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Title: For all the China ban Bitcoin over the years, reality couldn't be more different Post by: ChuckBuck on March 12, 2015, 08:49:31 PM Since Bitcoin's been in existence, there's always been a love/hate relationship when it comes to China. China has all the mining farms and manufacturers, PBOC trying to halt all exchange withdrawals. China has tons of ATMs and OKCoin, Huobi, and BTCCHina exchanges, PBOC issues shut down of all banks linked to Bitcoin exchanges.
For all this threats and banter and general FUD, this is the real cold hard facts and "truth" about China. About 80% of all Bitcoin exchange value is driven by Chinese Yuan: http://www.cnbc.com/id/102497909 China/PBOC isn't trying to ban it, they're trying to "regulate" it somehow... So although Bitcoin isn't going to replace the Yuan or Renminbi anytime soon, they sure like to trade the F#ck out of it... http://i2.cdn.turner.com/money/dam/assets/131118080832-china-bitcoin-620xa.jpg Title: Re: For all the China ban Bitcoin over the years, reality couldn't be more different Post by: TheGr33k on March 12, 2015, 10:14:51 PM It cant be regulated can it? At some point bitcoin will just be a common Item to tradewith and people will not even need to use the exchage as often as now.
Title: Re: For all the China ban Bitcoin over the years, reality couldn't be more different Post by: neurotypical on March 12, 2015, 11:55:21 PM Since Bitcoin's been in existence, there's always been a love/hate relationship when it comes to China. China has all the mining farms and manufacturers, PBOC trying to halt all exchange withdrawals. China has tons of ATMs and OKCoin, Huobi, and BTCCHina exchanges, PBOC issues shut down of all banks linked to Bitcoin exchanges. It's funny how its one of the few countries that show up as "regulated" in terms of bitcoin, yet its one of the leading ones in use.For all this threats and banter and general FUD, this is the real cold hard facts and "truth" about China. About 80% of all Bitcoin exchange value is driven by Chinese Yuan: http://www.cnbc.com/id/102497909 China/PBOC isn't trying to ban it, they're trying to "regulate" it somehow... So although Bitcoin isn't going to replace the Yuan or Renminbi anytime soon, they sure like to trade the F#ck out of it... http://i2.cdn.turner.com/money/dam/assets/131118080832-china-bitcoin-620xa.jpg Title: Re: For all the China ban Bitcoin over the years, reality couldn't be more different Post by: innocent93 on March 13, 2015, 01:14:21 AM Trading and Mining are two of their favorite things about Bitcoin, Even 80% of volume is driven by Chinese yuan, you can find few start-ups is come from China, maybe Chinese produces Bitcoin as what they produces iPhone.
Title: Re: For all the China ban Bitcoin over the years, reality couldn't be more different Post by: flyingplows on March 13, 2015, 09:39:15 AM Trading and Mining are two of their favorite things about Bitcoin, Even 80% of volume is driven by Chinese yuan, you can find few start-ups is come from China, maybe Chinese produces Bitcoin as what they produces iPhone. Well, they just have one more thing to provide foreigners to invest into ;) So they just mine btc and we give them our money ;) Why would they cancel such a good business, on the other hand, if btc is to gain mass adoption the things could change very much, China would become even more superpower state and the time for regulations would come so that government could seize some btc from people. Maybe now they can't decide whether regulations are going to speed or slow mass adoption ::) Title: Re: For all the China ban Bitcoin over the years, reality couldn't be more different Post by: medUSA on March 13, 2015, 10:56:07 AM Chinese are interested in bitcoin right from the start. Bitcoin enables them to circumvent exchange controls and send money to US and Europe anonymously. Since the Chinese Government banned fiat going into exchanges, buying miners becomes the next best thing to buying bitcoin. I believe there are hundreds more mining farms in China we don't know about. They were funded by dirty money, mined bitcoin will be sold in European/US exchanges.
Bitcoin is still big in China. Chinese exchanges have little part in this. The volume is the same bitcoin trading backwards and forwards each day. It always puzzles me what the real trading volume is in those Chinese exchanges. This is speculation. I don't think it is far from the truth. |
