Is it better that China just gets out of Bitcoin?

[carlosmg]

That's unfortunate, and the only ones who were going to lose would be China itself, for giving up such a profitable market.

[1714879409]

1714879409

[muraqaba]

That's unfortunate, and the only ones who were going to lose would be China itself, for giving up such a profitable market.

the government isnt getting anything from it and thats they problem.

[kpcian]

I don't think so, it is not wise that we blame all the Chinese people. I believe only a certain number of people are gambling with Bitcoin. they are taking the privilege because of having a major portion of Bitcoin. so they can do now and on this type of activity regarding the price of bitcoin. but leaving Chinese people from Bitcoin platform is not a solution for me...

[romec1701]

China has a huge population.
China has extremely tight rules on its currency.

Up to this point there has been a huge interest in crypto currency from chinese people, but with these moves to ban ICO and close exchanges it will mean a period of uncertainty for cryptocurrencies. This will reflect in lower prices and slower mining (until difficulties readjust for the departure of the huge chinese mining activities).

However, this will only be temporary. They cannot kill cryptocurrency, and they will realise their error when they throw away such a dominant position in the future of the way that finance activities are conducted. It just gives Russia, the US and Europe the chance to catch up.

[criz2fer]

I think China wants them to regulate them because of the increasing amount of bitcoin. If the government dont hold any regulations for the exchangers, the government will be left behind by this technology and later they will eventually use it for the development. They are just a portion of the market and i hope theres a lot more country that will participate in the future

[webmastax]

I don't think it's better for crypto world. China is the biggest bitcoin holder on the world. Certainly they are a big part of cryptocurrencies prosperity.

[Btcvilla]

China makes unsightly rumors, and it affects the bitcoin value, almost everyone involved with bitcoin fret with chinese.

what is chinese really thinking? I think there is a scenario behind this.

[zakalwe]

On the long run we will need China. China represents 18% of population and their economic power is growing so it would be a pitty if they don't take part in crypto. They have a lot of money to invest.
However, China has caused some big problems and crashed bitcoin price several times so at this moment, it might be better if they step out of the game and come back when their government decides whether they will ban crypto all together or they will allow it and stop interfering.

[South Park]

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.

That is not really an issue, if you bought at high prices then you can buy even more bitcoin for cheap once we find the floor of this crash and if you do not have money then the only option you are going to have is to hold but this is no different than what happened in 2013.

[Argon2]

blah blah blah

China has been in/out of Bitcoin for 9 years. FUD

[Denies]

yes china has ruined the market from the rumors they are launching. I still do not believe in chinese rumors. I still ask, what is the motive behind the rumors. and it turns bitcoin down every day.

[Cindy1983]

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.

Yep, it's true, China government can earn a lot of money everymonth from Bitcoin mining factories so I think they will not totally ban all cryptocurrencies in the world cause it'll make they lose a huge amount of tax every year. I think they just ban some ICO project cause there are too many ICO projects out there and some of them are scam so they just want to protect investors in their country.

[South Park]

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.

Bitcoin is a big business and I will not be surprised if politicians were involved in it, so bitcoin mining is going to continue, what we do not know is if the average people are going to be allowed to keep trading their bitcoin, that could damage the market but bitcoin will recover from such a thing.

[Harrisonimo]

A lot still have the mentality that China calls the shots when it comes to bitcoins. This we see has an effect on the painic withdrawals especially in my region. When a full and  comprehensive report is being given to show that Bitcoin has grown beyond the dictates of China then people will have a stable mindset as regards any report coming China itself. Till then, we will still have them as a market price influencer of the bitcoin.

[Sasuke102001]

In the recent days, whatever happened in CHina greatly affected Bitcoin prices greatly I frankly didn't expect that Bitcoin would have been affected this much by China. I guess the Chinese government took this measure to have complete control over the economy of their nation but that affected us as well.
China is totally getting out from Bitcoin that is what I had read from some articles. After one of the Chinas biggest exchanges said they would be shut down their operations bitcoin started dropping again  some 3 hours ago the prices had dropped to 3000 dollars. Now I am thinking that China getting out of Bitcoin wasn't that good.

[marados]

Well, to end this agony once for all, I think the best possible scenario would be that China gets out of it, because on volatile market like this now, anything is possible and there are no rules, and i don't really like that. Best thing possible would be if Bitcoin could just ban China and thats it, and not the other way around

[ophyrim]

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.

I agree they want to control, they don't want to stay away. I am sure they don't want to give the control (dominance) to another country. They know the value of bitcoin, other cryptocurrencies and their importance in the future.

[dragonusa9]

its a good thing that china get out of bitcoin, but the impact of price we're feeling now isnt really good IMO.
im fed up when china have the largest control of market and set the market free now, hoping that other country will join and make the price rising again.

[Coin-Keeper]

I don't think China is going anywhere with the big mining "rigs" running around the clock.  Too much money.  I feel the Gov there is do the "smoke and mirrors thing" but in the end they will continue to be a player.  Sometimes I feel like many others on this thread.  I am tired of reading and hearing about China and BTC.  As a safety measure the more major players in the mining game the better off for all of us.

[Dilladupak]

Ya a lot of bitcoin is mined out of China.
that's the temperature of things that make people afraid of the bitcoin Exchange  volume of China is very small .most of the increase occurs after China Exchanges to stop trading at no cost And lots of false volume And they stop at that the last increase has greater  .this shows me that it is not over yet despite all the panic of the moment