Bitcoin Forum

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community.

Why not? Rome wasn't built in a day. And eventually, uncertainty always gives way to certainty. I suspect that the Chinese government is trying to get a handle on AML/KYC and capital outflows as the value of cryptocurrency skyrockets. They may even have intended to shock the market, knowing that it would deter investment and capital outflows.

In reality, China has less and less influence on Bitcoin every day. With Japan regulating cryptocurrency, we are seeing major publicly-listed companies enter the ASIC manufacturing sector. There are talks of this in Russia as well. As Bitcoin goes mainstream, its decentralized nature is such that any one authority/country has less potential influence as time goes on.

If you want an honest opinion, I'd be glad to not have to hear about China every few days. It just gets all so tiresome and there's rarely anything new to come out of it, most of the time it is the same content or people whining about something here or there which really just gets boring after a while. Not hearing about China every 2 or 3 days in my 3 years of being here would be a nice mixup from the normal chain of events. Hell, I'd take hearing about Japan or S.K. every few days than having to hear about China in the same timespan.

its better if china gets out of bitcoin because their government is so unstable and very corrupt they can do whatever they want..people in china cant even criticize their government cause the official will put them in jail.

Its not that I am against China I am just thinking that if lesser the people join this website bitcointalk.org or will not know about this website. Given a fact there will be more opportunities of getting rich. In short the people who get bitcoin ban in there specified country the higher chance of getting paid in a higher currency.  

I don't care. Perhaps this will lead to a small outflow of speculative capital from China, but it will not be long. A Holy place is never empty. In their place will be others. The Chinese will go to neighboring countries and to buy and sell bitcoins there.

honestly im tire about hearing about china onto crypto and bitcoin, now who cares if they ban ICO and local exchange they not the only country having great investors and develop exchanges and ICO, we have Russia Japan and coming Australia. Indeed that China is one game players of bitcoin and other crypto but when someone left there will be coming in as best as we have before. But remember Chinese businessman and investors will not be contended they will soar different country to buy and sell their bitcoin and other country. Right now I dont care if "China will get out of bitcoin".

The influence of Chinese government cannot be under estimated and I would even wish they hands off everything at once rather than going back and forth over their position on what to do with bitcoin so we witness a crash which is sure to happen because of that decision but we will grow again and in our own pace and that will be sustainable to a large extent.

The problem was that the western exchanges followed the Chinese exchanges down, without knowing what was going on. It was sell first, ask questions about why later.

Once the bulk of the trading happens on the western exchanges, this problem will go away. No-one is going to take any notice of a small market.

So - the problem will solve itself when the bulk of trading happens on GDAX, Gemini, Bitstamp and Kraken.

I think I will agree that they should just leave bitcoin alone and everything that have to do with it but that will even come at a cost and aside the issue of exchanges that are dominated in China, another concern is the issue of mining activities becayse that alone if shut down by the Chinese government could mean an end to the whole process or even distort the chain by the time new bitcoins are not mined and transactions are not confirming as at when due.

China are big loose for btc for sure

Is it better to get China out of Bitcoin? I think the rejection of chinese to bitcoin has little effect on bitcoin, because more countries are legalized to transact using bitcoin. so I'm still confident of the bitcoin development in the future.bitcoin remains my investment choice.

how to extract chinese bitcoin when bitcoin can be mine all over the world except state government in china forbid to mine bitcoin then china new out of mined bitcoin

I think it will be much better, than they are the one's whose manipulating it. They are possible in dumping and pumping btc anytime they want too, which affects us too much.

Even am also bit nervous about china romour because china is the biggest market gor bitcoin definitely it will impact bitcoin for some days or month I hope but bitcoin will raise like after hard fork rumour.

It is not the first time the Chinese government/media is creating uncertainty, 2013, 2014, temporarily pausing major bitcoin exchanges in 2017, ICO ban, and now this rumor about shutting down exchanges (No official announcement)

China is a big player when bitcoin is concerned, be it in trading volume, miner dominance/mining equipment manufacturing. I really don't think they would ban bitcoin and let their dominance slip away. If they do then the impact would be short-lived, the market would eventually recover.

Bitcoin is legalized in Japan, one of the top three countries in terms of trading volume, and the recent announcement by GMO about investing in bitcoin mining. In case China bans bitcoin, some bitcoin friendly countries like Japan would become the next big player and a bitcoin friendly country dominating the bitcoin ecosystem is always far better than a country fooling around with bitcoin for the sake of creating uncertainty.

