Topic: Is it better that China just gets out of Bitcoin? (Read 3019 times)
How we saw China caused a big crypto collapse. But bitcoin still growing and will grow, so it means its not a big loss. Maybe in the future China will be back with their investors. While China thinking others countries make investments and making bitcoin more stable.
My own opinion about china trying to get out of bitcoin which previously had a huge effect on the bitcoin market is that since china is still not too familiar in using cryptocurrencies and like any other nations who don’t have control over it yet china will just try to take control by using force and forbidding in using bitcoin before they are able to have it under control. China will not kick out bitcoin, what I can see is that they are just preparing to have some system and rules ready before they will announce their support to it.
Bitcoin took off in 2013 due to China and crashed but in 2016, it took off due to its legalization in Japan. Last spring, Chinese exchange sites got suspended but Bitcoin took off any way because of the rest of world, esp Japan. Rules that was used to apply in the past doesn't always apply in present. The rapid bitcoin price increase from China is not healthy. It doesn't let bitcoin grow organically. It drives prices too rapidly and then crash hard when it goes down. This makes bitcoin look really bad. It makes bitcoin look gambling instead of real currency. This doesn't help bitcoin's wider adoption. It is True that in the beginning, bitcoin might need China to be noticed but bitcoin already passed that stage.
My own opinion about china trying to get out of bitcoin which previously had a huge effect on the bitcoin market is that since china is still not too familiar in using cryptocurrencies and like any other nations who don’t have control over it yet china will just try to take control by using force and forbidding in using bitcoin before they are able to have it under control. China will not kick out bitcoin, what I can see is that they are just preparing to have some system and rules ready before they will announce their support to it.
It's neither good nor bad as long as any country itself decides to get out of bitcoin, by doing so they are only depriving themselves of the most powerful and innovative technology and of something which is going to get stronger and more useful and more popular in the future. China's decision, though not confirmed yet that are going to completely get out of bitcoin, is their own and it's going to be their own loss not anybody else's. I personally think that if almost all the countries become bitcoin friendly and recognize it then it's going to do more good to bitcoin than harm.
Bitcoin can be a big help to the citizens of any country since it brings freedom but for governments bitcoin is nothing but trouble, they can track it but it is a pain, they cannot completely regulate it because they do not have control over it, people can avoid taxes with it and all other things that can be done in bitcoin thanks to its decentralized nature.And this might be only a tip of the iceberg
Cryptocurrencies themselves are likely only the first step (and not necessarily a very successful one in the long run). It is more about the blockchain technology itself that governments should be afraid of. This is not to say that they shouldn't be afraid of Bitcoin and other cryptocurrencies, but the blockchain could turn out even more dangerous to their power monopoly and hegemony. After all, the blockchain allows people to express their votes directly in a decentralized fashion in a trustless environment, i.e. without some central authority controlling the people's choices and doctoring their votes as it sees appropriate
It's neither good nor bad as long as any country itself decides to get out of bitcoin, by doing so they are only depriving themselves of the most powerful and innovative technology and of something which is going to get stronger and more useful and more popular in the future. China's decision, though not confirmed yet that are going to completely get out of bitcoin, is their own and it's going to be their own loss not anybody else's. I personally think that if almost all the countries become bitcoin friendly and recognize it then it's going to do more good to bitcoin than harm.
Bitcoin can be a big help to the citizens of any country since it brings freedom but for governments bitcoin is nothing but trouble, they can track it but it is a pain, they cannot completely regulate it because they do not have control over it, people can avoid taxes with it and all other things that can be done in bitcoin thanks to its decentralized nature.
Yes, it is better right now for bitcoin to get china out from the market because the manipulation will not occur frequently because if you know, chinese people are one of the pioneers of bitcoin and they have a lot of bitcoin in their country and most of the hashing power are coming from china so if the chinese are out then no more huge manipulations for bitcoin.
China doesnt leave the crypto, only the normal citizens. Everything looks planned. They make threats to BTC so normal people would sell their BTC. Now the Chinese whales bought everything their citizens dropped.
Leave China to destroy their own country on their own. Its their own demise. Let us focus on btc growth in European and America.
Its the same as believing that all Chinese people are good at maths and are all kung-Fu masters.
