Bitcoin Forum

Now I know China has been accused of keeping the price of their fiat down, so this leads me to a question.

Why would china want to keep the price of btc at or below 1000? And I'm not asking for answers around curbing the use of it, because I don't believe they want that. I'm asking for genuine thoughts on how it would benefit china to keep the price low. What long term strategy would they have? Because we all know china doesn't just do things because they want to. They've probably had meeting after meeting on how best to optimize bitcoin for their benefit.

after PBOC or china regulation investigation to china exchanger
this now china exchanger not dominant again about volume transaction and not trend setter bitcoin price

That's known fact that China have an effect on the price for bitcoin, many big investors from this country are moving their capitals in bitcoin to skip government's taxes for those money. So bitcoin is just comfortable instrument for their transactions.

I dont know. Maybe to buy cheaper bitcoins to sell on higher value. Idk
You know, bitcoin is a bridge for crimes like money laundering and other bad intentions. Ofcourse they will be alarmed and do some actions. Also they cant collect tax from it. Thats why PBoC is keeping their eyes to every exchange. The last time they investigate. They found that some exchanges are guilty on volume manipulations.

The Chinese don't do anything without a reason behind it. Especially when it has anything to do with money. So becareful. They have a strategy to get out of this and this is just a plan to do it.
Buy cheaper coins by driving down their yuan then flood the money market with it as a reversal.

Just be wary.

I don't think the chinese miners or traders do not want the price of bitcoin is over $1000. But in this time it looks like PBOC try to prevent the money laundering through the exchange site. They're not trying to keep the price below $1000. The current stats the price of bitcoin is much better.

You should first ask whether they really want to do that, in the first place

I'm more inclined to think that they don't care so much about keeping the price low (or below the 1000 dollar level) as about restraining Bitcoin circulation as such in China, i.e. making it harder to both buy and sell bitcoins. By disallowing Bitcoin as well as other cryptocurrency deposits and withdrawals they aim primarily at keeping the circulation of bitcoins inside exchanges, over which they have administrative control. By controlling exchanges and limiting Bitcoin circulation (as they think), they essentially control Bitcoin itself

Well I hear that a lot. They're using their cheap yuans to buy bitcoins and then drive the price up later. Can't confirm it though.



As for all the meetings, it seem the government is cracking down on these exchanges due to capital flight. Really, which state would want money to flow out of their economy. As everywhere, people in China are using bitcoins to hedge against possible economic downturns. The government don't want that.

You are late to the party, bro

Actually, any country wants their national currency to get as widespread as possible. After all, they can print it again if necessary (just like the American government does by borrowing from the Fed). The same China wants its currency, the Chinese Yuan, to be used as a world reserve currency (just like the US dollar and the Euro are). They even tried to make it a "backup" currency of the IMF (I don't know what's come out of this, though). When talking about the capital running from the country, they mostly refer to the US dollars (or Bitcoin, as in this case). No one would give a fuck if someone tried to move yuans out of China (but no one is actually interested in using yuans outside China)

I clearly think that China uses Yuans to buy bit coins, it's cheaper and they recolt lots of gains

Yuan is facing devaluation from long time and chinese people are not allowed to send their yuan abroad by bank wire or by similar way so they find bitcoin an easy way to send out their fiat and convert them to USD. For this they have to buy bitcoin from their local exchanges and send out those bitcoin to foreign bitcoin trading platform, exchange them to USD and keep those USD in their banks aboard. They want to keep bitcoin price down so that they can keep buying cheap bitcoins for long term holding.

@deisik

That's an interesting point. If they do take over control of the exchanges they can do a lot of things. I assume bitcoin is going to be or is a great asset for intelligence agencies to use for operations/operatives they don't want to pay on the government budget. They could even fake breaches of exchanges and distribute the btc to anyone they wanted to. Even to other governments they don't want to be seen doing business with. I never thought of it before but if people can hide their money with bitcoin, so can governments.

