Bitcoin defeats the Chinese government

[pearlmen]

Its no longer news that bitcoin is actually getting its independence from all sort of news or hear say and I think its really a good news that every one in the community should be happy about. Aside that its also sends a signal to the outside community that the volatility regarding bitcoin is actually being managed and gradually reliance can be placed upon it in other to move to the next level.

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[andrei56]

I'm still not familiar with how most investments work but if they're earning less from it then that's a good thing. I'd understand that shorting is an investment strategy some individuals use but if the government does engage in it would really be unfair since they have larger influence in how things are run that it almost seem unethical.

very very unethical! I find out that any time the price of bitcoin  make an attempt to be more than the price of gold the people bank of china will come up with they usual trick of regulations of the big exchangers like okcoin, btcc and others and the arm is to create panic  were people will sell off they position. But they have be cut to their size.

If that is true then that maneuver is not going to work for long there is a reason there are not fixed rates between currency's, you can only throw so much money at something before reality hits and show us reality, if people think bitcoin is more valuable than gold then at some point it is going to show in the price whether you like it or not.

[Xester]

I'm still not familiar with how most investments work but if they're earning less from it then that's a good thing. I'd understand that shorting is an investment strategy some individuals use but if the government does engage in it would really be unfair since they have larger influence in how things are run that it almost seem unethical.

very very unethical! I find out that any time the price of bitcoin  make an attempt to be more than the price of gold the people bank of china will come up with they usual trick of regulations of the big exchangers like okcoin, btcc and others and the arm is to create panic  were people will sell off they position. But they have be cut to their size.

If that is true then that maneuver is not going to work for long there is a reason there are not fixed rates between currency's, you can only throw so much money at something before reality hits and show us reality, if people think bitcoin is more valuable than gold then at some point it is going to show in the price whether you like it or not.

Bitcoin will not increase in value not because it is much more valuable than gold but rather it will increase in value because of its usability. When states are adopting bitcoin they are projecting bitcoin to be used as a form of payment rather than as an investment. In this sense bitcoin having this uses will be attracting more users and the demand from them will contribute to another spike in bitcoins value.

[Sled]

If bitcoin defeated the chines government then it would be just for temporary and not permanent because any kind of government from any part of the world will not allow that to get defeated by just one currency like bitcoin. They will do anything for them to get the control again and as much as they can they will try to control bitcoin for their own purposes.

[andrei56]

If bitcoin defeated the chines government then it would be just for temporary and not permanent because any kind of government from any part of the world will not allow that to get defeated by just one currency like bitcoin. They will do anything for them to get the control again and as much as they can they will try to control bitcoin for their own purposes.

It does not matter how powerful a country is, you cannot go against reality and the facts the will of the people can be so strong that there is nothing that can stop it even the will of some of the most powerful persons in the world and bitcoin cannot be manipulated that easy.

[jubalix]

I think people have become increasingly immune to PboC announcements and interventions as they have become common and sort of obvious, and each time making the Chinese market less relevant,

PBOC is almost Auto Goxing what could be one of their biggest economic drivers, given their well educated population, and provide them another way out of US denominated debt.

[This is to you Head of PBOC, I know you department has people reading this.]

Now that Japan has legalized BTC, it really takes the wind out of the sales out of the "its not legal" anywhere argument and actually interlocks with local legislation a little. For example some local legislation may allow currencies to be considered legal if another country recognizes that.

[Kemarit]

If bitcoin defeated the chines government then it would be just for temporary and not permanent because any kind of government from any part of the world will not allow that to get defeated by just one currency like bitcoin. They will do anything for them to get the control again and as much as they can they will try to control bitcoin for their own purposes.

Bitcoin is not waging a war with any government not now not ever. The Chinese government just want to tightens and put regulations in place, aiming to bring practices in line with how bitcoin is traded in other markets. Chinese investors have fled the market since authorities started scrutinizing bitcoin trading in China, prompting exchanges to install trading fees and, in some cases, to suspend withdrawal of bitcoin from their platforms.

So its not bitcoin fault, the Chinese took advantage of the technology and the Chinese government has caught up with them by placing regulation. Fake Chinese trading volumes are thing of the past now.

