Bitcoin Forum

Hey guys,
On Tuesday, I hard on the news that 'Bitcoin fell by another $300 on Tuesday after the fallout of a Chinese ban on cryptocurrency crowdfunding ' .
So I have been thinking, is China the core up holder of Bitcoin? If they totally ban bitcoin, will the price of bitcoin totally reduce?

Where on the hell you did find this news? About on China is a core up holder of Bitcoin.No its not,it may ban ICO but doesnt really affect too much on bitcoin.It did dip its price from 4900-3900 as far as i remember which is 1000 usd drop but now we are already recovering again seeing on the recent price of bitcoin which is 4642 already as of now.Theres no such thing about that core up holder.

That's not true, you probably need to understand how exchanges have price fluctuations, especially in low liquidity situations. A small seller or group of sellers can depress the price significantly, even if they represent a small portion of coin holders. Everyone else could just be holding on to their coins and there could also be few buyers in the market, resulting in a sudden drop cause by a small group of people in a short space of time.

This is probably what happened after the China gov annoucement, with people in asia and china panic selling their coins in small amounts but due to the short period of time, drying up existing liquidity and causing price to drop dramatically in the exchanges. Such activity will usually result in a hard bounce once normal trading activity resumes, which is exactly what happened after the panic - immediate price recovery.

Okay...thanks.
I was thinking they really were when the price lowered after the ban of ICO. I understand better.

Thanks for the Explanation,..

If all chinese sell their bitcoin of course the price will change, but bitcoin enthusiasts are not chinese, there are still many people out there who are interested in bitcoin, and if they really do it the price will go down, but I'm sure in the near future will come back again

None can deny the fact that China is one among the core up holder of bitcoin. The reason is that bitcoin keeps on growing high in terms of adoption in large scale compared to the other countries. At present after China, soon Japan will become an major upholder due to the legalized usage with government acceptance.

After PBOC ban ICO on China, cryptocurrencies prices fallen down because excessive reaction from people in the market who want to extract the profit. Do you know the biggest mining pool located in China? https://www.buybitcoinworldwide.com/mining/pools/
The groups of miners who have the biggest mining farm, generate hundreds bitcoin everyday. If China ban bitcoin, do you realize what will happen to bitcoin? The price will crash because the market react according to current situation in the world. Fortunately, they didn't do it.

70% of the BTC miners come from China (which makes you sometime question why BTC is actually considered as decentralized - even though that number is split between a few big and small players). I would say China does hold a significant amount of BTC hostage in term of that.

Ok. So, in other word, you think China is among the core upholder?

Consider the mining farms, mining pools and how much bitcoin being generated in every hour, yes they're.
Chinese miners hold big portion of bitcoin from mining activity obviously, but we don't know how much, the exact number.
Even though the miners have to sell bitcoin to get cash in order to cover their mining expenses, but they still have huge amount of bitcoin in their wallets.

it's good you read the news correctly before you make this thread, what you say wrong overall no one forbids bitcoin in china they just forbid some ICO project

Am not saying they forbids it or bans it.
Am saying, what if they did forbids it, will if affects the price?
Was just wondering if they are or among the core upholder...

Ya, I really see your point. Its beginning to make sense though.

In 2013, China largely fueled the bubble alongside MT Gox. That's why the cryptic suggestions by the PBOC that Bitcoin might be banned (early 2014) was so crippling to the market.

At this point, the effect of any one country lessens every day. For example, mining centralization in China has been a big historical concern. Today, we see a Tokyo-listed company investing $300 million to enter Bitcoin mining: https://qz.com/1071926

Decentralization is a beautiful thing.

Whoa! $300 million... That's sort of huge..
Decentralization is indeed a beautiful thing :)

China has banned the ICO on their country due to they have not yet set laws that regulates Scam ICOs. There are also big whales in China. China has been the 2nd big market of Cryptocurrency and I read that some of the users there have sold their Bitcoins due to panic. This may have affect the value of BTC going down these past few days.

We don't have a certain information or intelligence about their bitcoin power, but we know that they somehow control the bitcoin ecosystem. They make investments in bitcoin mining and exchange related hedge activities. They're the super power of crypto world.

No. It is true that China is the leader in Bitcoin mining though... this is because electricity rates are so low in China it doesn't cost as much to mine compared to other areas of the world.

I guess due to a lots of Chinese traders that's the reason why the government needed to impose certain rules I think they don't hold that much but since its a number games the market can be moved now that the people realize that even they've been shaken the price will still recover.

After declaring the Chinese government, everyone panicked to sell their pennies for a small but short period of time, the overall bitcoin market has dropped for several days. And you are totally wrong to think that, "is China the core up holder of Bitcoin". Bitcoin is the world's, not just China's own

bitcoin is the global market of the whole world, there are so many countries investing in it, so you are thinking that is wrong.

