bitcoin without china, how would it look?

[Red-Apple]

so whether or not the recent panic turns out to result in some action, i for one think china killing off the bitcoin exchanges at some point is a total certainty.

it is not a certainty except in your opinion.
i have been hearing about this for years. i remember two years ago people were saying the same thing that country x is going to ban bitcoin trading and kill it because it is ruining economy and crap like that.

and as we know today nothing has happened apart from FUD.

they think nothing of directly intervening in their stock and property markets and bitcoin is nothing but a tiny thorn in their side that might grow into a tree some day. it's of no benefit to the government.

it is a thorn in the eyes of many who feel threatened by it and they have been spreading their FUD for a very long time as long as bitcoin exists.

but again nothing has changed so far and government is more accepting of bitcoin than you are showing it to be.

in that scenario what do you think happens to bitcoin? mining aside, china contributes nothing to development, there's no actual bitcoin economy there and the exchanges are all probably bucket shops. at the same time of course the exchanges lead the west by a long way, though i'd guess many people on there are westerners anyway.

how do you know they don't contribute to bitcoin. got any proof?
even if they don't contribute to the developement the number of full nodes which is the back bone of blockchain and decentralization is at a good number in china.

does it fatally hole the bitcoin market for a long period of time? is western volume reinvigorated when the traders migrate back? does chinese mining fade away and change into hardware sales and not much else? would many or any chinese people rig up some type of black market?

would the chinese government attempt to moderate it recognising that they'd be left behind if it was squashed or would they not care?

what do you think?

there was a day when nobody thought about China and what thy do or do not do with bitcoin and they didn't say anything else about any other country and the reason was because US had more than 60% of hashrate and 70+% of the trading volume and nobody was complaining.

so why complain now?!!!

[bitbunnny]

Probably the majority of Bitcoin mining farms are placed in China and that is the reason they influence Bitcoin a lot.
But if it wasn't China then some other country would be at China's place so thing would be prety much the same.
At the moment Chinese are maybe in advantage but this may change in the future.

[QuestionAuthority]

You'll get to see for yourself in three to seven years. At the next reward drop or possibly the one after that it will become unprofitable to mine bitcoins for just the reward profit. All the old mining hardware the Chinese are using will need to be replaced and updated. The massive cost of hardware replacement combined with the reward drop will most likely make the large Chinese farm owners move on to more profitable investments.

Based on the current cost of Bitcoin in three years for profit to remain flat (taking inflation and reward drop into account) Bitcoin will need to maintain a cost above $2,775 a coin and the transaction fee would need to double. In seven years the price of Bitcoin will need to be $5,130 a coin and the reward fee will need to increase four fold for the price to be equal to today's price. Taking into account a complete replacement of aging old mining hardware (using current hardware prices which will likely increase) the price of Bitcoin in order to equal today's mining profits would need to be roughly $16,400 a coin with a ten fold increase in transaction fees. I see the Chinese and lots of other miners moving on.

[Odien]

Bitcoin is not all depending of China. If mining stop there, then, maybe the gold rush will start again ?

[talkbitcoin]

please for the love of god stop this fake obsession with China and bitcoin. nothing will change ever with anything.

even if China stops using bitcoin in any form today, apart from a temporary hit to the price and hash rate there will be no other effect and bitcoin will continue on existing and being strong and popular.

[n0ne]

Asian countries might have got less adoption to the digitalization and the use of bitcoin. As china has got more mines compared to other countries help get the attention towards bitcoin. China's influence is highly required as it is in a state to generate the country's own digital currency.

[Catmony]

China being the country of majority of miners may effect price when bitcoin get banned or get rules against it tighten there however i think bitcoin network can remain healthy like right now even if there will be not much of support coming from chinese exchanger and mining farms.

[clickerz]

please for the love of god stop this fake obsession with China and bitcoin. nothing will change ever with anything.

even if China stops using bitcoin in any form today, apart from a temporary hit to the price and hash rate there will be no other effect and bitcoin will continue on existing and being strong and popular.

That is correct, even without China bitcoin can survive.Also,without China,I think bitcoin will have a higher price in my opinion.China can not be also ignored now because there are many bitcoin miners and users there that can affect the price.

[rapazev]

Bitcoin is not all depending of China. If mining stop there, then, maybe the gold rush will start again ?

not depending doesn't mean it doesn't need.
bitcoin will survive without china but they have the biggest market so the price will crash hard without them.

bitcoin need more people using it, lose a country is always a bad thing specially if it is china.

[Bitcoinsummoner]

please for the love of god stop this fake obsession with China and bitcoin. nothing will change ever with anything.

even if China stops using bitcoin in any form today, apart from a temporary hit to the price and hash rate there will be no other effect and bitcoin will continue on existing and being strong and popular.

That is correct, even without China bitcoin can survive.Also,without China,I think bitcoin will have a higher price in my opinion.China can not be also ignored now because there are many bitcoin miners and users there that can affect the price.