[deisik]

If bitcoin defeated the chines government then it would be just for temporary and not permanent because any kind of government from any part of the world will not allow that to get defeated by just one currency like bitcoin. They will do anything for them to get the control again and as much as they can they will try to control bitcoin for their own purposes

In fact, we are very far from being there

Quite a few governments have been defeated by foreign currencies in the past up to a point of completely abandoning their local monies. Everyone heard about Zimbabwe and Zimbabwean dollar which the authorities had to ditch in the end, but this is certainly not the only country which went this route. And Bitcoin can become a real threat to many weaker governments and genuine competitor to the currencies they happen to print. In other words, they might not be able to stop it. Venezuelan bolivar seems to be on the verge of collapse already, and if it does collapse (which seems to be inevitable in a matter of a few years), people will just use whatever currency they like most. There is basically nothing that a weak and incompetent government can do in this regard

[Dimelord]

China has been trying to short the bitcoin market a couple of times now by making weak hands panic sell on every of their PBOC announcements.
The PBOC is obviously using their power to destabilize the market in order to keep stealing money from weak hands and profit from margin traded short positions as well.

But something is clear: Every time they come up with a bullshit excuse to crush the price, bitcoin rises stronger and their effect on the price weakens:



By looking at this, and also by looking at the price difference between Okcoin and western exchanges, it is clear that china is no longer a dominant market maker.

They can try to shoot at him along the way, but it will keep recovering.

Bitcoin wins again and the path towards glory continues.

Bitcoin manipulation by chinese gamblers is no more possible here after.They have already made the bitcoin price to fall many times by dumping and got cheaper bitcoins.But now the scenario has completely changed.More people all over the world are ready to buy bitcoins and if the chinese try to dump bitcoins,then surely they would have to lose their bitcoins.Dragon era has come to an end.But the bitcoin rally continues unstoppable.Whatever steps china takes to destabilize the bitcoin market,bitcoin gets more and more powerful.China too have realized this and hence they have started to regulate bitcoins instead of destabilizing it.

[shinratensei_]

I'm still not familiar with how most investments work but if they're earning less from it then that's a good thing. I'd understand that shorting is an investment strategy some individuals use but if the government does engage in it would really be unfair since they have larger influence in how things are run that it almost seem unethical.

very very unethical! I find out that any time the price of bitcoin  make an attempt to be more than the price of gold the people bank of china will come up with they usual trick of regulations of the big exchangers like okcoin, btcc and others and the arm is to create panic  were people will sell off they position. But they have be cut to their size.

If that is true then that maneuver is not going to work for long there is a reason there are not fixed rates between currency's, you can only throw so much money at something before reality hits and show us reality, if people think bitcoin is more valuable than gold then at some point it is going to show in the price whether you like it or not.

Bitcoin will not increase in value not because it is much more valuable than gold but rather it will increase in value because of its usability. When states are adopting bitcoin they are projecting bitcoin to be used as a form of payment rather than as an investment. In this sense bitcoin having this uses will be attracting more users and the demand from them will contribute to another spike in bitcoins value.

Nothing to say about the comparison between bitcoin and gold.
I've heard some of the countries have said bitcoin to be considered as a commodity and it not is considered as a payment method.

In fact that more people just known bitcoin as an investment place rather than payment method.
Too many people are holding his bitcoin in these days than used it to make any transaction.

That's a fact and it can not be avoided.

Bitcoin can not be called as payment method right now by determined from the average used

[deisik]

China has been trying to short the bitcoin market a couple of times now by making weak hands panic sell on every of their PBOC announcements.
The PBOC is obviously using their power to destabilize the market in order to keep stealing money from weak hands and profit from margin traded short positions as well.

But something is clear: Every time they come up with a bullshit excuse to crush the price, bitcoin rises stronger and their effect on the price weakens:



By looking at this, and also by looking at the price difference between Okcoin and western exchanges, it is clear that china is no longer a dominant market maker.

They can try to shoot at him along the way, but it will keep recovering.

Bitcoin wins again and the path towards glory continues.

Bitcoin manipulation by chinese gamblers is no more possible here after.They have already made the bitcoin price to fall many times by dumping and got cheaper bitcoins.But now the scenario has completely changed.More people all over the world are ready to buy bitcoins and if the chinese try to dump bitcoins,then surely they would have to lose their bitcoins.Dragon era has come to an end.But the bitcoin rally continues unstoppable.Whatever steps china takes to destabilize the bitcoin market,bitcoin gets more and more powerful.China too have realized this and hence they have started to regulate bitcoins instead of destabilizing it.

