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Author Topic: Are We Dead Without China?  (Read 14731 times)
metenjean
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September 15, 2017, 07:55:29 AM
 #61

China has become the powerhouse for Bitcoin (and the whole cryptocurrency in general) as it is hosting many Bitcoin miners due to cheaper electricity and maybe also cheap labors. China also boasts of probably millions of Bitcoin owners and traders who are influencing the moves of the market on day to-day basis. As far as acceptance of Bitcoin in China, it is comfortably good until such time when the government decided that it is time to intervene.

In general, the Chinese government is not comfortable with Bitcoin as it indeed representing a different currency that they can not control with. since Bitcoin is decentralized it would be hard for the government to make interventions and so they are thinking that maybe it is time to ban it altogether. The government can not kill Bitcoin but what they are doing is actually closing the country as a market for Bitcoin.

So the question is: Can Bitcoin survive without China? In case, it can't then then there is something wrong with it since it is not resilient to ride the big storm it is in.
I think bitcoin can survive without china, why? Because bitcoin was used around the globe, its true that bitcoin miners tend to mine in china due to cheap electricity, and cheap labor but who doesn't? Big companies all used china to become their base manufacturers and even before the start investing in China, they already become global trend, e.g: Appl*, Adi*as, etc. The price may have drop since china also the biggest contributor of it, but i think its just temporary. Bitcoin has grown exponentially since the beginning even before China enter the bitcoin market  Grin Grin

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SvenBomvolen
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September 15, 2017, 08:08:13 AM
 #62

China definitely plays a huge role for bitcoin, but they don't refuse bitcoin. Yes they are closing exchangers and ban ICOs, but they stay on the market as one of the biggest player. So, there is no need to talk about bitcoin's death without China. I believe that soon everything will stabilize and reach 4000$ and continue it's climbing up.
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September 15, 2017, 08:17:25 AM
 #63

China was all about trading.
There was nobody trading coins for years in China and bitcoin was still alive and growing.

Besides there is no actual usage in China. There are no shops accepting bitcoin , few services , it's more trading and investing.
And in my opinion bitcoin is a currency , not an investment so, if all of China would quit using bitcoin I don't see a problem.
At least we will get rid once for all of the "china is banning bitcoin" news.

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September 15, 2017, 08:20:22 AM
 #64

China has become the powerhouse for Bitcoin (and the whole cryptocurrency in general) as it is hosting many Bitcoin miners due to cheaper electricity and maybe also cheap labors. China also boasts of probably millions of Bitcoin owners and traders who are influencing the moves of the market on day to-day basis. As far as acceptance of Bitcoin in China, it is comfortably good until such time when the government decided that it is time to intervene.

In general, the Chinese government is not comfortable with Bitcoin as it indeed representing a different currency that they can not control with. since Bitcoin is decentralized it would be hard for the government to make interventions and so they are thinking that maybe it is time to ban it altogether. The government can not kill Bitcoin but what they are doing is actually closing the country as a market for Bitcoin.

So the question is: Can Bitcoin survive without China? In case, it can't then then there is something wrong with it since it is not resilient to ride the big storm it is in.

Bitcoin can definitely survive without China. Though they have made a great impact when they joined the cryptocurrency world the world does not revolve around China. There are other countries who can replace China's spot. Take for example Russia, I think we can get back on track with their help.
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September 15, 2017, 08:33:40 AM
 #65

No i think not bitcoin is unstopable. If China Goverment means that they must be "banning" (just regulations) Bitcoin then they should do. Maybe it is a good starting point to get btc more involved in the world ecosystem.

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September 15, 2017, 08:44:28 AM
 #66

I don't think so, Only China is not the main factor in this platform. without China, Bitcoin will also continue its movement. I believe that Bitcoin will regain its face very soon. this is a short run effect for Bitcoin. due to a group of people's activity Bitcoin is suffering this price fall but this is the market system. price fall and up is the nature of the market.

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Shinpako09
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September 15, 2017, 08:52:24 AM
 #67

China is known as one of the major player in btc. One
moved from them, it would affect the price right away.
But I don't think were going to die without China but
surely if it's happen, that would make the price drop
seriously and may take longer to recover again.

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Zalfa_mui
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September 15, 2017, 08:55:03 AM
 #68

it has been recognized that china has a major influence on bitcoin,a bad news from China will affect the bitcoin market ,,but it will not make bitcoin die, many other countries that support bitcoin,I'm sure bitcoin will rise again

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September 15, 2017, 08:58:19 AM
 #69

there will always be correction or retracement in bitcoin price whenever it is overbought. one or more FUD news have to instigate it and that is what we are seeing because BTC does not really obey technical analysis, so fundamental analysis has to be driving it up and down !!

