Bitcoin in China

[deisik]

if china will ban it they will ban the mining activity too, which mean that the diff will decrease dramatically, and miners will have an easy time making profit for a long time

you can't simply replenish 70'% of the network in a short time, the price i think it will not tank so much, because panic buyers will be all over the price when the value will tank

Panic buyers did not manage to keep the price up when the price started tanking to 200 after the last rally.

If there is real blood on the street, those buyers will rather be panic sellers. Smart money will still buy though.

It is true with stocks but not with Bitcoin

The mentality of Bitcoin users differs substantially from that of stock and fiat currency holders. Bitcoiners are more "religious" in this respect, and we saw just that recently when the price hit a massive buy wall on its way down around 750-800 dollars per coin (above from where the rally had started), so no amount of FUD could crash it. Even the reports of the Chinese central bank assault on major exchanges in China could shake it. And I'm inclined to think that things will mostly remain the same in the future unless really serious events unfold that will heavily undermine such unconditional support

[andreibi]

Interests in Japan, India, and some parts of Europe might support the current trend if something bad happens in China.

[Pursuer]

the only reason why any news from China becomes hot and big is that people think only because Chinese have "seemingly" high portion of the hashrate they control bitcoin and will always have significant effects on the price. and then they look at the trade volumes and think their assumption is right. but they don't know all the facts.

most of the portions that they see on hashrate distribution is not farms but are pools, and people connect to pools from all around the world and report the hashrate as on place.

also the  trade volumes are mostly fake and also, it is mostly because of the zero fee policy they have.

so in short they never had any real effect on bitcoin and I believe their share of the market is so much smaller than other countries in the sense of how many people are trading on their exchange and how many services they have in their country.

[aarturka]

If china ban bitcoin and it drop, then we have a chance to buy it very cheap 

[Gromozeka!]

If china ban bitcoin and it drop, then we have a chance to buy it very cheap 

China will not ban Bitcoin is not in their interest. To date, they have almost the sole influence on the coin. The ban is a blow to the miners, buyout again are in China.

[SyGambler]

I don't know where you saw that China is going to ban bitcoin , all the matter is that they may start regulating the exchanges
bitcoin won't be blocked but traders usually tend to make people afraid in order to get more cheap coins , many big holders increased their stake when the priced dropped below 800 and now look how much they gained in this short period

so take it easy guys and don't worry about  rumors

[Xester]

If china ban bitcoin and it drop, then we have a chance to buy it very cheap 

China will not ban Bitcoin is not in their interest. To date, they have almost the sole influence on the coin. The ban is a blow to the miners, buyout again are in China.

China has not banned bitcoin actually bitcoin is considered legal and every individual has a right to own bitcoins. But due to extensive cases of tax evasion and money laundering the central bank of China has created a third party group that will allow the Central bank of China to control the 90% of the whole bitcoin in day to day to day trading.

[DomainMagnate]

I know this is going to be an older topic to many of you, but I've been quite busy lately!  After Bitcoin skyrocketed up to the 1,100 USD mark recently, then was knocked down significantly after chatter of China's government (not shocking) was considering making Bitcoin illegal. From what I have found China has not actually banned Bitcoin yet, but with China banning things such as Facebook..this is worrisome to me.  I don't think there is even an argument to be had that if they do ban it, that Bitcoin will take a major blow.  If that happens, a large short term or long term worry? 

Chinese people and government wants Chinese version of everything and do not want to be dependent on others or let others make profit at their expenses.
I think unlike facebook and twitter etc,they will try to have their version of bitcoin.

[hurain]

If china ban bitcoin and it drop, then we have a chance to buy it very cheap  

i think china is one of the big support of bitcoin and they are going to ban it. most of the bitcoin miners are from China so i do not think that China can banned bitcoin. and we can expect that the price of bitcoin will fell down, to me it will continue to rise and hope that very soon bitcoin will cross its al time high price very goon.

