China currency and effects on BTC

[anthonydar]

If the Chinese currency devalue, it means the cost of manufacturing bitcoin will be lower there. So more mining will move to China.

[sulfurtank]

China is pretending to stop capital flight. But only of non-members of the red barons families who work for jpm & goldmanS anyways. The target there are the ones that actually create wealth: the productive middle class. They should not afford to hedge their capital abroad - they are only allowed to flush their yuans down domestic realestate & stockmarket toilets and watch the bubbles pop.

[EdenHazard]

So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so?  I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them?  This would be very good news for the BTC price.  Thoughts?

i never think that china currency have effects on bitcoin,some couple of month ago,bitcoin price going up and everyone so busy to find out the cause of this case,and they also think that china behind of this all,i never believe that.

[maku]

So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so?  I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them?  This would be very good news for the BTC price.  Thoughts?

I am not sure that bitcoin market is so developed in China. What I mean here is, sure they have the biggest share in hash power in the worlds. Biggest bitcoin farms and pool.
But bitcoin awareness among normal people are rather low I would imagine. So I doubt that Average Chinese Joe will put money into bitcoin investments.

[BitsandBites]

If the Chinese currency devalue, it means the cost of manufacturing bitcoin will be lower there. So more mining will move to China.

I haven't really thought much about this, but I believe it is valid.
With a devalued chinese currency, there will be more mining going on in China, people will start buying more bitcoins there.

[Zeke2345]

Agree with view of Chinese looking more into traditional assets like real estate but also have to think even a small percentage looking at bitcoin will bounce the value.

[Pab]

Chna is not devaluating his currency look yuan rates china economy from  is  from export to consumer spending but whan yuanis lowering there is more interesting in btc
big chance for btc is china very fast growning ecommerce

[OROBTC]

China is pretending to stop capital flight. But only of non-members of the red barons families who work for jpm & goldmanS anyways. The target there are the ones that actually create wealth: the productive middle class. They should not afford to hedge their capital abroad - they are only allowed to flush their yuans down domestic realestate & stockmarket toilets and watch the bubbles pop.

That's a very interesting observation, sulfurtank.

The top leadership is extremely corrupt, and most of them are likely quietly buying assets outside of China (like condos in Vancouver).  This would likely be related to many South Americans buying S. Florida condos: have a SAFE place to move to when trouble arrives...

And, yeah, I would *guess* that ONLY well-connected people have a way, and the protection, to getting assets out of China.

Any Chinese people with Bitcoin have another option, those who can get BTC wholesale have even more options.  Bitcoin is worth about the same in China as in the USA, Canada and Australia.

[European Central Bank]

How many people are financially literate? Maybe 1% or less actually know what's going down with international finance. Your average Chinese farmer is not gonna start panicking about getting out of his currency. And that also assumes most people have savings. I'll guess most don't.

[Farma]

I think china currency will greatly affect the bitcoin. China is the country most widely used bitcoin, if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher

[Snorek]

I think china currency will greatly affect the bitcoin. China is the country most widely used bitcoin, if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher

I feel like there are some misconceptions in your logic:

1. China is leading country if we are talking about mining and hash power. China is not a  leader if we are talking about 'bitcoin usage'.
2. "if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher" - what does that even mean?

[mrhelpful]

I think china currency will greatly affect the bitcoin. China is the country most widely used bitcoin, if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher

I feel like there are some misconceptions in your logic:

1. China is leading country if we are talking about mining and hash power. China is not a  leader if we are talking about 'bitcoin usage'.
2. "if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher" - what does that even mean?

I think what he`s referring to is the actual "fiat yuan" in that sentence.

He`s stating if the chinese people notices their own yuan is declining people will tend to look for options and eventually buy bitcoin if told about.

Chinese will though have a greater impact if there is a sudden rush only cause the population size.

[fiscorcle]

I think china currency will greatly affect the bitcoin. China is the country most widely used bitcoin, if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher

I feel like there are some misconceptions in your logic:

1. China is leading country if we are talking about mining and hash power. China is not a  leader if we are talking about 'bitcoin usage'.
2. "if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher" - what does that even mean?

I think what he`s referring to is the actual "fiat yuan" in that sentence.

He`s stating if the chinese people notices their own yuan is declining people will tend to look for options and eventually buy bitcoin if told about.

Chinese will though have a greater impact if there is a sudden rush only cause the population size.

The Chinese Yuan is quite stable at the moment. So I think it does not affect the price of bitcoin.