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September 15, 2017, 09:01:00 AM
 #70

Lol this whole bullshit "China is banning bitcoins" is already priced in at this point. We're down 30%± and I highly doubt that 30% of bitcoins are even owned by Chinese people. You think every single Chinese person sold? That's a joke. There are massive bitcoin farms and tons of bitcoin supporters. It can't be stopped. They were way too late.

I hope the quoted post is correct. When you're a bitcoin HODLER massive dumps like this make you feel sick. If we go to the mid $2000's I'm going to have to load up to make myself feel better. Some good has to come out of this.

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September 15, 2017, 09:01:49 AM
 #71

Lol this whole bullshit "China is banning bitcoins" is already priced in at this point. We're down 30%± and I highly doubt that 30% of bitcoins are even owned by Chinese people. You think every single Chinese person sold? That's a joke. There are massive bitcoin farms and tons of bitcoin supporters. It can't be stopped. They were way too late.

We don't know for sure, but PBOC has notified regional regulators to stop exchange trading of cryptocurrencies by the end of this month. It's a sign that they may doing another attempt just like what they've did before when 3 biggest exchanges in China ceased withdrawal. If exchanges can not be a place to trade cryptocurrency, where people should do it?

The question is on point, whether bitcoin could survive without Chinese resources?
Bitcoin will stand still and other countries will take the mining parts where electricity costs isn't so expensive
It will take a long way to rise again, but at least bitcoin is better without China government.

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September 15, 2017, 09:02:05 AM
 #72

Well see it this way instead.

Chinese dumping now
Westerns buying soon (weak hands shaking off like always atm)
In 3 months, China changes regulatory framework to allow bitcoin under certain circumstances
Chinese quickly get on board the bitcoin
Bitcoin price will skyrocket 15% daily
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September 15, 2017, 09:03:10 AM
 #73

.....
But I don't think were going to die without China but
surely if it's happen, that would make the price drop
seriously and may take longer to recover again.

Of course BTC will survive. Problem could be if other countries follow China. If this start worldwide btc price will crash, yes it will be alive but its market price can get very very low.
miningguru
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September 15, 2017, 09:04:25 AM
 #74

I think now Bitcoin price is affecting with the China decision to ban the exchanges but many people from China are expecting that China government is forming legal activities to regulate Bitcoin and CryptoCurrency or even if they ban it will affect their economy because China has a very large forum of mining sectors.

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September 15, 2017, 09:04:51 AM
 #75

Well see it this way instead.

Chinese dumping now
Westerns buying soon (weak hands shaking off like always atm)
In 3 months, China changes regulatory framework to allow bitcoin under certain circumstances
Chinese quickly get on board the bitcoin
Bitcoin price will skyrocket 15% daily

nice vision ! hope it come true

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September 15, 2017, 09:05:10 AM
 #76

Bitfinex and Bithumb alone have more volume and trades than all chinese exchanges put together I think that should answer your question.

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September 15, 2017, 09:06:02 AM
 #77

Lol this whole bullshit "China is banning bitcoins" is already priced in at this point. We're down 30%± and I highly doubt that 30% of bitcoins are even owned by Chinese people. You think every single Chinese person sold? That's a joke. There are massive bitcoin farms and tons of bitcoin supporters. It can't be stopped. They were way too late.
Definitely,Bitcoin could survive even without china.Chinese have always not been loyal to bitcoin.They have many times dumped their bitcoins,chinese exchanges created fake buy and sell orders,manipulated the price,dominated the bitcoin world,stood as an obstacle against segwit activation,enough,enough,enough.Its true that we are suffering temporarily a price dip due to china's actions,but soon bitcoin price would recover.Its a great time for setting up more mining farms in other prts of world.Over all,its good for bitcoin progress in the long run.
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September 15, 2017, 09:08:51 AM
 #78

Are We Dead Without China?

No, of course not. We have simply been riding on their coattails. Now we have the chance to stand up and do Bitcoin right.

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September 15, 2017, 09:10:49 AM
 #79

On one hand, bitcoin surely can survive without China. Would be a big crash if all chinese sell, but slowly it will recover.

On the other hand, I doubt China will go out of Bitcoin entirely. Even with a government ban, some will yet hold on to their bitcoins. Chinese people have to hack even to get to the full internet.... many will take the risk I guess. And as for exchanges, the government cannot ban the foreign ones and Chinese people can just use them.

This is a blow, but surely bitcoin (and chinese users, if the rumors end to be true) will recover.

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September 15, 2017, 09:15:18 AM
 #80

I think cryptocurrencies will be successful in all countries where people are skeptical about the country's fiat currency's value. This goes for China and the yuan. From my time in China, I can tell you all the government cares about is stability. So long as the government is stable, people who are actually using cryptocurrency will continue to do what they're doing under the radar. The government doesn't want the fuss. The status will stay the same there as, maybe, in the US.
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