China and price

[debtstack]

Now I know China has been accused of keeping the price of their fiat down, so this leads me to a question.

Why would china want to keep the price of btc at or below 1000? And I'm not asking for answers around curbing the use of it, because I don't believe they want that. I'm asking for genuine thoughts on how it would benefit china to keep the price low. What long term strategy would they have? Because we all know china doesn't just do things because they want to. They've probably had meeting after meeting on how best to optimize bitcoin for their benefit.

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[Loepuenkyou]

after PBOC or china regulation investigation to china exchanger
this now china exchanger not dominant again about volume transaction and not trend setter bitcoin price

[SvenBomvolen]

That's known fact that China have an effect on the price for bitcoin, many big investors from this country are moving their capitals in bitcoin to skip government's taxes for those money. So bitcoin is just comfortable instrument for their transactions.

[Immakillya]

I dont know. Maybe to buy cheaper bitcoins to sell on higher value. Idk
You know, bitcoin is a bridge for crimes like money laundering and other bad intentions. Ofcourse they will be alarmed and do some actions. Also they cant collect tax from it. Thats why PBoC is keeping their eyes to every exchange. The last time they investigate. They found that some exchanges are guilty on volume manipulations.

[Arcteryx]

I dont know. Maybe to buy cheaper bitcoins to sell on higher value. Idk
You know, bitcoin is a bridge for crimes like money laundering and other bad intentions. Ofcourse they will be alarmed and do some actions. Also they cant collect tax from it. Thats why PBoC is keeping their eyes to every exchange. The last time they investigate. They found that some exchanges are guilty on volume manipulations.

The Chinese don't do anything without a reason behind it. Especially when it has anything to do with money. So becareful. They have a strategy to get out of this and this is just a plan to do it.
Buy cheaper coins by driving down their yuan then flood the money market with it as a reversal.

Just be wary.

[asriloni]

I don't think the chinese miners or traders do not want the price of bitcoin is over $1000. But in this time it looks like PBOC try to prevent the money laundering through the exchange site. They're not trying to keep the price below $1000. The current stats the price of bitcoin is much better.

[deisik]

Now I know China has been accused of keeping the price of their fiat down, so this leads me to a question.

Why would china want to keep the price of btc at or below 1000? And I'm not asking for answers around curbing the use of it, because I don't believe they want that. I'm asking for genuine thoughts on how it would benefit china to keep the price low. What long term strategy would they have? Because we all know china doesn't just do things because they want to. They've probably had meeting after meeting on how best to optimize bitcoin for their benefit

You should first ask whether they really want to do that, in the first place

I'm more inclined to think that they don't care so much about keeping the price low (or below the 1000 dollar level) as about restraining Bitcoin circulation as such in China, i.e. making it harder to both buy and sell bitcoins. By disallowing Bitcoin as well as other cryptocurrency deposits and withdrawals they aim primarily at keeping the circulation of bitcoins inside exchanges, over which they have administrative control. By controlling exchanges and limiting Bitcoin circulation (as they think), they essentially control Bitcoin itself

[Mometaskers]

I dont know. Maybe to buy cheaper bitcoins to sell on higher value. Idk
You know, bitcoin is a bridge for crimes like money laundering and other bad intentions. Ofcourse they will be alarmed and do some actions. Also they cant collect tax from it. Thats why PBoC is keeping their eyes to every exchange. The last time they investigate. They found that some exchanges are guilty on volume manipulations.

The Chinese don't do anything without a reason behind it. Especially when it has anything to do with money. So becareful. They have a strategy to get out of this and this is just a plan to do it.
Buy cheaper coins by driving down their yuan then flood the money market with it as a reversal.

Just be wary.

Well I hear that a lot. They're using their cheap yuans to buy bitcoins and then drive the price up later. Can't confirm it though.



As for all the meetings, it seem the government is cracking down on these exchanges due to capital flight. Really, which state would want money to flow out of their economy. As everywhere, people in China are using bitcoins to hedge against possible economic downturns. The government don't want that.

[deisik]

I dont know. Maybe to buy cheaper bitcoins to sell on higher value. Idk
You know, bitcoin is a bridge for crimes like money laundering and other bad intentions. Ofcourse they will be alarmed and do some actions. Also they cant collect tax from it. Thats why PBoC is keeping their eyes to every exchange. The last time they investigate. They found that some exchanges are guilty on volume manipulations.

The Chinese don't do anything without a reason behind it. Especially when it has anything to do with money. So becareful. They have a strategy to get out of this and this is just a plan to do it.
Buy cheaper coins by driving down their yuan then flood the money market with it as a reversal.

Just be wary.

