Bitcoin Forum

Charlie Shrem is one of the pioneer in Bitcoin and said “This China FUD is playing on all your fear, uncertainty and doubt. China has no real effect on the future of bitcoin. Bitcoin is about censorship free and an alternative non govt controlled financial system. China’s relevancy is diminishing by the day. They overplayed their hand and there is a reason they are being ambiguous. The only power they have over bitcoin is the power you give them. Bitcoin puts a financial system back in our control.”

Agree with Charlie Shrem?

Source: https://www.cryptocoinsnews.com/charlie-shrem-china-no-real-impact-bitcoin/

I agree with him.  China has nothing to do and cannot do anything on the price of bitcoin.  Simply because evwn if they banned bitcoin in their country, bitcoin price is still high compared to the price on its early years.  And maybe most of the users of bitcoin our from the USA and next is the south east asia.

Yes, 100%.

And I'll add "Jamie Dimon has no real effect on the future of bitcoin" too!

China has only limited how businesses originating in China can be involved in Bitcoin. But this legislation has no impact on the Chinese owning bitcoin, just where they buy/sell bitcoin. Chinese can even transact bitcoin between each other! They just can't use a China based exchange.

Fortunately Bitcoin is a global currency and asset and there are no country boundaries that influence when, where, and how you transact Bitcoin.

And if China bans mining the effect will be monopoly busting...and that's good for all of us!

The only power they have is in the mining because they still have the monopoly, but if it can be reduced then China's influence will really diminished overtime. They have put a significant dent in the price recently but bitcoin has overcome it already. But we still have the closure of the exchanges so I don't know what's the impact gonna be. But definitely as day passes by, they are less considered and we may totally forgot about what China did to bitcoin specially in the beginning. Its just regrettable how things turn out to Chinese bitcoin enthusiast.

The only thing that connects us from China is the bitcoin mining industry. If they choose to close it as well we can still survived but of course there will be a negative effect on the price. However, other countries like Japan and South Korea can still take over the mining business. I read that they are not going to shut it down though. Bitcoin is really unstoppable, perhaps temporary but it will still flourished even without the biggest backer eversince - China. Because others are just waiting and willing to fill the void that they have left.

china will have no real effect if china bans mining, but now it still has a little effect

Valid points on all counts, but just easily as valid if you replace China with any other national or supranational  entity. Power is lent to China/entity from the rest of the system so yes, any entity is only as powerful as we allow them to be.

At the same time, it's arrogant to say any is powerless. Like it or not, we're as strong - and weak - as any of us. And that's a good thing!

Of course,even if they have contributed to BTC growth all this time,they can't make BTC under their control
There is still many country who are willing to accept BTC and not bothered by the drawback

Fair point. China doesn't really control bitcoin in any way apart from volume manipulation :) Since the Koreans and the Japs entered the scene, the Chinese lose their control over the eastern markets making it hard for them to further manipulate the little control they got there. Also, China has a ~20% overall mining share from the network, which isn't a big one if someone is worried about the miners going rogue.

Bitcoin can't come under the control of China, because it is a decentralized currency. Theoretically the Chinese can dominate the currency using the 51% attack, but so far they have failed to come up with anything close to that much support.

china has been attempt to terrify bitcoin users with banned ICO and exchanges and also dumped bitcoin price but bitcoin are strong even without this country so i had 100% agreed with him that china effect only temporary and in the future bitcoin has very bright and i always be sure about that

FUD or not, either if Bitcoin is banned in China, its usage is something that cannot be controlled, they have no control over it, neither any other countries. The main concern is the mining farms and the exchanges. I believe that the recent price drop is just temporary, a result of (negative) news flocking the internet about Bitcoin, resulting in more FUD.

Of course there is real effect. What fantasy planet are you living on?

China is a huge market economically wise and their participation will help btc to grow in value quicker.

All this anti-china postings is plain ridiculous. So what they have cheaper electricity, get over it and move on.

LOL, you stole my exact sentiments. Bull to the shit China doesnt have an effect of the market, just look at where we are now if you believe otherwise. China is the majority of the market, a majority of the liquidity, and an absolute majority of the supply. of course any disruptions of this market would make ripples in the whole thing.

i love the optimism we have here, I really do. but this enthusiasm and rejection of unfavorable reality will be the undoing of us.


and yes, the board is racist as fuck. this is tame compared to the politics subsection ;)

My limited knowledge tell me that this China Banning is good for BTC and Altcoins. After all this ends and with all currencies still defying the death; it will only make them stronger that they can and would be living life after such big storms...

