Bitcoin Forum

What with all our current action it's odd how rarely commented on it is that China is a goner for now. Who'd've thunk it just a short time ago and that elsewhere would shrug it off?

What form will the Chinese market take when it's reactivated? Will it not be reactivated at all? Will the PBOC kindly take charge of everyone's BTC and give them tokens to play with? Have the Chinese with coins remaining buggered off to Japanese markets? Will this affect mining eventually?

Give us your speculations.

China still has the mining monopoly with that nasty Jihan idiot, but the price no longer cares about china, just like nodes don't care that Jihan is not aiming for segwit, cause more and more nodes are pro-segwit.


I expect outside pressure will make china irrelevant in the game sooner or later. Their only strength is cheap electricity, that is ALL.

They also make the miners which is rather important. It would be a vast amount of fun if there was a concerted BU power grab and they were to find themselves permanently fired. I suppose they could rent out their mining warehouses to heat orphanages from then on. The mining cartels could do with a shot across their bows.

China is entertaining an idea that some WS/IMF economists seem to feed it: bityuan
http://www.barrons.com/articles/how-bitcoin-could-save-chinas-economy-1488243750

To me, this is an idiocy of the first degree because there is absolutely NO difference between such bityuan and digital money that already exists in our/their accounts at the banks. Everybody who is banked can already pay digitally, so what is it about?
People also use paypal, venmo, etc.

the token thingy that you are thunking can never happen. and Chinese are not goners, they are the same as before, they just trade on other platforms and mostly OTC trading on localbitcoins. before China was not as big as they were advertising it to be and now it is not as small and as irrelevant as people think they are.

and to my knowledge all the fuss so far with PBoC has been about money laundering and wanting to regulate these exchanges that were "claiming" to have 1-3 billion dollars daily volume.

they are not contorlling the market anymore, the more bitcoin become stronger the more country will join, and make china obsolete, china have only the number as their advantage, they are too many, which reflect on the volume on their exchange

they still contorl th mining scene, and will do it forever i guess, unless some other country build a new generation fo miner with far more better efficiency and all, after all china wasn't the first one in the mining scene

they have never been controlling anything in bitcoin. at some point they only had large portion of the mining hashrate and before that it belonged to other countries and China had nothing and now it is again starting to be distributed.  check this: https://blockchain.info/pools

and all the volume they were reporting were fake volume for the most part. and we saw how it dropped when PBoC started investigating them.

You could say that the beauty of bitcoin is it's decentralised nature. Chinese people have been getting around the great firewall for a long time and they will find a way to trade bitcoin. I expect the Chinese authorities will let the exchanges trade after putting in a vigorous identity verification process, because they should see it as another way for the government to earn money.

in china exchanger bitcoin price is low and volume transaction low too
because in there withdraw is suspend and pending until 11 march, because still investigation from PBOC, china autorized, after investigation and result positive, bitcoin price can go the moon, incraese very high

I think it's safe to assume that most of those pools are under the control of the same people. They know it's bad for PR unless they give the surface impression of decentralisation. If we really knew how few people commanded mining we'd probably all put our knickers on our head and run around the room screaming.

I don't think the Chinese government will ever want to stop people from trading bitcoins. They will just put enough curbs on it, to prevent a bubble from forming. Apart from imposing capital controls, the Chinese government will want to prevent a crash from happening (and ordinary people losing money).

the important thing is that they can not stop people from trading bitcoin. check localbitcoins' volume in China if you don't believe me! and if they prohibit that they will just go somewhere else.

and besides there is no reason for banning bitcoin when they can make so much money from the taxes they are going to get after the reopening of exchanges. imagine a second Forex market where government makes more money.

The Chinese government has shot their bolt. There's nothing much else they can do now.

The West has hit an ATH without China and probably from now on it's largely going to ignore a crippled Chinese market if and when it reemerges.

China will either have to develop a totally closed market which is possible if the government takes all exchange coins and give you an IOU, or ride everyone's coattails from now on. Their supposed command over the rest of us has been proven to be a paper tiger and I think that's permanent.

Mining is the last thing the government can do to scare us. What they may have failed to account for is that the rest of the world would be delirious with delight if Chinese mining was wiped out forever too. They're a cancer.