Topic: This is what happens when China bans exchanges (Read 2975 times)

Or they will just buy new cryptos such as NXT...

Can confirm. Was involved in one of these pumps run by PBOC. Operations recently co-opted by Kim Jong Un.

If China affected market that much, I do think by now BTC price would be around 400-500. Too late for withdrawals now, the more - I guess many Chinese won't withdraw their fiat but keep cryptos and wait for some new chances for fiat withdrawal.

If you are going to concentrate on "Bitcoin and any other alternatives" then why would that exclude NXT?
Also, implying that Bitcoin looked like it does today when it was released shows that your opinion is made of fanaticism, not reason. I hope you don't end up losing more than you can afford.

NXT is buggy and should not have been released. It's work in early progress.

Far worse is the presale. Only a very select few had the chance to buy the coins and now they are making million on fools that want in on it.

I would stay well clear of NXT and concentrate on Bitcoin and any other alternatives that are launched in the coming time.

Nxt uses brand new software.  It’s not a fork of Bitcoin's source code.

Nxt is the first 100% Proof-of-Stake (PoS) currency.  Coins are earned solely by charging transaction fees.  Unlike other currencies with PoS mining, Nxt's PoS mining does not cause monetary inflation.  The total amount of Nxt in circulation is 1 billion.  Nxt is resistant to +90% attacks via its transparent mining algorithm.

Nxt improves different features of Bitcoin, removes some disadvantages (e.g. bloated blockchain) and resolves a big environmental issue.  Time between blocks is one minute.  This increases the rate of orphaned blocks, but makes it more convenient for the users.

Nxt doesn’t use so-called “scripts” aka predicates.  This simplifies and accelerates transaction processing.  Advanced features like multisig will be created on top of the core as 3rd party services.

Nxt is routable through Tor and I2P anonymous networks.

Nxt supports the following features:

- Decentralized Alias System / DNS - Complete
     Register names and assign them to URIs.  URIs can be anything from web addresses to Nxt account numbers.  These aliases will be tradeable in the near future.
- Basic DDoS Protection - Complete
- Decentralized Asset Exchange / Colored Coins - Done, but not yet implemented.
     This allows gateways to issue assets on the Nxt network.  These assets can include cryptocurrencies (BTC, LTC, etc), fiat currencies (USD, EUR, RMB, etc), stocks and other assets.
- Transparent Mining - Complete.
     Transactions are encrypted.  Only PoS block generator can decrypt transactions.
- Arbitrary Messaging - Complete
- Instant Transactions - Requires peer review
- Decentralized Marketplace / Auction - In progress
     Buy or sell goods/services in a distributed manner.  All listings are broadcast to all nodes on the network in P2P fashion.
- Distributed Storage - In progress
- Multi-signatures - In progress
- Blockchain Shrinking - In progress
- Two-phase Payments - In progress
     Software supported escrow transactions
- Voting System - In progress
- Reputation System - Will be implemented after Voting System
     Account trust rating system.  Check if sellers on the distributed exchange have a good history, if stock issuers pay dividends and if gateways honor their asset redemptions.
- Decentralized Mixing Service - Concept not ready - Cryptographers please contact core dev team members
- Distributed Computing - Concept not ready
- Smart Contracts - Concept not ready
- Hardware Wallets - Conceptual Stage - Java smart card developers please contact core dev team members
- Advanced DDoS Protection: Project Kharon - Conceptual Stage - Neural net programmers please contact core dev team members

Check the wiki out at
http://wiki.nxtcrypto.org/

Those shitty altcoins you refer to are all cheap copies of Bitcoin. Just read the list of features that are up and running now. It is way superior to any crypto. Very soon the decentralized exchange comes into play. That is, economically speaking, the game changer especially at a time where exchanges are being chased out of China.
Bitcoin is great and will do great things but there is a major crypto storm coming and NXT is your only shelter. Yours and everyone else's.

NXT is a scam. Shitty alt coin. Even Dogecoin is more useful and it's a joke coin.

You're still taking this thread serious right? If so, tell me more.

Because NXT

What makes OP think the Chinese will all sell their coin?

IF China banned exchanges, then hopefully the price could start a new growth phase, whithout fear of China doing something else stupid.

Those with serious amounts of money don't even have to pay significant bribes as their trust based connections (often relatives) abroad allow them relatively cheap fees compared to the high risk of ending up with 40-50% devalued bitcoins. Seriously at the moment bitcoin cons outweigh it pros for big time chinese businessmen.

Of course there are all those bribes and large bid/offer fees to consider - and it takes a lot longer, and the person you are using might just vanish with your money, but yes its a lot safer than bitcoin

Denial. It does. The reason why prices have been so stagnant the past week as nobody really dares to invest. Just old money circulating around that may pull out any moment of a harsher China policy.

At the present there are far safer ways of getting out of the Chinese banking system via the black market in Hong Kong or Singapore. At leas then they are assured they get close to the original value back, with bitcoin there's a high risk of losing half your input in the coming weeks.

we are ex-China since China does not affect the Prices anymore

my point being that one of bitcoin's price drivers is mistrust of the banking/financial system - As the Chinese financial system comes under stress even the average Chinese will find ways to buy assets outside the scope of that banking system, Exchanges or none.  Gold, Real Estate and Cryptocurrencies, will all be options.

We are not ex-China at all...

Perhaps in two weeks from now.


Your average Chinaman is not into bitcoin, the ones who are mostly geeks/gamblers/upper class types. The average Chinese invests more in things like gold and housing, not bitcoin.

and what happens when Chinese Savings Trusts start going bust at the end of the month? There is a reason the Chinese have just had to put CNY255bn into their money market.

Please explain how the Bitcoin market cap went from representing a world market cap expressed in dollars when Bitcoin was $200 to representing only the USA when Bitcoin became $900. I can give you a hint that will save you work and money. It didn't.
The market cap was and still is a world market cap, not a USA market cap. Remove 70% of it from anywhere in the world and you are down 70%.