why did most alts never take off with the chinese?

[European Central Bank]

obviously this is kind of a literal question now all the chinese exchanges are goners, but i'm wondering more about before that happened.

ltc aside, the never seems to have been much interest in alts from china.

considering they're degenerate gamblers you'd think they'd love it all. is it because most of them are based around english speaking communities, they only wanted to mine certain types, they have certain standards after all.

why do you think that was?

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[four3200]

The reply is MEC.   

The next clue is EARTH and TIPS.

Who makes the ASIC hardware?

[Pearls Before Swine]

Maybe they wised up and realize that most altcoins are pieces of crap.  Maybe there's not enough money or demand in all of Asia to support these scam coins.  In my opinion, it's not a good sign if China is out of it.

In any case, are you sure about who owns what in China?  Seems like it's kind of hard to tell, given how many coins there are and the semi-anonymous nature of them.

[ahmedjamal1998]

Well, I guess these people have a bit of hmmm "vision".

They don't get into anything unless they are sure it's gonna get them some $$ back.
So when they realize something has potential they go "STRONG" on it.

and let's have a word of truth here .... YES there is a lot of useless coins here and there which add nothing new. So, they stay where they should.

[CoinHoarder]

Who makes the ASIC hardware?

Haha, maybe this is the answer to the question. Perhaps they were satisfied by monopolizing the creation of Bitcoin, Litecoin, and Dash, so they feel no need to get super involved with other cryptos... until it is profitable to make more ASICs on other chains.

It works both ways though. They also have their own set of ALT coins that are super popular in China, but have not really gained popularity elsewhere. Notice these coins are pretty much only traded on Chinese exchanges, but still exchange for a large volume as far as alt coins are concerned: VPNCoin, YbCoin, Antshares, etc..

[monsanto]

obviously this is kind of a literal question now all the chinese exchanges are goners, but i'm wondering more about before that happened.

ltc aside, the never seems to have been much interest in alts from china.

considering they're degenerate gamblers you'd think they'd love it all. is it because most of them are based around english speaking communities, they only wanted to mine certain types, they have certain standards after all.

why do you think that was?

Maybe they focused too much on the shit part of the shitcoin development.  Granted, some projects like Rhinocoin looked like a surefire winner with the Chinese . Many times I watched in amazement as Rhinocoin's daily trade volume in China exceeded its total market cap   

[mining1]

It's simple. Chinese are poor. Those who invested early in bitcoin, got rich and eventually built asics. Asics+ cheap electricity means domination. You build an asic for 200$, and you can sell it to foreigners for 1-2k a piece. So, they focused on the projects they could mine on and control, with asics. Because in POW based systems, miners have much power.

Some projects developed asic resistant pow, like ethereum, to avoid centralization ( especially in china ) because of the reasons above: cheap electricity and cheaply made local asics. Now, chinese are mining ethereum too, but they have to compete with the rest of the world because they buy the GPUs at the same price as everyone else.

Now, if you're an early chinese investor and got rich, developed an asic building company, you really don't wanna endorse asic resistant projects, do you ? Because it is not in your own interest.
This is why the chinese, especially the miners, were adamantly against POW resistant asics. And that is why they spread FUD telling everyone POS sucks and bitcoin needs POW. Bitcoin doesn't need POW, but mining whales DO.

[dwgscale11]

Because most are just outright scams with the main goal of selling fairy dust to greater fools (ETH, DSH).

BTC and LTC are the only good secure store of a value and payment channels.  That is why China mainly only supports them.  They dont want to partake in the criminal world of creating premined shitcoin pennystock boiler rooms.

[European Central Bank]

Because most are just outright scams with the main goal of selling fairy dust to greater fools (ETH, DSH).

BTC and LTC are the only good secure store of a value and payment channels.  That is why China mainly only supports them.  They dont want to partake in the criminal world of creating premined shitcoin pennystock boiler rooms.

so the chinese are the upholders of crypto morality? you serious? their exchanges were the worst bucket shops of the lot. and ask anyone who does business in china. if there's a way to get ahead the rules fly out of the window.

[DomainMagnate]

Well, I guess these people have a bit of hmmm "vision".

They don't get into anything unless they are sure it's gonna get them some $$ back.
So when they realize something has potential they go "STRONG" on it.

and let's have a word of truth here .... YES there is a lot of useless coins here and there which add nothing new. So, they stay where they should.

I think they as a community follow eachother in business.If a chinese see another chinese buying something,everyone start buying it.Same goes for selling 

[ChinkyEyes]

We in the West have a much better quality e-commerce than Asia in my opinion. It is now upcoming in Asia, so perhaps maybe soon China and others will starting paying attention to alts. Because the trust and payment of online businesses will grow and eventually people will look for other ways to make money online. Sure they have Alibaba but the majority of webshops in the West are much better than in Asia.

[European Central Bank]

We in the West have a much better quality e-commerce than Asia in my opinion. It is now upcoming in Asia, so perhaps maybe soon China and others will starting paying attention to alts. Because the trust and payment of online businesses will grow and eventually people will look for other ways to make money online. Sure they have Alibaba but the majority of webshops in the West are much better than in Asia.

the great fall of 2013 was caused by the chinese government stopping bitcoin from becoming a currency. no crypto will ever be permitted to be used to pay for stuff in china.

it's debatable whether they'll continue to permit people to trade it on exchanges. it's kind of over for now but i'm wondering why it never got started in the first place other than the main ones.

