As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.
Such negative news has only a temporary effect on this market. Then the market inevitably recovers and moves on. The Chinese government has already tried to limit or even ban the circulation of decentralized cryptocurrency since 2017, but such measures were not systematic and they were not carried out at the highest level. If they intend to do this, let them do it to the end and once. The market will be reformed and after a while it will move on. Otherwise, negative news will be fed constantly. 
Topic: Will China's crackdown on Bitcoin cause Bitcoin to become worthless? - page 2. (Read 1252 times)
July 13, 2021, 01:46:06 AM
July 11, 2021, 10:58:15 PM
No, doesn't look the 2018 to me, scenario is different that time, if there is an FUD that involves China, it's March of 2017 if I'm not mistaken wherein there went hard on several Chinese crypto exchanges and there are misconception that time that they are going to ban bitcoin, but instead it was the ICO that they came hard that time.
I disagree though, the hash hate is dropping hard because some of the minings have pulled their plugged already because of the Chinese crackdown.
I disagree though, the hash hate is dropping hard because some of the minings have pulled their plugged already because of the Chinese crackdown.
Hash rate may be dropping because of the low BTC price as well. A couple of months back, Bitcoin was trading at $62,000 per coin. The exchange rate as of now is $34,000. Expenses for the miners remain the same, and at least for some of the mining farms the price of Bitcoin is not high enough to return a profit from their operations. So there is a chance that they simply shut down the mining operations for the time being. The number of coins being mined is limited. So even if they increase their hash rate, they are not going to get more coins.
July 11, 2021, 09:47:45 PM
As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.
This scenario looks like 2018, but market conditions have changed greatly,... I believe history will not repeat itself. Bitcoin mining hashrate is increasing rapidly in recent days. It is one of the great signals to continue to be optimistic about the overthrow of Chinese influence and domination.No, doesn't look the 2018 to me, scenario is different that time, if there is an FUD that involves China, it's March of 2017 if I'm not mistaken wherein there went hard on several Chinese crypto exchanges and there are misconception that time that they are going to ban bitcoin, but instead it was the ICO that they came hard that time.
I disagree though, the hash hate is dropping hard because some of the minings have pulled their plugged already because of the Chinese crackdown.
July 10, 2021, 11:09:32 PM
As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.
This scenario looks like 2018, but market conditions have changed greatly,... I believe history will not repeat itself. Bitcoin mining hashrate is increasing rapidly in recent days. It is one of the great signals to continue to be optimistic about the overthrow of Chinese influence and domination.
July 10, 2021, 05:34:58 PM
As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.
China may have had a big impact on the market and the development of Cryptocurrency and Bitcoin but they are not the sole developer of it, any country can take the lead if they want to leave, and it's their loss their miners and investors have amassed huge money from Cryptocurrency, if China ban Bitcoin I don't think all their miners and investors will just follow, of course, they will find a way.
definitely, those miners will find a way how to continue their business. now, that they learned the world of crypto, they will always find a way how to go around their govt. that's not the end of their life in crypto. and yes, when one door closes, the other door will open. we are not solely depending on China here. remember bitcoin and crypto can exist even without them. there will be other countries that are more than willing to host their closed businesses. so it is not our loss but them.
so btc becoming worthless is far from happening.
July 10, 2021, 05:04:33 PM
As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.
China may have had a big impact on the market and the development of Cryptocurrency and Bitcoin but they are not the sole developer of it, any country can take the lead if they want to leave, and it's their loss their miners and investors have amassed huge money from Cryptocurrency, if China ban Bitcoin I don't think all their miners and investors will just follow, of course, they will find a way.
July 10, 2021, 03:40:28 PM
It is obvious that we are all scared about it because China has been a big part of the crypto world, but that doesn't change the fact that we may not see anything substantially changing from crypto world when they leave neither. Remember they can only sell once and after they do, we do not need them anymore to keep the price high, just let them go and after that we can share the spoils of the war for years to come and that is why we will profit from it.
I personally believe that we should not be focusing on what to do with China situation but we should probably focus something more about what we can do about the mining operations in other nations. While China dreaming of a world where they can catch USA in power, the reality is that ever since they stopped mining operations, there are now a lot more starting up in USA and specially in Texas, which could bring USA some more power.
When you are just new into this market then you would really be having that kind of feeling whenever these kind of banning news then they do easily freak out and yes it do really affect the marketI personally believe that we should not be focusing on what to do with China situation but we should probably focus something more about what we can do about the mining operations in other nations. While China dreaming of a world where they can catch USA in power, the reality is that ever since they stopped mining operations, there are now a lot more starting up in USA and specially in Texas, which could bring USA some more power.
since China do really have a big contribution into this market specially in mining operation too and when ban comes then expect that would really make out some shake off but doesnt mean that
it would really end up badly on the entire market or making bitcoin worthless which is impossible because demand is always present which make it even more valuable as the year passed.
Crackdowns and bans is normal already on this market since government doesnt really like decentralization at the first place so its a bit anticipated.
