Is it better that China just gets out of Bitcoin? - page 2.

Mr. Thang

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Quote from: russelluk on September 09, 2017, 01:35:52 AM

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community.

In my opinion, no. China has become one of the biggest influencers in terms of bitcoin prices due to having the largest trading bitcoin platforms. There are a lot of investors and individuals who invest in that country that totally affects the price. If in the event that China was completely to be diminished from bitcoin, then the general prices would result to a negative impact within 1~3 months depending on scale of damage. That is why, the mere banning of ICOs resulted to a dramatically decrease on the price of bitcoins.

JasonXG

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Leave China to destroy their own country on their own. Its their own demise. Let us focus on btc growth in European and America.

Quote from: South Park on September 19, 2017, 05:58:34 PM

Quote from: Harrisonimo on September 15, 2017, 02:10:48 PM

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.

South Park

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Quote from: Harrisonimo on September 15, 2017, 02:10:48 PM

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.

civilufo

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I see one funny issue about China banning exchanger. Two large exchangers announce that they will quit by 30 sep, but both of them also put a notice that their pools will continue operation. So, how should Chinese miner convert their coin to fiat? If noway to do so, why should they mine? Or the exchanger turns to underground, just my guess..

rjbtc2017

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Quote from: russelluk on September 09, 2017, 01:35:52 AM

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community.

Some news that have been circulated for the past weeks doesn't neither confirmed nor assured that it was factual and real.
For me, it is correct that china's ico ban has a lot of influence in bitcoins and specially to altcoins but i don't think china will just shutdown bitcoin exchanges when they havethe largest mining equipment. they are earning bitcoin why do they need to shutdown bitcoin exchanges' activities.
As of now, we can see thqt bitcoin's price is going upward rally/upward trend which means the ico ban just made some people freak out that's why dome of them cashed out which makes bitcoin price fall dow.
I cannot see. Bitcoin's price falling down because of china
It will still depend to other countries if they will do the same.

gabbie2010

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China leaving cryptocurrencies world the better, whether China leaves or not bitcoin has come to stay there decision can only have minimal effect on the price of bitcoin thereafter bitcoin will bounce back, sometimes a go China banned Facebook and other sites does that really affects Facebook? No let forget about China banning exchanges and I am very optimistic more countries will adopt bitcoin.

Sithara007

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Quote from: Nyenyepogi on September 16, 2017, 12:03:36 AM

Quote from: fetishboang on September 09, 2017, 01:57:18 AM

its better if china gets out of bitcoin because their government is so unstable and very corrupt they can do whatever they want..people in china cant even criticize their government cause the official will put them in jail.

Yup i agree with you we dont need china bevuasw many country allow to use this so if china ban bitcoin i think they will regret becuase bitcoin can stand by its own feet maybe a month of decreasing value if china ban bitcoin but bitcoin will rise again.

First we need to see whether China is actually banning Bitcoin or not. Right now, the indications are that they are only banning the ICOs and the CNY-BTC trade. As far as I know, the exchanges are allowed to trade in BTC-ETH and BTC-BCH. This is clear from the statements made today by the two major exchanges in China, OK Coin and Huobi.

Mysterious01

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Quote from: russelluk on September 09, 2017, 01:35:52 AM

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community.

China is the biggest country and the biggest contributor of crypto currency.
But if China didn't support already the said bitcoin then its better for them to step aside as bitcoin can stand already without them.

Nyenyepogi

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Quote from: fetishboang on September 09, 2017, 01:57:18 AM

its better if china gets out of bitcoin because their government is so unstable and very corrupt they can do whatever they want..people in china cant even criticize their government cause the official will put them in jail.

Yup i agree with you we dont need china bevuasw many country allow to use this so if china ban bitcoin i think they will regret becuase bitcoin can stand by its own feet maybe a month of decreasing value if china ban bitcoin but bitcoin will rise again.

Haesoo

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Quote from: zakalwe on September 14, 2017, 11:57:29 AM

On the long run we will need China. China represents 18% of population and their economic power is growing so it would be a pitty if they don't take part in crypto. They have a lot of money to invest.
However, China has caused some big problems and crashed bitcoin price several times so at this moment, it might be better if they step out of the game and come back when their government decides whether they will ban crypto all together or they will allow it and stop interfering.

Yes it's true that China somehow help the crypto market but if China will get out of the picture maybe over time crypto market will survive even without them.
We still have the Western countries and Asia. Yes China has a big mining industry but Chinese people are selfish enough to ban and create their own exchange without thinking what will be the effect in the market.

olushakes

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It will be all good ifor everybody to know their stand on bitcoin as it will open opportunity for other countries who can see opportunities and a fertile ground in bitcoin to even develop their own and be referenced in the hisotry of things and even that is the point of decentralization.

How would just one country will be dominating in the areas of mining at the same time exchange sites?