Two possibilities : they want to get in and need to lower the price. Or they want to discourage their people to join Bitcoin and fight against the capital evasion.

as far as I know, China has the biggest mining farm and profit when we are talking about bitcoin, they hold the biggest amount of bitcoin, they said that it is almost 12.5 million dollars. So if one country hold this kind of big bitcoin, they can control the flow of these cryptocurrency. Thats why i think china and the bitcoin price are somewhat connected.

They're not keeping it at any given level, believe me.  They may have some influence if a good deal of miners are in China, but there's no one country that's going to control bitcoin.  We've all got influence on it, and there are market forces in play all the time, from a lot of different countries.  China is just one of over 200.

I am agree. Chinese businessmen just want to run they business away from government's hand and control. It's known that to hold capitals in bitcoin can help to skip inflation and taxes.

this now china exchanger not dominant again about volume transaction and not trend setter bitcoin price

I think China want to keep the price below 1000 US Dollars I think to stop their citizens from using it after all tax from using yuan is the main source of income of the government and if the people stops using that they would have lesser income. Maybe China also wants to buy cheaper bitcoin because many Chinese are money minded and as well as their government, and they see bitcoin as a good thing to invest too so they try to make the miners and traders in China dump their coin.

China doesnt want to make bitcoins price below One Thousand Dollars but instead they want bitcoin to reach more than 1000$ so they can sell their bitcoins at a higher price and they will get huge profit. The reason why China has caused the sudden price volatility last January is not because they wanted the price of bitcoin to fall down rather they are manipulating their bitcoin volumes and has manipulated bitcoins price so it reaches 1000$ very fast but as the PBOC of China made a step to investigate the price manipulation of bitcoin, the prices of bitcoin at Chinese Exchanges return to normal and it appears as if there is a sudden price deflation.

This is the reason why people are looking for another altcoin where control of one group or country is not possible,and some coins have succeeded in doing that with their pos coins,but still bitcoin is leading the crypto currency being the pioneer .

PBOC wants to regulate bitcoin exchanges in china. Chinese got scared they'll lose their bitcoins. Dump them all their coins. Thus, the price goes down. People from other countries saw opportunity to pump their bitcoins, thus the price went up again. It is just the effect of their actions, not that china want it to go down below 1000.

The way people bank of china are controlling bitcoin and other crypto currencies as if Satoshi is a Chinese is bad. My understanding of what they are doing is, creating unnecessary panic to keep bitcoin price below $1000 and this is bad for those buying and holding bitcoin. But very soon their effect on bitcoin will fail as many people will understand they tricks.

It is no secret that the Chinese government hates BTC. They are all about capital controls and keeping their citizens money within the country. The day is coming soon, where they seriously crack down on their citizens who are using BTC in a major way.

Agreed, this is the reality happened at the present time now. It is one of their methods maybe so if ever happened that it will down to 900$ example they can get a volume of it on which there is a big a chance that bitcoin will increase again.

Why would anyone want to control the price of bitcoin.They might manipulate the volume and price so that they could make the maximum profit during the price surge in both directions,that is what can happen in an unregulated market as the majority stock holders could make a difference in the price.

The only way one can influence price is if its within one's control and in this case the only price Chinese government can control is theirs alone and not bitcoin because the origin and source of bitcoin, does not rest solely on China. If they make some moves against it, it will only influence the price in relation to their own currency and definitely not a determining factor. The earlier they know this the better for them...

What China is trying to do is curb bitcoin trading, they don't care about price that much.
All they care about that Chinese citizens couldn't buy BTC and transfer their wealth/deposits outside China in that form.
That is why we have all that regulations in place - to keep circulation of BTC/yuan within the Chinese exchanges.

