Bitcoin Forum

What will be the effects of China's self imposed exclusion from crypto? not only to the bitcoin price, but to China's economy if/when bitcoin goes huge?

China recently released its censorship regulation for blockchain startups.  Like a dam, when you fill one hole another pops up.  The Chinese people are too entrepreneurial to be held back by the heavy handed “Great Firewall of China” censors.  Like www.coindesk reported on Oct 22, 2018, its citizens regularly post on the ethereum blockchain to evade censors.  Yes, the Chinese government’s incessant communist censorship may slow down blockchain innovation, but they’re such an overall economic powerhouse that it won’t affect their economy.

China are still one of the biggest players in cryptocurrency just in a different regard. They have a very big share of the mining of bitcoin and the government is often involved in decision making when it comes to regulation for mining etc. So while they may not have a big influence in terms of their populous buying bitcoin they still influence the price with their mining. They probably keep the price down in a lot of regards because of their giant farms, without them the average cost of mining might be higher and we might see further increases.

So its another attack on the bitcoin price and pull back of price and now price will move down. Hope that it wont affect much on market and people dont react panic and start to sell.

Well, their exclusion was one of the main reasons the price got as high as it did.

When the Chinese casinos were in operation for some reason the non Chinese would bow to their authority because of their 'volume' which was 95% the exchanges themselves and the remaining 5% was probably 5-6 brats with bots.

The world would rise, China would shit on it, the world would run screaming and then we'd be back to square one. Losing that was one of the best things that happened to this market. I hope they never come back.

As for the economy, that would be interesting to witness.

As far as I know they are already out of the picture since they made a U-turn back in Sept of last year so I don't see any effect whatsoever if you are talking about the price. Of course they have the total monopoly of the mining industry but sooner or later if they crack it down then its gonna be beneficial for the ecosystem because we can finally say goodbye to them and bitcoin mining could scattered around the globe, monopoly crushed.

what attack?
i don't see any kind of "pull back" worth talking about. there is only a teeny tiny drop today from $6400 to $6200 which is 3% and is probably some bored whales trying to blow some life into the market. if you look around among topics you can see others who are getting bored with market and try to either FUD or Hype things up. and both are failing :D

It is already done as exclusion goes and I do not think we are seeing any problem right now. Bitcoin will do what it does and honestly they can't stop people from neither bitcoin mining (creates great tax money for the goverment) nor buying bitcoin over the counter if they want to. Which means there is noone really caring about the ban they are putting because bitcoin is not something you can ban.

You can buy buying and selling bitcoin from a website legally, you can ban people accept bitcoin as a payment on their shop and so forth but you can't really ban people to own bitcoin because it is almost impossible to see who has how much bitcoin if they are careful.

The good news is when china says "we are going to allow everyone to be part of crypto world" and just let the doors open than we will see billions of dollars get into bitcoin and that would create a bigger crypto rush than any other we see even better than last years.

I'll agree Chinas exit was indeed very good for the market, every time someone said about bitcoins, they used to add it's in China's hand, it'll decide it's prices. I don't think that Chinese exit will have a negative effect, in fact I feel it had a positive effect. The current trade war between USA and China has seriously dented their economy, though it's too early to see it's effects.

However China wants to play their card, it is irrelevant anyway. This is a global space and looking at the number of continents as well as the number of countries, we can as well just know simply that this is something that no single country can apparently just lay a huge hold on the market somehow. Highest thing I see happening to China is to be left out from the whole show eventually, but really I believe in the long run, they might still come around.

I've got mixed feelings about this. I'll agree that the volume on Chinese exchanges was absurd and that price started trending up hard after they were shut down. But that could be coincidental.

It's like how people say the first gold ETF launched, then price went parabolic. In reality, that bull market was already well under way when the ETF was launched.

More than possible but China did have some weird hold over traders from elsewhere.

When it costs you nothing to trade then that's quite radically opposed to how the rest of the market works and the behaviour will be different accordingly.

Throw in the stupidity of thinking a market is more authoritative because of its fake volume then you have a recipe for a deadlock that needed to be broken, and was.

You are saying the country with the largest population in the world and the second biggest economy is irrelevant to bitcoin's price growth?

I wouldn't rule out the more nefarious possibilities either. Traders could never tell if it was just traditional volume churn (partly or wholly induced by the exchanges and their insiders) or something worse, like actually keeping a lid on price with un-backed shorts.

If all it takes to dominate the BTC market is fake volume, that raises a good question about what will happen when regulated paper markets launch for BTC. Is it going to turn into the gold market, where the paper market dominates because of its superior volume?

Yes.

If there's one thing I've noticed it's a desperation to defer to authority no matter who or what is providing it. Sure, there are the hard core who develop, theorise and remain committed to its principles.

Everyone else wants more dollars and someone to tell them what to do.

That's due to the nature of bitcoin's adoption, with the rise of bitcoin and the money that's been made, it's unlikely that with so many people now involved they'd all be here for the tech rather than the money. As always people generally want as much money as they can get with as little effort as possible.

China will not and is not excluding anything. Their economy works as a huge grinding machine. It starts slow but then just grinds everything that crosses their path. They spend lots of time on planing. Planing economy cant do well without extensive planing.

every action of any individual is for monetary gains, unless they are monks cutting themselves from this world's physical needs! but that doesn't mean "waning more dollars" is their only reason why they are in bitcoin. it is a good motivation but there are many other reasons why people buy and use bitcoin.

Firstly, obviously there are certain restrictions put on cryptocurrency businesses within China. But that doesn't mean that Chinese investors are just completely gone now.

We've already seen some mining companies within China as well as exchanges relocate to overseas locations as a result, and even though they are not technically within the bounds of China, the same investors are still within the market.

I don't even think that it's that hard at the moment to get ahold of bitcoin or sell bitcoin within China with all the p2p alternatives. Even though the payment processors say that they're going to crack down on these activities, it's very hard to regulate correctly.

The biggest long term issue arising from this is probably the affect on China itself, they'd losing a lot of revenue if they were to regulate and tax these crypto entities instead of not letting them take part, imho.

I read in news yesterday that China is coming back to bitcoin and cryptocurrencies.  I think it is all manipulations and also attempts to create opportunity for it citizens to buy cryptocurrencies at cheap price.  I decided to look at the current happened in cryptocurrencies market as a plan for some people to get some coins at cheap price. Remember that big boy and whales makes their money through manipulations and fakes or bad news.

Coming back LOL. One court in china made one decision. That is what courts do. Governments set their own regulations but they should obey the country laws. Some do it faster then others.  But in generally you can see how it is with courts. One day they rule this way and next day totally opposite. Crypto is disruptive and will take long time to settle in countries laws.

China had a big contribution to crypto industry although their government imposes a stricter policy to their citizens regarding to those who want to involve in crypto bandwagon but the Chinese businessmen has a lot of influence to contribute to crypto mining industries like Bitmain and their Antminer products where it makes the bitcoin mining more profitable compared to other competitors. Combined with all mining pools from China it takes about almost 50% of large mining pool came from them, so we might say that Chinese people contributed a lot crypto industry but Chinese government trying to stop it or regulate it but Chinese people are unbeatable so in the later time Chinese government will soon ride the bandwagon.

It looks like China is not even relevant in Bitcoin anymore. I remember when they used to literally manipulate the market with all the PBOC press releases, it was clear in the graph when they released a new statement. I don't see this as clear anymore.

Last time I saw China tumbling down the price was with the ICO ban+exchange shutdown combo:

https://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/10/03/20171008_btc1.jpg

And still it recovered a while after.