I really don't care what china takes decision because even after china ban google Facebook other leading website even whatsapp there is no impact for that. May be for some days it will impact then after ignore the china .

news about china is very influential on digital currency including bitcoin. the fact that bitcoin prices dropped quite drastically, but now we can breathe easier because bitcoin prices have started to show a positive trend. bitcoin prices have begun to move and return to rates above 45000 $.

It seems that you are a novice here

And thus you likely didn't hear about the Chinese central bank (PBoC) taking steps against Bitcoin in the very beginning of this year. In fact, I don't remember quite well what was the first step the PBoC took against Bitcoin in the first half of January, 2017 (circa 11th), but Bitcoin crashed from +1,200 dollar to almost 750 dollars per coin. Regardless, Bitcoin rebounded pretty fast and with a vengeance at that. The second time they banned Chinese exchanges from allowing Bitcoin deposits as well as withdrawals. This second time should have had a more drastic effect on Bitcoin price but it hadn't. People saw that Chinese Bitcoin exchanges are mostly fake, and today people seem to have forgotten that

That's only a FUD. They can't just ban bitcoin because they are the biggest on mining industry. If they are going to get rid of it. Many miners will be affected if that happen. It may affect also the price of bitcoin because China is one of the biggest player on bitcoin. If you remember when the bitcoin falls hard last year. It's because China(PBoC) spreaded rumors that they are going to ban this technology. But none of that happen. But it affects a lot on the price of bitcoin. What more if they totally ban it? Bitcoin will go back at the Stone age if that happen.

They are spreading FUDs to make bitcoin collapse to get some cheaper bitcoins. Anyway, right now is a different story. US, Japan and even Russia are now serious about this technology. If China bans Bitcoin. It's okay because these countries can take their place anytime.

I never forgot all the fuzz beginning of the year the the Chinese market is manipulating the price of bitcoin with fake volumes so that PBoC has step in to stop this kind of fraudulent activities. They even suspended trading that's why the price crash ~$1000. The banned on deposits and withdrawals follow suit as well. Its around March-April when they decided to allow them to processed withdrawals/deposit but with a note that if they are caught once again. They will be suspended and subsequently closed.

Of course not, like you have said China has a big influence. So what do you think will happen to the economy of btc if they will just get out. Wether we like it or not they really play major role on btc world and any bad news/move from China could result into fall because of influence.

Bitcoin was designed to work regardless if it's legal or not, so the network will be always be working. Outlawing Bitcoin in a country would hurt its adoption both in that country and to a lesser extent globally. But banning Bitcoin is also risky for governments - if other countries would be officially adopting it and benefiting from it, those who banned it would be left behind, and their options would be to keep suffering or unban it and look life fools. So, they all prefer to wait for now and see what other countries do. This also means that other countries might decide to follow China's decision. But if we've went this far without getting banned, I think the risk of it gets lower with every day.

Not just the only China that became the top user of cryptocurrency. many countries out there that greatly affect the development of bitcoin. but still, China is likely to remain the cornerstone of the entire bitcoin ecosystem in the short term. In order to keep the ecosystem healthy, Chinese markets, exchanges and traders will have to play by the rules set forth by the People’s Bank.

We should not underestimate China. They are far more influential than people think and should be respected. They know what they are doing and you can guarantee it will be for China's best interest. We should learn from them and not let them have the market dominance that they have.

I don't think China getting out of Bitcoin will have any effect on the price of Bitcoin I don't know about this latest news about China and Russia stopping Bitcoin trade in their specific countries. BUt lesser the people here better it is I think cause other people will also get a chance to earn.

I would consider that a reason not to invest in BTC...

No, in any case.China is a huge market and can dump their cash into BTC heavily.As you can see just how it influenced the crypto market with ICO ban.But no problem if not China it's India now.India is getting digitalized completely and can easily implement crypto currency.India is also a huge market to get into.Also, as long as the money flows into BTC, I mean if FIAT to CRYPTO conversion is more than the CRYPTO to FIAT then there is a positive market for crypto currency.

all we have to do is wait and see what will happen when china completely adopt or ban bitcoin. We could not do anything they are powerful.
I,hope that bitcoin will not be affected by china decision.  :)

This is what I saw today in news. This CEO guy put a tweet.
ViaBTC stopped USD funding to their account from yday.
ViaBTC CEO: China Will Ban Bitcoin Exchanges
https://www.cryptocoinsnews.com/viabtc-ceo-china-will-ban-bitcoin-exchanges/

I remember that when I joined the forum almost everything was about China, and now while China still plays a central role, that role is getting smaller and smaller, I will not be surprised if Japan is able to take that spot of influence from China as Japan opens to bitcoin while China closes itself to bitcoin.