This claim is farther from truth than you might think

It is no secret that most bitcoins are mined today by China alone, and it is the same as if they issued not only all the Chinese yuans but also two thirds of the US dollars. Would that count as control over the dollar? In my opinion, this is exactly what is usually meant by control over prices. If you control the supply side (as well as demand side too, though to a lesser degree), you can basically set any price you want (in certain limits, of course)

First how sure are we that China wants to keep the price of BTC at or below $1,000?  As I think of it China don't care about BTC, as the way you wanted to hear it, they only want to make sure that these exchanges that had been loose for some years to follow what the rule stated with regards to AML and  KYC stuff.  It is that these market manipulator take advantage of the news and twist the idea to suit what they wanted to the price of BTC.

I think for the Chinese, there has to be some underlying reason as to why they would want to create news that would directly affect the price of btc. Otherwise, they would have just had quiet backroom meetings with the exchanges to see if they were compliant with regulations. The Chinese government can easily decide whether or not news can be released by news organizations and even the exchanges themselves. But they didn't stop that news from getting out. They allowed that news to be released and it has been the case for years that the Chinese government can easily influence the price of bitcoin, for good and bad, solely on news of them taking action. They knew it would negatively affect the price and create panic in the market.

I've heard many cases of people creating bad news and panic to shake weak hands of a coin when it is low. Some people have stated that you can't control btc because it is decentralized. But, if you can create panic and buy more and more each time you do that, you create a market where you can always hold the majority. So now you have a coin that is majority mined in China and a Chinese government that can influence the market to the point where they can always buy low and sell high.

Or maybe I'm reading the whole thing wrong.

i don't get it. why is it so hard for people to accept the fact that a bitcoin exchange which is an online service working with fiat needs to follow the fiat rules!

and that is all China or any other country cares about as far as bitcoin "price" is concerned.

no country/government would benefit or lose anything if bitcoin price moves up or down. they all care about certain things: Money laundering through not-regulated bitcoin exchanges and any possible illegal activities using bitcoin. in both cases if price is 1 or 5000 that won't matter.

one reason might be that they want to avoid control? they have money laundering too right? perhaps under a certain amount like $1000 you are not contorlled about money laundering, just speculation but there are not other reason that make sense at the moment for me

As we all know that China is behind of bitcoin price. I thought, the reason is that majority of the investors are belong to China, that's why they are using their capital to up and down the price of bitcoin. But i don't think that we are argue on it, because if China do it, than it is good for us and also for bitcoin, when it price up we gain profit and when its price down then it is time to buy the bitcoin.   

I don't believe that PBOC cares about bitcoin's price more than yuan devaluation. The only thing it wants to stop the outflow of local currency abroad. Of course they try to manipulate bitcoin claiming that is used for illegal activities because it is considered as the digital gold and most Chinese feel confidence to invest on it.

Agree. China's foreign exchange reserves were $4 trillion in 2014, but it is now below $3 trillion, so they've spent a trillion trying to offset the outflows in order for the yuan not to crash. They can't really allow the capital outflows to continue because they can't afford it.

Current mild upward trend of bitcoin markets, is making me think that we may see an end of China dictating and slowing bitcoin by holding the price down.
Top 3 Chinese exchanges stopped withdrawals of BTC/LTC - normally this would cause huge uproar, chaos and panic sell. So why we are not seeing any decline?
But instead price is slowly gaining momentum?

maybe it's just coincidence, after the Lunar New Year, yesterday the price of bitcoin rose steadily, it looks like it has nothing to do with China, it is because fitting coincidence many people on buying bitcoin for stock so prices rise, as it also possible for people in the china was a lot once his bitcoin users so movement is very cause shock effects that taste

The reason of the strange connection between "Chinese regulation news" and the $1000 barrier could be actually that this price level is seen by them like "alarm bells" that Bitcoin usage is getting out of the levels they know and think to be able to control.

More than about the $1000 or €1000 they could actually be worried about a new all-time-high in CNY (which has already happened this year, but did not last long). A new generalized ATH (=also in USD) could lead to a new Bitcoin rally - as a Central Bank they should know about Donchian channels ;) - and that could lead to a massive rise of interest in Bitcoin. So it's logical that they are trying to strengthen the controls about the AML/KYC requirements for exchanges as a preventive measure if the massive rally actually takes place, because capital flight movements could be magnified by such a rally.

