Charlie Shrem "China has no real effect on the future of bitcoin"

[VitKoyn]

Charlie Shrem is one of the pioneer in Bitcoin and said “This China FUD is playing on all your fear, uncertainty and doubt. China has no real effect on the future of bitcoin. Bitcoin is about censorship free and an alternative non govt controlled financial system. China’s relevancy is diminishing by the day. They overplayed their hand and there is a reason they are being ambiguous. The only power they have over bitcoin is the power you give them. Bitcoin puts a financial system back in our control.”

Agree with Charlie Shrem?

Source: https://www.cryptocoinsnews.com/charlie-shrem-china-no-real-impact-bitcoin/

[Xester]

I agree with him.  China has nothing to do and cannot do anything on the price of bitcoin.  Simply because evwn if they banned bitcoin in their country, bitcoin price is still high compared to the price on its early years.  And maybe most of the users of bitcoin our from the USA and next is the south east asia.

[HabBear]

Agree with Charlie Shrem?

Yes, 100%.

And I'll add "Jamie Dimon has no real effect on the future of bitcoin" too!

China has only limited how businesses originating in China can be involved in Bitcoin. But this legislation has no impact on the Chinese owning bitcoin, just where they buy/sell bitcoin. Chinese can even transact bitcoin between each other! They just can't use a China based exchange.

Fortunately Bitcoin is a global currency and asset and there are no country boundaries that influence when, where, and how you transact Bitcoin.

And if China bans mining the effect will be monopoly busting...and that's good for all of us!

[Baofeng]

Charlie Shrem is one of the pioneer in Bitcoin and said “This China FUD is playing on all your fear, uncertainty and doubt. China has no real effect on the future of bitcoin. Bitcoin is about censorship free and an alternative non govt controlled financial system. China’s relevancy is diminishing by the day. They overplayed their hand and there is a reason they are being ambiguous. The only power they have over bitcoin is the power you give them. Bitcoin puts a financial system back in our control.”

Agree with Charlie Shrem?

Source: https://www.cryptocoinsnews.com/charlie-shrem-china-no-real-impact-bitcoin/

The only power they have is in the mining because they still have the monopoly, but if it can be reduced then China's influence will really diminished overtime. They have put a significant dent in the price recently but bitcoin has overcome it already. But we still have the closure of the exchanges so I don't know what's the impact gonna be. But definitely as day passes by, they are less considered and we may totally forgot about what China did to bitcoin specially in the beginning. Its just regrettable how things turn out to Chinese bitcoin enthusiast.

[Kemarit]

Charlie Shrem is one of the pioneer in Bitcoin and said “This China FUD is playing on all your fear, uncertainty and doubt. China has no real effect on the future of bitcoin. Bitcoin is about censorship free and an alternative non govt controlled financial system. China’s relevancy is diminishing by the day. They overplayed their hand and there is a reason they are being ambiguous. The only power they have over bitcoin is the power you give them. Bitcoin puts a financial system back in our control.”

Agree with Charlie Shrem?

Source: https://www.cryptocoinsnews.com/charlie-shrem-china-no-real-impact-bitcoin/

The only power they have is in the mining because they still have the monopoly, but if it can be reduced then China's influence will really diminished overtime. They have put a significant dent in the price recently but bitcoin has overcome it already. But we still have the closure of the exchanges so I don't know what's the impact gonna be. But definitely as day passes by, they are less considered and we may totally forgot about what China did to bitcoin specially in the beginning. Its just regrettable how things turn out to Chinese bitcoin enthusiast.

The only thing that connects us from China is the bitcoin mining industry. If they choose to close it as well we can still survived but of course there will be a negative effect on the price. However, other countries like Japan and South Korea can still take over the mining business. I read that they are not going to shut it down though. Bitcoin is really unstoppable, perhaps temporary but it will still flourished even without the biggest backer eversince - China. Because others are just waiting and willing to fill the void that they have left.

[bitorama]

china will have no real effect if china bans mining, but now it still has a little effect

[buwaytress]

Valid points on all counts, but just easily as valid if you replace China with any other national or supranational  entity. Power is lent to China/entity from the rest of the system so yes, any entity is only as powerful as we allow them to be.

At the same time, it's arrogant to say any is powerless. Like it or not, we're as strong - and weak - as any of us. And that's a good thing!

[LodisMcguire]

Of course,even if they have contributed to BTC growth all this time,they can't make BTC under their control
There is still many country who are willing to accept BTC and not bothered by the drawback

[dothebeats]

Fair point. China doesn't really control bitcoin in any way apart from volume manipulation Since the Koreans and the Japs entered the scene, the Chinese lose their control over the eastern markets making it hard for them to further manipulate the little control they got there. Also, China has a ~20% overall mining share from the network, which isn't a big one if someone is worried about the miners going rogue.

[Sithara007]

Of course,even if they have contributed to BTC growth all this time,they can't make BTC under their control
There is still many country who are willing to accept BTC and not bothered by the drawback

Bitcoin can't come under the control of China, because it is a decentralized currency. Theoretically the Chinese can dominate the currency using the 51% attack, but so far they have failed to come up with anything close to that much support.

