Bitcoin Forum

For starters, I just bought some Bitcoin at $390. My gut says it is going lower though, but this is NOT a speculation thread. My question is regarding China.

It's clear that right now, Bitcoin's price is being slammed because all of the rulings coming out of China. These days, so goes China...so goes the world economy. We need China's money in Bitcoin to keep the price per coin up and make it palatable to the world economy.

So if China hasn't outright banned Bitcoin, will it be possible in the next few months or years for Chinese money to flow into the system despite a ban on Chinese exchanges and businesses accepting Bitcoin. Can the Chinese people find alternative ways to invest their money in Bitcoins? Will they?

My hope is that as businesses begin to adopt Bitcoin as a form of payment, China will eventually reverse some of its strict rulings. Perhaps a change in their government, or just a change in public perception. But this is a big what if.

Why do people think China has all the world's $$$?

Bitcoin doesn't need China and its speculators.

Carry on.

We do not need China at all for BTC growth.
Big VC $$$ is pouring into Bitcoin companies, and at this point China activity is no longer vital.
The market could recover quickly.

Correct.

No heavy hitter in his/her right mind is going to buy/invest to get dumped on.  This is why there is no serious buy support.

China ain't Wall Street - no bailout for them.  

Please explain your comments further. They interest me, but I don't understand them. Thanks.

Wow, you're quiet an expert. China is only the largest economy in the world.

I agree with you (sarcasm notwithstanding). I thin China is VERY important for any market these days. Be it Apple or Bitcoin.

Economists are always talking about "emerging markets" and "growth in China."  I don't think Bitcoin is immune to this.

China is only the largest economy in the world.
No, the USA still is....Google it if you need more info.

China is likely the first among many developing countries to ban bitcoin. Foreign exchange is very valuable in developing countries so governments are not going to allow the unfettered outflow of forex.

It's funny how Americans talk about how bitcoin is for the unbanked billions in third world countries and then also talk about how we don't need China. You can't have it both ways.

Pure speculation on my part - but I believe China/Russia have long term plans to oust the USD as the worlds reserve currency and they have no plans on the replacement being BTC.

That being the case the Chinese could well view BTC as a threat (albeit a slight threat at the minute) - I'm beginning to think the US has the most to gain from BTC adoption.

When the whole China issue is past us, a few weeks max, the focus will be back on innovation, acceptance and regulation and the sailing will be clear. Longterm, when China eventually allows Bitcoin, after it has become mainstream in the West, China will be a HUGE positive and will pump up the market and price like it did the first time.

bitcoin bans china.

We don't need china and we don't need Russia for bitcoin to go mainstream and succeed.

Once we get over china and Russia government hate towards bitcoins and cryptocurrencies...they will all explode in value. We only have a few months to go. Get really and load up on all the good coins and hold and wAit!

Good times are rolling on us fast!

Bitcoin will carry on.

No, China is not the world. Some other country could come along that ushers in a massive adoption plus many other scenarios.

summary of the link at the bottom
as of the 14th, chinese will use the new bank details for depositing into exchange, as the old details wont be accepted after the 18th. giving 4 days grace for people that accidently use the old bank deposit details

https://bitcointalk.org/index.php?topic=564120.msg6157475#msg6157475

No China is the largest, if we only counting industrial GDP. China has been #1 industrial GDP for a while now. US has a lot of garbage service sector GDP. For example, getting a basic haircut in China cost $1, while in the US cost $10. Service GDP are worthless.

As long as the community continues to fixate on China, it will remain a problem. Bitcoin is not lacking options for expansion.

China is resistant to change, and will change as need arises. I am more concerned with the rest of the world.

Bitcoin needs to refocus as a community.

If China is ousting their banks to not do business with Bitcoin, then I must agree that is a huge blow to Bitcoin.  I think we do need China right now.  If not, then we need the interest of other countries including our own to get the word out about Bitcoin.  It is the only way we are going to keep Bitcoin at a nice/inflated price.

As distasteful as it is, you need only to look at the headlines, the price of BTC/USD and see how important China is. The new coming out of Asia is directly affecting my finances. To me, that makes China important.

That said, I will be glad when they exit the market and bottom hits. Tired of feeling like I missed an opportunity to sell because I get up in the morning and the goddamn price declined $50.  >:(

I don't believe they are a long term problem for BTC. I think Gov'ts are a long term problem for BTC. Recent price moves show just how dependent crypto coin networks are on Gov't cooperation. If the IRS only makes a real, tangible stab at trying to grab their piece, besides an unenforceable announcement, it would kill the money flowing into BTC overnight. It'd be enough to make me close shop. Not because I hate the IRS, but because 15MH/s of GPUs is currently running at a 15% profit margin over costs with the current exchange prices. It's costing me 80% of revenue just in power (depending on the day), and I lose another 5% in fees. If the IRS comes in, I'll be running net negative. Then, what's the point.

