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Author Topic: Op-ed: Impossible to de-Chinalize Bitcoin  (Read 13641 times)
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February 20, 2017, 09:09:52 AM
 #21

Who says it's impossible to de-Chinalize Bitcoin, in theory there are few ways to do it, but the consequences is too much.
If we want chinise miners to stop dominate bitcoin mining, we could remove PoW from bitcoin and change it with something else (More Info)
If we don't want chinise exchanges dominate bitcoin trading volume/activity, we could encourage people to use local exchange, use better exchanges or share FUD about chinise exchanges if you really hate them.

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February 20, 2017, 09:25:59 AM
 #22

Yes, it is possible to De-Chinalize them from the strong influence they have in Bitcoin market, thanks to Japanese exchanges the trade volume seems to be coming back, Japan exchage gave Bitcoin chance when no one was willing to try and I can see them taking their strong positions back.

Japanese exchanges are taking 0 fees.

is this chinese exchange all over again? what i think is that it's not the fee that determinate the volume, chinese exxchange had fake volume and not real volume because they were running their exchange with zero fee

traders don't even care about fee too much, they are all very minimum, volume is higher in japan for another reason, hype/better adoption etc...

you are mistaken, fees are very effective in how you can make profit when you are trading short term (day-trading).

lets say you buy at 7000 CNY with 0 fee. you can sell at 7001 to make profit and the higher the price, the more profit you make.

but lets say you buy at 7000 CNY with 0.2% fee you have to sell at 7035.16 at least to make your initial investment back and then your profit starts.

and that is a huge difference already because fluctuating from 7000 to 7001 happens more times than 7000 to 7036

to the moon with bitcoin...
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February 20, 2017, 09:49:54 AM
 #23

China will still play a significant role in Bitcoin market, remember also that they dominate the Bitcoin mining business but there influence is going to reduce significantly as time pass because I expect Bitcoin to gain inward road into some new market like it did last year in India.

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February 20, 2017, 10:02:57 AM
 #24

Chinese have entered the game on time and now they are playing very important role. They figured out all advantages, want to have as much profit and influence they can and I'm not sure there is any mechanism that would take away Chinese from Bitcoin. In the upcoming months and years we could witness the fight for dominant position in Bitcoin market.

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February 20, 2017, 02:59:09 PM
 #25

China will be here to stay because of bitcoin mining. They have invested a lot of time and money and manpower in their mining. And I think they a lot of Chinese everyday are getting in the mining business. We all know that other countries are also into bitcoin mining, but China has already had the upper hand and will not easily give up the position as the top bitcoin mining country right now. If you can't beat them, join them.
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February 20, 2017, 03:04:28 PM
 #26

Chinese have entered the game on time and now they are playing very important role. They figured out all advantages, want to have as much profit and influence they can and I'm not sure there is any mechanism that would take away Chinese from Bitcoin. In the upcoming months and years we could witness the fight for dominant position in Bitcoin market.
I believe that fight and the war eventually will be won by Japan.
Their exchanges for bitcoin have the highest market cap as we speak.
No other chinese exchanges can say this being embroiled with their own behind the iron curtain inner war with the pobc.

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sportis
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February 20, 2017, 03:41:21 PM
 #27

I agree with supergenics. People try to fit Bitcoin is terms they can deal with. I fact i think people in general will find problems. If you look hard enough you will always find some kind of X-lization, just so you can demand it sw-x-lization. Whether it is a country or a region with to much hashpower or one entity (like a mining pool) spread over the whole world with to much hashpower. Only if you are the one with the hashpower you seem to have no problem. To a certain extent these awareness is good and healthy, but do not overdue it.  

The way I see it the author wants only to say that even though the continuous and aggressive efforts of the Chinese government and bank (PBOC) to deter their citizen to invest and trade with bitcoin in the substance will not accomplish anything like as with the Russia when banned the bitcoin transactions with Localbitcoins in 2014. Therefore, with this way he expresses his rage and anger towards the local authorities.
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February 20, 2017, 05:20:40 PM
 #28

Well the PBoC or Chinese government has just given the rest of the world a opportunity to take back Bitcoin dominance from the Chinese. That

was what many people wanted... right? The Japanese are already seeing the potential of Bitcoin and they are running with it. The Chinese

government wants to protect their local currency and this will be their downfall. Let the PBoC continue what they are doing now, and let other

countries seize the opportunity to take the dominance they had in this technology.  Grin


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February 20, 2017, 06:01:02 PM
 #29

Who says it's impossible to de-Chinalize Bitcoin, in theory there are few ways to do it, but the consequences is too much.
If we want chinise miners to stop dominate bitcoin mining, we could remove PoW from bitcoin and change it with something else (More Info)
If we don't want chinise exchanges dominate bitcoin trading volume/activity, we could encourage people to use local exchange, use better exchanges or share FUD about chinise exchanges if you really hate them.

It is impossible because of the nature of Bitcoin.  Same thing with the difficulty on regulating Bitcoin.  Your Idea is only an idea but the actualization of it is kinda hard.  Even if all the population remove their hashes away from chinese pool, this Chinese will still point thier miner to their own pool.  Even a single Chinese mining can automatically make de-Chinalize a failure.  This is the beauty of decentralization.


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pereira4
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February 20, 2017, 06:46:50 PM
 #30

Bitcoin has alread been de-Chinalized, look at the OkCoin price difference with all the other exchanges, they are already lagging behind with up to 50 dollar difference in the price, its clear that china is no longer a driving force in bitcoin, their time is over. The PBOC attacks are not effective anymore, we are going up and nobody can stop this. 21 BTC holders will be rich in 10 years, it's pure physics.
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February 23, 2017, 06:18:02 PM
 #31

It’s impossible to de-Chinalize Bitcoin.
I do not think so. When mining power from other countries outnumber China's, it will obviously come into effect. De-Chinalize will be possible as we cannot be sure that China will always lead the mining race with more shares. Trend will change either for their own regulations or due to higher prices so more miners from rest of world.

Kevin77
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February 23, 2017, 06:25:12 PM
 #32

Chinese have entered the game on time and now they are playing very important role. They figured out all advantages, want to have as much profit and influence they can and I'm not sure there is any mechanism that would take away Chinese from Bitcoin. In the upcoming months and years we could witness the fight for dominant position in Bitcoin market.
Chinese have always been controlling the bitcoin in a way, since they have a really big share of the mining power of the bitcoin since electricity is cheap that makes perfect sense, it is true that they don’t really control it but they control the price even if it is decentralized, and the only way that is going to change if bitcoin mining starts becoming easier to do so requires less electricity and less set up costs, I believe that never will happen.

Trend will change either for their own regulations or due to higher prices so more miners from rest of world.
But bitcoin mining works in different way. Higher prices will get compensated by new increased mining difficulty. So, I am not seeing any big competition from rest of world any time soon.
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