch how China makes a lot of money and they boost their economy. Its a battle on every fronts , including the monopolization for cryptocurrencies , now wonder why China has the massive Bitcoin farms there.

teosanru

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Quote from: 50Cal on November 08, 2019, 03:50:09 AM

Billion？ Trillion？Quadrillion？

Okay let's go with Statstics. Assuming that world's population is around 7 Billion with China having a population of 1.4 Billion as of their last census. Now as of now the market currently is worth around 230 Billion with Technology available roughly 5 Billion people. Assuming that rest .5 Billion are other countries which have banned bitcoins. Now if 1.4 Billion people are unleashed towards crypto market would grow roughly by 30% immediately merely by their entrance. Then hype would continue because China which is such a big country has legalized crypto would make people more confident regarding crypto. So what I think is that market cap could roughly double itself. Quadrillion is too much to expect.

bedo3791

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china always has secret strategies.
i am sure they will not try to push some decentral thing.
except there is some geo strategic idea behind

Mike Mayor

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It won't change anything because the holders of crypto are already holding and people certainly still do use crypto. They cannot govern such ridiculous laws it's just impossible. There will be just as many new people adopting as there ever would be. If Chine makes crypto "legit" (not sure what that means btw) that won't suddenly make the masses run to crypto open armed. They want their own crypto so let us wait and see how that unfolds first before we look too far ahead.

Wysi

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Quote from: kaya11 on November 08, 2019, 10:42:14 AM

Quote from: mk4 on November 08, 2019, 04:05:26 AM

Legalization of crypocurrencies in China doesn't automatically mean that everyone suddenly puts their money into cryptocurrencies, so don't get your hopes up. With that said, if they really wanted cryptocurrencies, they would already grab some through exchanges like btcc.com; because though cryptocurrencies aren't declared legal in China(as far as I know), they aren't illegal either.

But it will be a massive fuel to run crypto currencies around the world on the long run. China is just great in most of everything, production machinery, name it. They have conquered most of the countries in their products. Imagine a new silk road is set up, but in a different manner, precision, transparent and less time consumption.

That's what makes us worry because where ever China has been it has conquered that domain let it be manufacturing or engineering or advanced technology etc. What if they try to do same with crypto and control the price because there is a huge difference between whales manipulating price and a country doing it. Not sure if there will be more positive effects or negative.

abdobe

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Quote from: 50Cal on November 08, 2019, 03:50:09 AM

Billion？ Trillion？Quadrillion？

I think that China will focus on the national cryptocurrency, but this does not guarantee the biggest profit that you have ever seen, for the cryptocurrency market. Bitcoin is considered the main coin for the crypto market, but as you can see, China is in no hurry to support and promote this.

Billion？ Trillion？Quadrillion？No one knows Huh

kaya11

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Quote from: mk4 on November 08, 2019, 04:05:26 AM

Legalization of crypocurrencies in China doesn't automatically mean that everyone suddenly puts their money into cryptocurrencies, so don't get your hopes up. With that said, if they really wanted cryptocurrencies, they would already grab some through exchanges like btcc.com; because though cryptocurrencies aren't declared legal in China(as far as I know), they aren't illegal either.

But it will be a massive fuel to run crypto currencies around the world on the long run. China is just great in most of everything, production machinery, name it. They have conquered most of the countries in their products. Imagine a new silk road is set up, but in a different manner, precision, transparent and less time consumption.

jets567

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Quote from: Casdinyard on November 08, 2019, 06:17:31 AM

Quote from: 50Cal on November 08, 2019, 03:50:09 AM

Billion？ Trillion？Quadrillion？

Either Trillion and Quadrillion is exaggerating figure.

