Will China's crackdown on Bitcoin cause Bitcoin to become worthless?

Nightz

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Quote from: pinggoki on July 19, 2021, 06:54:24 PM

If we are to consider the fact that China has the densest population out of all the countries in the planet, plus the fact that they are steadily growing as an industrial and technological state-nation, then we may logically say that China's exit from the cryptocurrency industry could very well be the gut-punch that could put bitcoin down to its knees. But reality isn't usually like that. Going back last year, we can denote that a large portion of people who either promoted bitcoin, or pumped bitcoin's price up to the $68,000 mark aren't Chinese. Instead they were of varying ethnicities. And this I believe is good because if so, then bitcoin might not need China's help at all in the future, and may be able to stand on itself without the help of China.

Quote from: zanezane on July 19, 2021, 06:30:50 AM

They've did this kind of crackdown back them and now isn't even anything worse because the crackdown has already happened and now look, the prices are still that high, it's not like they owned millions of bitcoin and sold it to crash the market.

Precisely, despite the large population, I believe most of the chinese are still living a fairly rural lifestyle, so we can't really expect them to store bitcoins of their own. And not everyone in the urban parts of China had bitcoins as well anyway, so there's that.

No way that China alone will ever be able to put Bitcoin to its knees. There is so much more to come. Elon Musk is looking to install his satellites around planet earth, giving everyone ultra fast internet. I wonder what kind of war will happen in space one day when the Chinese try to interfere with satellite internet. Anyway, even if the Chinese were out of crypto, there are still a couple of billion people left who could be in crypto (and who will be I am sure Wink

).

EvieLannister

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No country can kill Bitcoin. China bans Bitcoin because the government feels it cannot control people. But as long as there is the Internet, Bitcoin will exist. China’s suppression of Bitcoin can only cause the decline of Bitcoin in the short term, and will not continue to decline.

pinggoki

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If we are to consider the fact that China has the densest population out of all the countries in the planet, plus the fact that they are steadily growing as an industrial and technological state-nation, then we may logically say that China's exit from the cryptocurrency industry could very well be the gut-punch that could put bitcoin down to its knees. But reality isn't usually like that. Going back last year, we can denote that a large portion of people who either promoted bitcoin, or pumped bitcoin's price up to the $68,000 mark aren't Chinese. Instead they were of varying ethnicities. And this I believe is good because if so, then bitcoin might not need China's help at all in the future, and may be able to stand on itself without the help of China.

Quote from: zanezane on July 19, 2021, 06:30:50 AM

They've did this kind of crackdown back them and now isn't even anything worse because the crackdown has already happened and now look, the prices are still that high, it's not like they owned millions of bitcoin and sold it to crash the market.

Precisely, despite the large population, I believe most of the chinese are still living a fairly rural lifestyle, so we can't really expect them to store bitcoins of their own. And not everyone in the urban parts of China had bitcoins as well anyway, so there's that.

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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.

It will not going to happen that China losing participation in mining can cause it to become worthless, there are many who are able to take over what they have left it's their loss, not ours, yes we have a drop but we seen drops a hundred times before and the price eventually recover, the best that you can do is to stop creating FUD, you relax the whales and influencers are working to make the price move up again.

The Chinese government's action against the bitcoin ban between the fall in the bitcoin price, only a few percent, while the current price decline is generally influenced by other factors. so no need to worry, because bitcoin will not fail to reach the next month.
I think the government has a strong correlation with cryptocurrencies, so the bitcoin blockade case could be a price competition politics made by big investors to keep prices very low.

Nightz

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Quote from: ultrloa on July 19, 2021, 06:24:17 AM

Quote from: mrjoy15 on July 19, 2021, 05:34:46 AM

Quote from: noorman0 on July 16, 2021, 02:02:48 PM

I dont thikn so, because bitcoin is difficult to centralize. We need to learn from the previous cases of crypto founders or companies that had problems in court, such as USDT, XRP etc. As for bitcoin, satoshi are long gone and there is no longer any major entity or company that can be attacked (sued) so bitcoin can be fully regulated. All that China or any other country that opposes bitcoin can do is impose restrictions and pressures on its "supporters" including miners, exchanges, marketplaces, peyment services and users.

That's right! it's not right to say that all crypto down because the prohibition of crypto in China. There's always a ton of info coming out both directions, China is just one part of it. I have seen some good people taking this sideways action rather assuming that China's action the reason of this market. China's crackdown on Bitcoin is just symptom not a cause. So, nothing to worry about!