What exactly makes you come to this conclusion?

Namely, why would the Chinese government want to prevent its local currency from flowing abroad? I'm more inclined to think that they are desperately trying to prevent the US dollars (as well as bitcoins, for that matter) from leaving China. Really, what's the use of the Chinese yuan outside of China? Unlike the dollar, the yuan is nowhere near being a reserve currency, and its use elsewhere in the world is rather limited

although china has banned to withdraw btc for exchanger,but the price has rise slowlly those days.

Probably yes, but it would also be logical to think that the increase can be brought about precisely due to the impossibility of that they can make withdrawals of their funds which has led to a sudden drop in offer elsewhere, this coupled with the perspective of confidence that exists to maintain those levels.

yes these are just assumptions and there is no reality about this. in fact the it in is now become very difficult to manipulate the price of bitcoin. because the number of bitcoin users are now increasing. therefore it is now become difficult for a single person or a group of people to manipulate the price of bitcoin.

yes there is no doubt about this that the number of bitcoin users are more in china as compare to other countries bu ti think it does not mean that they are controlling bitcoin at all. bitcoin is a universal currency and it is not so easy to manipulate or control bitcoin.

No, it is not about the number of China people. It is about how much money and efforts they have spent in Bitcoin. AS you can see, there are likely a thousand investors and they have put a million dollars in this field. Therefore, it is obvious that the Chinese are controlling the Bitcoin prices they day by day

but how can a person know that they have more investment in bitcoin. although their number of using bitcoin is more that any other country but it does not mean that they have the most investment. my be a single person from USA has invested more that 1000 users from China.

Not for long china can controlling bitcoin price, im sure now they on trouble due their efforts to make the price under $ 1000 always can not last long and now all trader are smart they not easy get in on the trap.

China dont have now so much affect to bitcoin it have less and less because now exhangers are checked so often from inspection so they cant do illegal things in market.

Honestly I used to believe that China is trying to control the price when  Bitcoin price go up more than $1000 but the last two press release of PBOC does not mean that they are or in a position of wanting to control Bitcoin price.  They are just after the implementation of the law regarding money laundering and possible support to the terrorist activities.  There is no way in their announcement that they are banning or want to control bitcoin price.  they are just preparing their exchanges for a more legal way of implementing rules on the transactions of Bitcoin.

Their interference stems from a desire to prevent ordinary Chinese from getting hurt. Other countries do it by issuing advisories and warnings; China does it by interfering in the market. Chinese are by nature gamblers and so Bitcoin is very attractive to them.

what you say is called conspiracy theory with a hint of racism :)
Chinese do the same thing as any country, they have been issuing warnings to their people about bitcoin to make them understand it is not magic money to make them rich and warn them about not investing their whole life it in. nothing weird is going on there, and bitcoin market is too small for a country to even consider keeping its price down. while there are huge markets such as Gold and Forex with much more investors.

Heres what I think on the whole PBOC keeping BTC below 1000 US dollars conspiracy. The higher the price of BTC is, the easier it is for money launderers to use it. Think of this, if you want to launder 1 million US dollars, would it be easier for you to launder via BTC if it was at 10 dollars or at 10,000 dollars?

Exactly, so the conspiracy is rather in the right place to help curb money laundering and discourage illicit use of Bitcoin as a payment system for fraud and illegal businesses. I give thumps up to the Chinese.

I don't think it actually matters

At least, as long as we talk about the same amount of fiat money (US dollars, euro, yuans, etc). Really, 10,000 dollars will remain 10,000 dollars no matter what Bitcoin price might be. In other words, you don't need to launder bitcoins themselves since they are of no particular use on their own. You can't do much with them (if only gamble them away). You can multiply the coins through trading or other investments but to use them in real life you will still have to convert your bitcoins to fiat first. And this is where the size begins to matter

i think now china cannot manipulate the price of bitcoin. may be in past they were responsible for that bit i think now they are not responsible for that but now it is one of the most difficult job to do so.