[Amph]

I think china currency will greatly affect the bitcoin. China is the country most widely used bitcoin, if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher

I feel like there are some misconceptions in your logic:

1. China is leading country if we are talking about mining and hash power. China is not a  leader if we are talking about 'bitcoin usage'.
2. "if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher" - what does that even mean?

I think what he`s referring to is the actual "fiat yuan" in that sentence.

He`s stating if the chinese people notices their own yuan is declining people will tend to look for options and eventually buy bitcoin if told about.

Chinese will though have a greater impact if there is a sudden rush only cause the population size.

The Chinese Yuan is quite stable at the moment. So I think it does not affect the price of bitcoin.

what the stability of the yuan as to do with the bitcoin price in any case?, tyhe bitcoin market cap is ajoke in comparison, if chinese dump youan for bitcoin you will not notice it

[Kprawn]

I think china currency will greatly affect the bitcoin. China is the country most widely used bitcoin, if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher

I feel like there are some misconceptions in your logic:

1. China is leading country if we are talking about mining and hash power. China is not a  leader if we are talking about 'bitcoin usage'.
2. "if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher" - what does that even mean?

I think what he`s referring to is the actual "fiat yuan" in that sentence.

He`s stating if the chinese people notices their own yuan is declining people will tend to look for options and eventually buy bitcoin if told about.

Chinese will though have a greater impact if there is a sudden rush only cause the population size.

The Chinese Yuan is quite stable at the moment. So I think it does not affect the price of bitcoin.

what the stability of the yuan as to do with the bitcoin price in any case?, tyhe bitcoin market cap is ajoke in comparison, if chinese dump youan for bitcoin you will not notice it

Amph, would you mind quantifying this statement? You saying the Bitcoin market cap is a joke in comparison to the Yuan currency... and then you say.. IF the Chinese starts dumping the Yuan for

Bitcoin, we will not notice it? { The Chinese exchanges will immediately see a higher Bitcoin demand and it will rise significantly higher than the price of Bitcoin on the other non-Chinese exchanges }

The significant amounts of Yuan being dumped, will also be picked up by the Chinese government and they will close these exchanges to protect the Yuan. 

[vero]

even now yuan is one of top 5 currency in the world,i think china currency will not effect to the price of bitcoin.

[pitham1]

I think china currency will greatly affect the bitcoin. China is the country most widely used bitcoin, if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher

I feel like there are some misconceptions in your logic:

1. China is leading country if we are talking about mining and hash power. China is not a  leader if we are talking about 'bitcoin usage'.
2. "if the value of the Chinese currency price decline, perhaps most people will use the china and make bitcoin bitcoin prices higher" - what does that even mean?

I think what he`s referring to is the actual "fiat yuan" in that sentence.

He`s stating if the chinese people notices their own yuan is declining people will tend to look for options and eventually buy bitcoin if told about.

Chinese will though have a greater impact if there is a sudden rush only cause the population size.

The Chinese Yuan is quite stable at the moment. So I think it does not affect the price of bitcoin.

what the stability of the yuan as to do with the bitcoin price in any case?, tyhe bitcoin market cap is ajoke in comparison, if chinese dump youan for bitcoin you will not notice it

If the Chinese dump Yuan for Bitcoin, Bitcoin will go to the moon. Bitcoin's market capitalization is extremely small compared to global forex markets.

[RealPhotoshoper]

If the Chinese currency devalue, it means the cost of manufacturing bitcoin will be lower there. So more mining will move to China.

that's make sense,so far china become most bitcoins miners,and its why china exchange have better price than other exchange. but i wondering about time of this conditions,is china will keep their existency on bitcoin miner,or other country will take over china position.

[anthonydar]

If the Chinese currency devalue, it means the cost of manufacturing bitcoin will be lower there. So more mining will move to China.

that's make sense,so far china become most bitcoins miners,and its why china exchange have better price than other exchange. but i wondering about time of this conditions,is china will keep their existency on bitcoin miner,or other country will take over china position.

It all depends on the cost of mining. If the cost of mining in Iceland is lower than in China, mining will flourish in Iceland.

[DimensionZ]

Everything is cheaper in China even the electricity. I don't know if there is another country with cheaper electricity though. Maybe if some rich guy invests a lot of money into renewable energy like wind turbines or solar panels and try to mine alt coins with that powering his rigs he could make more money than the Chinese. By the way Chinese Yuan is fully backed by gold apparently so people may start buying Yuan instead of USD or Bitcoin.