It would only increase the velocity upwards...

I am not sure if I agree or disagree with him, per se. But a fantastic point that I have seen is the that China outlaws Facebook and Google......I don't think either of those companies are exactly struggling. While I have a hard time imagining that the addition of China would be irrelevant to these companies' profitability and expansion, it clearly shows that they are not dependent on China.

a SHORT term China banning could be good for the ecosphere. but a permanent removal of China from the markets would be a serious blow. despite how we might feel about the recent developments, China means serious adoption. if they make up a majority of users, and they definitely make up a majority of miners, do we really want that majority to just up and leave forever? the exodus as people recover value will absolutely ruin the price; and it wont rebound because the liquidity will have dried up.

China is extremely important, guys. im pissed too, but I understand the importance of having market participants to make a market work ;)

Everyone is just conveniently ignoring that we are talking about the largest country in the world (which will likely have the largest economy someday). They can't be ignored. I think that Bitcoin could achieve significant network size and value even just as a niche community, China or not.

But to say they have "no real effect on its future?" That's very foolish. Indeed, just look at this from another perspective: If China fully legalized Bitcoin and/or backed its mining enterprises, that would be seen as a major boon for cryptocurrency. There are a lot of potential investors in China who don't touch cryptocurrency because of its grey market nature.

I definitely agree with him.

The worst that China can do is probably close down all exchanges, try to shut down all pools based in China, and that would be it. They can't just shut down the entire bitcoin network because as we all know that is impossible as bitcoin is peer to peer.

There are some confirmed news and others are just rumors. Especially the rumors, they are just trying to make you dump your coin. But the real news, honestly chinese people already trade on localbitcoins mainly for buying/selling as exchanges were already super strict with deposits and withdrawals. Now that exchanges are shutting down, they're just going to keep on trading p2p, no difference at all.

China does have an affect on bitcoin.

However i do not think that the tightening of Chinese regulations really have any sort of substantial influence over how bitcoin is going to pan out in the future. After all, bitcoin can still be traded in places such as Paxful or LBC.

This is likely going to cause a short term panic as he mentioned but will not have much any longstanding effects on bitcoin's development.

Bitcoin is a decentralized currency so it means that no one can control it even the price, The author has a point on his statement and only FUD is the only reason why bitcoin dumps after the news out regarding China, Many country will take over their spot if ever they completely abandon Bitcoin.

Chinese miners dont control bitcoin if needed they can stop mining even then there will be enough miners in the world in fact it will even make the difficulty easier for them making it better for the other country miners. No country has control over bitcoin because it is controlled by the people who use it and not those who talk about it. Those who do talk about it influence the market - how that occurs is because there are people who are weak minded and panic that bitcoin prices will fall giving them losses.

I don't know but his statement might be right that their government has no effect on bitcoin, they may have the capability in banning or restrict bitcoin and other cryptocurrencies but can't restrict the usage of them since no one can't control it. However, we can't deny that China is the majority of this market, they have an important role in this industry so whatever happens in China it would affect the bitcoin and cryptocurrencies.

I agree to what he said that china has no real effect on the future of bitcoin because if you can see that the price of bitcoin is still high even the china banned bitcoin completely because we still have a lot of countries that are willing to help us to sustain the price of bitcoin and help us to completely widen the coverage of users of bitcoin.

What I'm guessing about this topic is that China is involve with the situation of bitcoin right now. And China I think is one of the reason why bitcoin will reach moon. After a big dip, bitcoin will pump so hard and who knows? It might reach the moon.

I completely agree with Charlie Shrem here. China Being the dominant country in cryptocurrency can have a small term effect but can't affect the Bitcoin price in long term. Market will eventually recover from uncertainty spread by China by September end. Price is going to shoot in October.

I believe in what he said. Since bitcoins are wide and if only one country stops it is not as much of the country it supports. And since the bitcoins are known to be a life-changing one. Many people still try and it and when they see it really is effective. There are many more people they can encourage here. In other words, it is spreading and can no longer be stopped

I also notice that market cap price is going back to its normal state and the coins that i invested is rising up again. No more worries for those who invested too much and just hope for a continue increase of their coins in the market.

