Op-ed: Impossible to de-Chinalize Bitcoin

Kevin77

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Quote from: bitbunnny on February 20, 2017, 05:02:57 AM

Chinese have entered the game on time and now they are playing very important role. They figured out all advantages, want to have as much profit and influence they can and I'm not sure there is any mechanism that would take away Chinese from Bitcoin. In the upcoming months and years we could witness the fight for dominant position in Bitcoin market.

Chinese have always been controlling the bitcoin in a way, since they have a really big share of the mining power of the bitcoin since electricity is cheap that makes perfect sense, it is true that they don’t really control it but they control the price even if it is decentralized, and the only way that is going to change if bitcoin mining starts becoming easier to do so requires less electricity and less set up costs, I believe that never will happen.

Quote from: farwellbit on February 23, 2017, 01:18:02 PM

Trend will change either for their own regulations or due to higher prices so more miners from rest of world.

But bitcoin mining works in different way. Higher prices will get compensated by new increased mining difficulty. So, I am not seeing any big competition from rest of world any time soon.

farwellbit

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Quote from: hl5460 on February 16, 2017, 03:27:11 AM

It’s impossible to de-Chinalize Bitcoin.

I do not think so. When mining power from other countries outnumber China's, it will obviously come into effect. De-Chinalize will be possible as we cannot be sure that China will always lead the mining race with more shares. Trend will change either for their own regulations or due to higher prices so more miners from rest of world.

pereira4

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Bitcoin has alread been de-Chinalized, look at the OkCoin price difference with all the other exchanges, they are already lagging behind with up to 50 dollar difference in the price, its clear that china is no longer a driving force in bitcoin, their time is over. The PBOC attacks are not effective anymore, we are going up and nobody can stop this. 21 BTC holders will be rich in 10 years, it's pure physics.

lionheart78

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Who says it's impossible to de-Chinalize Bitcoin, in theory there are few ways to do it, but the consequences is too much.
If we want chinise miners to stop dominate bitcoin mining, we could remove PoW from bitcoin and change it with something else (More Info)
If we don't want chinise exchanges dominate bitcoin trading volume/activity, we could encourage people to use local exchange, use better exchanges or share FUD about chinise exchanges if you really hate them.

It is impossible because of the nature of Bitcoin. Same thing with the difficulty on regulating Bitcoin. Your Idea is only an idea but the actualization of it is kinda hard. Even if all the population remove their hashes away from chinese pool, this Chinese will still point thier miner to their own pool. Even a single Chinese mining can automatically make de-Chinalize a failure. This is the beauty of decentralization.

Kprawn

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Well the PBoC or Chinese government has just given the rest of the world a opportunity to take back Bitcoin dominance from the Chinese. That

was what many people wanted... right? The Japanese are already seeing the potential of Bitcoin and they are running with it. The Chinese

government wants to protect their local currency and this will be their downfall. Let the PBoC continue what they are doing now, and let other

countries seize the opportunity to take the dominance they had in this technology. Grin

sportis

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Quote from: Senor.Bla on February 16, 2017, 03:41:36 AM

I agree with supergenics. People try to fit Bitcoin is terms they can deal with. I fact i think people in general will find problems. If you look hard enough you will always find some kind of X-lization, just so you can demand it sw-x-lization. Whether it is a country or a region with to much hashpower or one entity (like a mining pool) spread over the whole world with to much hashpower. Only if you are the one with the hashpower you seem to have no problem. To a certain extent these awareness is good and healthy, but do not overdue it.

The way I see it the author wants only to say that even though the continuous and aggressive efforts of the Chinese government and bank (PBOC) to deter their citizen to invest and trade with bitcoin in the substance will not accomplish anything like as with the Russia when banned the bitcoin transactions with Localbitcoins in 2014. Therefore, with this way he expresses his rage and anger towards the local authorities.

Lionidas

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Quote from: bitbunnny on February 20, 2017, 05:02:57 AM

Chinese have entered the game on time and now they are playing very important role. They figured out all advantages, want to have as much profit and influence they can and I'm not sure there is any mechanism that would take away Chinese from Bitcoin. In the upcoming months and years we could witness the fight for dominant position in Bitcoin market.

I believe that fight and the war eventually will be won by Japan.
Their exchanges for bitcoin have the highest market cap as we speak.
No other chinese exchanges can say this being embroiled with their own behind the iron curtain inner war with the pobc.

yellow1

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China will be here to stay because of bitcoin mining. They have invested a lot of time and money and manpower in their mining. And I think they a lot of Chinese everyday are getting in the mining business. We all know that other countries are also into bitcoin mining, but China has already had the upper hand and will not easily give up the position as the top bitcoin mining country right now. If you can't beat them, join them.

bitbunnny

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Chinese have entered the game on time and now they are playing very important role. They figured out all advantages, want to have as much profit and influence they can and I'm not sure there is any mechanism that would take away Chinese from Bitcoin. In the upcoming months and years we could witness the fight for dominant position in Bitcoin market.

jacafbiz

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China will still play a significant role in Bitcoin market, remember also that they dominate the Bitcoin mining business but there influence is going to reduce significantly as time pass because I expect Bitcoin to gain inward road into some new market like it did last year in India.