[Nahl]

china has been attempt to terrify bitcoin users with banned ICO and exchanges and also dumped bitcoin price but bitcoin are strong even without this country so i had 100% agreed with him that china effect only temporary and in the future bitcoin has very bright and i always be sure about that

[Ultegra134]

FUD or not, either if Bitcoin is banned in China, its usage is something that cannot be controlled, they have no control over it, neither any other countries. The main concern is the mining farms and the exchanges. I believe that the recent price drop is just temporary, a result of (negative) news flocking the internet about Bitcoin, resulting in more FUD.

[The One]

Of course there is real effect. What fantasy planet are you living on?

China is a huge market economically wise and their participation will help btc to grow in value quicker.

All this anti-china postings is plain ridiculous. So what they have cheaper electricity, get over it and move on.

[GreenBits]

Of course there is real effect. What fantasy planet are you living on?

China is a huge market economically wise and their participation will help btc to grow in value quicker.

All this anti-china postings is plain ridiculous. So what they have cheaper electricity, get over it and move on.

LOL, you stole my exact sentiments. Bull to the shit China doesnt have an effect of the market, just look at where we are now if you believe otherwise. China is the majority of the market, a majority of the liquidity, and an absolute majority of the supply. of course any disruptions of this market would make ripples in the whole thing.

i love the optimism we have here, I really do. but this enthusiasm and rejection of unfavorable reality will be the undoing of us.


and yes, the board is racist as fuck. this is tame compared to the politics subsection

[skhurram007]

My limited knowledge tell me that this China Banning is good for BTC and Altcoins. After all this ends and with all currencies still defying the death; it will only make them stronger that they can and would be living life after such big storms...

It would only increase the velocity upwards...

[FansUnite]

I am not sure if I agree or disagree with him, per se. But a fantastic point that I have seen is the that China outlaws Facebook and Google......I don't think either of those companies are exactly struggling. While I have a hard time imagining that the addition of China would be irrelevant to these companies' profitability and expansion, it clearly shows that they are not dependent on China.

[GreenBits]

My limited knowledge tell me that this China Banning is good for BTC and Altcoins. After all this ends and with all currencies still defying the death; it will only make them stronger that they can and would be living life after such big storms...

It would only increase the velocity upwards...

a SHORT term China banning could be good for the ecosphere. but a permanent removal of China from the markets would be a serious blow. despite how we might feel about the recent developments, China means serious adoption. if they make up a majority of users, and they definitely make up a majority of miners, do we really want that majority to just up and leave forever? the exodus as people recover value will absolutely ruin the price; and it wont rebound because the liquidity will have dried up.

China is extremely important, guys. im pissed too, but I understand the importance of having market participants to make a market work

[exstasie]

Of course there is real effect. What fantasy planet are you living on?

China is a huge market economically wise and their participation will help btc to grow in value quicker.

All this anti-china postings is plain ridiculous. So what they have cheaper electricity, get over it and move on.

Everyone is just conveniently ignoring that we are talking about the largest country in the world (which will likely have the largest economy someday). They can't be ignored. I think that Bitcoin could achieve significant network size and value even just as a niche community, China or not.

But to say they have "no real effect on its future?" That's very foolish. Indeed, just look at this from another perspective: If China fully legalized Bitcoin and/or backed its mining enterprises, that would be seen as a major boon for cryptocurrency. There are a lot of potential investors in China who don't touch cryptocurrency because of its grey market nature.

[cafucafucafu]

Charlie Shrem is one of the pioneer in Bitcoin and said “This China FUD is playing on all your fear, uncertainty and doubt. China has no real effect on the future of bitcoin. Bitcoin is about censorship free and an alternative non govt controlled financial system. China’s relevancy is diminishing by the day. They overplayed their hand and there is a reason they are being ambiguous. The only power they have over bitcoin is the power you give them. Bitcoin puts a financial system back in our control.”

Agree with Charlie Shrem?

Source: https://www.cryptocoinsnews.com/charlie-shrem-china-no-real-impact-bitcoin/

I definitely agree with him.

The worst that China can do is probably close down all exchanges, try to shut down all pools based in China, and that would be it. They can't just shut down the entire bitcoin network because as we all know that is impossible as bitcoin is peer to peer.

There are some confirmed news and others are just rumors. Especially the rumors, they are just trying to make you dump your coin. But the real news, honestly chinese people already trade on localbitcoins mainly for buying/selling as exchanges were already super strict with deposits and withdrawals. Now that exchanges are shutting down, they're just going to keep on trading p2p, no difference at all.

[Kyraishi]

Charlie Shrem is one of the pioneer in Bitcoin and said “This China FUD is playing on all your fear, uncertainty and doubt. China has no real effect on the future of bitcoin. Bitcoin is about censorship free and an alternative non govt controlled financial system. China’s relevancy is diminishing by the day. They overplayed their hand and there is a reason they are being ambiguous. The only power they have over bitcoin is the power you give them. Bitcoin puts a financial system back in our control.”

Agree with Charlie Shrem?

Source: https://www.cryptocoinsnews.com/charlie-shrem-china-no-real-impact-bitcoin/

China does have an affect on bitcoin.

However i do not think that the tightening of Chinese regulations really have any sort of substantial influence over how bitcoin is going to pan out in the future. After all, bitcoin can still be traded in places such as Paxful or LBC.

This is likely going to cause a short term panic as he mentioned but will not have much any longstanding effects on bitcoin's development.