Will China's crackdown on Bitcoin cause Bitcoin to become worthless? - page 6.

philipma1957

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Quote from: hd49728 on June 16, 2021, 09:39:40 AM

China can not crack Bitcoin down and the real things behind mining ban news are only small part of mining farms in China will be stop their operations. They will have to change to other locations if the news is real but is the ban real.

China can change flip their bans anytime. Bitcoin will not be worthless because of China.

But China could lose a lot of value for itself by fucking with BTC

So in the long term I would not worry about BTC getting crushed

It is more likely China's government will alter to some new style than China alters BTC

Ararbermas

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Of course china is the largest portion with a huge contribution on bitcoin.. But i believe bitcoin will not become worthless mate even they all banned those activities when it comes bitcoin, because indeed this isn't the worst issue from china and there's more since bitcoin wasn't high like this wherein way back 2017, and for your information even before it didn't make bitcoin worthless if it really possible to happen..

FIFA worldcup

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Quote from: Tina H on June 15, 2021, 09:35:42 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.

China already tried to manipulate the market by spreading the fud of ""China Ban Bitcoin". I am surprised that they always come up with the same fund and people get in the trap. We should learn from the past and should not be worried about such news. Bitcoin will continue to grow even though we are hearing more negative news these days.

Darker45

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China is just one country where Bitcoin could thrive. Admittedly, the country has a very large market but I don't think Bitcoin's price and fate are at the mercy of the Chinese government. Also, it has been repeatedly debunked that every single Chinese would also avoid Bitcoin only because its totalitarian government doesn't like it. I've come across a number of testimonies from Chinese individuals in China themselves that they are still more or less free to access Bitcoin online.

FinneysTrueVision

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They have cracked down hard on Bitcoin this year and this is part of the reason why the price has declined from it's all-time high. There are still a lot of Chinese people who prefer to hold Bitcoin over their own currency so the price will not go to zero. There are still many ways in which you can use Bitcoin besides mining and trading. Bitcoin will be fine and continue to grow. Eventually, China will have to reconsider their position.

nitrobetting

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I highly doubt it will affect BTC. Even if it does, there should only be little impact. The crackdown could actually be good for BTC price and with mining becoming more distributed across different regions, it will resonate to more decentralization leading to increase in price.

Barry Mantle

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At present, China only bans mining, and does not directly ban bitcoin transactions. It is reported that some mines have only been closed for rectification and have not been shut down directly. I think the blow to bitcoin this time has little effect on the price of bitcoin. A big impact, I think this big drop is also a fluctuation within the normal range. Bitcoin may plummet, but it will not collapse due to the suppression of certain countries, but will break out again after it has plummeted to a certain level.

Shenzou

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Quote from: Tina H on June 15, 2021, 09:35:42 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.

China banning bitcoin mining is a topic that has been popping up for years, and whenever they say they are going to crackdown on doing the price dips a bitcoin and then returns to normal, because in reality if china really wanted to ban it i would have done it the first time, but this is like the this time they say they are going to do it, and i think it is just to shut others countries and for some political propaganda, because in reality we know how china does things and i am sure that they are making a fortune out of mining bitcoin.

The Cryptovator

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What do you mean "Bitcoin to become worthless"? Do you believe it would happen with Bitcoin ever? Just for China to ban cryptocurrency? I don't think so. I know China is a big and powerful country, but banning Bitcoin wouldn't help to prevent using Bitcoin. That means it wouldn't become worthless anymore. Bitcoin backed by the community and it's quite impossible to break down. Dump Bitcoin for a while doesn't indicate it would be worthless.

mindrust

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Quote from: Tina H on June 15, 2021, 09:35:42 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.

China is making shitloads of money from the bitcoin mining hardware which they manufacture. They sell the hardware, they make profit. They sell the coins they mine, they make profit. I don't think they will want to kill kill the goose that lays golden eggs. Crypto is probably one of the most money making business that China have.