There are still a few other possible explanations

Which they may not want to widely talk about. The most likely one is that the Chinese authorities just don't want their population to be involved with Bitcoin since Bitcoin is a direct competitor to the Chinese yuan. The US dollar is a competitor too but they can control it through banks, while Bitcoin is totally beyond their control. That's why they are so vigorously attacking the exchanges since this is the weakest link. Forcing these exchanges to disable deposits and withdrawals follows their strategy perfectly. The next step would be banning Bitcoin for personal use and ownership altogether

I have read alot about China this and China that but I really dont understand why it has to be like that. Even if they have the farms over there, I believe its other countries that are even giving them the way because of the strict attitude towards bitcoin by other countries. How on earth can one country be deciding the direction of a currency that is even used all over the world. How I wish bitcoin can be strong enough to deflate all sorts of news coming from that end.

Previously, the Chinese market controlled over 90% of the global bitcoin exchange market.Currently, Japan, South Korea, Singapore and the Philippines are arguably the most well-regulated bitcoin markets with practical regulatory frameworks and realistic policies in place.The Japanese market and the optimistic viewpoint of its government have also served as a major factor behind the recent decline of the Chinese market.When the PBoC first announced its involvement in the local bitcoin exchange market and led to the decline in the value of bitcoin by halting withdrawals for bitcoin users of Huobi and OKCoin, the US market panicked. The price of bitcoin plunged to $950 at the time. However, the bitcoin price has already recovered back to its previous multi-month high margin and it’s currently showing a value beyond $1,100, which is close to bitcoin’s all-time high price of $1,120 in major markets.

It depends on how much people carry bitcoin. It is easy to manipulate and control bitcoin and if you said that most of China user hold more bitcoin, I think that they have higher chance that they can manipulate the price and control the price exactly. But I wonder if any big whale of gambler that participate in controlling and manipulating price. May be if big whale of gambling include in this part may be China user can't manipulate it though

Of course it does matter. The value of your fiat would depend on it. If you want to launder millions, which in most cases the amounts are, a higher BTC price will not cause any spikes in volatility as compared to when its lower. Pumping millions in and then getting them out will abruptly make the price go up and down.

China has the largest share of the hashing power when it comes to mining bitcoin and that gives us the general idea of how much it can control the price of the bitcoin because it all depends on their miners and how much are they willing to go before releasing those coins, the market is on high demand right now that is why the price is high these days.

Welcome to the US dollar, bro


I think the reality is not quite in line with what you think

Higher prices usually mean there is less supply, that's the reason behind prices rising (apart from demand inflating, of course). The higher prices we see today are in great degree due to July reward halving now taking full effect (i.e. supply side contracting). In other words, with prices rising markets become thinner in general, and it is even truer in case of Bitcoin (since folks right now prefer holding to active trading and selling). So your millions of dollars will cause higher volatility (in both relative and absolute terms) with high prices and low supply in contrast with low prices and high supply

Yes, you are right, China is a leader in the production of Bitcoin. In addition, China's stock exchanges was a big turnover cryptocurrency. But the Chinese government is now a negative attitude to Bitcoins. And I think if Bitcoin is banned in China, this is a very negative impact on its price

I think youre wrong. Lets pretend BTC reached 10,000 US dollars. Are you saying that those super high BTC markets are now so thin, a slight push up will bring the price easily to 15,000 dollars with a less than a million in volume? Explain to me how that is so.

