Is it better that China just gets out of Bitcoin?

[pitiflin]

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community.

China has been playing a major role in crypto currency along with Japan and Korea ,it will drastically affect crypto currency if China makes a major move against crypto currency, and all the prices will start to drop which is not a good sign. China should be there for the present and future just like it has been there in the past for crypto currency, otherwise God knows what will happen.

[1715259693]

1715259693

[omonuyak]

I don't think China government has the capacity to ban bitcoin and this rumors of people bank of China banned bitcoin last week was an idea from the whales to buy bitcoin at the cheaper price. If Chinese government has hand in it I think we could have hear it from the exchangers and not the way this rumor come out. If Chinese government outrightly banned bitcoin the infect will be wost than them remain with it.

[annbagira]

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community.

China is great world player very strong, smart and I'd like to play with China because it big market, super interesting people and history and they have power in any county with powerful community and make great invesitions. It not good to losses such player

[South Park]

Members of this community should know that is not bitcoins or other cryptocurrencies that have been banned but rather ICOs where people exchange their cryptocurrencies for tokens. The Chinese are all about control and they don't like things that they can't control and for the whole world to suffer I think I will like for Chinese to get out of the game.

You are correct but I think this is just the start, I think the Chinese are going to start a campaign against crypto and this is the first step, maybe I’m mistaken but I do not think a communist country like China is very happy that their citizens can get around their laws and regulations.

We can only speculate as to why China has suddenly turn its back on bitcoin and making a U-turn. They have initially started everything and a lot of self made millionaire Chinese because of bitcoin. Maybe they are now waging this war against crypto because their citizens was able to get around their laws as you mentioned. Specially the fake volumes that the Chinese exchanges have been doing before they are caught early this year. And for me that's started all of this. Next target is the local exchanges now, whether fake news or not have a big impact of the market price till now. But I don't think that Chinese will totally get out of bitcoin for now. They will still find ways to trade through or even can buy/trade bitcoin in localbitcoins.

Those that are determined to get into bitcoin or other cryptocurrencies will surely find a way, but it seems the windows is closing for the average Chinese person, and I think that is too bad since I think bitcoin is going to get a lot more valuable in the next years and they are not going to be able to profit from it.

[victorrmmorrison]

China, JPMorgan's statement, they are an effort to bring the price down. I am expecting more bad news for bitcoin. China can embrace again. Is it not possible?

[gentlemand]

I can't think of anything constructive or beneficial that China has brought to Bitcoin. There are no developers, the zero fee exchanges fucked Bitcoin for years and the mining situation has fucked it even harder in terms of spiritual corruption.

At the same time a proper ban would be a very useful case study in proving how impossible it is. I approve of China banning its arse off because of this.

[whaawh]

I can't think of anything constructive or beneficial that China has brought to Bitcoin. There are no developers, the zero fee exchanges fucked Bitcoin for years and the mining situation has fucked it even harder in terms of spiritual corruption.

At the same time a proper ban would be a very useful case study in proving how impossible it is. I approve of China banning its arse off because of this.

Nevertheless, this whole situation greatly affects today's price for Bitcoin. I very much hope that this trend will not last long and we will be able to cope well without China. But I do not understand how things will go further, if most of the control over Bitcoin was just behind China.

[victorrmmorrison]

I can't think of anything constructive or beneficial that China has brought to Bitcoin. There are no developers, the zero fee exchanges fucked Bitcoin for years and the mining situation has fucked it even harder in terms of spiritual corruption.

At the same time a proper ban would be a very useful case study in proving how impossible it is. I approve of China banning its arse off because of this.

Nevertheless, this whole situation greatly affects today's price for Bitcoin. I very much hope that this trend will not last long and we will be able to cope well without China. But I do not understand how things will go further, if most of the control over Bitcoin was just behind China.

I think you have bitcoin collected. So you are speaking bullish. I hope theopposite happens.

[Lomperd1]

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community.

I am having mixed opinions on this at one point I do wish China gets over Bitcoin and we all have peace, no more after effectes, no need to worry about the dragon burning fire on bitcoins, but then again a counter view is that China is a huge Market and we just can't let this go off suddenly, there will be heavy casualties if this happens, the electricity rates, the mining industry we don't have any other country to step up and till then we sadly need Chinese help.

i don't think it is better because china is the greatest market of the world and if they stay and accept bitcoin i think bitcoin will rise to $10k every week and that is something big for china and

also for every other cryptocurrency.

[KuromaYoichi]

It is better that china get out of bitcoin because even if they are the majority in bitcoin space, with some fake rumour it can impact the price a lot. They can manipulate the price with some regulation or if china miners want something else as we've seen in bcc. Although it is hard at first if china gets out, crypto will continue to develop without it.