Crypto fan kids are just looking at china as big contributor of bitcoin existence but this actually doesn't contribute as a whole since there are so many country support bitcoin that's why if china goes out we should think that there are other more who supports bitcoin so maybe its time for people to move on to this issue since its really not a big loss for us if they want to exit in this since for sure in future the country who support it will get more benefits for allowing the usage of bitcoin on their country

Don't forget we also have mechanisms like difficulty adjustments. Once that goes down, which it now did significantly, it becomes profitable again for miners from other areas to get their equipment going again. I've also heard that some miners are now transitioning their business to the Philippines. I don't know the conditions for miners there, but it was expected to happen anyway that miners won't just quit their business but will seek alternative ways to make their equipment pay off.

zanezane

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They've did this kind of crackdown back them and now isn't even anything worse because the crackdown has already happened and now look, the prices are still that high, it's not like they owned millions of bitcoin and sold it to crash the market.

ultrloa

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Quote from: mrjoy15 on July 19, 2021, 05:34:46 AM

Quote from: noorman0 on July 16, 2021, 02:02:48 PM

I dont thikn so, because bitcoin is difficult to centralize. We need to learn from the previous cases of crypto founders or companies that had problems in court, such as USDT, XRP etc. As for bitcoin, satoshi are long gone and there is no longer any major entity or company that can be attacked (sued) so bitcoin can be fully regulated. All that China or any other country that opposes bitcoin can do is impose restrictions and pressures on its "supporters" including miners, exchanges, marketplaces, peyment services and users.

That's right! it's not right to say that all crypto down because the prohibition of crypto in China. There's always a ton of info coming out both directions, China is just one part of it. I have seen some good people taking this sideways action rather assuming that China's action the reason of this market. China's crackdown on Bitcoin is just symptom not a cause. So, nothing to worry about!

Crypto fan kids are just looking at china as big contributor of bitcoin existence but this actually doesn't contribute as a whole since there are so many country support bitcoin that's why if china goes out we should think that there are other more who supports bitcoin so maybe its time for people to move on to this issue since its really not a big loss for us if they want to exit in this since for sure in future the country who support it will get more benefits for allowing the usage of bitcoin on their country

mrjoy15

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Quote from: noorman0 on July 16, 2021, 02:02:48 PM

I dont thikn so, because bitcoin is difficult to centralize. We need to learn from the previous cases of crypto founders or companies that had problems in court, such as USDT, XRP etc. As for bitcoin, satoshi are long gone and there is no longer any major entity or company that can be attacked (sued) so bitcoin can be fully regulated. All that China or any other country that opposes bitcoin can do is impose restrictions and pressures on its "supporters" including miners, exchanges, marketplaces, peyment services and users.

That's right! it's not right to say that all crypto down because the prohibition of crypto in China. There's always a ton of info coming out both directions, China is just one part of it. I have seen some good people taking this sideways action rather assuming that China's action the reason of this market. China's crackdown on Bitcoin is just symptom not a cause. So, nothing to worry about!

noorman0

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I dont thikn so, because bitcoin is difficult to centralize. We need to learn from the previous cases of crypto founders or companies that had problems in court, such as USDT, XRP etc. As for bitcoin, satoshi are long gone and there is no longer any major entity or company that can be attacked (sued) so bitcoin can be fully regulated. All that China or any other country that opposes bitcoin can do is impose restrictions and pressures on its "supporters" including miners, exchanges, marketplaces, peyment services and users.

SquallLeonhart

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Quote from: Natalim on July 15, 2021, 07:46:10 AM

People need bitcoin if they don't trust the centralized system, but if we do, we can consider bitcoin as an alternative and as a good investment as well as eventually the demand will grow. Hearing that a big country is banning bitcoin, that's a sad news and it might affect its future growth, however, I still believe we are at the right track.

I believe that nobody really trusts the fiat system, there are very very few people in all of the world that trusts governments as a whole, majority of the people in the world do not believe in their government (and not only about political party neither, they do not believe any party will be as good as hoped, just maybe better) so that means that people already have a discontent for their own rulers. Fiat is just another expansion of that, we are talking about people who do not like government, how can they like the monetary system that government provides, sure we all want to be rich, but nobody believes government would be any help to that.

So long story short we are talking about something that is definitely not liked, but do same people love crypto? Well a minority of us really do, but general world still do not have the same love, which is why it will take some time.

DU18

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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 current decline in bitcoin prices is one of the real impacts that occurred due to the recent Chinese government decision, if it is said to be influential, it will certainly have an effect because China is one of the countries that has a fairly strong economic influence in the world, but of course the impact only results in price declines and I am very sure that what the Chinese government does will not make bitcoin worthless anymore, because even if China is against crypto, of course many other countries are even starting to consider adopting bitcoin as El Salvador has done.

hd49728

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HashPower from China is decreasing and it is good to help Bitcoin network's Hash Power becomes more decentralized geographically.

Quote

Bitcoin mining is becoming more geographically distributed—China now has less than 50% of the total hash rate, with the United States being the largest beneficiary. Like the open Internet, a wealth transfer from East to West.

Source

The mining map and evolution of country share charts visually display the distribution of Bitcoin hashpower. People want decentralization and when they see a future with more decentralization, they are fearful. What happened?

conected

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Quote from: Saisher on July 14, 2021, 03:36:09 AM

Quote from: BIN-BIN on June 16, 2021, 12:44:50 AM

China is just a portion of the entire bitcoin market, even though a large part of bitcoin mining activities is carried out in China does not mean the country can destroy bitcoin if they decide to do so.

