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Author Topic: Is China the core up holder of Bitcoin?  (Read 791 times)
vintages
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September 07, 2017, 03:02:55 PM
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Hey guys,
On Tuesday, I hard on the news that 'Bitcoin fell by another $300 on Tuesday after the fallout of a Chinese ban on cryptocurrency crowdfunding ' .
So I have been thinking, is China the core up holder of Bitcoin? If they totally ban bitcoin, will the price of bitcoin totally reduce?
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September 07, 2017, 03:05:49 PM
 #2

Hey guys,
On Tuesday, I hard on the news that 'Bitcoin fell by another $300 on Tuesday after the fallout of a Chinese ban on cryptocurrency crowdfunding ' .
So I have been thinking, is China the core up holder of Bitcoin? If they totally ban bitcoin, will the price of bitcoin totally reduce?
Where on the hell you did find this news? About on China is a core up holder of Bitcoin.No its not,it may ban ICO but doesnt really affect too much on bitcoin.It did dip its price from 4900-3900 as far as i remember which is 1000 usd drop but now we are already recovering again seeing on the recent price of bitcoin which is 4642 already as of now.Theres no such thing about that core up holder.

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September 07, 2017, 03:12:38 PM
 #3

That's not true, you probably need to understand how exchanges have price fluctuations, especially in low liquidity situations. A small seller or group of sellers can depress the price significantly, even if they represent a small portion of coin holders. Everyone else could just be holding on to their coins and there could also be few buyers in the market, resulting in a sudden drop cause by a small group of people in a short space of time.

This is probably what happened after the China gov annoucement, with people in asia and china panic selling their coins in small amounts but due to the short period of time, drying up existing liquidity and causing price to drop dramatically in the exchanges. Such activity will usually result in a hard bounce once normal trading activity resumes, which is exactly what happened after the panic - immediate price recovery.

vintages
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September 07, 2017, 03:19:38 PM
 #4

Hey guys,
On Tuesday, I hard on the news that 'Bitcoin fell by another $300 on Tuesday after the fallout of a Chinese ban on cryptocurrency crowdfunding ' .
So I have been thinking, is China the core up holder of Bitcoin? If they totally ban bitcoin, will the price of bitcoin totally reduce?
Where on the hell you did find this news? About on China is a core up holder of Bitcoin.No its not,it may ban ICO but doesnt really affect too much on bitcoin.It did dip its price from 4900-3900 as far as i remember which is 1000 usd drop but now we are already recovering again seeing on the recent price of bitcoin which is 4642 already as of now.Theres no such thing about that core up holder.

Okay...thanks.
I was thinking they really were when the price lowered after the ban of ICO. I understand better.
vintages
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September 07, 2017, 03:21:15 PM
 #5

That's not true, you probably need to understand how exchanges have price fluctuations, especially in low liquidity situations. A small seller or group of sellers can depress the price significantly, even if they represent a small portion of coin holders. Everyone else could just be holding on to their coins and there could also be few buyers in the market, resulting in a sudden drop cause by a small group of people in a short space of time.

This is probably what happened after the China gov annoucement, with people in asia and china panic selling their coins in small amounts but due to the short period of time, drying up existing liquidity and causing price to drop dramatically in the exchanges. Such activity will usually result in a hard bounce once normal trading activity resumes, which is exactly what happened after the panic - immediate price recovery.

Thanks for the Explanation,..
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September 07, 2017, 03:26:14 PM
 #6

Hey guys,
On Tuesday, I hard on the news that 'Bitcoin fell by another $300 on Tuesday after the fallout of a Chinese ban on cryptocurrency crowdfunding ' .
So I have been thinking, is China the core up holder of Bitcoin? If they totally ban bitcoin, will the price of bitcoin totally reduce?
If all chinese sell their bitcoin of course the price will change, but bitcoin enthusiasts are not chinese, there are still many people out there who are interested in bitcoin, and if they really do it the price will go down, but I'm sure in the near future will come back again

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September 07, 2017, 03:31:25 PM
 #7

None can deny the fact that China is one among the core up holder of bitcoin. The reason is that bitcoin keeps on growing high in terms of adoption in large scale compared to the other countries. At present after China, soon Japan will become an major upholder due to the legalized usage with government acceptance.

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September 07, 2017, 03:34:29 PM
 #8

After PBOC ban ICO on China, cryptocurrencies prices fallen down because excessive reaction from people in the market who want to extract the profit. Do you know the biggest mining pool located in China? https://www.buybitcoinworldwide.com/mining/pools/
The groups of miners who have the biggest mining farm, generate hundreds bitcoin everyday. If China ban bitcoin, do you realize what will happen to bitcoin? The price will crash because the market react according to current situation in the world. Fortunately, they didn't do it.
vintages
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September 07, 2017, 03:44:44 PM
 #9

Hey guys,
On Tuesday, I hard on the news that 'Bitcoin fell by another $300 on Tuesday after the fallout of a Chinese ban on cryptocurrency crowdfunding ' .
So I have been thinking, is China the core up holder of Bitcoin? If they totally ban bitcoin, will the price of bitcoin totally reduce?
If all chinese sell their bitcoin of course the price will change, but bitcoin enthusiasts are not chinese, there are still many people out there who are interested in bitcoin, and if they really do it the price will go down, but I'm sure in the near future will come back again

Yap, and I think if sure happens, in the near future if it comes back, it won't be more valued like now.
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September 07, 2017, 03:47:34 PM
 #10

70% of the BTC miners come from China (which makes you sometime question why BTC is actually considered as decentralized - even though that number is split between a few big and small players). I would say China does hold a significant amount of BTC hostage in term of that.

vintages
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September 07, 2017, 03:47:49 PM
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After PBOC ban ICO on China, cryptocurrencies prices fallen down because excessive reaction from people in the market who want to extract the profit. Do you know the biggest mining pool located in China? https://www.buybitcoinworldwide.com/mining/pools/
The groups of miners who have the biggest mining farm, generate hundreds bitcoin everyday. If China ban bitcoin, do you realize what will happen to bitcoin? The price will crash because the market react according to current situation in the world. Fortunately, they didn't do it.

