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

[MintCondition]

Bitcoin is a decentralized currency so it means that no one can control it even the price, The author has a point on his statement and only FUD is the only reason why bitcoin dumps after the news out regarding China, Many country will take over their spot if ever they completely abandon Bitcoin.

[TheUltraElite]

Chinese miners dont control bitcoin if needed they can stop mining even then there will be enough miners in the world in fact it will even make the difficulty easier for them making it better for the other country miners. No country has control over bitcoin because it is controlled by the people who use it and not those who talk about it. Those who do talk about it influence the market - how that occurs is because there are people who are weak minded and panic that bitcoin prices will fall giving them losses.

[btccashacc]

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 don't know but his statement might be right that their government has no effect on bitcoin, they may have the capability in banning or restrict bitcoin and other cryptocurrencies but can't restrict the usage of them since no one can't control it. However, we can't deny that China is the majority of this market, they have an important role in this industry so whatever happens in China it would affect the bitcoin and cryptocurrencies.

[DoublerHunter]

I agree to what he said that china has no real effect on the future of bitcoin because if you can see that the price of bitcoin is still high even the china banned bitcoin completely because we still have a lot of countries that are willing to help us to sustain the price of bitcoin and help us to completely widen the coverage of users of bitcoin.

[spadormie]

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/

What I'm guessing about this topic is that China is involve with the situation of bitcoin right now. And China I think is one of the reason why bitcoin will reach moon. After a big dip, bitcoin will pump so hard and who knows? It might reach the moon.

[SummerBliss]

I completely agree with Charlie Shrem here. China Being the dominant country in cryptocurrency can have a small term effect but can't affect the Bitcoin price in long term. Market will eventually recover from uncertainty spread by China by September end. Price is going to shoot in October.

[Singwala]

I believe in what he said. Since bitcoins are wide and if only one country stops it is not as much of the country it supports. And since the bitcoins are known to be a life-changing one. Many people still try and it and when they see it really is effective. There are many more people they can encourage here. In other words, it is spreading and can no longer be stopped

[webdevmastery]

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.

I also notice that market cap price is going back to its normal state and the coins that i invested is rising up again. No more worries for those who invested too much and just hope for a continue increase of their coins in the market.

[dasdo]

This is likely temporary news, because now the news has already come out that on October 18, China will cancel its ban on Ico. Perhaps one of the major investors bought a news background, thanks to which the whole market rolled back. But even though China's traders hold about 20% of all cryptology, this is not the whole market, you are right.

[e-coinomist]

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

One developer (been Luke?) once suggested changing the algo. Just hinting at https://en.bitcoin.it/wiki/Hashcash#Future_Hash
There are two sides who could bust any existing monopoly, but the whole process will result in a bloodbath lasting years. And that will damage the idea of digital gold forever.

For GPU miners it's arbitrary if SHA256(SHA256()) getting called or a single SHA3. But how long for the new ASICs generation to pop up?

[unusualfacts30]

I agree. no one has real control over bitcoin except miners, investors and hodlers. I also agree that government should bring more companies in so everyone has a playing field. Everyone is realizing now that Bitcoin is here to stay and nothing can stop it.

things like china, warren buffet news can have small impact in short term but as we saw, price is going back to where it was before the news. just fud

[alyssa85]

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.

The biggest internet provider in Japan GMO, has already announced that they are going to start mining from 2018. I think they were waiting for Japan to make bitcoin legal before making their move.

Hopefully next year should see the China influence on mining diluted by quite a bit.

[hatshepsut93]

I agree that China has no effect in the long run, because it's quite expected that the government that bans Google and Facebook and tons of other services will be against Bitcoin. But it's really hard to predict their impact in short term, right now the price almost rebounded to the previous level before news from China, so it's possible that Bitcoin's price will just ignore China, but on the other hand we had a huge crash in 2014 and a long bear market without any real good reason - so if China will for example ban mining, Bitcoin might again enter bear market for a long time. But the price is only one aspect of Bitcoin, and the network itself can't be affected by any laws and regulations, so it will continue working as usual and developers will continue making improvements.

[maman09]

I totally agree with charlie. really what he said, it is a fact about bitcoin and crypto.

so why should we panic with china attacks on bitcoin.

[e-coinomist]

I agree that China has no effect in the long run, because it's quite expected that the government that bans Google and Facebook and tons of other services will be against Bitcoin. But it's really hard to predict their impact in short term, right now the price almost rebounded to the previous level before news from China, so it's possible that Bitcoin's price will just ignore China, but on the other hand we had a huge crash in 2014 and a long bear market without any real good reason - so if China will for example ban mining, Bitcoin might again enter bear market for a long time. But the price is only one aspect of Bitcoin, and the network itself can't be affected by any laws and regulations, so it will continue working as usual and developers will continue making improvements.

Right! They did that, too. But Google still exists, doesn't it? How about Facebook

Usually they rebuilt something more localized like Baidu. Makes sense if westerners cannot really do mandarin. But Google has returned to china, hasn't it? Featuring a local subsidiary now and struggling on third place by market share.

One could suspect there will be a state run crypto currency popping up that will play the same game again. And then there will be gateways between that state controlled artificial currency and Bitcoin, which will be hard to do but completely disrupt the govermental banning approach.

[marcbitcoins]

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/

This is the truth it was very obvious that China want to manipulate bitcoin for their personal gain because it will make their economy becomes more stronger but unfortunately they failed. Lets forget about this nation lets move on in focus on how to make our remaining coins will grow again because now it reaching the $4,000 value.

[farhaan]

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.

Absolutely,china can no more manipulate bitcoin price as its no more a one man show as japan and south korea have entered the market.Japan has gone even one step ahead by legalizing bitcoin.Now,if china bans bitcoin mining,we may face a negative effect on bitcoin transactions but,soon it would recover as japan's internet giant GMO has announced that it would manufacture its own ASIC miners.

[e-coinomist]

Absolutely,china can no more manipulate bitcoin price as its no more a one man show as japan and south korea have entered the market.Japan has gone even one step ahead by legalizing bitcoin.Now,if china bans bitcoin mining,we may face a negative effect on bitcoin transactions but,soon it would recover as japan's internet giant GMO has announced that it would manufacture its own ASIC miners.

Mostly I am on an errand mistaking South Korea with Taiwan in between the Four Asian Dragons. In my mind not only the Kuomintang fled to Taiwan, but chinese miners too. But they seem to have choosen South Korea instead as an exchange location, because of the Wong. Or prefere mainland travel? Would require a bitcoin benevolent Kim Jong-un.
Damn geopolitics!!
It's all tangling up but whatever china decided in all it's glory and supremacy, there are still enough people to route around anything. Always has been that way.

GMO might sell ASICs?

[StockBet.com]

According to Investopedia, trading volume of BTC in China as gone from 90% a year ago to 4.5% today.

[itzong17]

it has a little effect in the society. coz there's a bunch of miners in China right now, their government banned several exchanges so it will affect the society.