Dilladupak

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Ya a lot of bitcoin is mined out of China.
that's the temperature of things that make people afraid of the bitcoin Exchange volume of China is very small .most of the increase occurs after China Exchanges to stop trading at no cost And lots of false volume And they stop at that the last increase has greater .this shows me that it is not over yet despite all the panic of the moment

Coin-Keeper

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I don't think China is going anywhere with the big mining "rigs" running around the clock. Too much money. I feel the Gov there is do the "smoke and mirrors thing" but in the end they will continue to be a player. Sometimes I feel like many others on this thread. I am tired of reading and hearing about China and BTC. As a safety measure the more major players in the mining game the better off for all of us.

dragonusa9

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its a good thing that china get out of bitcoin, but the impact of price we're feeling now isnt really good IMO.
im fed up when china have the largest control of market and set the market free now, hoping that other country will join and make the price rising again.

ophyrim

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Quote from: Maheshkumar_Hrangkhawl on September 14, 2017, 11:03:57 AM

Quote from: gentlemand on September 14, 2017, 05:17:30 AM

Quote from: Juggy777 on September 14, 2017, 03:56:37 AM

I am having mixed opinions on this at one point I do wish China gets over Bitcoin and we all have peace, no more after effectes, no need to worry about the dragon burning fire on bitcoins, but then again a counter view is that China is a huge Market and we just can't let this go off suddenly, there will be heavy casualties if this happens, the electricity rates, the mining industry we don't have any other country to step up and till then we sadly need Chinese help.

If Chinese mining stopped tomorrow we'd have a period when BTC was painfully slow and then the difficulty would readjust to allow non Chinese miners to take up the slack. There are plenty out there. Bitfury had over 20% of the hash rate at one point and they're nowhere near China.

If the Chinese miners are taken out, then the hash rate can drop by a large amount, and for the remaining miners it will be a very profitable business. But I don't think that the Chinese government is that stupid to close down the mining farms. It can end the Chinese dominance in the mining sector.

I agree they want to control, they don't want to stay away. I am sure they don't want to give the control (dominance) to another country. They know the value of bitcoin, other cryptocurrencies and their importance in the future.

marados

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Well, to end this agony once for all, I think the best possible scenario would be that China gets out of it, because on volatile market like this now, anything is possible and there are no rules, and i don't really like that. Best thing possible would be if Bitcoin could just ban China and thats it, and not the other way around Tongue

Sasuke102001

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In the recent days, whatever happened in CHina greatly affected Bitcoin prices greatly I frankly didn't expect that Bitcoin would have been affected this much by China. I guess the Chinese government took this measure to have complete control over the economy of their nation but that affected us as well.
China is totally getting out from Bitcoin that is what I had read from some articles. After one of the Chinas biggest exchanges said they would be shut down their operations bitcoin started dropping again some 3 hours ago the prices had dropped to 3000 dollars. Now I am thinking that China getting out of Bitcoin wasn't that good.

Harrisonimo

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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.

South Park

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Quote from: Maheshkumar_Hrangkhawl on September 14, 2017, 11:03:57 AM

Quote from: gentlemand on September 14, 2017, 05:17:30 AM

Quote from: Juggy777 on September 14, 2017, 03:56:37 AM

I am having mixed opinions on this at one point I do wish China gets over Bitcoin and we all have peace, no more after effectes, no need to worry about the dragon burning fire on bitcoins, but then again a counter view is that China is a huge Market and we just can't let this go off suddenly, there will be heavy casualties if this happens, the electricity rates, the mining industry we don't have any other country to step up and till then we sadly need Chinese help.

If Chinese mining stopped tomorrow we'd have a period when BTC was painfully slow and then the difficulty would readjust to allow non Chinese miners to take up the slack. There are plenty out there. Bitfury had over 20% of the hash rate at one point and they're nowhere near China.

If the Chinese miners are taken out, then the hash rate can drop by a large amount, and for the remaining miners it will be a very profitable business. But I don't think that the Chinese government is that stupid to close down the mining farms. It can end the Chinese dominance in the mining sector.

Bitcoin is a big business and I will not be surprised if politicians were involved in it, so bitcoin mining is going to continue, what we do not know is if the average people are going to be allowed to keep trading their bitcoin, that could damage the market but bitcoin will recover from such a thing.

Cindy1983

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Quote from: Maheshkumar_Hrangkhawl on September 14, 2017, 11:03:57 AM

Quote from: gentlemand on September 14, 2017, 05:17:30 AM

Quote from: Juggy777 on September 14, 2017, 03:56:37 AM

I am having mixed opinions on this at one point I do wish China gets over Bitcoin and we all have peace, no more after effectes, no need to worry about the dragon burning fire on bitcoins, but then again a counter view is that China is a huge Market and we just can't let this go off suddenly, there will be heavy casualties if this happens, the electricity rates, the mining industry we don't have any other country to step up and till then we sadly need Chinese help.

If Chinese mining stopped tomorrow we'd have a period when BTC was painfully slow and then the difficulty would readjust to allow non Chinese miners to take up the slack. There are plenty out there. Bitfury had over 20% of the hash rate at one point and they're nowhere near China.

If the Chinese miners are taken out, then the hash rate can drop by a large amount, and for the remaining miners it will be a very profitable business. But I don't think that the Chinese government is that stupid to close down the mining farms. It can end the Chinese dominance in the mining sector.

Yep, it's true, China government can earn a lot of money everymonth from Bitcoin mining factories so I think they will not totally ban all cryptocurrencies in the world cause it'll make they lose a huge amount of tax every year. I think they just ban some ICO project cause there are too many ICO projects out there and some of them are scam so they just want to protect investors in their country.

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