Yeah, I think bitcoin will do much better without China.

Seems it's going to be a wild ride into the 15th.  I'm a buyer into this weakness.  This is a good thing IMHO, the perceived price is too high for the normal joe. 

That's what LTC is for; a poor man's BTC.  :D

I think people just need to ingore China and there stupid new, let the chinese people worry how they gonna get bitcoins, I see they are buying tons, so why should we worry what china does.

"Is China a long term problem for Bitcoin?"

No.

Bitcoin and crypto in general is a long term problem for China.

My $.02.

;)

Some high level officials just missed bitcoin train... whatever happens in short term (monday) BOC will change policy in long term in favour for Bitcoin. They'e innovative, just waiting for things to stabilize. China is not going to lose business.

China exchanges make more than 50% turnover in all daily turnover, without China participation ,the bitcoin future will be harder,but still bright.

Bitcoin will definitely survive without China, but if China was on our side, then Bitcoin would have worked wonders. Remember, China is going to be the number.1 economy in the world within the next few years. And it is one of the fastest growing economies around the world. Now things will be much harder, without China and its rich billionaires.  

The growth of Bitcoin is agnostic to the fact whether it is used for junk GDP or industrial GDP. The US GDP is $16 trillion and twice of China's. So what if BTC is used for tipping Chaturbate girls vs. buying raw materials for producing goods?

But then again (not to generalize or stereotype) , china has a lot of hackers/scammers too ?

Q:  "Is China a long term problem for Bitcoin?"

A: No :) China will never stop trading bitcoin and they will figure it out for 100%.
    We must show support! Do not forget about what a bitcoin is for you!

You have a great point.
Hopefully it's used for both.

Is avoiding the most cutting edge payment system in the world a wise move for the worlds largest economy and capitalist ?

But you must understand :) Decentralized money shows a middle finger to govs and banks :P they do not like it  :P

Until recently china easy a closed market. And that china is closed for bitcoin is not å problem, maybe they affect the value some, so what?  Unless you are trading the value is not ant concern, Its møre important with a prize that not fluctuates, If the price is 200 or 1000 usd is not å price, the price for glidd will adapted to the bitcoin value.

China has å lot of issues that will bubble to surface in the years to come, even it seems that gjete will and probably will Its not 100%.

A payment system is a payment system.

As has been stated many times by our users here BTC remains the fastest and most efficient payment system compared to cashing in a check.

History has proven practicality always overcome government stance.
Monotheism is simpler to Polytheism and thus Christianity overcame Paganism.
And then for practical reason government decided to separate State and Church in Democracy.

China is a large challenge, but not a long-term problem.
So far, China has been a net positive for BTC*.
*Not nearly as positive as it used to be.

Service GDP is largely worthless because it produces nothing of value. For example, person A pays person B to eat shit for $1 billion, then B pays A to eat shit for $1 billion, they generated a total of $2 billion service GDP, while producing nothing of value.

Dutchman is a moron.  Everyone knows that.  We don't want your two cents.  

Back to the topic.  China is a short term problem.  China is also a long term problem.  It is a strange culture full of panic and crazy moves.  Have you ever heard of a 'Chinese fire drill'?  Chinese buying bitcoin is like that - only hotter.  China can't act cool.  It is a big problem.  

Unless you like to make money off volatility.  Then China is your friend in both directions.  Buy some Bitcoin stratles.  Buy a Put Option and a Call Option at the same time.  Then, when it goes up or down -  you make a killing.  China is great for volatility.  

Dutch people are a problem for both volatile and non-volatile markets.  They are just a problem.  Unless you want to smoke some dope and get some nice hookers.  Then the Dutch will set you up big time.  

See, I love everyone.

China as every growing country is great place to adapt crypto currencies. It were not a problem. False rumors were a problem

China is not the only one the UK i very important and US to bitcoin we dont need china and Russia but if the others around them use bitcoins they ill be forced to adopt to it.  Forced Adoption even if you like it or not.

Imagine we stop using western union, money gram, they go out of buiness china suppliers will have no choice but to accept bitcoin.  Once the US economy goes with the program that can happen.

Maybe not as false as too much rumors! :)

PBoC is indeed making difficulties but people of  China will use cryptocurrencies anyway :)