Bitcoin is a decentralized currency and can survive any attack. China's decisions on Bitcoin may affect the market negatively but can not stop Bitcoin from moving to the mainstream sector of the world economy.

That's true we should stop relying on China as the only country that can move and help Bitcoin to reach the top, Bitcoin is decentralized any country can replace China and it is not the only superpower on the internet, in fact, there's a lot of censorship of China over Bitcoin it's time for it to move forward by not relying on China alone.

- Having gone through many lessons with China and the way this government works, their respect for the investors in the mining platform is too flawed, besides oppressing others, their regulations also rotate the cycle to make it difficult for the market, instead of letting them attack us every year, let's take this opportunity to completely isolate China. We may be entering a difficult point when China no longer contributes and only knows how to destroy, but standing up at this point, the road behind will become wider.

Natalim

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Quote from: JillianTaft on July 15, 2021, 04:28:24 AM

After China banned mining, the deputy governor of the People's Bank of China began to suppress virtual currencies. Every time, because of China's FUD, it will affect the market trend. I personally think that no matter which country it is, whether it is a big country or a small country, Bitcoin does not depend on the country. People need Bitcoin, and Bitcoin will remain the king even after it is restored.

People need bitcoin if they don't trust the centralized system, but if we do, we can consider bitcoin as an alternative and as a good investment as well as eventually the demand will grow. Hearing that a big country is banning bitcoin, that's a sad news and it might affect its future growth, however, I still believe we are at the right track.

JillianTaft

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After China banned mining, the deputy governor of the People's Bank of China began to suppress virtual currencies. Every time, because of China's FUD, it will affect the market trend. I personally think that no matter which country it is, whether it is a big country or a small country, Bitcoin does not depend on the country. People need Bitcoin, and Bitcoin will remain the king even after it is restored.

Saisher

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Quote from: BIN-BIN on June 16, 2021, 12:44:50 AM

China is just a portion of the entire bitcoin market, even though a large part of bitcoin mining activities is carried out in China does not mean the country can destroy bitcoin if they decide to do so.

Bitcoin is a decentralized currency and can survive any attack. China's decisions on Bitcoin may affect the market negatively but can not stop Bitcoin from moving to the mainstream sector of the world economy.

That's true we should stop relying on China as the only country that can move and help Bitcoin to reach the top, Bitcoin is decentralized any country can replace China and it is not the only superpower on the internet, in fact, there's a lot of censorship of China over Bitcoin it's time for it to move forward by not relying on China alone.

bryant.coleman

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China is not the largest market for cryptocurrency, and also it is not the most important market in terms of purchasing power. The only segment in which they have an almost complete monopoly is in the manufacturing of mining equipment. Right now, 95% to 98% of all the mining rigs are manufactured in China. Some of the mining farms are moving to countries such as Kazakhstan and Russia, but as long as the equipment is produced in China, the farms located in that country will have an unfair advantage in terms of lower capital costs.

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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.

It will not going to happen that China losing participation in mining can cause it to become worthless, there are many who are able to take over what they have left it's their loss, not ours, yes we have a drop but we seen drops a hundred times before and the price eventually recover, the best that you can do is to stop creating FUD, you relax the whales and influencers are working to make the price move up again.

It will create temporary effect as the manipulators are using this just to make bitcoin price go dump at certain target they wanted, but I'm sure we know many countries still backing it up so there's nothing to worry about china banning of it since for sure others will step up and once china that there actions isn't effective provably they will be back on the scene and allow their miners again.

Oilacris

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Quote from: Argoo on July 13, 2021, 02:46:06 AM

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.

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.

Yes, we have seen many times on how negative news affect the market and its true that no matter how bad it do affect but still it would really be likely for it to recover.

It might not be all the time but we had seen lots of situations like this and its impossible to say that it would be worthless considering on whats the level of adoption as of this current year

then its really hard to believe on.I do really expect these kind of sentiments or words into those people who dont have sufficient knowledge and experience in the market.

sana54210

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Quote from: AmoreJaz on July 10, 2021, 06:34:58 PM

Quote from: coin-investor on July 10, 2021, 06:04:33 PM

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.

Some of them already did, look at the mining power and you will see that it dropped a ton and then increased a bit, that increase is caused by some of them already finding a place. Also remember miner is not a person physically mining, it is a machine and as long as the machine continues to exist you could just plug it out of china and then ship it to some other nation and plug it in there, hence continue to mine without a problem.

Many of them are doing that now, selling their well used and old machines as brand new and selling it with brand new prices whereas it is already used for months now, that is the trick they do, then use that money to buy real brand new stuff, if you are stupid you do get fooled and buy, they apparently can find enough stupid people to sell a whole mining facility, I saw that in a youtube video. Long story short I am sure miners are doing fine.

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