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Author Topic: Are We Dead Without China?  (Read 16797 times)
saiteja01
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November 18, 2017, 06:04:36 PM
 #841

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 beleive more than 15% Bitcoin holders are present in china.But it will not affect the market if they will not invest in Bitcoin. The price of Bitcoin may decrease though.

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November 18, 2017, 07:19:50 PM
 #842

China doesn't matter. Sure they have a lot of mining power, but if they bail out, or they gets illegalized, the remaining world will just mine the coins. So it doesn't matter with china... demand will also still be high, because chinese will still buy the coin.

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November 19, 2017, 05:32:45 PM
 #843

Don't you think price would have been at 10K by now if China were still catering BTC?

That is quite possible. Some 20% to 25% of the crypto trade volume was originally from mainland China. The closure of the Chinese market affected Bitcoin and more so the altcoins such as Ethereum and Ripple. The most important market for ETH was China. And the lack of access to China has resulted in the ETH exchange rates dropping by as much as 50%.

How come China got so much of the Crypto market? Do they use those cheap video cards to mine ethereum or is it about their population being 2 Bilions?

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November 19, 2017, 05:56:59 PM
 #844

Realistically, bitcoin is still working and increasing. Well that be said, it is a proof that bitcoin can continue without China, though it really has a drastic effect in bitcoin, such having a big loss in it.

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November 21, 2017, 04:01:24 PM
 #845

I think bitcoin will always exist. Bitcoin will not die because of the ban in some countries. The potential of bitcoin is huge. Now more and more countries attach importance to bitcoin. More and more people know bitcoin. I am optimistic about the future of bitcoin, I will long-term investment bitcoin. Smiley

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November 21, 2017, 04:12:57 PM
 #846

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.
China is not the entire crypto-currency market and not all of the miner's and electrochemical capacities for bitcoin. China also has a huge interest in the crypto-currency industry. And he will also strive to earn money on it.
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November 21, 2017, 04:18:05 PM
 #847

we wont be dead without china .surel the ban on bitcoin exchanges would produce ay effect on the market but that wouldn't destroy bitcoin. the far east is planing to manage ICOs so may be next we're able to see a increase in bitcoin's  cost.n

And actually bitcoin price is increasing right now.  When China banned bitcoin, its price is like half to its price right now.  So we can definitely conclude that there is no effect if China banned bitcoin and its people stops using it.  We are far more greater in the numbers than Chinese who are into bitcoin.

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November 22, 2017, 11:24:57 PM
 #848

China doesn't matter. Sure they have a lot of mining power, but if they bail out, or they gets illegalized, the remaining world will just mine the coins. So it doesn't matter with china... demand will also still be high, because chinese will still buy the coin.
I'm pretty sure that unless the Chinese government imprisoned Jihan etc., Bitmain would just move to another country to keep mining.

But overall, other than some scammy BCash pump and dumps, China isn't extremely relevant to crypto. If they regulate it too harshly they will simply miss out on the next industrial revolution.
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November 22, 2017, 11:29:31 PM
 #849

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.
China is one of the top country and supply of cryptocurrench when it comes in miners and ico most of the time it is came from china so i guess when china is gone it will be affecting obviiously the market and also a lot of supply and demands but the cryptocurrency is obciously imdependent already.


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November 22, 2017, 11:33:24 PM
 #850

When China banned BTC it was around 3000 dollars. Now it's 8000. Make your own conclusions, but yes, Bitcoin will survive and might even be better off without China.
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November 22, 2017, 11:33:56 PM
 #851

China is still considered a power house in terms of influence in the cryptoworld and I for one know Chinas presence still contributes towards the general demand for cryptocurrencies, but if these guys pull out crypto usuage drops but not dying.

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November 23, 2017, 12:24:07 AM
 #852

When China banned BTC it was around 3000 dollars. Now it's 8000. Make your own conclusions, but yes, Bitcoin will survive and might even be better off without China.
It would be better off without Bitmain at this point for sure...
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November 23, 2017, 12:34:01 AM
 #853

No. It is true that China has a huge impact to crypto based on what happened on recent fud but Bitcoin can still support itself. You can compare Bitcoin's today's rate than what it is two months ago as a proof.

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November 23, 2017, 12:43:01 AM
 #854

Don't you think price would have been at 10K by now if China were still catering BTC?

When China announce about their BTC bann on exchanges, the price  had terribly plunged down in a day.  If were to add up the amount of USD from china, its price would have been more than 10K. But we're not dead though.

Yes the price probably would be comfortably above 10k by now but that the price has still increased tremendously without China and that alone shows that we do not need them for BTC to survive.

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November 23, 2017, 12:59:04 AM
 #855

Don't you think price would have been at 10K by now if China were still catering BTC?

When China announce about their BTC bann on exchanges, the price  had terribly plunged down in a day.  If were to add up the amount of USD from china, its price would have been more than 10K. But we're not dead though.

Yes the price probably would be comfortably above 10k by now but that the price has still increased tremendously without China and that alone shows that we do not need them for BTC to survive.
I doubt it. People outside of China don't give a shit about Chinese legislation. And people inside China will still trade Bitcoin if it's profitable enough, they'll just have to jump through more hoops to get some.
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November 23, 2017, 01:01:56 AM
 #856

I Think bitcoin will not gonna die because of banning in China maybe they have the largest amount of contribution but as we all now that all countries here and everywhere is using bitcoin now, and if I'm not wrong it grows day by day.

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November 23, 2017, 01:35:00 AM
 #857

Although China has a large share in bitcoin mining, I think bitcoin will remain alive without China's state participation. Now many countries are starting to do mining, we do not have to worry about the Chinese government that began to disturb bitcoin with the rules.

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November 23, 2017, 03:00:31 AM
 #858

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.

We are not dead without China. BTC as a system is useful for all, not just useful for China. If btc didn't survive without China then we have a big problem. This is not China Coin, though a lot of the miners are in China, we still have other miners that would be able to fill in and take their place should China ban mining for whatever reason.

Even if China bans mining and having BTC, people will still use it. It is a good way to get outside of their government censorship.



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November 23, 2017, 03:34:54 AM
 #859

It should be said that the current price trend of Bitcoin is the best answer to this question. China's ban on Bitcoin transactions may have their own reasons, which can only have a short-term impact. The long-term development depends on the quality of Bitcoin itself
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November 23, 2017, 05:45:17 PM
 #860

Don't you think price would have been at 10K by now if China were still catering BTC?

When China announce about their BTC bann on exchanges, the price  had terribly plunged down in a day.  If were to add up the amount of USD from china, its price would have been more than 10K. But we're not dead though.

Yes the price probably would be comfortably above 10k by now but that the price has still increased tremendously without China and that alone shows that we do not need them for BTC to survive.
I doubt it. People outside of China don't give a shit about Chinese legislation. And people inside China will still trade Bitcoin if it's profitable enough, they'll just have to jump through more hoops to get some.

I do not know and it is hard to answer definitively but I would expect that although many still trade and use bitcoin many of the investors who were less tech savvy or understanding of bitcoin will have sold their coins. I'm talking about your guy who doesn't really understand bitcoin but bought some because his friend told him to.

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