I basically think along the same lines

But if we look at the part of the chart which is not shown (at the left of it), i.e. what had preceded these flash crashes, we would see that Bitcoin had been rising from prices of sub-600 dollars per coin levels. My point is that the PBoC interventions were actually a trigger to corrections that had already been ripe to start anyway. Indeed, without the Chinese authorities taking the steps they took the corrections might not have been as deep but, on the other hand, we wouldn't be able to buy up bitcoins so cheap either

[Monnt]

I personally think that the Chinese government was only trying hopelessly to shut down the whole talk that was going on about it controlling the bitcoin market by letting people use it however they want and them by regulating it in the past weeks, it may have made a bit of an impact on the price but sooner it changed and the price went up again, because most of the big companies that are mining bitcoin are located in china since the price of the electricity is cheap.

[freedomno1]

I think people have become increasingly immune to PboC announcements and interventions as they have become common and sort of obvious, and each time making the Chinese market less relevant,

PBOC is almost Auto Goxing what could be one of their biggest economic drivers, given their well educated population, and provide them another way out of US denominated debt.

[This is to you Head of PBOC, I know you department has people reading this.]

Now that Japan has legalized BTC, it really takes the wind out of the sales out of the "its not legal" anywhere argument and actually interlocks with local legislation a little. For example some local legislation may allow currencies to be considered legal if another country recognizes that.

Well once we realized that the Chinese real market volume was much lower than it really seemed to be then its impact was also reduced.
Instituting the minimum trading fee gave a hint to how much the real volume China has in relative terms to total bitcoin trading.
Apparently 8% but I question that number. Somewhere between 15-20% Seems more accurate
https://data.bitcoinity.org/markets/volume/30d?c=e&t=b
https://cointelegraph.com/news/no-direct-correlation-between-chinese-yuan-bitcoin-price-heres-why

Until late 2016, the Chinese Bitcoin exchange market was believed to process around 95 percent of global trading. However, the enforced trading fees unraveled the true volume of Chinese Bitcoin exchanges, which currently only account for eight percent of the global Bitcoin exchange market.

With eight percent of the global Bitcoin trading volume, it seemed unlikely that a factor which affects the Chinese market would impact the global Bitcoin exchange market and ultimately, Bitcoin price.

[deisik]

Until late 2016, the Chinese Bitcoin exchange market was believed to process around 95 percent of global trading. However, the enforced trading fees unraveled the true volume of Chinese Bitcoin exchanges, which currently only account for eight percent of the global Bitcoin exchange market.

With eight percent of the global Bitcoin trading volume, it seemed unlikely that a factor which affects the Chinese market would impact the global Bitcoin exchange market and ultimately, Bitcoin price

Locality is no longer playing any role

I refer to exchanges going global in terms of their operations. In this sense a Chinese exchange can be Chinese only by its name or the locality where it started its operations in the past. For example, Bitfinex (one of the largest Bitcoin exchanges out there if not outright the largest) was a Hong-Kong based company (so we could loosely call it a Chinese exchange too) but now they are messing up with Taiwanese banks for processing USD withdrawals and deposits. I won't be surprised if tomorrow they start using Swiss banks. But will it mean that they turn into a Swiss company?

[dwieyani]

I am quite happy if it goes up and will blame China in its advanced bitcoin economy for everything.

[Mr]

I dont think that Bitcoin defeats the chinese government. It is only a illusion and I can ensure that not only the chinese government involve in those kind of crappy things but also the Chinese investors as well. Well, hope that Bitcoin has a good escape in this situation

[deisik]

I dont think that Bitcoin defeats the chinese government. It is only a illusion and I can ensure that not only the chinese government involve in those kind of crappy things but also the Chinese investors as well. Well, hope that Bitcoin has a good escape in this situation

I wouldn't be surprised if the Chinese government and Chinese investors are in fact the same dudes

Well, at least some from both parties (actually, from one party but still). I will never believe that the authorities are not financially involved in all these huge mining farms running in China. That simply wouldn't be possible given the political system there. We see Jihun Wu smiling and think that he acts on his own while in fact he may be just following orders from someone influential in the "inner party" (as per George Orwell's 1984)