Kicking China Out of the Bitcoin Map

[iamTom123]

Well, am sure that most of us here have already heard the recent news coming from the lovely country named China primarily in relation to the proliferation of ICOs in the country as well as other related points also covered. One thing for sure, if there would be no clarifications coming from the government later, it would be harder for anyone to own Bitcoin while still being in China. This can be one of the reasons why the market is gloomy right now aside from the normal price correction we experienced.

Now, am wondering: Would it not be good for the whole Bitcoin ecosystem and market if the whole of China should not anymore be counted as part of the Bitcoin market? In this way, whatever pronouncements coming from China about cryptocurrency would not affect the market anymore...

Well, am just wondering because I am actually tired of this country influencing the movement of the market...when in fact it is already Japan now leading the buying and trading volume for Bitcoin.

[MostHigh]

I get your point but China moving out of bitcoin all together will be a big lose to the whole bitcoin ecosystem as you put it. I know Japan lead the way in bitcoin but you cant rule china out, with abandoned energy and high working population the whole of China switching will impact bitcoin greatly

[OmegaStarScream]

I'm starting to not believe this whole ICO banning story affecting the market honestly. I mean, If it only affects ICOs, why the current coins are affected? The crypto currencies are meant to be used everywhere and not to invest them into ICO only. Probably some manipulation from the big whales to make people panic and buy more cheap coins. That being sad, Its hard to exclude China from the equation, I mean they have the largest mining farms (they control the hashing power), they have the biggest exchanges and they also produce the mining equipment. Bitcoin can't remain decentralized If no one wants to mine, run a node, build an exchange etc. we want everything to be distributed.

[Pursuer]

... it would be harder for anyone to own Bitcoin while still being in China.

to be frank I can not see the relationship between Bitcoin (a completely transparent cryptocurrnecy which China never had any issues with and never will have) and ICOs (which is a clear scam and at best a fake way of taking money out of the hands of gullible).

in fact many countries are against ICO (initial distribution stuff like it). it is actually illegal to do it in many countries.

Now, am wondering: Would it not be good for the whole Bitcoin ecosystem and market if the whole of China should not anymore be counted as part of the Bitcoin market?

it is a free market and nobody can or should be able to do anything about who does what.

Well, am just wondering because I am actually tired of this country influencing the movement of the market...

China never influenced anything ever!
it was all the market manipulation using the news of China as subject. and we all saw that when the China news ceased to exist during the months when PBoC was inspecting, bitcoin market still performed the same way as before with the exact same drops and rises!

[DooMAD]

It's mainly ICOs and the tendency to rip people off that they (and others) have raised concerns over.  They clearly still have a great deal of interest in cryptocurrencies, or they wouldn't be considering BRICScoin (and I can't wait to see if the launch of that resembles an ICO if they do go ahead with it, heh).  Plus, the permissionless nature of Bitcoin means they can only choose to exclude themselves, it's unlikely anyone could forcefully remove them from being counted as part of the Bitcoin market anyway.

[SM23031997]

I heard about it - just a policy made by China to protect their people from fraud with the ICO, It has no relation with Bitcoin they are not looking to ban Bitcoin anyway as they also know BITMAIN is the leader in the production of Bitcoin mining equipment as well as in operating huge amount of miners for others.

[Taki]

China constantly will not leave the bitcoin market. As I know ICOs became a trend only this year and we could survive without it for years and everything was all right. Many of ICOs were just a scam, that's why China banned it, maybe inside the country the situation with fake ICOs was much worst, we don't know it. The price gone down cause of this news definitely and I suppose to see a deeper fall, cause of South Korea seemed joined to China about ICOs banning.
China will stay on the market as mining giant and as the place with the biggest number of bitcoin holders, but the raise of the price isn't going to be so fast as we used to see.

[iram3130]

I think China knows it's place in the field of mining cryptocurrencies, so they won't be backing out of Bitcoins. They just want to stay away from ICO's which most these days are just scam. May be a good decision but they can't participate in the good ones too now.

[bettercrypto]

I wonder what made OP to think Kicking China out of the Bitcoin Map when the news is about ICO being banned in that country.  Bitcoin probably used to buy that ICO but the current thread of ICO is ETH collecting.  Probably OP is a one of the supporter/Fan of ETH and was so disappointed about Chinese people not be able to participate in the upcoming ICO.  I believe this action mainly affect Ethereum .  Probably we can see some dip in ethereum market so be prepared to catch some low price ETH .