[squatter]

It is better that china get out of bitcoin because even if they are the majority in bitcoin space, with some fake rumour it can impact the price a lot. They can manipulate the price with some regulation or if china miners want something else as we've seen in bcc. Although it is hard at first if china gets out, crypto will continue to develop without it.

This effect lessens over time. With major exchanges and derivatives platforms coming online in the USA, Japan and South Korea, do you think rumours about the Chinese government can have lasting effects?

I suspect the Chinese government sees the writing on the wall, too. They know that cryptocurrencies aren't going away, so shutting down the exchanges just staves off the inevitable. And it would handicap their fintech sector, too. They are trying to be a financial hub, after all. I think they were trying to cool the market down while they impose stricter regulations. It's manipulative, but like I said, this effect is lessening over time as China's influence declines.

[maokoto]

Letting imagination fly a bit, it is possible that chinese government spread the rumor to get his hands on cheaper bitcoin. Then rumors show to be fake and it goes up again...

But I think Bitcoin needs China, and Russia, and all countries (kumbaya! lol). The more spread the better. Even if China has too much control now, it is not likely to retain it as it goes more mainstream.

[SvenBomvolen]

Negative news from China are playing a bad role for bitcoin's price. Meanwhile there are some positive news from Switzerland and Ukraine about bitcoin acceptance. But China is so big and important to all bitcoin community, that positive news stay without any reaction.
That is not going to be the end for bitcoin if China will get out of bitcoin, but I suppose it is going to be a big step down for bitcoin and we may come back to the prices of the last year! I hope news about banning of exchangers will apper just as a game of speculators and when it will be uncover the price will continue it's raise.

[Juggy777]

Bitcoin was sailing along nicely yesterday and apart from the usual technical issues that accompany Bitcoin and other alts there was generally a positive outlook for Bitcoin. Suddenly the markets went crazy when the rumors came out that China would ban Exchanges from trading in Bitcoin. Personally I am getting fed up with China news having such a big influence on Bitcoin. Nobody knows now for the next few days now what is likely to happen and whether Bitcoin will fall hard should this rumor turn out to be true. What will be the result? - a significant fall followed by longer term stability perhaps. Either way we can't keep having this uncertainty if Bitcoin is going to get acceptance in the general community.

I am having mixed opinions on this at one point I do wish China gets over Bitcoin and we all have peace, no more after effectes, no need to worry about the dragon burning fire on bitcoins, but then again a counter view is that China is a huge Market and we just can't let this go off suddenly, there will be heavy casualties if this happens, the electricity rates, the mining industry we don't have any other country to step up and till then we sadly need Chinese help.

[gentlemand]

I am having mixed opinions on this at one point I do wish China gets over Bitcoin and we all have peace, no more after effectes, no need to worry about the dragon burning fire on bitcoins, but then again a counter view is that China is a huge Market and we just can't let this go off suddenly, there will be heavy casualties if this happens, the electricity rates, the mining industry we don't have any other country to step up and till then we sadly need Chinese help.

If Chinese mining stopped tomorrow we'd have a period when BTC was painfully slow and then the difficulty would readjust to allow non Chinese miners to take up the slack. There are plenty out there. Bitfury had over 20% of the hash rate at one point and they're nowhere near China.

[JL421]

no that will be really bad for bitcoin i have seen most investors in bitcoin are china if china get's out of bitcoin the price will crash and the network will also die soon i think as china mine most of the bitcoin if they are out we need a alternative which i don't see any currently

[victorrmmorrison]

i don't think it is better because china is the greatest market of the world and if they stay and accept bitcoin i think bitcoin will rise to $10k every week and that is something big for china and

also for every other cryptocurrency.

China can start their own legalized crypto currency. It does not have to be bitcoin.

[EllaPonchik]

China comes out of bitcoin only if it helps Russia catch up. It is not known for whom this is better.

[ropyu1978]

we are all surprised by the increasingly skewed bitcoin value.
and about the Chinese ban, it is the authority of a country. if they do not want to get involved with bitcoin. it is their people who are the losers. not us.

[Maheshkumar_Hrangkhawl]

I am having mixed opinions on this at one point I do wish China gets over Bitcoin and we all have peace, no more after effectes, no need to worry about the dragon burning fire on bitcoins, but then again a counter view is that China is a huge Market and we just can't let this go off suddenly, there will be heavy casualties if this happens, the electricity rates, the mining industry we don't have any other country to step up and till then we sadly need Chinese help.

If Chinese mining stopped tomorrow we'd have a period when BTC was painfully slow and then the difficulty would readjust to allow non Chinese miners to take up the slack. There are plenty out there. Bitfury had over 20% of the hash rate at one point and they're nowhere near China.

If the Chinese miners are taken out, then the hash rate can drop by a large amount, and for the remaining miners it will be a very profitable business. But I don't think that the Chinese government is that stupid to close down the mining farms. It can end the Chinese dominance in the mining sector.