July 10, 2021, 03:37:26 PM
As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.
This won't make bitcoin worthless because, we're not relying only from China and there's a lot of countries who's support on bitcoin was strong. Don't be confuse on what's happening because it's just a temporary situation that we're experiencing nowadays. Eventually we will overcome the certain crackdown of the market, fud shouldn't be taken seriously because that not healthy for a person who has goals for cryptocurrency.
July 10, 2021, 01:42:56 PM
It is obvious that we are all scared about it because China has been a big part of the crypto world, but that doesn't change the fact that we may not see anything substantially changing from crypto world when they leave neither. Remember they can only sell once and after they do, we do not need them anymore to keep the price high, just let them go and after that we can share the spoils of the war for years to come and that is why we will profit from it.
I personally believe that we should not be focusing on what to do with China situation but we should probably focus something more about what we can do about the mining operations in other nations. While China dreaming of a world where they can catch USA in power, the reality is that ever since they stopped mining operations, there are now a lot more starting up in USA and specially in Texas, which could bring USA some more power.
I personally believe that we should not be focusing on what to do with China situation but we should probably focus something more about what we can do about the mining operations in other nations. While China dreaming of a world where they can catch USA in power, the reality is that ever since they stopped mining operations, there are now a lot more starting up in USA and specially in Texas, which could bring USA some more power.
July 09, 2021, 03:17:12 PM
will not! The more China suppresses Bitcoin, the more Bitcoin's pricing power will be biased overseas. Most people have seen the highly speculative nature of Bitcoin. But the true value of Bitcoin lies in whether anyone believes that even if it plummets, some people will choose not to sell it. This is consensus.
Actually, what China is doing is not only now they do it, but several times and it's normal, because they understand that bitcoin is very strong and cannot be suppressed because the mechanism is due to market movements. but indeed they are good at managing with a clear goal is the desire to seek profit as well as its nature.so let this go by itself then everything will be normal, because everyone also knows that bitcoin is very sought after and made a very attractive investment, they will always keep it until the time when the price has been exceeded.
July 09, 2021, 11:22:35 AM
They will surely do that as there's no stability and security if they will just operate in China, maybe in the future if the government stance on crypto and bitcoin will chance, but until that happen, they'll have to find a place where they can operate again because if they will just stop, they'll lose a lot of money as we know how much capital is need to run a big mining rig business.
I'm not sure if the government will ban mining forever and maybe it's just a temporary ban with certain considerations, after consideration of dispensation for miners being a big force to push bitcoin to peak prices, I'm very sure if there is support for bitcoin after this drama ends.For now they will not support it so expect that we can see more news or fuds about it since China always want to be in power but I also believe that this ban is temporary since if bitcoin econony grow even if their country is absent on supporting this for sure China will think about lifting up the decision they made earlier, for now lets forger about China and focus to the other country who adopt bitcoin well.
July 09, 2021, 01:40:30 AM
will not! The more China suppresses Bitcoin, the more Bitcoin's pricing power will be biased overseas. Most people have seen the highly speculative nature of Bitcoin. But the true value of Bitcoin lies in whether anyone believes that even if it plummets, some people will choose not to sell it. This is consensus.
July 08, 2021, 12:48:41 PM
If your argument was true, even if we lost 54% from the peak of hash power, why didn't anyone attack Bitcoin one year ago? Or two years ago? Or three years ago? Or... you get the point.
Even a 54% drop in hash power doesn't lead to a vulnerable network. I am also sure that it wouldn't go unnoticed if one bank starts to acquire all the equipment that is now supposed to be idle because of the Chinese mining ban. That ban also doesn't mean that those businesses leave the mining industry, they might rather leave the country. I doubt we will see a successful attack ever given the current market conditions like required hardware and electricity.
Even a 54% drop in hash power doesn't lead to a vulnerable network. I am also sure that it wouldn't go unnoticed if one bank starts to acquire all the equipment that is now supposed to be idle because of the Chinese mining ban. That ban also doesn't mean that those businesses leave the mining industry, they might rather leave the country. I doubt we will see a successful attack ever given the current market conditions like required hardware and electricity.
For how long, the attackers need to maintain 51% dominance in mining hash rate, in order to pull off such an attack? Given the current conditions, it will be extremely difficult for any new entity to garner even 10% of the hash rate. 51% is a long way away. And even in case they somehow manage to hit the 51% level, the other miners are not going to sit idle. They will immediately increase their hashpower (by diverting some of the hashpower from those who are currently mining altcoins). That's why I am curious about the duration. For how long they need to maintain this >51% level?
Well, when you say they are going to immediately increase their hash power, I guess this is one bottle neck we are talking about. There is only so much hash power available in the world. That is why brand new ASICS are permanently sold out. That is also why it is difficult for anyone to pull off such an attack on Bitcoin (much easier on other coins, see ETC attack). When you want to attack Bitcoin, the first problem you'll run into is hardware shortage. You can't even obtain the hardware to attack Bitcoin.
