Bitcoin without China

[Tenderino]

To reach new highs, China isn't necessary at all as bitcoin is used worldwide and doesn't rely on a certain country.

Just to clarify, China has prohibited exchanges to and from fiat money. They didn't prohibit mining and I haven't heard that the possession is also not allowed.

[exstasie]

To reach new highs, China isn't necessary at all as bitcoin is used worldwide and doesn't rely on a certain country.

Just to clarify, China has prohibited exchanges to and from fiat money. They didn't prohibit mining and I haven't heard that the possession is also not allowed.

Apparently, there are more regulations coming down the pipeline, and we haven't seen the end of it. In addition to banning exchanges, supposedly the most conservative outcome is banning all OTC trading. But we could be looking at a state takeover of mining operations. I would say that any miners residing in China have an uncertain future right now.

As far as holding cryptocurrency goes, I don't think that's an issue. I actually think the fact that Okcoin and Huobi were investing client funds (likely operating as shadow banks to move CNY into overseas investments) is a bigger deal to the government than mining is. They were apparently investing ~ $150 million worth of client assets combined. Side point: this is also raises questions about solvency with regard to fractional reserve.

[Wind_FURY]

To reach new highs, China isn't necessary at all as bitcoin is used worldwide and doesn't rely on a certain country.

Just to clarify, China has prohibited exchanges to and from fiat money. They didn't prohibit mining and I haven't heard that the possession is also not allowed.

Apparently, there are more regulations coming down the pipeline, and we haven't seen the end of it. In addition to banning exchanges, supposedly the most conservative outcome is banning all OTC trading. But we could be looking at a state takeover of mining operations. I would say that any miners residing in China have an uncertain future right now.

That is an interesting thought. One of the many ways to have some "control" on something is to control its production. In Bitcoin, controlling the miners would make it like you have a "stake" in the Bitcoin "DAO", if you get what I mean.

I disagree that the miners will have an uncertain future. China might forge partnerships with the miners and let then continue with their progress in mining and production of ASIC.

As far as holding cryptocurrency goes, I don't think that's an issue. I actually think the fact that Okcoin and Huobi were investing client funds (likely operating as shadow banks to move CNY into overseas investments) is a bigger deal to the government than mining is. They were apparently investing ~ $150 million worth of client assets combined. Side point: this is also raises questions about solvency with regard to fractional reserve.

Yes. I believe the "ban on mining" is an exaggeration from the fudsters.

[alyssa85]

To reach new highs, China isn't necessary at all as bitcoin is used worldwide and doesn't rely on a certain country.

Just to clarify, China has prohibited exchanges to and from fiat money. They didn't prohibit mining and I haven't heard that the possession is also not allowed.

Apparently, there are more regulations coming down the pipeline, and we haven't seen the end of it. In addition to banning exchanges, supposedly the most conservative outcome is banning all OTC trading. But we could be looking at a state takeover of mining operations. I would say that any miners residing in China have an uncertain future right now.

Yikes. That would be bearish for bitcoin. Investors tolerate private Chinese mining operations, but to put so much faith in something where your transactions are validated by the Chinese govt? Nah.

If that happens, I can see a flippening happening and people switching to Ethereum especially if the POS comes off.

[LuciferAB]

I don't think bitcoin needs china to achieve its new heights. China is big country, it can be much beneficial for bitcoin but Many famous company like Google  Amazon achieve their new heights without invest in China. So bitcoin can also achieve its new heights without support of china.

[jellyhashman]

I don't think bitcoin needs china to achieve its new heights. China is big country, it can be much beneficial for bitcoin but Many famous company like Google  Amazon achieve their new heights without invest in China. So bitcoin can also achieve its new heights without support of china.

In the long run, yes. But now Bitcoin needs China.

[Pursuer]

I don't think bitcoin needs china to achieve its new heights. China is big country, it can be much beneficial for bitcoin but Many famous company like Google  Amazon achieve their new heights without invest in China. So bitcoin can also achieve its new heights without support of china.

In the long run, yes. But now Bitcoin needs China.

if by "now" you mean in 1 week then yeah you are right. if China comes back today and all the FUD be forgotten then we will see a new high in about a week or so.
but if they don't and continue staying out and going more out! then things will be more than ok for bitcoin because a very strong source of FUD will be eliminated from the market and there will no longer be anything as powerful as these FUDs ever again. and you can no longer expect any good dip that you can make proper profit like before when the weak hands gets flushed.

[exstasie]

I don't think bitcoin needs china to achieve its new heights. China is big country, it can be much beneficial for bitcoin but Many famous company like Google  Amazon achieve their new heights without invest in China. So bitcoin can also achieve its new heights without support of china.

In the long run, yes. But now Bitcoin needs China.

Indeed, I think a lot of people and noobs in particular don't realize how catastrophic a real ban in China would be. As the audit of the Chinese exchanges exposed earlier this year, the massive Chinese trading volume of the past was a sham. So losing Chinese exchanges, especially if only temporary, would be no major loss.

But the question is, how much of the global hash rate to Chinese mining farms account for?  And how easily/quickly can that equipment be relocated and made operational? This could have serious implications for network health and security, if some of the rumors floating around are true and there is a prohibition on mining.

[maokoto]

I voted yes, because in the short run I think Bitcoin will need positive news from China to do so.

