Will China's crackdown on Bitcoin cause Bitcoin to become worthless? - page 4.

Slow death

legendary

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everything that comes from china is shady, china's political system is very scary, check out this news:

Crypto miner claims all major Yunnan operations shut down in advance of CCP anniversary

it may be that there is some truth in this news because everything that comes from china is dark. one thing for sure: bitcoin will be better away from china

Quote from: adzino on July 02, 2021, 06:34:40 PM

Once they are done selling, new investors from other countries will have opportunity to invest. This will help the market to get back where it was.

the worst situation will be for miners who are from china and who do not intend to move from china due to family issues, for these will lose the mining business

adzino

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Bitcoin is a decentralized currency. No country owns it or no country has full influence on the market. So if China puts a total ban on bitcoin, it will only affect the market temporarily. It won't become worthless. It highly likely will never be (unless the current chain can be broken or a huge flaw is found which puts bitcoins security into question). We will see a crash in the market because their people will start selling their coins. Once they are done selling, new investors from other countries will have opportunity to invest. This will help the market to get back where it was.

Woodie

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Bitcoin is bigger than China, it's revolutionary and it has already written the history books. What China is doing is just slowing the money revolution, otherwise China will be on the wrong side of history when the time comes.

And no China won't kill bitcoin , miners are found all around the world and those based in China are leaving for places with a conducive environment.

STT

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China is a big country but it still cant change the laws of nature and despite nonsense commonly believed and repeated by any central bank, an economy is a natural entity that exists despite politics not ever because of it. The reason you know economies are natural is humans are involved and human populations are a phenomena of nature and we repeat and form patterns that defy government control.
Russia failed in its false economy and China will fail because they are fighting the tide not one person not even one network. The whole country is under siege by a military force, it might be their own military but its not a success any more then Venezuela or anywhere occupied by and for force of violence is a success.

So far what China did is to make BTC more expensive for their own people and cheaper for the rest of the world to own and operate. Who will lose from those two because cheaper can be a good thing, the lower price might signal some negative to a few but every market requires a mix of prices which we have. The most important thing is the circulation ongoing, the soviets used dollars despite its ban and the Chinese will use alternatives despite any ban because laws dont change reality of requirement and utility.

ziyaaa

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There have been many big things happened so far. And many of them were bad for the market. But none of them caused Bitcoin to become worthless. China's crackdown on Bitcoin also won't cause that. But Bitcoin price is having tough days that's for sure.

carlfebz2

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I don't understand why some people worry about the probability of Bitcoin becoming worthless after China's actions. It's near impossible thing. This market is not that weak anymore. Even if it was weak, it isn't a way to destroy Bitcoin too. It only affected the price, that's all.

Its not nearly impossible but rather impossible indeed instead because this market isnt really just rolling out for China. When it comes to support and demand then this is talking about global aspects which basically means that China is just a part but cant really be a reason for Bitcoin to die.

We had seen several instances or situations like these in the past where bans are every now and then.It did surely affect the market as a whole in terms of price but eventually it did really make some recovery
afterwards which do proves out that it cant just be easily dumped or killed.

Nothing is assured though because nothing do last forever and this thing should be put up in mind.

Silberman

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Quote from: Fatunad on June 29, 2021, 04:52:26 PM

Quote from: Tina H on June 15, 2021, 10:35:42 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.

A common reaction you have here mate.If you had been on this market for a while then you wont easily freak out with these kind of banning news of some countries specially in China.
If you arent informed then this isnt the first time on where China made out some decisions which are on the negative side which can really affect the market on negative way
but talking about Bitcoin on becoming worthless? If we do consider on how many circumstances or situations on where bitcoin had been put into trouble but it do still end up
on standing strong already in a decade.This decentralized market couldnt really be easily taken down and no doubt that this is one of the reason on why it do gain much support and demand.

It is a common reaction and while understandable at the same time it leads people to lose money they would not have lost otherwise, however it seems China now is more serious than ever on going against bitcoin miners and this seems to me to be just wrong, this move could benefit them on the short term as they try to strengthen their currency but over the long term it will affect them, bitcoin is on the verge of becoming widely adopted and anyone that is not in it will miss the boat.

Fatunad

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Quote from: Tina H on June 15, 2021, 10:35:42 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.