[Hazir]

I know this is going to be an older topic to many of you, but I've been quite busy lately!  After Bitcoin skyrocketed up to the 1,100 USD mark recently, then was knocked down significantly after chatter of China's government (not shocking) was considering making Bitcoin illegal. From what I have found China has not actually banned Bitcoin yet, but with China banning things such as Facebook..this is worrisome to me.  I don't think there is even an argument to be had that if they do ban it, that Bitcoin will take a major blow.  If that happens, a large short term or long term worry? 

1. Chinese exchanges were conducting very risky operations, their no fee policy combined with margin trading, crating fake volume was harmful for bitcoin ecosystem.
Hopefully PBOC intervention will cause their exchanges to operate with more transparency. BTW Standard trading of BTC wasn't affected in any way.

2. News about China banning bitcoin was nothing more that FUD, so far they never said anything abut banning BTC completely.

3. Facebook is banned for a reason, this social network is a massive spyware, every Facebook activity is recorded stored and viewed by US gov. No wonder China doesn't like Facebook.
Bitcoin and Facebook has very little in common.

[Qunenin]

Interests in Japan, India, and some parts of Europe might support the current trend if something bad happens in China.

China is not only responsible for Bitcoin so popular. It has gained interest among people all around the world and one country (even if it is china) getting akwards towards bitcoins will no longer means bitcoin is dead. Bitcoin is now the most emerging currency of the word.

[BrewMaster]

If china ban bitcoin and it drop, then we have a chance to buy it very cheap 

i think china is one of the big support of bitcoin and they are going to ban it.

lets assume for a moment that this is true. (which is not true by the way) in that case it would be the greatest news ever heard.

because everyone is saying China is controlling bitcoin (again not true) and the same people say China is going to ban bitcoin. this is a paradox FUD because if they ban it means the control is lost and bitcoin becomes normal and great

[Loganota]

I think they will never do that, in the end I think they earn a lot with Bitcoin. I want to see mining is mining, I just wanted to see the chaos. But as I said, I do not think they are going to banish, they are only managing to make money over Bitcoin.

[uneng]

I don't know if China controls bitcoins, but they use it a lot there, the biggest bitcoin dealers are from there, the real profit is being made for them while the rest of the world deal with the rest.
China has the potential to control bitcoins, if they want to control it, they will, and nothing can stop them, at least for now.

[deadpoolx]

Interests in Japan, India, and some parts of Europe might support the current trend if something bad happens in China.

China is not only responsible for Bitcoin so popular. It has gained interest among people all around the world and one country (even if it is china) getting akwards towards bitcoins will no longer means bitcoin is dead. Bitcoin is now the most emerging currency of the word.

That's true, we must recognize that there are many countries around the world that have contributed and continue to contribute on the spread of knowledge and use of Bitcoin. I think the Chinese have become famous because they have large mining farms. In a way they deserve the credit of great contributors with respect to other countries, as this also contributed to bring many users.

[shinratensei_]

Nope, do you even seeing about the google was existing in the china?
that's a FUD. every year if the bitcoin was touching the highest price and the Chinese government try to reduce it.
This is more like a scenario has made by the government.

That's just a short-term worry.

[densuj]

If china ban bitcoin and it drop, then we have a chance to buy it very cheap 

Yes, I think the government of China will not ban usage of bitcoin again
they will manage the markets on China, so the government will take taxes because of activity exchange bitcoins on China and it is good strategy for taking income from the bitcoins although maybe just small amount of income for the country.

[valley365]

China is the wild west, and people there evade tax and have a lot grey income, so bitcoin fits well for capital transfer and hide money. That's why bitcoin prosper in China.

[maxxdxx]

They will not ban bitcoin. Most of the Chinese are in the pump and dump business. They do not have a clue of the Bitcoin ecosystem.

[danherbias07]

There are just parts of China to which bitcoin is banned and also facebook. There is an area to where you could do it. Well maybe that is just coating something that they are hiding but why is that there are a lot of Chinese company which is connected to bitcoin? Those are questionable, if they know it is banned in their country why still do it right?