[kiklo]

obviously this is kind of a literal question now all the chinese exchanges are goners, but i'm wondering more about before that happened.

ltc aside, the never seems to have been much interest in alts from china.

considering they're degenerate gamblers you'd think they'd love it all. is it because most of them are based around english speaking communities, they only wanted to mine certain types, they have certain standards after all.

why do you think that was?

The guys who said they primary used ASICS, was my 1st guess also.

However as with all things , the realization that ASICS are a never ending money pit and that energy costs have no where to go but up.
The eventual conclusion is that PoW will eventually collapse due to ever increasing costs and another method such as Proof of Stake must be chosen.
At ZEIT, we have noticed the Chinese are joining our network slowly but surely. 




 

[lurker10]

Many Chinese think that authorities will eventually step down upon cryptocurrencies and will ban them. They don't believe that cryptocurrency will be able to bypass authorities control. They probably have historic reasons to think so. Hence, for them it's a very risky investment, they don't understand nor believe that money can exist outside of government powers. Many people in the west don't believe it either.
Bitcoin on the other hand is just for mining and selling to people in the west for dollars. Can't do it with alts, especially proof-of-stake alts.

[kiklo]

Many Chinese think that authorities will eventually step down upon cryptocurrencies and will ban them. They don't believe that cryptocurrency will be able to bypass authorities control. They probably have historic reasons to think so. Hence, for them it's a very risky investment, they don't understand nor believe that money can exist outside of government powers. Many people in the west don't believe it either.
Bitcoin on the other hand is just for mining and selling to people in the west for dollars. Can't do it with alts, especially proof-of-stake alts.

Proof of Stake Alts can do something PoW coins can't.
We can stay decentralized , and scattered where as Mining Farms are nothing but a central point of attack.
A Proof of Stake network node running on a laptop could be in 1 starbucks today , a college University the next ,or a home wifi the next , or anywhere a simple broadband connection exists.
Our Security is depending directly on the coin itself, you can't spend a million dollars on ASICS and attack us.
Any attempt at compromising a PoS network is a Massive One Time Expenditure that can't guarantee destruction and may actually make it stronger than ever.
Chinese could access a PoS free faucet or do work for a foreign company or person online, receive payment directly in the PoS coin, his friends could do the same , and trade between each other using the current exchange rate, without ever accessing an exchange. Everyone gets so hung up on the exchanges, they forget the real goal is direct trading between individuals, without craving fiat conversion, a truly decentralized coin can make that happen.   


 

[pterodactyl]

considering they're degenerate gamblers you'd think they'd love it all.

It's simple. Chinese are poor.

so the chinese are the upholders of crypto morality? you serious? their exchanges were the worst bucket shops of the lot. and ask anyone who does business in china. if there's a way to get ahead the rules fly out of the window.

[racism]And don't even get me started about their driving amirite fellas? [/racism]

[lurker10]

Many Chinese think that authorities will eventually step down upon cryptocurrencies and will ban them. They don't believe that cryptocurrency will be able to bypass authorities control. They probably have historic reasons to think so. Hence, for them it's a very risky investment, they don't understand nor believe that money can exist outside of government powers. Many people in the west don't believe it either.
Bitcoin on the other hand is just for mining and selling to people in the west for dollars. Can't do it with alts, especially proof-of-stake alts.

Proof of Stake Alts can do something PoW coins can't.
We can stay decentralized , and scattered where as Mining Farms are nothing but a central point of attack.
A Proof of Stake network node running on a laptop could be in 1 starbucks today , a college University the next ,or a home wifi the next , or anywhere a simple broadband connection exists.
Our Security is depending directly on the coin itself, you can't spend a million dollars on ASICS and attack us.
Any attempt at compromising a PoS network is a Massive One Time Expenditure that can't guarantee destruction and may actually make it stronger than ever.
Chinese could access a PoS free faucet or do work for a foreign company or person online, receive payment directly in the PoS coin, his friends could do the same , and trade between each other using the current exchange rate, without ever accessing an exchange. Everyone gets so hung up on the exchanges, they forget the real goal is direct trading between individuals, without craving fiat conversion, a truly decentralized coin can make that happen.  


 

You don't need to explain Proof-of-Stake to me

My point is the majority of Chinese cryptocurrency users don't believe cryptocurrency can change the world, they view it as a way to get dollars from people in the west. Because China is a workshop of the world, they have saddled the ASIC industry and are riding it, mainly BTC and some LTC. This isn't possible with Proof-of-stake, and they are not interested.

[monsanto]

considering they're degenerate gamblers you'd think they'd love it all.

It's simple. Chinese are poor.

so the chinese are the upholders of crypto morality? you serious? their exchanges were the worst bucket shops of the lot. and ask anyone who does business in china. if there's a way to get ahead the rules fly out of the window.

[racism]And don't even get me started about their driving amirite fellas? [/racism]

missed one...

 

[European Central Bank]

[racism]And don't even get me started about their driving amirite fellas? [/racism]

i have no problem with their driving. the rest is fact. check what they got up to with their stock market and bitcoin before the government called time on it. and you're saying the chinese bitcoin exchanges were completely above board?

and property went crazy there too. let's face it, china is a bubble machine. i can't understand why they didn't want this bubble.

[g___]

red tape. too much regulation / government oversight in china.

i think ETH has a very good likelihood of catching on more (or more people will build dapps on top of it), as vitalik is based in singapore. i'm sure he's pushing for it.