[aoihs00]

I believe this might just create positive effects in the bitcoin system. This is how I'm explaining this:- China being most powerful in the bitcoin mining industry will loose its biggest asset in one shot if government declares further notice. All the further hashing power would be cut off from the China and it will get directed to other nations and this will drive the bitcoins towards other nation too. Thus, it will give more space to circulation as previously china was holding the most of coins. Somehow ICO are also having the same effect. Going down of ethereum means more investment into ICO projects as the prices for coins are getting cheap. All this will lead to succeful ICO.

[aretebit]

Chinese are mining the largest amount of btc, it's not possible expell them from crypto 

[stupid_seb]

They are still in the map, overbuying like crazy, then overselling in panic mode.

"China, creating volatility in BTC since 2010"

This piece of news is mainly good news for the market.

Nevertheless, in regards to the timing of the Announcement (Labor day in the USA), I would not be surprised to hear more news in the next weeks.
It's a "stop, think, regulate" with perfect timing.

[avikz]

Well, am sure that most of us here have already heard the recent news coming from the lovely country named China primarily in relation to the proliferation of ICOs in the country as well as other related points also covered. One thing for sure, if there would be no clarifications coming from the government later, it would be harder for anyone to own Bitcoin while still being in China. This can be one of the reasons why the market is gloomy right now aside from the normal price correction we experienced.

Now, am wondering: Would it not be good for the whole Bitcoin ecosystem and market if the whole of China should not anymore be counted as part of the Bitcoin market? In this way, whatever pronouncements coming from China about cryptocurrency would not affect the market anymore...

Well, am just wondering because I am actually tired of this country influencing the movement of the market...when in fact it is already Japan now leading the buying and trading volume for Bitcoin.

I don't think that ICO ban in China will kick Chinese people out of the equation. It can't be! The ICO is banned because that is considered as a way of illegal fundraising and that's true! ICO has recently become very similar to HYIP industry. Anyone can create a token using waves/ETH or any other coin and then they are selling it in the name of ICO. However, there are lots of ICOs that failed miserably. What happened to the raised funds?

The market is over crowded with tokens and coins and that's why the investments are getting divided. Can you imagine, if all investment in crypto world comes to only few coins? The price will be skyrocketing in no time! I support this ban and yes, the market is going down now, but it will recover real soon.

[Daimon88]

Well, am sure that most of us here have already heard the recent news coming from the lovely country named China primarily in relation to the proliferation of ICOs in the country as well as other related points also covered. One thing for sure, if there would be no clarifications coming from the government later, it would be harder for anyone to own Bitcoin while still being in China. This can be one of the reasons why the market is gloomy right now aside from the normal price correction we experienced.

Now, am wondering: Would it not be good for the whole Bitcoin ecosystem and market if the whole of China should not anymore be counted as part of the Bitcoin market? In this way, whatever pronouncements coming from China about cryptocurrency would not affect the market anymore...

Well, am just wondering because I am actually tired of this country influencing the movement of the market...when in fact it is already Japan now leading the buying and trading volume for Bitcoin.

I don't think that ICO ban in China will kick Chinese people out of the equation. It can't be! The ICO is banned because that is considered as a way of illegal fundraising and that's true! ICO has recently become very similar to HYIP industry. Anyone can create a token using waves/ETH or any other coin and then they are selling it in the name of ICO. However, there are lots of ICOs that failed miserably. What happened to the raised funds?

The market is over crowded with tokens and coins and that's why the investments are getting divided. Can you imagine, if all investment in crypto world comes to only few coins? The price will be skyrocketing in no time! I support this ban and yes, the market is going down now, but it will recover real soon.

Yes I agree with you that because of the ICO banned in China, now china will be kicked out from the screen. I think there are two reasons that it may not be possible for kicking out china from the stream. One is that ICO was totally fraud and that’s shy it was banned in china, and the second is that china is the largest user of bitcoin.

It is perhaps due to Chinese that bitcoin been accepted and now using as regular currency in many countries.

[Sowik]

China comes with stuff like this from time to time, doubt they will ban ICOs. Most likely there will be more regulations.