Ok. So, in other word, you think China is among the core upholder?
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September 07, 2017, 04:31:08 PM
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Ok. So, in other word, you think China is among the core upholder?

Consider the mining farms, mining pools and how much bitcoin being generated in every hour, yes they're.
Chinese miners hold big portion of bitcoin from mining activity obviously, but we don't know how much, the exact number.
Even though the miners have to sell bitcoin to get cash in order to cover their mining expenses, but they still have huge amount of bitcoin in their wallets.
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September 07, 2017, 04:34:35 PM
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it's good you read the news correctly before you make this thread, what you say wrong overall no one forbids bitcoin in china they just forbid some ICO project
vintages
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September 07, 2017, 04:47:35 PM
 #14

it's good you read the news correctly before you make this thread, what you say wrong overall no one forbids bitcoin in china they just forbid some ICO project


Am not saying they forbids it or bans it.
Am saying, what if they did forbids it, will if affects the price?
Was just wondering if they are or among the core upholder...
vintages
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September 07, 2017, 04:50:25 PM
 #15

Ok. So, in other word, you think China is among the core upholder?

Consider the mining farms, mining pools and how much bitcoin being generated in every hour, yes they're.
Chinese miners hold big portion of bitcoin from mining activity obviously, but we don't know how much, the exact number.
Even though the miners have to sell bitcoin to get cash in order to cover their mining expenses, but they still have huge amount of bitcoin in their wallets.

Ya, I really see your point. Its beginning to make sense though.
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September 07, 2017, 06:22:58 PM
 #16

Hey guys,
On Tuesday, I hard on the news that 'Bitcoin fell by another $300 on Tuesday after the fallout of a Chinese ban on cryptocurrency crowdfunding ' .
So I have been thinking, is China the core up holder of Bitcoin? If they totally ban bitcoin, will the price of bitcoin totally reduce?

In 2013, China largely fueled the bubble alongside MT Gox. That's why the cryptic suggestions by the PBOC that Bitcoin might be banned (early 2014) was so crippling to the market.

At this point, the effect of any one country lessens every day. For example, mining centralization in China has been a big historical concern. Today, we see a Tokyo-listed company investing $300 million to enter Bitcoin mining: https://qz.com/1071926

Decentralization is a beautiful thing.

vintages
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September 07, 2017, 11:29:17 PM
 #17

Hey guys,
On Tuesday, I hard on the news that 'Bitcoin fell by another $300 on Tuesday after the fallout of a Chinese ban on cryptocurrency crowdfunding ' .
So I have been thinking, is China the core up holder of Bitcoin? If they totally ban bitcoin, will the price of bitcoin totally reduce?

In 2013, China largely fueled the bubble alongside MT Gox. That's why the cryptic suggestions by the PBOC that Bitcoin might be banned (early 2014) was so crippling to the market.

At this point, the effect of any one country lessens every day. For example, mining centralization in China has been a big historical concern. Today, we see a Tokyo-listed company investing $300 million to enter Bitcoin mining: https://qz.com/1071926

Decentralization is a beautiful thing.

Whoa! $300 million... That's sort of huge..
Decentralization is indeed a beautiful thing Smiley
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September 08, 2017, 12:07:34 AM
 #18

China has banned the ICO on their country due to they have not yet set laws that regulates Scam ICOs. There are also big whales in China. China has been the 2nd big market of Cryptocurrency and I read that some of the users there have sold their Bitcoins due to panic. This may have affect the value of BTC going down these past few days.

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September 08, 2017, 12:24:47 AM
 #19

Hey guys,
On Tuesday, I hard on the news that 'Bitcoin fell by another $300 on Tuesday after the fallout of a Chinese ban on cryptocurrency crowdfunding ' .
So I have been thinking, is China the core up holder of Bitcoin? If they totally ban bitcoin, will the price of bitcoin totally reduce?
Where on the hell you did find this news? About on China is a core up holder of Bitcoin.No its not,it may ban ICO but doesnt really affect too much on bitcoin.It did dip its price from 4900-3900 as far as i remember which is 1000 usd drop but now we are already recovering again seeing on the recent price of bitcoin which is 4642 already as of now.Theres no such thing about that core up holder.

We don't have a certain information or intelligence about their bitcoin power, but we know that they somehow control the bitcoin ecosystem. They make investments in bitcoin mining and exchange related hedge activities. They're the super power of crypto world.
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September 08, 2017, 12:29:19 AM
 #20

No. It is true that China is the leader in Bitcoin mining though... this is because electricity rates are so low in China it doesn't cost as much to mine compared to other areas of the world.



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