Does China have a large part in the world of cryptocurrency?

[nightwishx]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

[pereira4]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

[HAARP]

Correct me if I'm wrong, China is the strongest country for the bitcoin trade and bitcoin mining. They have great companies that are mining bitcoin in industrial scale. Their markets has crazy trade volumes both for bitcoin and ether.

Their decissions are game changer.

[gentlemand]

It plays a large part in certain aspects such as mining. As far as I know it's never contributed to one line of Bitcoin's development.

As for trading, when it had zero fee exchanges people believed that 98% of trading volume happened there. In reality it was few bots throwing the same coins at each other thousands of times a second. When the exchanges were shut down and reopened with fees then we got a realistic impression.

It's significant but not the be all and end all.

https://coinmarketcap.com/currencies/bitcoin/#markets

[alboss]

They don't want people to be independent of the current slave system.. tax money is too good for their rich friends...
Oh yea and it's a direct competitor with that new gold backed oil securities China is bringing out.. just rig ICOs out of existence.. this is more strategic than I first thought...

[Gotottack]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

Apparently they do, because it caused a lot of fear all over the world when they did it. It is not because they have so much investors in their country but more off that they can influence others because of what they did. Next thing we know, globally all ICOs are already banned because every government followed china's steps.

[Fatunad]

A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?

China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.

This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.

Thats how it works and you are definitely right on what you have said here on which strong hands will surely remain and buy all those golds which are scattered on the street being sold off buy those weak hands.I do remember on those PBOC event which it did really affect the price but in return we do reach a new ATH which we can really presumed as of now that it would happen again. China is really a big player on cryptoworld.

[Rising Suns]

The gross domestic product (GDP) of China is $11 trillion USD. It represents almost 15% of the world's economy. US GDP is $18 trillion USD. So, yes, anything that the Chinese government does/says in regards to cryptocurrency will make a difference.

The world’s 10 biggest economies in 2017 https://www.weforum.org/agenda/2017/03/worlds-biggest-economies-in-2017/

[BrewMaster]

China has a big market and we can not deny the effect they have on everything crypto related. Chinese are also known for being big traders of everything. they are good at it too.
but the size of China and its effect is greatly exaggerated in bitcoin. and it is simply because those who did it want to control the market and sway it in their own direction. which is why price going down is always because of FUD and panic sells. nothing else.

[khaled0111]

Chinease government have huge impact on BTC value since there are many miners there, and as we all know, china is one of the biggest financial monopoles and most of hardwares used to mine are built there. Furthermore, I believe most BTC tradors are from China.
So, any act the Chinease government takes regarding Bitcoin, will immediately influence it's price. But, the real question here is if  that impact will be permanent or we will see prices rise again because what we see know is very bad.

[DylanJones]

but the size of China and its effect is greatly exaggerated in bitcoin. and it is simply because those who did it want to control the market and sway it in their own direction. which is why price going down is always because of FUD and panic sells. nothing else.

Curious why you think it's exaggerated? Data from incoming ICO traffic and funnel participation have them as a top participant in most of the sales I've heard of. Will be interesting to see if these trades drop off with the announcement.

[kram31]

china is one of the source of investors and they have  a brilliant mind in business and their strategies are really wining in come to business and development.. thats why china is around anywhere on the globe.. the abandonment of china in CRYPTO ICO is really a big impact for the dump of coins this past few days and it is really a problem for all the ICOs and investors .. i hope this will not continue as the korea send message  like thjis too

[mrcash02]

Yes, otherwise, how could they be buying Brazil as they are doing now? 

[MV7]

It's one of the biggest mining countries in the world. I think China mines somewhere around 30% of bitcoins in the world.

[BingoDog]

China has big influence on bitcoin and the last dump has shown that but not that big to crush the bitcoin like some say. So not such big importance should be given to chinese government and this whole situation is exaggerated which causes the panic selling by some users which is totaly not necessary. Don't panic and hold your bitcoins.

[JanpriX]

If we're gonna take a look at the trading volume of BTC in proportion with its geographic location, we can see that huge part of it comes from China. Heck, we can even say that most of the whale traders in crypto are in China. The flow of money that they provide to cryptoworld is so huge that any movement they make will strongly affect the price of BTC. They also monopolize the production of hardware miners for BTC. With these factors, it is very safe to say that they have a large part of pie in the world of crypto.

[yoonah]

Yes China have a large part of cryptocurrency as we all know they biggest mining industry is in there and most of the investors are from China too that is why when the news about banning the ICO came out all crypto went down.

[CryptoBeefy]

Since the China ban of ICO, it is no surprise to see the cryptocurrencies drop. This gives more a chance to invest though and I expect the prices to rise again in due time.

[chichidori]

Chinese traders are well known to be a great player when it come to trading whether its an asset/shares and crypto currency, they often do lead the pack. considering that large bitcoin mining facilities are in china, and mostly ICO buyers are chinese investors we might see a decline in ICO popularity as well as funds raised for the project, but they can always invest in an ICO that are not base in china

[chesegrinder]

China is one of the mining center of bitcoin and ether also other coins. I believe that about 90% of trading are happening on them. There decision in banning ICO have a large impact in the world of crypto also there actions and decisions are game changer but dont let us all fool about it remember we still have a brain. Russia is one called as the brain of blockchain.