No. I don't think that it will be a good thing if the Chinese dump Bitcoin. The market in China is very promising, and it constitute somewhere between 10% and 20% of the global crypto-volumes. If the Chinese stop using Bitcoin, then the exchange rates will be negatively affected. But more than Bitcoin, the altcoins such as Ethereum and Dash will face more trouble, as China constitutes for a lot of users for these currencies.

Doesn't China already lose influence on bitcoin?
I have somewhere read that mining power is only at about 40% located in China. In the past it was much more I think.
And Exchanges are growing everywhere in the world.
All those developements reduce the effects that FUD news about bitcoin in China have.
I think bitcoin works best if we have no nation that plays a dominant role. But every nation should participate.

It is also possible if they cause the downturn of altcoins because of the fact that china is the cause of such works
so if it is better for the crypto world the china will be banned on using crypto coins it is better for crypto users

China, they do what they want. They are strategic propaganda. And the price did drop really hard when China temporarily banned Bitcoin back in 2014.

it could happen. like the reviews you say.
in crypto all can happen.
but I am not afraid of the Chinese ban for ico and bitcoin.
I think the Chinese people involved with bitcoin will not just sit there. and of course for ico organizers will file a complaint.
this is debatable. although a country's decision is absolute.
but I believe that without chinese any bitcoin will still succeed only a small scale decrease only if chinese true to do prohibition.
I am sure bitcoin will rise and become more valuable.

It will not be a good thing for us, but I do not think that the Chinese government cares at all about the consequences of their actions, so if they really want to do it then I do not see a reason of why they will stop their intentions, but while this will damage bitcoin on the short term, I think the net effect could be positive.

All the fuds and negative news for crypto is coming only from china in last few years and it is being worst lately. I am also fed of all this bullshit chinese media sites are publishing without any official confirmation. I will hold all my coins tightly and filling my bag with more cheap coins.

Members of this community should know that is not bitcoins or other cryptocurrencies that have been banned but rather ICOs where people exchange their cryptocurrencies for tokens. The Chinese are all about control and they don't like things that they can't control and for the whole world to suffer I think I will like for Chinese to get out of the game.

You are doing indeed a great job. This is what every smart person would be doing. I think we should be least bothered about what is going on in China. Instead, we should take this as a golden opportunity for more investment in order to have more profit and more earning in the future.

Im fed up with China bans also but their effect is less and less as time goes on and the market needed a cool off period so a china ban or any other reason is just what we needed. It also takes attention away from the 2 X saga.

they are just playing us, someone is trying to get cheap coins, ignore it

i can not answer it because i am not chinese people. for me in crypto all can happen, there is a slope that happens nowadays. probably from its effect of chinese ban for bitcoin and ico.
but I think for the future with or without china, bitcoin will continue to enlarge to follow the development of the era.

maybe this is only a small setback, although the banning of china on bitcoin and ico happens this will only be temporary and this can be time for us to buy some bitcoin that we can sell at a later date with high price

A friend of mine saying that China always dump btc:D Not true in fact. But now I am not worry about PBOC claims, because crypto is the next bubble after stock market bubble and private capitals are just beginning to enter on markets

China doesn't need to get out of Bitcoin - the people taking fud for face value should be getting out of Bitcoin. Seriously, China isn't doing anything wrong at this point. The PBOC was right to take the necessary actions against the immense manipulation happening through Chinese exchanges, and I am happy they did so. Finally, after that, the western exchanges were walking their own path, and not caring about China anymore. Just look at the difference in price between western and Chinese exchanges. In this case, I am also glad that China has taken the necessary actions against ICO's within their country. We should be happy that this is happening, regulations are a necessity to keep this market in order.

This basically tells us how strong China has been down the years as an economy and a nation. But the susceptibility of bitcoin to changes and how alteration happens with little adjustment is a big worry. Guess this is what happens with a decentralized currency. People panic and sell the moment there is a challenge

I also think china should gets out of bitcoin. Because they are harming us. But we also think so that if thehey gets out of bitcoin the price of bitcoin will be down.so I feel scread.

nevitably we still have to accept whatever is preached by China. because it can not be denied that China is 80% more than the current Mining users. also they've created a lot of Altcoins, so even though we're trying to avoid the ongoing price uncertainty, I do not think it's worth it.

