Are We Dead Without China?

[JonSnowns]

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.

I do not agree with the US. I think the bitcoin repercussions will reach them too...

[mdripon]

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.

It just like bullshit. china stock 20% bitcoin. But this fall share market don't long time.we are don't stop our goal.I hope without china we are developed bitcoin.

[romecheo]

Even the government of China are now banning the Bitcoin, it won't cripple Bitcoin and other crypto currencies.

Like other crypto currencies, Bitcoin are not immune to FUD, it will suffer now because of that issue, however after this, Bitcoin will stand more stronger and much wider.  

[NetFreak199]

China has influence, but Bitcoin will survive without China
i'm not sure they will close the country as a market for Bitcoin, i think the government ban is temporary

Yes i am agree with that bitcoin can survive without china. Even though china is great and powerful but bitcoin can survive i am strongly believed of that.

[davids]

Sure, Bitcoin will survive without china. they can banning every single exchange on China but they do not say banning bitcoin. the miners simply move their fund to bitcoin exchange outside of China.

[bitorama]

actually, we will be better without china

[alyssa85]

So the question is: Can Bitcoin survive without China?

Yes. Bitcoin was simply used to gamble in China, and some people used it for capital flight. They weren't allowed to use it to buy stuff, so there was zero merchant adoption over there.

Whereas in the west, there is quite a bit of adoption, in some municipalities in Switzerland, they even accept taxes paid using bitcoin.

This is a temporary setback, like the closure of Silk Road in 2014. Once people have got over their panic, it will rise back up again.

[weredo911]

This is hard punch to market but we will survive after this. without China trader

[solve_it]

Anyone has a feeling of what the average chinese bitcoin investor is going to do with the money they withdraw from bitcoin?

Will it go towards housing market or precious metals?

[Beparanf]

Anyone has a feeling of what the average chinese bitcoin investor is going to do with the money they withdraw from bitcoin?

Will it go towards housing market or precious metals?

They will just keep it until they find a way to put it back in crypto. It's not forever they will ban it. Its only for the mean time when everythings fine they will surely get back .

[Gaaara]

So the question is: Can Bitcoin survive without China?

Obviously yes, well it came out from nothing then goes to the top at the first place. It going to regrowth and try to climb up again after that massive lose from value, of course at first it will became stable at low price but as soon as investors consider it a go then there will be an outrageous demand that will make the price pump up.

[FrueGreads]

Of course it can, and it will. First China can't ban bitcoin, and there actions, although directly affecting bitcoin price, are not directly against BTC. Proof of that, is that bitcoin can still be mined, and they are not against it or trying to make it illegal. The only reason they can influence the market so much, is because a very large amount of them are hold by Chinese, and every time they panic sell, the price drops. The thing is, that BTC continues to get popular among the world, and many people will just see this as an opportunity to buy at a low price. This will probably result in having the coins more spread around the world, and less vulnerable to Chinese news.

From my point of view, BTC will just get stronger after this. This is not a Chinese coin, or a China thing. Bitcoin is here to stay and to be used worldwide, so yes, it can survive without China.

[tuarequired]

So the question is: Can Bitcoin survive without China?

[Md Saad]

I don't think so. only a single country cannot be the only one element for this platform. but it is certainly true that the Chinese people hold the major portion

of the Bitcoin capital. but the China government has focused strongly on this platform and they are going to regulate its exchange system. whatever the

case is, the Chinese population will carry with Bitcoin platform at the end of the day. so it is unavoidable that Bitcoin will last for a long time without China.

I believe that this price depreciation will recover soon and Bitcoin will run with its glory.

[razzbee]

The ban wont affect bitcoin much, also Chinese will use other means like VPN to buy and sell coins in other countries .. Its too late for china to do this

[azaid18]

Yes bitcoin still survive without china there are many more countries that bitcoins exchangers still existing . We just need to get calm down so that the price will go up the other thing why bitcoin is going down because of panic of the people who are holding bitcoin because as we all know that China is the powerful and reach country as of today but we also know that bitcoin is decentralized no one can claim that bitcoin is coming from them .

[aliashraf]

Yes bitcoin still survive without china there are many more countries that bitcoins exchangers still existing . We just need to get calm down so that the price will go up the other thing why bitcoin is going down because of panic of the people who are holding bitcoin because as we all know that China is the powerful and reach country as of today but we also know that bitcoin is decentralized no one can claim that bitcoin is coming from them .

Let China go to the hell. They are a single point of failure not only for the crypto market but for the whole economy as well and everybody should face the truth: We are dealing with a sectarian, irresponsible government who has billions of people in his pocket.

So, it is very good news that they are banning themselves from the crypto market, great news actually, I was considering ways to throw them out of this market, I even started a topic begging for technical recommendations for a 'chinese resistant' algorithm or protocol or whatever to make it possible for us to live in a 'chinese free' market

[qiman]

Every time something happens in China we go into a cryptocurrency recession. The people benefiting most are those buying everything at rock bottom prices. The biggest losers are those selling their coins at a loss. Many are winners though who are profit taking hugely and will just enter the market again at rock bottom. For the rest of us in loss, I recommend not to sell anything. This is not the end but it is a huge correction. This happens in the regular stock market as well, boom and bust cycle.

[Maheshkumar_Hrangkhawl]

The ban wont affect bitcoin much, also Chinese will use other means like VPN to buy and sell coins in other countries .. Its too late for china to do this

They can use a VPN but still there will be difficulties in making cash deposits to the exchanges. Also, VPN is not a 100% risk-free method to hide your real identity from the authorities. And most of the international exchanges are going to ban the users from mainland China.

[MostHigh]

Well your point are nicely elaborated but i keep saying it is very difficult to ban BTC/alt in all every country because of the decentralize nature of the currency. Mining is very challenging to regulate even going to the extend of banning it all together might be a very difficult thing to attempt all together. But yes if China is able to eliminate all Chinese land inhabitants from the btc populace then there is a problem because as you said the majority of owners and miners are here for cheap energy and labour. I strongly believe China cannot ban btc in all