A common reaction you have here mate.If you had been on this market for a while then you wont easily freak out with these kind of banning news of some countries specially in China.
If you arent informed then this isnt the first time on where China made out some decisions which are on the negative side which can really affect the market on negative way
but talking about Bitcoin on becoming worthless? If we do consider on how many circumstances or situations on where bitcoin had been put into trouble but it do still end up
on standing strong already in a decade.This decentralized market couldnt really be easily taken down and no doubt that this is one of the reason on why it do gain much support and demand.

Fortify

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Quote from: Tina H on June 15, 2021, 10:35:42 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.

I think Bitcoin will survive and might even do better now it is less vulnerable to the whims of the Chinese government. It was getting to a point where the blockchain may have become vulnerable to a 51% attack because so much computing power was based inside China. People should be happy for a steadier trend upwards instead of the skyrocket prices we have seen over the last year - the $65k peak has shown what is possible in time and should make bitcoiners happy. After Bitcoin leaves China it might actually become more eco-friendly again, rather than going for the cheapest and dirtiest power generation possible, which might be enough to tempt back certain firms like Tesla again with new commitments.

Silberman

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Quote from: darkangelosme on June 28, 2021, 12:17:12 AM

No matter how Chinese government try to stop bitcoin they can only achive failure Grin

, they can onl stop bitcoin in their own country and i think it's their lost if they will going to do that. Roll Eyes

They cannot even do that, bitcoin is difficult to stop by nature, after all the bittorrent technology has existed for a long time and despite all the money invested by the music and the movie industry it still exists and it is going strong, bitcoin is very similar so even if they try to put as many laws as possible to stop and hinder the growth of bitcoin it is never going to be enough, after all if people see they can get an advantage with bitcoin and make money with it they will use it regardless of what any government has to say about it.

darkangelosme

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No matter how Chinese government try to stop bitcoin they can only achive failure Grin

, they can onl stop bitcoin in their own country and i think it's their lost if they will going to do that. Roll Eyes

ILuckyGuyI

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Of course such thing will never happen. It'd be really silly if it happened. Because Bitcoin is not in anyone's control. It needs much bigger things to have a problem like that. China's crackdown was just one of the FUDs. And it affected the price negatively also. But that was it. It's caused nothing bigger than that.

Hughes_Ryan

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Quote from: Tina H on June 15, 2021, 10:35:42 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.

The ban in China has always had very serious consequences on market sentiment. This has happened in the past, everything is wrapped up as a part... the fact that bitcoin mining camps will migrate it is only part of the weakening. But I think in the long term, this is a new opportunity for bitcoin. And why, you can imagine a bunch of bitcoin target references on twitter going to over $100k for 2021. Beware of the wick and it's ready.

7788bitcoin

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Quote from: Silberman on June 26, 2021, 03:29:37 PM

I do not think they know the answer to that question, bitcoin is double-edged sword for them, on one hand they look at bitcoin and they see in it another weapon they can use to try to hinder the US dollar, and when they look at it in this away they may like to support bitcoin, however they see that bitcoin can be used by their citizens to achieve a level of freedom they do not have and when they look at it from this perspective then they do not want to encourage the adoption of bitcoin.

It looks funny to see how a government is handling the hurdle, the government do not want to give the freedom to their citizens even though Bitcoin will help them overcome the restrictions imposed by other countries according to you and they are known to control their citizens from which sites they visit to which media they watch and they need to continue that because they might not want their citizens to achieve financial freedom.

Silberman

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Quote from: Hypnosis00 on June 24, 2021, 12:16:53 PM

Quote from: inanilujimi on June 21, 2021, 06:04:49 AM

trust me this is only temporary, and there is no way bitcoins become worthless just because of china. bitcoin is not only owned by the Chinese alone but the whole world now knows bitcoin. strengthen your mentality to get used to market sentiment because what I know is that it's not just this once that China has tried to bring down bitcoin with all its polemics, but they have done it many times, but bitcoin continues to be valuable.

China alone can't shut down Bitcoin but we can see its fatal effect on the market since the majority of the mining industries and gadgets are coming from them. Several times that they are banning crypto but also several times they open it. We really don't know what's in the head of their leaders. But there is one thing I'm sure of is that Bitcoin will still able to survive without China. A lot of countries give support to cryptocurrency now and I think it was enough to move the market to a higher level.