July 08, 2021, 11:58:22 AM
They will surely do that as there's no stability and security if they will just operate in China, maybe in the future if the government stance on crypto and bitcoin will chance, but until that happen, they'll have to find a place where they can operate again because if they will just stop, they'll lose a lot of money as we know how much capital is need to run a big mining rig business.
I'm not sure if the government will ban mining forever and maybe it's just a temporary ban with certain considerations, after consideration of dispensation for miners being a big force to push bitcoin to peak prices, I'm very sure if there is support for bitcoin after this drama ends. 
July 08, 2021, 07:50:24 AM
As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.
While china is still hot on this issue of banning bitcoin in their country , The Miners and investors now are looking for another place to be safe haven , meaning for a while the growth are paused (As we can see) but for sure there will be upcoming growth but of course not happening very soon.also there are seemingly speculative that we will be having another ATH in the Next halving as the Bull had already Gone and we are in status quo market now.
They will surely do that as there's no stability and security if they will just operate in China, maybe in the future if the government stance on crypto and bitcoin will chance, but until that happen, they'll have to find a place where they can operate again because if they will just stop, they'll lose a lot of money as we know how much capital is need to run a big mining rig business.
July 08, 2021, 06:24:09 AM
As we all know, in the cryptocurrency market, Chinese account for a large portion. So what impact will the Chinese government's total blockade of Bitcoin have on the cryptocurrency market? The sharp drop in the price of Bitcoin is the result we have seen, so after this blow, can the price of Bitcoin return to its peak, or will it fail? What do you think? I am confused now, hope someone can answer it for me.
While china is still hot on this issue of banning bitcoin in their country , The Miners and investors now are looking for another place to be safe haven , meaning for a while the growth are paused (As we can see) but for sure there will be upcoming growth but of course not happening very soon.also there are seemingly speculative that we will be having another ATH in the Next halving as the Bull had already Gone and we are in status quo market now.
July 08, 2021, 05:33:43 AM
In fact, it will not have a lasting impact on Bitcoin. Although the current price has indeed dropped, in the ten years of Bitcoin, we have experienced numerous severe crackdowns like China's, but the price of Bitcoin still breaks through new highs time and time again, reaching a new height. Therefore, I believe that the impact of China's measures on Bitcoin this time will not lead to the return of Bitcoin to zero. As the consensus of Bitcoin becomes more and more strong and the computing power becomes more and more dispersed, there will no longer be a ban in a big country like today that will cause the price of Bitcoin to fall.
I don't think we have seen crackdown like this coming from China in the last 10 years. In fact they are very supportive, or at least the Chinese people because it is generating income for them. But in the last 4 years, the Chinese government started to show it's teeth against traders first.
And now they have targeted the mining industry. However, I don't think like the majority here that bitcoin will be worthless. On the contrary it will be more valuable in the future specially that China is out.
That's the good side after this chased, the value might push once the bull start to recover and run inside the market.
the market still moving positively if we will compare it from those years that Bitcoin exist, This China thing affects the breakout of Bitcoin this year
since after we experienced the new ATH, now the value is down 50% more or less.
But from how most experienced interpret the situation, they see that it's another golden opportunities instead of thinking of the negative side if you
do believe that this currency will continue to grow, best to buy and save now.
July 08, 2021, 04:26:57 AM
In fact, it will not have a lasting impact on Bitcoin. Although the current price has indeed dropped, in the ten years of Bitcoin, we have experienced numerous severe crackdowns like China's, but the price of Bitcoin still breaks through new highs time and time again, reaching a new height. Therefore, I believe that the impact of China's measures on Bitcoin this time will not lead to the return of Bitcoin to zero. As the consensus of Bitcoin becomes more and more strong and the computing power becomes more and more dispersed, there will no longer be a ban in a big country like today that will cause the price of Bitcoin to fall.
I don't think we have seen crackdown like this coming from China in the last 10 years. In fact they are very supportive, or at least the Chinese people because it is generating income for them. But in the last 4 years, the Chinese government started to show it's teeth against traders first.
And now they have targeted the mining industry. However, I don't think like the majority here that bitcoin will be worthless. On the contrary it will be more valuable in the future specially that China is out.
July 08, 2021, 03:50:09 AM
In fact, it will not have a lasting impact on Bitcoin. Although the current price has indeed dropped, in the ten years of Bitcoin, we have experienced numerous severe crackdowns like China's, but the price of Bitcoin still breaks through new highs time and time again, reaching a new height. Therefore, I believe that the impact of China's measures on Bitcoin this time will not lead to the return of Bitcoin to zero. As the consensus of Bitcoin becomes more and more strong and the computing power becomes more and more dispersed, there will no longer be a ban in a big country like today that will cause the price of Bitcoin to fall.
July 08, 2021, 03:48:03 AM
Since most of the mines are located in China, the ban on Bitcoin mining in China will definitely have an impact on Bitcoin, but this is only temporary. No country can completely ban Bitcoin. The cryptocurrency market has its ups and downs. I believe that Bitcoin will definitely rise.
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