Don't get bothered of those news because as days passed by, those news gets boring and boring. With the news that Russia is now "adapting" bitcoin, and they might be the world leader in blockchain technology in 2020. China is so careful on their moves, they will never make a decision that can make them below any country. So stop creating FUD about this news. Let us be optimistic about it, they have no reason to get out of the frame.

I second this view

Russia looks more like "adopting" Bitcoin this fall (as a sort of financial instrument) rather than "adapting" it for their nefarious purposes (though who knows what they are really up to). That said, I agree that China is very careful about what they do, and we have already seen that earlier this year. They had first prohibited Bitcoin withdrawals and withdrawals of other cryptocurrencies from Chinese exchanges (as well as deposits, for that matter) but later they lifted the ban. This pretty much proves that they don't act rashly

if indeed china is not pro against bitcoin. china out of bitcoin. because it's too much troubling every bitcoin holder ....

Many people are waiting for the latest policy announcement.....

I still don't get this mindset where people talk about their own nations as an assorted cluster of individuals with their own ideas and opinions, but as soon as the subject of China crops up, suddenly it's not about a group of individuals at all.  Suddenly it's the fucking Borg.  One mind, one goal.  Every single last Chinese person is apparently in a collective, receiving orders and obeying 24/7, telling them how to screw the rest of us over.  Do you even listen to yourselves and how fucking stupid that sounds?  Where does this prejudice stem from?  Why are we not calling out this hypocrisy?  It just sounds like cultural ignorance because you know barely anything about China and just regurgitate what all the other equally ignorant morons on this forum tell you.  

It's not better if China gets out of Bitcoin, it's better if you get your head out of your arse and stop making out like every single person in China is a mindless drone who does what the government tell them to.  Just because that image seems to ring true in your little bigoted and racist little brains, I'm pretty sure reality paints the more accurate picture.  People get into crypto because they aren't fans of what their government are doing and see Bitcoin as a better alternative.  If anything, it's precisely because the Chinese government are so controlling and authoritarian that people want to distance themselves from that by being involved in Bitcoin.  It makes perfect sense that Bitcoin would be popular in places with restrictive governments, hence many Chinese people are involved.  Even if China did ban Bitcoin, I'm pretty sure the average user in China is still going to keep using it, because they're no different to the rest of us, with the possible exception that they generally have less freedom in their everyday lives than some of us are fortunate enough to have and have an even greater need for financial freedom than we might.  

And for anyone saying that all the FUD and bad news comes from China, no it doesn't.  The FUD comes from idiots talking shit about China.  Idiots like you lot.  So stop contributing to the problem with ridiculous threads like this one.

I don't think China will get out of Bitcoin because most bitcoins are mined in China. Their economy benefit from Bitcoin.

You are correct but I think this is just the start, I think the Chinese are going to start a campaign against crypto and this is the first step, maybe I’m mistaken but I do not think a communist country like China is very happy that their citizens can get around their laws and regulations.

yes i also think so that it may not be so easy that China will get out of bitcoin, because majority of the bitcoin miners are from China and they have a  very good contribution in bitcoin. i am hopeful that their government will certainly change their policy toward bitcoin, because i am also sure that bitcoin will certainly effect their economy, therefore their government will certainly review their policies about bitcoin.

You know gringo, we can easily kick China's ass if we would not sell everytime they make FUD. keep the price high and let them chase it. jajaja!

We can only speculate as to why China has suddenly turn its back on bitcoin and making a U-turn. They have initially started everything and a lot of self made millionaire Chinese because of bitcoin. Maybe they are now waging this war against crypto because their citizens was able to get around their laws as you mentioned. Specially the fake volumes that the Chinese exchanges have been doing before they are caught early this year. And for me that's started all of this. Next target is the local exchanges now, whether fake news or not have a big impact of the market price till now. But I don't think that Chinese will totally get out of bitcoin for now. They will still find ways to trade through or even can buy/trade bitcoin in localbitcoins.

China's ban will surely have some impact over the growth of the digital currency market. But the ban is not yet confirmed, in reality the place of China might be taken by the country next to it generating a new central hub for the entire digital currency network. For a short, small price fluctuations will be happen and soon after that it'll be growing better.

China has been playing a major role in crypto currency along with Japan and Korea ,it will drastically affect crypto currency if China makes a major move against crypto currency, and all the prices will start to drop which is not a good sign. China should be there for the present and future just like it has been there in the past for crypto currency, otherwise God knows what will happen.