I am sure that the Chinese miners have a great impact on Bitcoin. The price is related to the complexity of Bitcoin mining, and extract him most in China

Well for one thing Chinese people own most of the mining power.  I would say that they want there to be less demand for other people to mine because the price is lower, when in fact they're going to push it up later through friendlier stances to Bitcoin.  There's also the matter of buying Bitcoin -I think China wants the price to be low to continue buying Bitcoin, which is why they keep scaremongering about their position on it, but their influence on the price is getting lower each time as investors are becoming more aware, like "The Boy Who Cried Wolf".

Eventually they're going to change their position to Bitcoin and make it friendly.  Then the price will go way up because there'll be less doubt.

There is a lot of Chinese generally, that is all about. There is more Chinese then Americans and Europeans together. Of course their impact is bigger then impact of my county with barely 8 million people, it`s like small village in China. I think here we talk just about number if people using bitcoin in some country, 1 % in my country and 1 % in China is big difference, they are huge and they will have one of important roles in bitcoin community.


I would not call China a communist country, even they technically are communists. therefore it will be interesting what kind of laws they will create about bitcoin, and blockchain.

In fact, I have explained it many times already, on numerous occasions

And the explanation is pretty straightforward. You obviously don't take into account two things. First, the supply of new Bitcoins is limited, and it is not just limited but it is actually diminishing due to halvings, coins lost for good, and folks stashing their coins away. Second, if the price rises, it basically means two things again, i.e. that the supply of bitcoins diminishes (which is consistent with the first point) and that the demand for bitcoins increases. Any way you look at it, you have to agree that the Bitcoin market is necessarily thinning in any of these cases. Given that, it becomes more susceptible to heavier price fluctuations simply because the same number of coins can now move the price stronger (or less number can move it for the same change in the price, in relative terms)

I get your point. According to your explanation then there might be a case in saying that BTC should have reached 10,000 US $ by now seeing the increase in demand. Yet we see rising volume on the supply side in the exchanges making the price fall. Can you explain that? The laws of supply and demand is not constantly linear. There are other forces that makes one greater than the other.

It is true that they are not controlling it directly but since the majority of the miners are located in china since mining is profitable there because of how cheap electricity is makes them the ones that affect the price in some way like if they try to make strict laws about bitcoin transactions there means they want to come back more stronger than before.

Yes, I also do not think that Chinese are responsible for affecting the price of bitcoin. Although the number  and investors of bitcoin are more in China may be more than any other country of the world but I think now I think rest of world also having competitive traders and investors hence no one can influence in one direction nor manipulate the price of bitcoins.

i also believe this, because without miners there is no bitcoin, and to make miners keep running you need to give them the profit, which mean that bitcoin must have a certain profit to help their investment that is growing and that is securing the network, but the today value imho, is also related to bitcoin growing in the world and better adoption not only mining

Slowly investor from china will lost their bicoin and they always try to dump the price but it will not success due bitcoin user are waiting ETF aprroved to see the higher price.

Sorry for the delay in answering your post

You seem to forget what you had been claiming and what specifically I was challenging. I didn't say that the price should be rising. All I said is that with markets thinning the Bitcoin volatility should increase. But volatility doesn't mean that price should necessarily increase. It means that price can as easily rise as drop. That's basically the major effect of growth in volatility, i.e. wider price swings, up and down. And this is pretty much consistent with prices falling, though it doesn't always mean that the supply of bitcoins increased in absolute terms, it just means that less increase is required for both supply and demand to move the price in either direction

yes it's business, sometimes to sacrifice anyone, but China does not seem to be like that, chances china can indeed keep prices for users bitcoin there very much when compared to other countries, it seems to Total Project; ah multiple users, then the price could be on tap.
I was just thinking just take good ok

There will always be miners and mining will always remain profitable, no matter what the price of Bitcoin might be (or fall to). It is a bit counterintuitive (I understand that), but if Bitcoin price fell twice or thrice for long enough, it could actually help the coin in the long run by throwing away the best part of today's miners, though it would be a hard blow to many Bitcoin users, of course. The premise for this assumption is that right now current Bitcoin miners have become an insurmountable hurdle on the road to future Bitcoin development and improvement. I can certainly see the frustration of people designing and developing SegWit and LN updates