This is likely temporary news, because now the news has already come out that on October 18, China will cancel its ban on Ico. Perhaps one of the major investors bought a news background, thanks to which the whole market rolled back. But even though China's traders hold about 20% of all cryptology, this is not the whole market, you are right.

One developer (been Luke?) once suggested changing the algo. Just hinting at https://en.bitcoin.it/wiki/Hashcash#Future_Hash
There are two sides who could bust any existing monopoly, but the whole process will result in a bloodbath lasting years. And that will damage the idea of digital gold forever.

For GPU miners it's arbitrary if SHA256(SHA256()) getting called or a single SHA3. But how long for the new ASICs generation to pop up?

I agree. no one has real control over bitcoin except miners, investors and hodlers. I also agree that government should bring more companies in so everyone has a playing field. Everyone is realizing now that Bitcoin is here to stay and nothing can stop it.

things like china, warren buffet news can have small impact in short term but as we saw, price is going back to where it was before the news. just fud

The biggest internet provider in Japan GMO, has already announced that they are going to start mining from 2018. I think they were waiting for Japan to make bitcoin legal before making their move.

Hopefully next year should see the China influence on mining diluted by quite a bit.

I agree that China has no effect in the long run, because it's quite expected that the government that bans Google and Facebook and tons of other services will be against Bitcoin. But it's really hard to predict their impact in short term, right now the price almost rebounded to the previous level before news from China, so it's possible that Bitcoin's price will just ignore China, but on the other hand we had a huge crash in 2014 and a long bear market without any real good reason - so if China will for example ban mining, Bitcoin might again enter bear market for a long time. But the price is only one aspect of Bitcoin, and the network itself can't be affected by any laws and regulations, so it will continue working as usual and developers will continue making improvements.

I totally agree with charlie. really what he said, it is a fact about bitcoin and crypto.

so why should we panic with china attacks on bitcoin.

Right! They did that, too. But Google still exists, doesn't it? How about Facebook :D

Usually they rebuilt something more localized like Baidu. Makes sense if westerners cannot really do mandarin. But Google has returned to china, hasn't it? Featuring a local subsidiary now and struggling on third place by market share.

One could suspect there will be a state run crypto currency popping up that will play the same game again. And then there will be gateways between that state controlled artificial currency and Bitcoin, which will be hard to do but completely disrupt the govermental banning approach.

This is the truth it was very obvious that China want to manipulate bitcoin for their personal gain because it will make their economy becomes more stronger but unfortunately they failed. Lets forget about this nation lets move on in focus on how to make our remaining coins will grow again because now it reaching the $4,000 value.

Absolutely,china can no more manipulate bitcoin price as its no more a one man show as japan and south korea have entered the market.Japan has gone even one step ahead by legalizing bitcoin.Now,if china bans bitcoin mining,we may face a negative effect on bitcoin transactions but,soon it would recover as japan's internet giant GMO has announced that it would manufacture its own ASIC miners.

Mostly I am on an errand mistaking South Korea with Taiwan in between the Four Asian Dragons. In my mind not only the Kuomintang fled to Taiwan, but chinese miners too. But they seem to have choosen South Korea instead as an exchange location, because of the Wong. Or prefere mainland travel? Would require a bitcoin benevolent Kim Jong-un.
Damn geopolitics!!
It's all tangling up but whatever china decided in all it's glory and supremacy, there are still enough people to route around anything. Always has been that way.

GMO might sell ASICs?

According to Investopedia, trading volume of BTC in China as gone from 90% a year ago to 4.5% today.

it has a little effect in the society. coz there's a bunch of miners in China right now, their government banned several exchanges so it will affect the society.

Hold of china is in talks now. there will be no effect of china on market in future, so no one has to worry about it, Chinese thinks that bitcoin will die but bitcoin is not depending on them, if they join again they will be user and they will be in their limits and will use it calmly, and Chinese effect is now gone and now they will not cause any trouble in coming days.

Now we're talking. That's the very spot on statement and I couldn't agree more with Charlie. So those people who still have doubts about btc's future because of that pathetic stunt made by China should be at ease and keep still. We have a bright future ahead even without China. And seriosuly, don't be manipulated by their self proclaimed power/influence because they really don't have one. As long as we believe in btc nobody nor country nor organization can put a dent on btc's reputation.