CryptoStar19

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The immediate effect of China's miners going offline (or going offline temporarily as they migrate to more friendly places) is going to be that all other miners everywhere else are going to be more profitable for a while.

The long-term effect is going to be that bitcoin's hash-rate is not going to be as concentrated in China as it has been so far.

So really both short-term and long-term this is great for bitcoin, and great for everyone really other than those miners that are being displaced.

conected

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Quote from: swiftbits on June 16, 2021, 12:04:44 PM

They have been doing this regulation process for years, and we don't see much effect on this platform.
We all know how huge their community is, but it is not huge enough to make Bitcoin worthless.
Hopefully, this is not detrimental to the market in the long run.

- Of course, it can only be detrimental in the short term as an unexpected situation and the market does not take precautions in time but in the long run, China's crackdown will open the door for some investors from other countries, bitcoin is not a product without a buyer, very scarce and many people are always waiting to be bought. So in terms of economy and knowledge, China is creating legacy and enriching other countries, sometimes a lot of people in China are angry about this repression, a large community is working smoothly in china but having such problem is very difficult and has a strong economic impact

Golftech

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Quote from: swiftbits on June 16, 2021, 12:04:44 PM

They have been doing this regulation process for years, and we don't see much effect on this platform.
We all know how huge their community is, but it is not huge enough to make Bitcoin worthless.
Hopefully, this is not detrimental to the market in the long run.

They keep playing and for sure their citizen are just observing and taking some time before dealing with crypto again,

it happened before and it will continue and repeat itself, we will see again the period that they will say that they wanted

to legalized or use the system and it will indicates interest from more chinese investors.

swiftbits

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They have been doing this regulation process for years, and we don't see much effect on this platform.
We all know how huge their community is, but it is not huge enough to make Bitcoin worthless.
Hopefully, this is not detrimental to the market in the long run.

teosanru

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Quote from: Tina H on June 15, 2021, 09:35:42 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 don't know newbies know it or not, China has tried to crush bitcoin numerous times starting from 2017 but till now in the longer-term bitcoin value has gone terribly up. See here is an article from 2017 citing that China bans bitcoin and therefore market crashes terribly: https://www.businessinsider.com/china-ban-bitcoin-exchanges-2017-9?IR=T

See how price fell to $4k and everyone was terribly pissed with China at that time too, fast forward to today, Bitcoin has gone past 60k and is now resting around 40k which still is 10 times the price it fell when China first banned it. One economy no matter how large it is cannot curb cryptocurrencies, It's difficult even for a cartel of countries to do it together.

joniboini

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The crackdown shares the same narrative as Tesla's effort for green mining. In other words, China is trying to make sure miners are not using coal energy and instead use a renewable or green energy source. I think in the long term it will instead be beneficial for the network. I won't be surprised if the government starts selling green energy for miners for a premium in the next few years.

dansus021

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China whales need time to buy in a dip so they creating the news Cool

But in my opinion bitcoin will reach new ath and altcoin also or maybe only the altcoin but its clearly not become worthless

Fesatmas

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I don't expect, even though this policy has been implemented, I hope the Chinese state will cancel their policy. we know this is very dangerous for the survival of bitcoin in the future and in the end the fate of cryptocurrency will be more chaotic.
This is still in the early stages, even though the price of Bitcoin has fallen quite large, especially if China is really not at peace with cryptocurrency.

Sterbens

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it may more precisely result in a sharp drop in price, not completely Bitcoin will become worthless. we still have an incredibly large demand if they insist on blocking Bitcoin. it's just that the impact will be very worrying. we frankly China until now has made a big contribution to the growth of cryptocurrencies.

so don't worry, Bitcoin will still be around, even with so many great opportunities for other countries to adopt more Bitcoins after China is no longer accepting cryptocurrencies at all.

_MrTuyul404

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Bitcoin will not to become worthless, as we all know, Bitcoin is Future Money, even China has given a bad news, bitcoin still worth although the price was down but it will be pump again, i am sure

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