But I am confident that in the long run Bitcoin will be more main stream and reach higher heights, even without China.

[leyton11]

I voted yes, because in the short run I think Bitcoin will need positive news from China to do so.

But I am confident that in the long run Bitcoin will be more main stream and reach higher heights, even without China.

Why do Bitcoin need have China to help it grow more in future? Bitcoin does not need that, Bitcoin is currency for international, it does not mean a currency centralization in a country like China. Therefore, the opportunity from Bitcoin is for everyone, important can you take advantage well these opportunities or not?

[Lampaster]

Without China bitcoin would be even better, but unfortunately I do not believe that the Chinese will abandon bitcoin. Those who are engaged in this business will move to a different country and everything will be as it was. Only during the panic, they will buy more bitcoins and further increase its influence.

[alyssa85]

Regarding all the rumours about the mining being banned. Charles Lee has weighed in on twitter:

https://twitter.com/SatoshiLite/status/911067464796053506

1/ I have a trusted source that says that there's no truth to China banning mining or network. FYI, I haven't made any trades on this info.

2/ The FUD is propagated by large manipulators trying to make money shorting. They know that China ban FUD works and cannot be proven wrong.

3/ Take it for whatever it's worth, but I have not traded this and have no plans to buy or sell in the near future. /End

4/ One more thing. 😀 Exchange ban is still absolutely true. Just not banning mining and the network. And not clear about OTC ban. /RealEnd

I presume his trusted source is his brother.

[mozillaspez]

I voted yes, because in the short run I think Bitcoin will need positive news from China to do so.

But I am confident that in the long run Bitcoin will be more main stream and reach higher heights, even without China.

Actually i'm with you because bitcoin can survive because bitcoin is decentralized and china cannot banned bitcoin easily so i would like to say that you are right because bitcoin can survive. So china cannot banned bitcoin.

[cafucafucafu]

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?

Bitcoin trading is not FUD because BTCChina is shutting down. But news regarding bitcoin mining being banned too in China is still mostly FUD and could be potentially just some speculators that are shorting bitcoin wanting to make negative press coverage on bitcoin.

Keep in mind that bitcoin is global. The loss of one country does not mean the end of the world for us. Plus, Chinese bitcoin traders will still operate either through p2p means or relocating to other countries. We aren't actually losing out on much.

Short term though its going to have an impact on bitcoin once the exchanges shut down, maybe down to around $3000 or less. But medium to long term it wouldn't make much of a difference.

[kelinci_putih]

I think bitcoin without China still fine, bitcoin still have great future because bitcoin is  international not just depends on China country only.

[noninum]

Without China, maybe bitcoin will experience temporary weakness. and if user has been accustomed back in absence of China in bitcoin, surely btc price will recover. Doesn't rule out China will take proactive action against bitcoin in future.

[Granxis]

Without China, it will be more free, we are talking about a force that is constantly repressing and trying to get in on a single line, It would be nice if it was not a threat that would cause manipulation with every continuous action.

[NoNetwork]

I don't think bitcoin needs china to achieve its new heights. China is big country, it can be much beneficial for bitcoin but Many famous company like Google  Amazon achieve their new heights without invest in China. So bitcoin can also achieve its new heights without support of china.

It is true that Bitcoin don't need China to reach new heights but the thing my friend is that, it made a great impact to its value, as you can see for the last few weeks the price of Bitcoin  dumped so quickly in mass value just because of losing China. At the current state it is still fine because we know that the price of Bitcoin is incremental but then again it will have a slow progression before it get back to its normal state that is.

[pitham1]

Regarding all the rumours about the mining being banned. Charles Lee has weighed in on twitter:

https://twitter.com/SatoshiLite/status/911067464796053506

1/ I have a trusted source that says that there's no truth to China banning mining or network. FYI, I haven't made any trades on this info.

2/ The FUD is propagated by large manipulators trying to make money shorting. They know that China ban FUD works and cannot be proven wrong.

3/ Take it for whatever it's worth, but I have not traded this and have no plans to buy or sell in the near future. /End

4/ One more thing. 😀 Exchange ban is still absolutely true. Just not banning mining and the network. And not clear about OTC ban. /RealEnd

I presume his trusted source is his brother.

This may be very well true at this point of time. China may have no plans of banning mining or cracking down on the network. But that can change very quickly. If the Chinese government decides to crack down on mining or those holding cryptocurrencies, it definitely will affect Bitcoin's price.

[jerowacik]

I don't think bitcoin needs china to achieve its new heights. China is big country, it can be much beneficial for bitcoin but Many famous company like Google  Amazon achieve their new heights without invest in China. So bitcoin can also achieve its new heights without support of china.

It is true that Bitcoin don't need China to reach new heights but the thing my friend is that, it made a great impact to its value, as you can see for the last few weeks the price of Bitcoin  dumped so quickly in mass value just because of losing China. At the current state it is still fine because we know that the price of Bitcoin is incremental but then again it will have a slow progression before it get back to its normal state that is.

although the global community is trying to eliminate China but I think it will still have an impact on bitcoin. although small may be very felt once. china is a big and advanced country today. many new technologies are coming from china. when the technology is juxtaposed with bitcoin then I am sure it will make a very big power. china is a bitcoin supporter, but bitcoin will keep running. bitcoin will be stronger with the presence of china as part of the development of bitcoin.