Well I hear that a lot. They're using their cheap yuans to buy bitcoins and then drive the price up later. Can't confirm it though.

As for all the meetings, it seem the government is cracking down on these exchanges due to capital flight. Really, which state would want money to flow out of their economy. As everywhere, people in China are using bitcoins to hedge against possible economic downturns. The government don't want that

You are late to the party, bro

Actually, any country wants their national currency to get as widespread as possible. After all, they can print it again if necessary (just like the American government does by borrowing from the Fed). The same China wants its currency, the Chinese Yuan, to be used as a world reserve currency (just like the US dollar and the Euro are). They even tried to make it a "backup" currency of the IMF (I don't know what's come out of this, though). When talking about the capital running from the country, they mostly refer to the US dollars (or Bitcoin, as in this case). No one would give a fuck if someone tried to move yuans out of China (but no one is actually interested in using yuans outside China)

[artows21]

I clearly think that China uses Yuans to buy bit coins, it's cheaper and they recolt lots of gains

[~Bitcoin~]

I'm asking for genuine thoughts on how it would benefit china to keep the price low. What long term strategy would they have? Because we all know china doesn't just do things because they want to. They've probably had meeting after meeting on how best to optimize bitcoin for their benefit.

Yuan is facing devaluation from long time and chinese people are not allowed to send their yuan abroad by bank wire or by similar way so they find bitcoin an easy way to send out their fiat and convert them to USD. For this they have to buy bitcoin from their local exchanges and send out those bitcoin to foreign bitcoin trading platform, exchange them to USD and keep those USD in their banks aboard. They want to keep bitcoin price down so that they can keep buying cheap bitcoins for long term holding.

[debtstack]

@deisik

That's an interesting point. If they do take over control of the exchanges they can do a lot of things. I assume bitcoin is going to be or is a great asset for intelligence agencies to use for operations/operatives they don't want to pay on the government budget. They could even fake breaches of exchanges and distribute the btc to anyone they wanted to. Even to other governments they don't want to be seen doing business with. I never thought of it before but if people can hide their money with bitcoin, so can governments.

[Maskedman]

Two possibilities : they want to get in and need to lower the price. Or they want to discourage their people to join Bitcoin and fight against the capital evasion.

[FlightyPouch]

as far as I know, China has the biggest mining farm and profit when we are talking about bitcoin, they hold the biggest amount of bitcoin, they said that it is almost 12.5 million dollars. So if one country hold this kind of big bitcoin, they can control the flow of these cryptocurrency. Thats why i think china and the bitcoin price are somewhat connected.

[Pearls Before Swine]

They're not keeping it at any given level, believe me.  They may have some influence if a good deal of miners are in China, but there's no one country that's going to control bitcoin.  We've all got influence on it, and there are market forces in play all the time, from a lot of different countries.  China is just one of over 200.

[Taki]

Two possibilities : they want to get in and need to lower the price. Or they want to discourage their people to join Bitcoin and fight against the capital evasion.

I am agree. Chinese businessmen just want to run they business away from government's hand and control. It's known that to hold capitals in bitcoin can help to skip inflation and taxes.

[ciobanuionut]

this now china exchanger not dominant again about volume transaction and not trend setter bitcoin price

[hase0278]

I think China want to keep the price below 1000 US Dollars I think to stop their citizens from using it after all tax from using yuan is the main source of income of the government and if the people stops using that they would have lesser income. Maybe China also wants to buy cheaper bitcoin because many Chinese are money minded and as well as their government, and they see bitcoin as a good thing to invest too so they try to make the miners and traders in China dump their coin.

[Xester]

China doesnt want to make bitcoins price below One Thousand Dollars but instead they want bitcoin to reach more than 1000$ so they can sell their bitcoins at a higher price and they will get huge profit. The reason why China has caused the sudden price volatility last January is not because they wanted the price of bitcoin to fall down rather they are manipulating their bitcoin volumes and has manipulated bitcoins price so it reaches 1000$ very fast but as the PBOC of China made a step to investigate the price manipulation of bitcoin, the prices of bitcoin at Chinese Exchanges return to normal and it appears as if there is a sudden price deflation.

[coin-investor]

as far as I know, China has the biggest mining farm and profit when we are talking about bitcoin, they hold the biggest amount of bitcoin, they said that it is almost 12.5 million dollars. So if one country hold this kind of big bitcoin, they can control the flow of these cryptocurrency. Thats why i think china and the bitcoin price are somewhat connected.

This is the reason why people are looking for another altcoin where control of one group or country is not possible,and some coins have succeeded in doing that with their pos coins,but still bitcoin is leading the crypto currency being the pioneer .