I don't think China government has the capacity to ban bitcoin and this rumors of people bank of China banned bitcoin last week was an idea from the whales to buy bitcoin at the cheaper price. If Chinese government has hand in it I think we could have hear it from the exchangers and not the way this rumor come out. If Chinese government outrightly banned bitcoin the infect will be wost than them remain with it.

China is great world player very strong, smart and I'd like to play with China because it big market, super interesting people and history and they have power in any county with powerful community and make great invesitions. It not good to losses such player

Those that are determined to get into bitcoin or other cryptocurrencies will surely find a way, but it seems the windows is closing for the average Chinese person, and I think that is too bad since I think bitcoin is going to get a lot more valuable in the next years and they are not going to be able to profit from it.

China, JPMorgan's statement, they are an effort to bring the price down. I am expecting more bad news for bitcoin. China can embrace again. Is it not possible?

I can't think of anything constructive or beneficial that China has brought to Bitcoin. There are no developers, the zero fee exchanges fucked Bitcoin for years and the mining situation has fucked it even harder in terms of spiritual corruption.

At the same time a proper ban would be a very useful case study in proving how impossible it is. I approve of China banning its arse off because of this.

Nevertheless, this whole situation greatly affects today's price for Bitcoin. I very much hope that this trend will not last long and we will be able to cope well without China. But I do not understand how things will go further, if most of the control over Bitcoin was just behind China.

I think you have bitcoin collected. So you are speaking bullish. I hope theopposite happens.

i don't think it is better because china is the greatest market of the world and if they stay and accept bitcoin i think bitcoin will rise to $10k every week and that is something big for china and

also for every other cryptocurrency.

It is better that china get out of bitcoin because even if they are the majority in bitcoin space, with some fake rumour it can impact the price a lot. They can manipulate the price with some regulation or if china miners want something else as we've seen in bcc. Although it is hard at first if china gets out, crypto will continue to develop without it.

This effect lessens over time. With major exchanges and derivatives platforms coming online in the USA, Japan and South Korea, do you think rumours about the Chinese government can have lasting effects?

I suspect the Chinese government sees the writing on the wall, too. They know that cryptocurrencies aren't going away, so shutting down the exchanges just staves off the inevitable. And it would handicap their fintech sector, too. They are trying to be a financial hub, after all. I think they were trying to cool the market down while they impose stricter regulations. It's manipulative, but like I said, this effect is lessening over time as China's influence declines.

Letting imagination fly a bit, it is possible that chinese government spread the rumor to get his hands on cheaper bitcoin. Then rumors show to be fake and it goes up again...

But I think Bitcoin needs China, and Russia, and all countries (kumbaya! lol). The more spread the better. Even if China has too much control now, it is not likely to retain it as it goes more mainstream.

Negative news from China are playing a bad role for bitcoin's price. Meanwhile there are some positive news from Switzerland and Ukraine about bitcoin acceptance. But China is so big and important to all bitcoin community, that positive news stay without any reaction.
That is not going to be the end for bitcoin if China will get out of bitcoin, but I suppose it is going to be a big step down for bitcoin and we may come back to the prices of the last year! I hope news about banning of exchangers will apper just as a game of speculators and when it will be uncover the price will continue it's raise.

I am having mixed opinions on this at one point I do wish China gets over Bitcoin and we all have peace, no more after effectes, no need to worry about the dragon burning fire on bitcoins, but then again a counter view is that China is a huge Market and we just can't let this go off suddenly, there will be heavy casualties if this happens, the electricity rates, the mining industry we don't have any other country to step up and till then we sadly need Chinese help.

If Chinese mining stopped tomorrow we'd have a period when BTC was painfully slow and then the difficulty would readjust to allow non Chinese miners to take up the slack. There are plenty out there. Bitfury had over 20% of the hash rate at one point and they're nowhere near China.

no that will be really bad for bitcoin i have seen most investors in bitcoin are china if china get's out of bitcoin the price will crash and the network will also die soon i think as china mine most of the bitcoin if they are out we need a alternative which i don't see any currently

China can start their own legalized crypto currency. It does not have to be bitcoin.

China comes out of bitcoin only if it helps Russia catch up. It is not known for whom this is better.

we are all surprised by the increasingly skewed bitcoin value.
and about the Chinese ban, it is the authority of a country. if they do not want to get involved with bitcoin. it is their people who are the losers. not us.

If the Chinese miners are taken out, then the hash rate can drop by a large amount, and for the remaining miners it will be a very profitable business. But I don't think that the Chinese government is that stupid to close down the mining farms. It can end the Chinese dominance in the mining sector.