I think that is fake news. But if you will analyze critically the china is the biggest country around the world so that maybe they are the major holder of bitcoin but I think no because there's many big time in other country that have a lot of money to invest with bitcoin.

My thoughts exactly!

Nope, there are a couple of big bag holders there, but the country itself is not holding any coins. The main source of the exchanges is central Europe, although most of those coins would be considered more of a liquid financial holding and not the type that you are trying to refer to. The lot moves quite a bit and there are those of us that have a piece of the pie that is huge, but not really a bag holder sense.

I dont known they are core holder or not but they are core miner of bitcoin world!

i am sure that china holder big amount of bitcoin, i can see that in china there is many big mining company which operate and mining bitcoin. if we take a look in huobi which is market cny-btc, the bitcoin movement is so fast and if we are not familiar then we can not follow and take profit. the banning of ico yesterday is because the government wants to protect their citizen from being scam by the ico and they don't create regulations about the ico so if something bad happen they can not do anything.

I got your point just to think off that they are holding most of the biggest mining farms of bitcoin which we can really presume that they hold up some big amounts of bitcoin but even if they have such possesion they cant easily manipulate bitcoins price.They cant dump it easily they would decide to do such thing but i do consider them as whales which would really give impact on the price depending on what actions they would made.

Why deny it while we all know that Chinese have a huge part in the whole cryptocurrencies scene Bitcoin and all the altcoins, but still their ban hammer

On ICOs didn't cause any permanent damage fortunately. one thing I'm confused about though if China is the home of most of the cryptocurrency miner

Farms because of cheap electricity then why not selling that electricity to other countries? there are some countries with so much expensive electricity

I'm sure they're willing to pay even more than what miners are paying. only problem is the infrastructure required to deliver the electricity to other countries.

China is one of the top 5 contributors to Bitcoin trade volume. But there is one important things to note. The interest in altcoins such as Ethereum and Bitcoin Cash is quite high in China, when compared to the other countries. And with regards to how much the prices are going to fall, my guess is somewhere around 10% to 30%.

The news is not true,
China has just banned some ICO's
As a result, there was created a temporary fluidity in the market.
Bitcoin has been able to overcome within a couple of days.

I think China is the biggest market holding Bitcoin but the Japanese are going hard into Bitcoin and it seems Russia is planning to compete with China in the Bitcoin Mining Industry. Overall the world is noticing Bitcoin. Only time will tell which is going to be the biggest market. The US wants the banking system to prevail but if they don't wake up they might be left behind.

Well, I do not think so. While China is a huge holder of bitcoins, I think Russia and other countries are certainly catching up. While I am not really happy with china banning this cryptocurreny crowdfunding, it is a predictable move made by their government - when compared to the current government type. All this is  useful for is taking away power from the people, which every government wants to do in relation to bitcoin and its decentralised nature.

However, I do think that other countries will pickup on this trend despite these changes in china.

first of all use your brain!
China banned the illegal ICOs. if you think bitcoin has any remote relationship with ICOs then you didn't even understand what bitcoin is.

secondly, it is news. certain news is known to affect bitcoin prices. for example when SEC denied ETF, price droped. do you think US is the "core up holder of bitcoin" because of this news?

for 3 or 4 months this year China was 100% out of the game because their central bank closed all the exchanges. none of them were working for months and during all that time bitcoin price was rising. i think you can guess what happens if the closure becomes permanent,.... nothing ;)

No china is nothing now there are a large number of people from china who have invested in bitcoin but taking the total holders they count upto 15% of the holders this doesn't mean they are core holders the news of ico ban did have a negative affect on the price of bitcoin but it was surely temporary the price is going back up and so is my profit when i bought more coins at 4200$

No i dont think china is the core. Btc is global though there may be a lot of chinese using btc but there are other players as well.

Yes, I think it is possible. It can not be denied that China is a country with a relatively high population density. And if there are too many domestic users and bitcoin business, I think China will be able to monopolize bitcoin.ta market can not deny that there are many big bosses on the bitcoin business is in China with The development so I think this is possible

Sure China is a big factor, and that wont likely change much, with the understanding that a great many Chinese have a "Fuck the Government" attitude.
That and a great many Chinese folks have a liking for the speculative aspects of crypto.

So don't go expecting a smooth ride up...
Hang on to your shorts it will likely be a bumpy ride up to the moon... ;D

people always love blaming others for things they don't like and also don't understand!

in case of bitcoin this has been a very old case. whenever price goes down everyone starts blaming abstract events like Chinese news, like the Whales manipulation,... but in fact most of the times it is just market correction. in this case it actually was! and then this correction came with a big news and lots of FUD which made it bigger than it should have been.

pretty simple when you know the real reason isnt it!