For me Trillion is achievable since the marketcap ATH was $828 Billion and if China pull their banned about cryptocurrency then the marketcap will drastically increased because chinese are still one of big holders of crypto's even with their current situation so what more if the government in China make it legal on the country.

imutlinda

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Quote from: White Christmas on November 08, 2019, 10:12:54 AM

Quote from: 50Cal on November 08, 2019, 03:50:09 AM

Billion？ Trillion？Quadrillion？

The country China is so big in which their population is also huge so just imagine if all of the citizen of the China legalized crypto then it would be probably a million or rather a billion impact into the current market.
Just imagine the impact when President Xi announced that he is open on the blockchain technology, just imagine the impact of this to the current market. What if they will finish the token or coin that they are making today, what would be the impact of it the global marketcap, I assure it would be really big.

but so far I have not seen real data about the amount of crypto use in China, maybe some time ago the Chinese president made good news but so far I personally do not know whether crypto is legal in China or not. so don't be quick to assume

White Christmas

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Quote from: 50Cal on November 08, 2019, 03:50:09 AM

Billion？ Trillion？Quadrillion？

The country China is so big in which their population is also huge so just imagine if all of the citizen of the China legalized crypto then it would be probably a million or rather a billion impact into the current market.
Just imagine the impact when President Xi announced that he is open on the blockchain technology, just imagine the impact of this to the current market. What if they will finish the token or coin that they are making today, what would be the impact of it the global marketcap, I assure it would be really big.

Meowth05

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China is a big country indeed, they are the most populous country in the world and that will have definitely cause a big impact in the crypto industry however, that would not be enough to hit a billion, trillion or even quadrillion amount. Participation and massive adoption of countries across the world might put it in reality. If China legalize the utilization of crypto then we could see an another bull run market.

FlightyPouch

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I don't think we should even talk about this since, despite the ban, I am sure a lot of Chinese still use crypto currency but not in the way that they will be caught since we all know bitcoin is decentralized. There is a difference when they unban it but I don't think it will still the same as now.

nett89

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For sure it will change worlds finances and maybe whole economy, especially when we add to it Libra launch

Gotumoot

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Quote from: 50Cal on November 08, 2019, 03:50:09 AM

Billion？ Trillion？Quadrillion？

We can't count it on a million or trillion it depends on the person who has interest in crypto. Note that crypto curenncy has not yet been fully adopted worldwide so we will not immediately know how much of an impact it will have on altcoin prices especially on bitcoin.

alexforneus

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China will never legalize crypto in general. This will break thier censorship

Zeke_23

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Quote from: gabmen on November 08, 2019, 07:33:26 AM

Quote from: mk4 on November 08, 2019, 04:05:26 AM

Legalization of crypocurrencies in China doesn't automatically mean that everyone suddenly puts their money into cryptocurrencies, so don't get your hopes up. With that said, if they really wanted cryptocurrencies, they would already grab some through exchanges like btcc.com; because though cryptocurrencies aren't declared legal in China(as far as I know), they aren't illegal either.

The chinese government did ban a couple of crypto features back then like mining and some exchanges. Though i think they're softening up a little now and it would be really good news if china entirely opens up to crypto. I think there would be a considerable flow of chinese yuan in the market that could spike the prices of btc and major coins up. Though it's not likely going to start up a run that many are hoping for.

Yes and we saw how they affect the crypto market when they prohibit the use of crypto features in their country back then. Their influence might pick the interest of some popular countries if they started the first move. What if the opposite will happen, I mean if they fully legalize it, I can't imagine the possible thing to happen but it is full of positivity and might trigger the prices of crypto in the market.

gabmen

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Quote from: mk4 on November 08, 2019, 04:05:26 AM

Legalization of crypocurrencies in China doesn't automatically mean that everyone suddenly puts their money into cryptocurrencies, so don't get your hopes up. With that said, if they really wanted cryptocurrencies, they would already grab some through exchanges like btcc.com; because though cryptocurrencies aren't declared legal in China(as far as I know), they aren't illegal either.

The chinese government did ban a couple of crypto features back then like mining and some exchanges. Though i think they're softening up a little now and it would be really good news if china entirely opens up to crypto. I think there would be a considerable flow of chinese yuan in the market that could spike the prices of btc and major coins up. Though it's not likely going to start up a run that many are hoping for.

ethereumhunter

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It needs time before we can see a massive exploding which will happen in crypto if China legalizes cryptocurrency. We cannot expect a cryptocurrency to become thousand, million, or even billion dollars in just a week, month, or year. But we need to wait and see, but that will have a significant impact on cryptocurrency, especially if there is not only China that will legalize crypto, but the other big countries follow what China does.

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