That's unfortunate, and the only ones who were going to lose would be China itself, for giving up such a profitable market.

the government isnt getting anything from it and thats they problem.

I don't think so, it is not wise that we blame all the Chinese people. I believe only a certain number of people are gambling with Bitcoin. they are taking the privilege because of having a major portion of Bitcoin. so they can do now and on this type of activity regarding the price of bitcoin. but leaving Chinese people from Bitcoin platform is not a solution for me...

China has a huge population.
China has extremely tight rules on its currency.

Up to this point there has been a huge interest in crypto currency from chinese people, but with these moves to ban ICO and close exchanges it will mean a period of uncertainty for cryptocurrencies. This will reflect in lower prices and slower mining (until difficulties readjust for the departure of the huge chinese mining activities).

However, this will only be temporary. They cannot kill cryptocurrency, and they will realise their error when they throw away such a dominant position in the future of the way that finance activities are conducted. It just gives Russia, the US and Europe the chance to catch up.

I think China wants them to regulate them because of the increasing amount of bitcoin. If the government dont hold any regulations for the exchangers, the government will be left behind by this technology and later they will eventually use it for the development. They are just a portion of the market and i hope theres a lot more country that will participate in the future

I don't think it's better for crypto world. China is the biggest bitcoin holder on the world. Certainly they are a big part of cryptocurrencies prosperity.

China makes unsightly rumors, and it affects the bitcoin value, almost everyone involved with bitcoin fret with chinese.

what is chinese really thinking? I think there is a scenario behind this.

On the long run we will need China. China represents 18% of population and their economic power is growing so it would be a pitty if they don't take part in crypto. They have a lot of money to invest.
However, China has caused some big problems and crashed bitcoin price several times so at this moment, it might be better if they step out of the game and come back when their government decides whether they will ban crypto all together or they will allow it and stop interfering.

That is not really an issue, if you bought at high prices then you can buy even more bitcoin for cheap once we find the floor of this crash and if you do not have money then the only option you are going to have is to hold but this is no different than what happened in 2013.

China has been in/out of Bitcoin for 9 years. FUD

yes china has ruined the market from the rumors they are launching. I still do not believe in chinese rumors. I still ask, what is the motive behind the rumors. and it turns bitcoin down every day.

Yep, it's true, China government can earn a lot of money everymonth from Bitcoin mining factories so I think they will not totally ban all cryptocurrencies in the world cause it'll make they lose a huge amount of tax every year. I think they just ban some ICO project cause there are too many ICO projects out there and some of them are scam so they just want to protect investors in their country.

Bitcoin is a big business and I will not be surprised if politicians were involved in it, so bitcoin mining is going to continue, what we do not know is if the average people are going to be allowed to keep trading their bitcoin, that could damage the market but bitcoin will recover from such a thing.

A lot still have the mentality that China calls the shots when it comes to bitcoins. This we see has an effect on the painic withdrawals especially in my region. When a full and  comprehensive report is being given to show that Bitcoin has grown beyond the dictates of China then people will have a stable mindset as regards any report coming China itself. Till then, we will still have them as a market price influencer of the bitcoin.

In the recent days, whatever happened in CHina greatly affected Bitcoin prices greatly I frankly didn't expect that Bitcoin would have been affected this much by China. I guess the Chinese government took this measure to have complete control over the economy of their nation but that affected us as well.
China is totally getting out from Bitcoin that is what I had read from some articles. After one of the Chinas biggest exchanges said they would be shut down their operations bitcoin started dropping again  some 3 hours ago the prices had dropped to 3000 dollars. Now I am thinking that China getting out of Bitcoin wasn't that good.

Well, to end this agony once for all, I think the best possible scenario would be that China gets out of it, because on volatile market like this now, anything is possible and there are no rules, and i don't really like that. Best thing possible would be if Bitcoin could just ban China and thats it, and not the other way around :P

I agree they want to control, they don't want to stay away. I am sure they don't want to give the control (dominance) to another country. They know the value of bitcoin, other cryptocurrencies and their importance in the future.

its a good thing that china get out of bitcoin, but the impact of price we're feeling now isnt really good IMO.
im fed up when china have the largest control of market and set the market free now, hoping that other country will join and make the price rising again.

I don't think China is going anywhere with the big mining "rigs" running around the clock.  Too much money.  I feel the Gov there is do the "smoke and mirrors thing" but in the end they will continue to be a player.  Sometimes I feel like many others on this thread.  I am tired of reading and hearing about China and BTC.  As a safety measure the more major players in the mining game the better off for all of us.