And how much effort (and time) would be wasted if these updates won't get accepted eventually

Yea they have a really great impact but they will not have anymore because bitcoin is more and more popular in Europe and there are many projects with bitcoin with which Europe will have bigger affect to bitcoin then China.I know this because I know some really important businessmanns and I am also one of them.

i think not only China but even not any other country have any control over bitcoin, and from time to time it is becoming more and more difficult to control bitcoin because its users are increasing continuously through out the world.

i don't know if you are joking or not but you really don't need to be someone to know that China is not big and no other country can control bitcoin. it is just because they have a lot of hash rate and their share of the mining hashrate has been shrinking for a while because other places like Georgia is coming into mining scene with lots of hashrate.

Keeping their fiat (CNY) down? Where did you read about this? It seems against economics rules to make their own currency rise up.

Are they ever state to keep bitcoin price below $1000? Because I don't think China will do that, not them (govs) but their citizens/bitcoiners/miners which sell out their bitcoin at higher price to get profits I guess. If China government wants to invest on bitcoin, they might be want to buy it at cheaper price and waiting for years to get decent profits.

I think the only reason I saw why they want it to keep it below its all about money matters. Of course once the price below 1000$ they will buy a huge volumes of bitcoin then keep and hold it til the value increase it  again.

This has been practiced by the PBoC as well as many other central banks for years

In fact, it is a wise economic policy for any export oriented country and China is likely the No. 1 such country (an exporter which manufactures goods for half the world). I understand that this is a bit counterintuitive but it is really so. The caveat is that it is beneficial as long as inflation inside such a country is kept bridled, i.e. the question is not about devaluing a national currency altogether since in the latter case it will just stop being money. Lower exchange rates help the exporters by making their goods more price competitive in the international markets, so the overall effect for the country is positive and beneficial


This point can hardly be argued against

it seems china aims transform bitcoin collect as much at lower prices later when bitcoin already accumulated fat then they will sell at a high price
maybe it is so strategy china

Maybe China is seeking thus to save the yuan? Now the Chinese are massively buying bitcoin and it hurts the yuan.

I don't think they are actually having meeting after meeting on how best to optimize bitcoin for their benefit. There are many people living in China and not all of them pursue the same aim. Also there is no point for the big Bitcon holders living in China to keep the price of BTC down.

I don't think so, because in the previous news the People bank of Chinese is trying to delaying the opening gate of the withdrawal service by the exchange site, and there are no way to buy bitcoin in my mind. But its decision really hurting the yuan.

And it seems to me that still China is trying to save the yuan. And this has been going on for several months. The economic situation is getting worse. And people are looking for salvation in buying bitcoin. The government does not like this

Yea everybody is trying to stop citizents from buyiing bitcoin but I think can be bad for economy but later it will be so perfect because everybody will see how many new things this bitcoin bringed to us and it will save us all.

I think china country not stop about bitcoin
china country only want strong regulation about bitcoin, anti money laundring and more
but until now regulation not ready, withdraw still very dificult and effect bitcoin price in china very low compare another exchanger, diference price over 100 dollar

They are not saving the Chinese Yuan

And the folks in China are not massively buying bitcoins, otherwise you would have already seen prices in many thousands (if not dozens of thousands). Just make a reality check (at least, sometimes). The Chinese central bank (PBoC) has been deliberately devaluing Yuan but it has been doing that in a controllable and manageable way. Bitcoin could theoretically harm the Chinese national currency, but it is very far from that right now. At max, it could be claimed that Chinese authorities are acting preemptively, but this is also mostly just our guesses and assumptions

Eventually, China can only delay the growth of Bitcoin's value. Sooner or later, Bitcoin will really show up even beyond the regulating influence of China and this is reflective in new trends. I am seeing more and more people scattered in many parts of the globe taking an interest with Bitcoin and this is good news so as not to concentrate the power within one nation -- a "rogue" nation at that. The main concern of China is the plight of capital with the use of Bitcoin and the government is wise enough to understand that eventually Bitcoin can go beyond their own hands that is the government is instituting policies and regulations so that Bitcoin -- at least in China -- can not be utilized to go against them.