Sniper44

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Quote from: Amph on February 20, 2017, 02:28:06 AM

Quote from: hl5460 on February 16, 2017, 05:18:52 AM

Quote from: thepo1m on February 16, 2017, 04:03:38 AM

Yes, it is possible to De-Chinalize them from the strong influence they have in Bitcoin market, thanks to Japanese exchanges the trade volume seems to be coming back, Japan exchage gave Bitcoin chance when no one was willing to try and I can see them taking their strong positions back.

Japanese exchanges are taking 0 fees.

is this chinese exchange all over again? what i think is that it's not the fee that determinate the volume, chinese exxchange had fake volume and not real volume because they were running their exchange with zero fee

traders don't even care about fee too much, they are all very minimum, volume is higher in japan for another reason, hype/better adoption etc...

you are mistaken, fees are very effective in how you can make profit when you are trading short term (day-trading).

lets say you buy at 7000 CNY with 0 fee. you can sell at 7001 to make profit and the higher the price, the more profit you make.

but lets say you buy at 7000 CNY with 0.2% fee you have to sell at 7035.16 at least to make your initial investment back and then your profit starts.

and that is a huge difference already because fluctuating from 7000 to 7001 happens more times than 7000 to 7036

Amph

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Quote from: hl5460 on February 16, 2017, 05:18:52 AM

Quote from: thepo1m on February 16, 2017, 04:03:38 AM

Yes, it is possible to De-Chinalize them from the strong influence they have in Bitcoin market, thanks to Japanese exchanges the trade volume seems to be coming back, Japan exchage gave Bitcoin chance when no one was willing to try and I can see them taking their strong positions back.

Japanese exchanges are taking 0 fees.

is this chinese exchange all over again? what i think is that it's not the fee that determinate the volume, chinese exxchange had fake volume and not real volume because they were running their exchange with zero fee

traders don't even care about fee too much, they are all very minimum, volume is higher in japan for another reason, hype/better adoption etc...

hl5460

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Quote from: odolvlobo on February 20, 2017, 01:30:55 AM

The Chinese government cannot regulate Bitcoin. The most it can do is regulate or restrict the use of Bitcoin by its people. Its actions do not affect anyone else in the world.

Yes, Chinese merchants are not allowed to accept bitcoin. But sometimes regulation is contagious.

odolvlobo

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The Chinese government cannot regulate Bitcoin. The most it can do is regulate or restrict the use of Bitcoin by its people. Its actions do not affect anyone else in the world.

poloniexwhale

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Bitcoin is a global payment system, I can't get the idea of chinalize bitcoin, it is impossible, how can they localize bitcoin? Just more regulations doesn't mean chinalize bitcoin.

hl5460

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Quote from: RoommateAgreement on February 19, 2017, 11:11:33 PM

actually it seems like it was perfectly possible to do that. China did de-Chinalize themselves. we no longer can see the same volume coming from China and then with the latest restrictions the volume on exchanges went to practically zero and everyone is not OTC trading.

i hope at least one good thing comes out of this when we stop seeing so many China FUD.

I see OTC trading volume is nearly 2000btc a day.

RoommateAgreement

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Bazinga!

actually it seems like it was perfectly possible to do that. China did de-Chinalize themselves. we no longer can see the same volume coming from China and then with the latest restrictions the volume on exchanges went to practically zero and everyone is not OTC trading.

i hope at least one good thing comes out of this when we stop seeing so many China FUD.

hl5460

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Quote from: Xester on February 16, 2017, 05:27:01 AM

Quote from: hl5460 on February 16, 2017, 03:27:11 AM

PBOC has been strengthening the supervision to domestic Bitcoin enterprises. Companies related to bitcoin trading are paranoid and introduce a variety of restrictions on transactions. Harsher one prohibit Bitcoin withdrawal while easier company impose other policies to increase trade friction. On the other hand, PBOC still reserve abundant cards to play in terms of regulating Bitcoin.
It’s under such a background that topic of “de-Chinalize Bitcoin” is getting popular in the industry. My suggestion is to abandon the idea completely. It’s impossible to de-Chinalize Bitcoin.

http://news.8btc.com/op-ed-impossible-to-de-chinalize-bitcoin

The main issue on China was not on getting all bitcoins out of China but the creation of fake volumes and market manipulation of Chinese exchangers. But sooner or later China will also sell their bitcoins to get profit and in time the number of volume of bitcoins in their hands will diminish and will be distributed worldwide.

Not really, OTC trade price is still higher and coins are coming in.

Arcteryx

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I would say yeah lets get this train turned right around and send it straight Japan's way! Grin

I had a theory and I think it will pay out dividends if it does come to fruition:
https://bitcointalksearch.org/topic/bitflyer-the-worlds-largest-bitcoin-exchange-jan-2017-how-1791094

bitFlyer exchange all the way baby! Wink

Mometaskers

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Quote from: hl5460 on February 16, 2017, 05:18:52 AM

Quote from: thepo1m on February 16, 2017, 04:03:38 AM

Yes, it is possible to De-Chinalize them from the strong influence they have in Bitcoin market, thanks to Japanese exchanges the trade volume seems to be coming back, Japan exchage gave Bitcoin chance when no one was willing to try and I can see them taking their strong positions back.

Japanese exchanges are taking 0 fees.

Isn't that also the reason that China seemed to have a large volume?

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