Ya a lot of bitcoin is mined out of China.
that's the temperature of things that make people afraid of the bitcoin Exchange  volume of China is very small .most of the increase occurs after China Exchanges to stop trading at no cost And lots of false volume And they stop at that the last increase has greater  .this shows me that it is not over yet despite all the panic of the moment

It will be all good ifor everybody to know their stand on bitcoin as it will open opportunity for other countries who can see opportunities and a fertile ground in bitcoin to even develop their own and be referenced in the hisotry of things and even that is the point of decentralization.

How would just one country will be dominating in the areas of mining at the same time exchange sites?

Yes it's true that China somehow help the crypto market but if China will get out of the picture maybe over time crypto market will survive even without them.
We still have the Western countries and Asia. Yes China has a big mining industry but Chinese people are selfish enough to ban and create their own exchange without thinking what will be the effect in the market.

Yup i agree with you we dont need china bevuasw many country allow to use this so if china ban bitcoin i think they will regret becuase bitcoin can stand by its own feet maybe a month of decreasing value if china ban bitcoin but bitcoin will rise again.

China is the biggest country and the biggest contributor of crypto currency.
But if China didn't support already the said bitcoin then its better for them to step aside as bitcoin can stand already without them.

First we need to see whether China is actually banning Bitcoin or not. Right now, the indications are that they are only banning the ICOs and the CNY-BTC trade. As far as I know, the exchanges are allowed to trade in BTC-ETH and BTC-BCH. This is clear from the statements made today by the two major exchanges in China, OK Coin and Huobi.

China leaving cryptocurrencies world the better, whether China leaves or not bitcoin has come to stay there decision can only have minimal effect on the price of bitcoin thereafter bitcoin will bounce back, sometimes a go China banned Facebook and other sites does that really affects Facebook? No let forget about China banning exchanges and I am very optimistic more countries will adopt bitcoin.

Some news that have been circulated for the past weeks doesn't neither confirmed nor assured that it was factual and real.
For me, it is correct that china's ico ban has a lot of influence in bitcoins and specially to altcoins but i don't think china will just shutdown bitcoin exchanges when they havethe largest mining equipment.  they are earning bitcoin why do they need to shutdown bitcoin exchanges' activities.
As of now, we can see thqt bitcoin's price is going upward rally/upward trend which means the ico ban just made some people freak out that's why dome of them cashed out which makes bitcoin price fall dow.
I cannot see. Bitcoin's price falling down because of china
It will still depend to other countries if they will do the same.

I see one funny issue about China banning exchanger. Two large exchangers announce that they will quit by 30 sep, but both of them also put a notice that their pools will continue operation. So, how should Chinese miner convert their coin to fiat? If noway to do so, why should they mine? Or the exchanger turns to underground, just my guess..

China is big when it comes to bitcoin, it is probably the most influential country when it comes to bitcoin so it is natural that when China decides to change its policies that panic like the one we saw a few days ago happen, but the most important thing is to always remain calm since most of the time the effects are temporal.

Leave China to destroy their own country on their own. Its their own demise. Let us focus on btc growth in European and America.


Its the same as believing that all Chinese people are good at maths and are all kung-Fu masters.

In my opinion, no. China has become one of the biggest influencers in terms of bitcoin prices due to having the largest trading bitcoin platforms. There are a lot of investors and individuals who invest in that country that totally affects the price. If in the event that China was completely to be diminished from bitcoin, then the general prices would result to a negative impact within 1~3 months depending on scale of damage. That is why, the mere banning of ICOs resulted to a dramatically decrease on the price of bitcoins.

I think so! Let this country make its own so that they will totally leave bitcoin alone. Bitcoin will for sure be better off with other countries other than china. China tends to be doing some tweaking efforts to the price of bitcoin for their own reasons.

Bitcoin is good..

It's bad that the China gets out of bitcoin. About 20% of btc user in China people. I think as more use btc as more valuables in the cryptocurrency.

I have half opinion about this. Well ofcourse  I want chinese to be not involved in bitcoin because they are always trying to make bitcoin to crush to make a cheaper one for themselves. But on otherway around, china has the largest share of hashpower rate that contributes to development of bitcoin.

Second on this.

We need to focus that US and Europe be first in price change will that be good or bad. I mean so far in most cases they control price change as they like now think that is about time for Europe and US to take some major steps in this and take control once.

