Does current market situation in China affect bitcoin?

[Biodom]

The focus has been on Greece, but China is a bigger story.
Perhaps, markets there will rally from current levels, but here is an interesting nugget: 40% of chinese nasdaq equivalent simply stopped trading.
http://finance.yahoo.com/news/40-stocks-chinas-shenzhen-exchange-173006327.html

Obviously, it is a move from these companies to stay away from losses, but the rest of the market might just get annoyed by this.
Surprisingly, what happens in China does not seem to be discussed much here, but it should, in my opinion.
If all asset classes decline as a result worldwide, bitcoin will probably not be spared.

[jeffthebaker]

The Chinese Stock Market is crashing. As the Chinese are losing their investments and savings, some will look for ways to secure their future. For some, this is Bitcoin. So yes, the current market situations does affect Bitcoin.

[pliv84]

Ditto. Bitcoin is the ultimate safe haven. In a market crash such as China (or Greece) more people will flock to Bitcoin to maintain the value of their assets.

[randy8777]

Ditto. Bitcoin is the ultimate safe haven. In a market crash such as China (or Greece) more people will flock to Bitcoin to maintain the value of their assets.

at this point it's too early to say bitcoin is the ultimate safe haven. we're still in the very beginning and don't know yet how many people it will attract to store their value in bitcoin. but for sure it is the best way to avoid the government and banks.

[Brewins]

Ditto. Bitcoin is the ultimate safe haven. In a market crash such as China (or Greece) more people will flock to Bitcoin to maintain the value of their assets.

at this point it's too early to say bitcoin is the ultimate safe haven. we're still in the very beginning and don't know yet how many people it will attract to store their value in bitcoin. but for sure it is the best way to avoid the government and banks.

Until the governments and banks ban Bitcoin and make impossible to buy or sell your Bitcoins, and maybe even make you a criminal if you have bitcoins

[farting_shot]

Ditto. Bitcoin is the ultimate safe haven. In a market crash such as China (or Greece) more people will flock to Bitcoin to maintain the value of their assets.

You MUST be a noob. Bitcoin is NOT the ultimate safe haven, simply because it loses value. Gold is the ultimate safe haven, it keeps value over the short, medium, or long haul. You just can't go wrong with gold, especially in times of financial turmoil. Bitcoin has proven to NOT be the best medium of value storage. Gold is. Go with gold. Especially in times of financial turmoi such as now.

[Alley]

Ditto. Bitcoin is the ultimate safe haven. In a market crash such as China (or Greece) more people will flock to Bitcoin to maintain the value of their assets.

You MUST be a noob. Bitcoin is NOT the ultimate safe haven, simply because it loses value. Gold is the ultimate safe haven, it keeps value over the short, medium, or long haul. You just can't go wrong with gold, especially in times of financial turmoil. Bitcoin has proven to NOT be the best medium of value storage. Gold is. Go with gold. Especially in times of financial turmoi such as now.

Wrong again.

[Biodom]

Now apparently 43-54% of combined Shanghai and Shenzen composites are NOT trading (suspended).
The rest of Shanghai composite was down 7%, now ~5.2% (TODAY).
Bitcoin down 2.3% today (~$265)

[Amph]

Ditto. Bitcoin is the ultimate safe haven. In a market crash such as China (or Greece) more people will flock to Bitcoin to maintain the value of their assets.

You MUST be a noob. Bitcoin is NOT the ultimate safe haven, simply because it loses value. Gold is the ultimate safe haven, it keeps value over the short, medium, or long haul. You just can't go wrong with gold, especially in times of financial turmoil. Bitcoin has proven to NOT be the best medium of value storage. Gold is. Go with gold. Especially in times of financial turmoi such as now.

uhm no? gold is not the ultimate safe even if you comapre its ath of 1900 to its today price, do you call this a safe even? don't make me laught please, bitcoin is still in its beta pahse and it is already doing better than gold can even dream about

bitcoin is not losing any value, take a look at the average absolute value, not the occasional ATH, because does not count shit

[JarvisTechnology]

China is a populous country. It is actually the country with the most population. Don't you think that the current market scenario will have an effect on Bitcoin? Well yes ofcourse it will. Chinese market is crashing down. Bitcoin as said many times is providing a safe haven for the investors. Build up your opportunity while you can.People need to make a wise choice and invest carefully.

[Torque]

The Chinese Stock Market is crashing. As the Chinese are losing their investments and savings, some will look for ways to secure their future. For some, this is Bitcoin. So yes, the current market situations does affect Bitcoin.

To play Devil's advocate here:

If all of their savings are locked up in underwater stocks, then with what money left are the Chinese going to rush into bitcoin?  And after the great ruse of their own domestic pump and dump stock market, why would they risk yet another possibly disappointing investment so soon after?

These are legitimate questions, I believe.

[bumm]

yes it might affect bitcoin as more and more people will look forward to a better and secure investment, and some might have faith in bitcoin so they will start buying bitcoins affecting bitcoin by rise in value. even i think that china's situation is bigger than the greece but the focus of people is towards greek so Chinese stock market is not the hot topic now.

[MF Doom]

The amount of wealth lost in the recent chinese crash is more than the entire gdp of greece.

I think the media is overplaying the greek situation, and downplaying the much bigger issue in china. big surprise there!

[wlefever]

The amount of wealth lost in the recent chinese crash is more than the entire gdp of greece.

I think the media is overplaying the greek situation, and downplaying the much bigger issue in china. big surprise there!

That is true, and both situations are extremely similar.  It would/will just take China longer — much longer — for such an event to take place, as China is the world’s second largest economy with its own currency rather than a tiny country within the Eurozone.

[MF Doom]

The amount of wealth lost in the recent chinese crash is more than the entire gdp of greece.

I think the media is overplaying the greek situation, and downplaying the much bigger issue in china. big surprise there!

That is true, and both situations are extremely similar.  It would/will just take China longer — much longer — for such an event to take place, as China is the world’s second largest economy with its own currency rather than a tiny country within the Eurozone.

True, and will have a MUCH greater effect on alternative currencies/ stores of value.  Sounds like the smart chinese saw this coming, and have been buying gold/silver for quite some time.  I've been following those predicting an economic collapse for quite some time, and now it finally seems like a lot of the events needed for the collapse to take place are occuring...