I do not know what is the point to this post, I did not referred a single time to the Chinese people I was talking about the Chinese government and their policies regarding bitcoin and other altcoins and in that way China moves as an unified force, every Chinese investor is going to move their funds thinking in what is best for them. A lot still have the mentality that China calls the shots when it comes to bitcoins. This we see has an effect on the painic withdrawals especially in my region. When a full and comprehensive report is being given to show that Bitcoin has grown beyond the dictates of China then people will have a stable mindset as regards any report coming China itself. Till then, we will still have them as a market price influencer of the bitcoin.
China is big when it comes to bitcoin, it is probably the most influential country when it comes to bitcoin so it is natural that when China decides to change its policies that panic like the one we saw a few days ago happen, but the most important thing is to always remain calm since most of the time the effects are temporal.Its the same as believing that all Chinese people are good at maths and are all kung-Fu masters.
I think this will help become bitcoin more independent.
Leave China to destroy their own country on their own. Its their own demise. Let us focus on btc growth in European and America.
Second on this.
We need to focus that US and Europe be first in price change will that be good or bad. I mean so far in most cases they control price change as they like now think that is about time for Europe and US to take some major steps in this and take control once
That leaves a lot of room for further escalation
If the Chinese authorities follow through their threats and do ban Bitcoin in serious, other countries may follow their lead. As much as I want myself China to be taken out of the picture (preferably for good), it may not end up with China alone but cause a domino effect which would likely have devastating consequences for crypto markets in the long run. Maybe, China is not acting on their own now, and a few major governments have already agreed on banning Bitcoin worldwide in the end (tinfoil hat off)
It's neither good nor bad as long as any country itself decides to get out of bitcoin, by doing so they are only depriving themselves of the most powerful and innovative technology and of something which is going to get stronger and more useful and more popular in the future. China's decision, though not confirmed yet that are going to completely get out of bitcoin, is their own and it's going to be their own loss not anybody else's. I personally think that if almost all the countries become bitcoin friendly and recognize it then it's going to do more good to bitcoin than harm.
actually its not good, you can see it yourself that china has a big effect on cryptocurrency market. but since bitcoin become more popular than before it can bring back its demand even if china will hand off all their bitcoin holdings.
There are a lot of people working with bitcoin in China.
I would not want that they lose access to the bitcoin market. After all we are one bitcoin community!
The problem are not the people, it's that the government there wants to controle everything.
If China would get completely out of bitcoin, their government would get what it wants, and the people there had to suffer the most.
From a moral point of view that would be wrong in my eyes.
I would not want that they lose access to the bitcoin market. After all we are one bitcoin community!
The problem are not the people, it's that the government there wants to controle everything.
If China would get completely out of bitcoin, their government would get what it wants, and the people there had to suffer the most.
From a moral point of view that would be wrong in my eyes.
Though that is very sad, China caused a great fluctuation in the price of bitcoin which made many people panic and sell their coins. This would not happen if their government supports bitcoin. If China would get out of this industry, though the price of bitcoin would fall again, bitcoin will have a more stable price.
I think it's better if china decides to ban bitcoin. Because in my opinion as long as china still believe that they're "the king", we always wait some news from them to decide bitcoin price. It's like bitcoin has no difference with fiat currency. So i would really love if they go.
Leave China to destroy their own country on their own. Its their own demise. Let us focus on btc growth in European and America.
Second on this.
We need to focus that US and Europe be first in price change will that be good or bad. I mean so far in most cases they control price change as they like now think that is about time for Europe and US to take some major steps in this and take control once.
I have half opinion about this. Well ofcourse I want chinese to be not involved in bitcoin because they are always trying to make bitcoin to crush to make a cheaper one for themselves. But on otherway around, china has the largest share of hashpower rate that contributes to development of bitcoin.
It's bad that the China gets out of bitcoin. About 20% of btc user in China people. I think as more use btc as more valuables in the cryptocurrency.
Bitcoin is good..
I think so! Let this country make its own so that they will totally leave bitcoin alone. Bitcoin will for sure be better off with other countries other than china. China tends to be doing some tweaking efforts to the price of bitcoin for their own reasons.
Jump to: