Bitcoin without China

[johndoe784r]

What will happen will happen only time will tell...

[Rings-Currency]

Bitcoin will die with out china but I hear the news is only temp not forever

[jhonjhon]

China has I believe something like 80% of mining - if all of this is switched off - then blocks will take 5 times more time to be mined and the difficulty adjustment will come only after 5*2weeks. This slowdown will generate more criticism.

China have a huge contribution on bitcoin community and it takes a huge effect if they leave. And I can say that, China have almost take  control of bitcoin. They have the power to regulate the flow of bitcoin in the market and  its price. If the time they will step out from bitcoin, its hard to recover immediately.

[exstasie]

I believe the news leaks of the Chinese government's ban on Bitcoin trading and perhaps also Bitcoin mining are not FUD anymore. We have seen BTCC and ViaBTC releasing announcements that they will terminate their exchanges by the end of this month. The rest doubtlessly will also follow.

What will happen to "a Bitcoin" without China? Do we really need them to reach new highs?

It's already priced in (or might I say, out). It already happened. Why are you still talking about it? just let it go. China banned bitcoin, everything else coming from China is now irrelevant, they have no power anymore to get the price manipulated. I can't imagine the kind of idiot that is still reacting to "China ban" news. Smart money has already moved on and are now long for an all time high. Don't get trapped into the trap of the PBOC recycling the same news trying to keep making damage post-ban.

This is significantly different than previous times that China "banned" Bitcoin. Years ago, it was always only rumors; nothing ever happened. This time, they shut down the exchanges. I agree, that event is likely priced in by now.

But if we're talking about the possibility of the P2P network itself being banned within China, or mining being banned, this could be construed as far more detrimental to the ecosystem than the loss of Chinese trading volume. If mining were prohibited, I wonder how much the hash rate could drop overnight? These things are not priced in.

[boyptc]

Bitcoin will die with out china but I hear the news is only temp not forever

Are you missing some words or you really intend to say that bitcoin will die without China? The ban is temporary and bitcoin mining will not be ban, it's still quite early to assume that mining will be ban. China makes money from crypto currency and bitcoin itself because the mining hardware manufacturer are located there. And that is what I doubt that China can take it without bitcoin and other crypto currencies.

[Yuuto]

I believe the news leaks of the Chinese government's ban on Bitcoin trading and perhaps also Bitcoin mining are not FUD anymore. We have seen BTCC and ViaBTC releasing announcements that they will terminate their exchanges by the end of this month. The rest doubtlessly will also follow.

What will happen to "a Bitcoin" without China? Do we really need them to reach new highs?

Well Chinese investors are not just gone.

Tehy are still going to be with us no matter what their government decides to do because of the fact that bitcoin is decentralized. They will no doubt still be big time traders, investors and miners and still hold a sizeable amount of influence over bitcoin.

If you think about this, this current news going around even if it's true does not really matter. In the end, bitcoin will soar with or without China. But even if chinese exchanges are banned, chinese investors will just trade p2p. It's that simple.

[DustyRah]

Bitcoin will die with out china but I hear the news is only temp not forever

Do you see Bitcoin dying in the past 2 weeks? China is just one of many participants and the fact that China has often changed their rules and so on, no one trusts China to support Bitcoin and no one expects them to participate in a decent manner. Transactions in Korea surpassed China about a month ago and as far as mining equipment goes, they are the worlds factory and will continue to be that.

Chinese investors have no where to put their money in a safe manner. So Bitcoin is actually a very good investment for them. They will always continue to try and buy as much of it as possible just for that reason alone.

[Lieldoryn]

A lot of people pay attention to China. This is wrong. China has a large number of people and therefore, helps to quickly establish a sales or production, but it is only a respite. Now bitcoin is popular enough to continue my life without China. It's even good. It is impossible that the Chinese had a monopoly on the market of bitcoins. We are already seeing how they captured the market share of global production of goods. I hope that bitcoin will not make the same mistake.

[squatter]

A lot of people pay attention to China. This is wrong. China has a large number of people and therefore, helps to quickly establish a sales or production, but it is only a respite. Now bitcoin is popular enough to continue my life without China. It's even good. It is impossible that the Chinese had a monopoly on the market of bitcoins. We are already seeing how they captured the market share of global production of goods. I hope that bitcoin will not make the same mistake.

But they already have captured a near-monopoly on ASIC production. Nobody competes with Bitmain. I am hopeful that GMO and DMM (Japan) will become a force to be reckoned with next year, but we will have to wait and see.

But anyway, Bitmain's position as both ASIC producer and mining firm is pretty key here. In the long run, a Chinese ban on mining would be great for decentralization. But in the short term? The majority of hash power shutting down overnight could have some detrimental effects....

[buddynuno]

You guys keep talking about China. Bitcoin is a currency of the world. No one cares if China buys it or not. Japan is the new China anyway. Russian is going to become the country with more hashpower. Only good things coming for Bitcoin.

[exstasie]

You guys keep talking about China. Bitcoin is a currency of the world. No one cares if China buys it or not. Japan is the new China anyway. Russian is going to become the country with more hashpower. Only good things coming for Bitcoin.

All in due time, yes. But this is the Speculation forum. We are concerned with price action, and many of us are trying to get a handle on if/when to hedge our BTC holdings. I'm a Bitcoin bull, but I'm not going to simply hold everything if the rumors are true and China blocks access to the P2P network within its borders and bans BTC mining. I'll short futures on BitMEX and hold until I see a capitulation through all those stops below $3000.

Hodlers may hate China, but traders love the volatility.

[ihsanskanzaone]

bitcoin if in China really have forbidden I think it will not be too influential because
in other countries also have many who start using bitcoin even in my country in Indonesia
 transactions per day bitcoin reach 1 billion so be sure bitcoin will continue to increase in
various countries though not can be denied China is the country's largest country in the
use of bitcoin and certainly affect what bitcoin prices if they really stop the use of bitcoin

[Aventhe]

I believe the news leaks of the Chinese government's ban on Bitcoin trading and perhaps also Bitcoin mining are not FUD anymore. We have seen BTCC and ViaBTC releasing announcements that they will terminate their exchanges by the end of this month. The rest doubtlessly will also follow.

What will happen to "a Bitcoin" without China? Do we really need them to reach new highs?

Well, to a certain extent it does. In the past 2-3 weeks we have seen what a ban on ICOs can do to the price of bitcoin. I would have to say that China is certainly an important factor in bitcoin's life and trading. Since china is  one of the biggest traders of Bitcoin - removing it would be a negative impact to the price of bitcoin altogether.

[talkbitcoin]

China has always been more like an illusion that anything real. they were a part of the market, that is undeniable but it was never big. we saw clearly that their volume was 90% fake. there is no real adoption there either! compared to other countries where there are actual usage for bitcoin so it is not just for trading.

China is more like Boogeyman. everyone is afraid of it but when you turn the lights on you see nobody there.

[Casdinyard]

China has I believe something like 80% of mining - if all of this is switched off - then blocks will take 5 times more time to be mined and the difficulty adjustment will come only after 5*2weeks. This slowdown will generate more criticism.

China have a huge contribution on bitcoin community and it takes a huge effect if they leave. And I can say that, China have almost take  control of bitcoin. They have the power to regulate the flow of bitcoin in the market and  its price. If the time they will step out from bitcoin, its hard to recover immediately.

This is the sad truth about China. Even though we keep saying that we don't need them but the reality they hits us very hard. Maybe eventually without China the market will crawling slowly but definitely recover.
All we can do now is move on without China, no more regrets now because we still have the western countries and asian countries. I know it's hard but we all make this through without China.

[BrewMaster]

bitcoin without China will remain bitcoin as it was bitcoin before

China has never been controlling bitcoin despite what the FUD wants to force on people but the sad part is that sometimes truth does't matter but instead what people believe in matters.
sometimes it is even hard to change false beliefs. if you tell them the earth is round they will hang you for blasphemy!

that is why there is a panic sell each time there is negative Chinese news and that is exactly why it never lasts long and price always recovers even without Chinese.

[squatter]

bitcoin without China will remain bitcoin as it was bitcoin before

China has never been controlling bitcoin despite what the FUD wants to force on people but the sad part is that sometimes truth does't matter but instead what people believe in matters.
sometimes it is even hard to change false beliefs. if you tell them the earth is round they will hang you for blasphemy!

that is why there is a panic sell each time there is negative Chinese news and that is exactly why it never lasts long and price always recovers even without Chinese.

I will wait to share your optimism until we are making new all-time highs. Until then, I'm not sure I can agree that price has recovered.

I'd say the ICO and exchange ban aren't major issues in the long term. But if they follow through on the rumors about banning mining activities and the network itself, that would be far more detrimental. China provides a majority of the hash rate and is the biggest player in chip fabrication. It would certainly throw a wrench into the ecosystem.

[gentlemand]

Did anyone fail to notice that we only got beyond 2013 price levels when China was shut down at the start of the year?

If the Chinese zero fee exchanges still existed we would be nowhere still. The rest of the world slavishly followed them for whatever reason even though it was four teenagers and their bots. As soon as there was a rise in the West, China shat on it and it was back to square one for weeks or months.

We only managed a new ATH because China was out of the game. When it came back into the game it was just another market that the rest of the world wasn't paying much attention to.

Bitcoin's price would never reach its potential with China in the frame. It has no purpose or use there other than gambling. We're well rid.

[Asrael999]

Did anyone fail to notice that we only got beyond 2013 price levels when China was shut down at the start of the year?

If the Chinese zero fee exchanges still existed we would be nowhere still. The rest of the world slavishly followed them for whatever reason even though it was four teenagers and their bots. As soon as there was a rise in the West, China shat on it and it was back to square one for weeks or months.

We only managed a new ATH because China was out of the game. When it came back into the game it was just another market that the rest of the world wasn't paying much attention to.

Bitcoin's price would never reach its potential with China in the frame. It has no purpose or use there other than gambling. We're well rid.

confirmed

[bitcointarget]

Did anyone fail to notice that we only got beyond 2013 price levels when China was shut down at the start of the year?

If the Chinese zero fee exchanges still existed we would be nowhere still. The rest of the world slavishly followed them for whatever reason even though it was four teenagers and their bots. As soon as there was a rise in the West, China shat on it and it was back to square one for weeks or months.

We only managed a new ATH because China was out of the game. When it came back into the game it was just another market that the rest of the world wasn't paying much attention to.

Bitcoin's price would never reach its potential with China in the frame. It has no purpose or use there other than gambling. We're well rid.

confirmed

I also agree with the comment abouve. China always make speculation negatively, they don't have any positive effect on bitcoin market. So I don't expect them to be beneficial for the environment.