Yeah your right and it can also affect the bitcoin price and i think they have a largest mining farm...
So it can affect our bitcoin price if china is ban or without china.. because if they dont mine bitcoins it can be mine by others but it is not fast as china because of large mining.. so the price can be affected because the price of bitcoin is depends in demand and supply..

[prabowo96]

please for the love of god stop this fake obsession with China and bitcoin. nothing will change ever with anything.

even if China stops using bitcoin in any form today, apart from a temporary hit to the price and hash rate there will be no other effect and bitcoin will continue on existing and being strong and popular.

China can have his part on the market, that's undeniable.

The hard part here is bellieve that China will stop the use the coin, even if the government ban the bitcoin, users will find a way to keep using.

[Ayers]

bitcoin without china would have been centralized by some other country like america, i remember that america is the second country with a vast mining facility, and in the end it would have been the same i guess, i also think that the rice without chinese would been much lower than now, so they actually brought something good tot he table

[Kprawn]

You really want to see what will happen? Well, remove all trading fees on the Western Exchanges like they did in China and you will get a sniff of

what you are experiencing on Chinese exchanges. If they suddenly decide to shutdown all mining, the West will benefit from that, and we might

even see the times when Bitcoin could be mined with expensive GPU & CPU's. They would be doing everyone a big favour.. 

[U2]

Another country would take their place basically. Someone always has to be #1. The price would go up because no one in the world can produce the same amount of bitcoins as the Chinese unfortunately. They have the right climat for the most part, cheap electricity... What more could you want? The other country taking over the #1 spot would have to be the next best in terms of efficiency.

[20kevin20]

Another country would take their place basically. Someone always has to be #1. The price would go up because no one in the world can produce the same amount of bitcoins as the Chinese unfortunately. They have the right climat for the most part, cheap electricity... What more could you want? The other country taking over the #1 spot would have to be the next best in terms of efficiency.

I think the price would go down, not up. Without the power, Bitcoin will just hold at the quantity it has right now. China having so many residents would also have less people using Bitcoin and working for it, so Bitcoin would be likely less popular right now.

[markisanon2434]

Without China dealing in bitcoin, we can see a massive drop in the hash rate and also some drop in the price of bitcoin. This can help more individuals in other part of the world to fire up their rigs and see if they can make some profit mining bitcoin.

Chinese have pumped up some of the price for bitcoin and they have bought good and efficient miners such as Antminer S9 to the market. Even if China bans bitcoin, these mining centers can shift there operations to other countries.

The price of bitcoin can recover slowly. However I am worried about the vast number of Chinese users who have adopted bitcoins. We may loose out on some genuine supporters and users of bitcoin unless they risk everything can keep using it.

[carlerha]

China being the country of majority of miners may effect price when bitcoin get banned or get rules against it tighten there however i think bitcoin network can remain healthy like right now even if there will be not much of support coming from chinese exchanger and mining farms.

yes  -1 farmulla will not work here, and specially about china who are the main supporter of bitcoin and whose number of minner are more than any other country, therefore we cannot thing about bitcoin without china.

[Kakmakr]

I cannot see why a country that is dominating one of the most important breakthroughs in the financial sector for centuries, would suddenly want to ban it? They dominate the hash power and also the global generation of a new currency.

The only thing I will see happening are that they would implement stronger regulations to control the money flowing out of the country at the moment. Stronger capital control, will strengthen their economy even further.

The other nations need to wake up, and start investing in this technology or they will be left behind. If the BRICS countries start to trade with Bitcoin, they would not need the rest of the world, to support Bitcoin.

BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as "BRIC" (or "the BRICs"), before the induction of South Africa in 2010.

[bittraffic]

I cannot see why a country that is dominating one of the most important breakthroughs in the financial sector for centuries, would suddenly want to ban it? They dominate the hash power and also the global generation of a new currency.

The only thing I will see happening are that they would implement stronger regulations to control the money flowing out of the country at the moment. Stronger capital control, will strengthen their economy even further.

The other nations need to wake up, and start investing in this technology or they will be left behind. If the BRICS countries start to trade with Bitcoin, they would not need the rest of the world, to support Bitcoin.

BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as "BRIC" (or "the BRICs"), before the induction of South Africa in 2010.

Good to know about BRICs. Didn't know they are becoming huge this time. China has become one of the powerful country. Strict rules to Cryptocurrencies is possible not that most of the coin developers are in China. They are gradually getting into ICOs.. I noticed two of them in ANN section.

[Zadicar]

I do  believe   that China  is somehow  does  have  really make good   impact  on bitcoin,  Without China  bitcoin would still live  but   expect the price of bitcoin isnt  high   compared as  of now  because   china  do  play a  big role  regarding  on  price movement and  adoption . THey are  holding  the   biggest company  for  miners  which is BITMAIN,  if  China isnt  there  who would be the one to make those?  Maybe other countries  . It doesnt really matter  now  because this thing   doesnt happen  at all