I think that China lately has lesser influence on bitcoin network, and blockchain than some time ago.
It is because of the bitcoin regulations that come up in this country, we could witness thousands of huge transactions from china when the exchanges were completely free.

However we need to agree that People's Republic of China is still holding the big percent of the bitcoin mining, and im sure that many of them are also involved in altcoins mining.
It changes a lot, and we need to understand why is this happening: probably because of the cheap electricity, and also big players who are looking for any way to generate profits on the different businesses.
I hope that we will see more miners from other countries than China, because it would be healthier for bitcoin to be distributed all over the world, not concentrated in few places.

I think no other country can match China in terms of mining bitcoin because of not only cheap but has abundant supply of electricity. They have still a firm grasp on it IMHO. However, it does not mean that they can control the price of bitcoin. Before maybe, when PBOC did not step in to control those Chinese exchangers. But now its a different story, we have Japan now entering the picture and we are seeing the correct market price of bitcoin. So I believe that China has little influence now on the price of bitcoin.

I think you refer to the flight of capital

And more specifically, to the flight of capital with the help of Bitcoin. I understand that it is a buzz phrase of sorts nowadays, but could you explain how this flight of capital is ever possible with Bitcoin when Bitcoin itself knows no national borders in the first place? Okay, you could claim that they buy bitcoins with the Chinese yuan inside China and then sell bitcoins for, say, the US dollars abroad (e.g. at some American exchange). And what does it change in the end apart from Bitcoin at first rising in price (when they buy it) and later falling in price (when they finally sell it)?

yes i think they are the still the big support of bitcoin. as we can see the that the bitcoin users are more than any country in china, the bitcoin miner are also more in china than any other country of the world.

Well it is obvious since mining farm is located in china, users will also be greater there than in any country in the world.  But with regards to price, I do not think that China bad press still have that great impact.  Though I can say if majority of Chinese holders dump their bitcoin, definitely Bitcoin price will crash.  But I doubt a person with right mind would do that since Bitcoin Price increase is inevitable.

so lucky chinese , those people who can take it as opportunity can gain a lot of profit
most place around the world have a high cost electricity
and china have the lowest cost and make them one of biggest bitcoin miner
japan has a lot of creativity and interesting to see the competition between them.

Correct japan is looking forward to build a big bitcoin mining since they start legalized this currency in their country and it will have big effect on current price.
If in our country is like in china with low electricity rate i think invest to have mining site because this was very profitable method if you have own mining site. But im not lucky enough im here with the country with high electricity rate with $.25 per kwh.

Yes I have heard that theory before and it makes sense to me.

I would think that many Chinese might be doing what the people in Argentina are doing which is putting there wealth in Bitcoin to make it less susceptible to the high inflation that occurred. Then it makes sense for the Chinese government to want to try and discourage this practice because otherwise the value of Chinese currency would go down.

if it is a fact that japan is going to legalize bitcoin in their country then it will be really a good decision about bitcoin and i am hopeful that then other countries will also follow them and will turn bitcoin as legal currency.

First of all, I doubt that the Chinese government has much to do with the price of bitcoin being down when you first wrote that post.

Secondly, as we can all see now, bitcoin did go through the roof and hit the $1,000 mark with absolute grace and ease. There wasn't much you could complain about. Also, don't blame everything on China as other countries have a good trading volume too.

As to your question, the main reason would be that they fear of bitcoin taking over their control on the economy.

Unlikely though, because they could have just restricted access outright to bitcoin instead of manipulating the price.

I think in china high price not a problem that mining brought great results for miner.

Till now, people cann't withdraw btc from many exchange ,seldome exchange can withdraw,but it has to wait 7-15day!