I think it's better if china decides to ban bitcoin. Because in my opinion as long as china still believe that they're "the king", we always wait some news from them to decide bitcoin price. It's like bitcoin has no difference with fiat currency. So i would really love if they go.

Though that is very sad, China caused a great fluctuation in the price of bitcoin which made many people panic and sell their coins. This would not happen if their government supports bitcoin. If China would get out of this industry, though the price of bitcoin would fall again, bitcoin will have a more stable price.

There are a lot of people working with bitcoin in China.
I would not want that they lose access to the bitcoin market. After all we are one bitcoin community!
The problem are not the people, it's that the government there wants to controle everything.
If China would get completely out of bitcoin, their government would get what it wants, and the people there had to suffer the most.
From a moral point of view that would be wrong in my eyes.

actually its not good, you can see it yourself that china has a big effect on cryptocurrency market. but since bitcoin become more popular than before it can bring back its demand even if china will hand off all their bitcoin holdings.

It's neither good nor bad as long as any country itself decides to get out of bitcoin, by doing so they are only depriving themselves of the most powerful and innovative technology and of something which is going to get stronger and more useful and more popular in the future. China's decision, though not confirmed yet that are going to completely get out of bitcoin, is their own and it's going to be their own loss not anybody else's. I personally think that if almost all the countries become bitcoin friendly and recognize it then it's going to do more good to bitcoin than harm.

That leaves a lot of room for further escalation

If the Chinese authorities follow through their threats and do ban Bitcoin in serious, other countries may follow their lead. As much as I want myself China to be taken out of the picture (preferably for good), it may not end up with China alone but cause a domino effect which would likely have devastating consequences for crypto markets in the long run. Maybe, China is not acting on their own now, and a few major governments have already agreed on banning Bitcoin worldwide in the end (tinfoil hat off)

I think this will help become bitcoin more independent.

I do not know what is the point to this post, I did not referred a single time to the Chinese people I was talking about the Chinese government and their policies regarding bitcoin and other altcoins and in that way China moves as an unified force, every Chinese investor is going to move their funds thinking in what is best for them.

China doesnt leave the crypto, only the normal citizens. Everything looks planned. They make threats to BTC so normal people would sell their BTC. Now the Chinese whales bought everything their citizens dropped.

Yes, it is better right now for bitcoin to get china out from the market because the manipulation will not occur frequently because if you know, chinese people are one of the pioneers of bitcoin and they have a lot of bitcoin in their country and most of the hashing power are coming from china so if the chinese are out then no more huge manipulations for bitcoin.

Bitcoin can be a big help to the citizens of any country since it brings freedom but for governments bitcoin is nothing but trouble, they can track it but it is a pain, they cannot completely regulate it because they do not have control over it, people can avoid taxes with it and all other things that can be done in bitcoin thanks to its decentralized nature.

And this might be only a tip of the iceberg

Cryptocurrencies themselves are likely only the first step (and not necessarily a very successful one in the long run). It is more about the blockchain technology itself that governments should be afraid of. This is not to say that they shouldn't be afraid of Bitcoin and other cryptocurrencies, but the blockchain could turn out even more dangerous to their power monopoly and hegemony. After all, the blockchain allows people to express their votes directly in a decentralized fashion in a trustless environment, i.e. without some central authority controlling the people's choices and doctoring their votes as it sees appropriate

My own opinion about china trying to get out of bitcoin which previously had a huge effect on the bitcoin market is that since china is still not too familiar in using cryptocurrencies and like any other nations who don’t have control over it yet china will just try to take control by using force and forbidding in using bitcoin before they are able to have it under control. China will not kick out bitcoin, what I can see is that they are just preparing to have some system and rules ready before they will announce their support to it.

Bitcoin took off in 2013 due to China and crashed but in 2016, it took off due to its legalization in Japan. Last spring, Chinese exchange sites got suspended but Bitcoin took off any way because of the rest of world, esp  Japan. Rules that was used to apply in the past doesn't always apply in present. The rapid bitcoin price increase from China is not healthy. It doesn't let bitcoin grow organically. It drives prices too rapidly and then crash hard when it goes down. This makes bitcoin look really bad. It makes bitcoin look gambling instead of real currency. This doesn't help bitcoin's wider adoption.  It is True that in the beginning,  bitcoin might need China to be noticed but bitcoin already passed  that stage.

How we saw China caused a big crypto collapse. But bitcoin still growing and will grow, so it means its not a big loss. Maybe in the future China will be back with their investors. While China thinking others countries make investments and  making bitcoin more stable.