I do not think they know the answer to that question, bitcoin is double-edged sword for them, on one hand they look at bitcoin and they see in it another weapon they can use to try to hinder the US dollar, and when they look at it in this away they may like to support bitcoin, however they see that bitcoin can be used by their citizens to achieve a level of freedom they do not have and when they look at it from this perspective then they do not want to encourage the adoption of bitcoin.

el kaka22

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Quote from: noorman0 on June 25, 2021, 09:28:10 AM

It may be like that initially, people are only worrying and assume that China's policy is the main influence. However Bitcoin is a form of economic revolution desired by many people, China must really make something new more innovative and can change the attraction.

China can only ban but it can't stop. In the end Bitcoin enthusiasts will get used to it without China's role.

They are not really after getting the attention, they just do not want anything they can't control at the hands of their people and that's it. I do not care if there are anyone who would be supporting China, I really do not care, but the reality is that china is ruled with dictatorship, last time people wanted to fairly elect others the nations soldiers killed people, it is still remembered to this day.

Long story short people should not really be hoping China to get back in to crypto world, we have heard maybe 10+ times so far that "china bans bitcoin" so far, most of the time they "ban" it and others still keep doing it in secret, but the reality is that china will NEVER support bitcoin and crypto fully, why? Because, it is decentralized and they hate things that are not centralized, hell Chinese government actually owns 50% all companies there, that is how their nation work.

Natalim

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Quote from: noorman0 on June 25, 2021, 09:28:10 AM

It may be like that initially, people are only worrying and assume that China's policy is the main influence. However Bitcoin is a form of economic revolution desired by many people, China must really make something new more innovative and can change the attraction.

China can only ban but it can't stop. In the end Bitcoin enthusiasts will get used to it without China's role.

Exactly, people tend not to realized that the crypto does not evolve in China, yes, they have the biggest miners but crypto will continue to exist without them, and it's easy for the big miners to relocate and look for a location to continue their operation. The problem is, we are spreading FUD so people got panic.

noorman0

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It may be like that initially, people are only worrying and assume that China's policy is the main influence. However Bitcoin is a form of economic revolution desired by many people, China must really make something new more innovative and can change the attraction.

China can only ban but it can't stop. In the end Bitcoin enthusiasts will get used to it without China's role.

Kong Hey Pakboy

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Quote from: inanilujimi on June 21, 2021, 06:04:49 AM

trust me this is only temporary, and there is no way bitcoins become worthless just because of china. bitcoin is not only owned by the Chinese alone but the whole world now knows bitcoin. strengthen your mentality to get used to market sentiment because what I know is that it's not just this once that China has tried to bring down bitcoin with all its polemics, but they have done it many times, but bitcoin continues to be valuable.

A lot of users in this forum are saying this because it is true and I do agree with it because I have seen a lot of FUDs already and I have never seen any FUD persist that long, their like a flu, it feels shitty at first but as time goes by, it will eventually go away.

carlisle1

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Quote from: Hypnosis00 on June 24, 2021, 12:16:53 PM

Quote from: inanilujimi on June 21, 2021, 06:04:49 AM

trust me this is only temporary, and there is no way bitcoins become worthless just because of china. bitcoin is not only owned by the Chinese alone but the whole world now knows bitcoin. strengthen your mentality to get used to market sentiment because what I know is that it's not just this once that China has tried to bring down bitcoin with all its polemics, but they have done it many times, but bitcoin continues to be valuable.

China alone can't shut down Bitcoin but we can see its fatal effect on the market since the majority of the mining industries and gadgets are coming from them. Several times that they are banning crypto but also several times they open it. We really don't know what's in the head of their leaders. But there is one thing I'm sure of is that Bitcoin will still able to survive without China. A lot of countries give support to cryptocurrency now and I think it was enough to move the market to a higher level.

It's been a roller-coaster ride with them, they are always after to what they've think is beneficial for them.
Who knows after this they will re-open it and again exposed their support.

People from that country are aware to what the government can do and they are all waiting for the next thing to happened.
Some are pausing their supports while others are collecting cheap coins and silently storing it from a safe vault.

Just wait and hope for the best outcome for this market.

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